Portable Ultrasound Market is expected to reach USD 6 billion in 2026, from USD 4.2 Billion in 2021. This CAGR growth rate is 7.4% over the forecast period.
Introduction
Portable Ultrasound is a method of medical ultrasonography that uses small and tight devices, compared to console-style ultrasound machines. Most of the time, these mobile ultrasound devices can be carried by hand, and in some cases, they can be operated on battery power alone.
The first ultrasound portable machine was launched in 1980, but mobile battery-powered systems that can be easily carried were established in the late 1990s.
The Global Portable Ultrasound Market Forecast:
In 2020, the global market for portable ultrasound was worth USD 4.0 billion. Globally, the impact of COVID-19 was unprecedented and dramatic. Portable ultrasound experienced a decrease in demand across all regions during the pandemic.
Our analysis shows that the market will experience a 0.5% decrease in growth in 2021, compared to the average annual growth rate of 2016-2020. The market is expected to grow from USD 4.2 billion in the year 2021 to USD 6.0 Billion by the year 2026, at a substantial CAGR of 7.4% over the forecast period 2021-2026. This market’s growth and demand are responsible for the increase in CAGR. Once the pandemic is over, it will return to its pre-pandemic level.
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The Global Portable Ultrasound Market Overview:
The market for portable ultrasound devices is growing due to a wide range of uses, technological advancements, and the increasing prevalence of chronic illnesses. There are many applications for portable ultrasound devices in emerging fields like critical care medicine, emergency medicine, and musculoskeletal. When space is limited, portable ultrasound devices can be used to provide easy access to ultrasound.
These devices are currently being used in major diseases such as gynecology, cardiology, and radiology endocrinology. The market is growing because there is an increasing demand for ambulatory services in both developing and developed countries. Therefore, there has been a rising demand for portable ultrasound devices, which is attributed to the growth of the global market.
Market Drivers and Market Restraints for the Global Portable Ultrasound Market-
MARKET DRIVERS:
The global portable ultrasound market is driven by the growing patient base for lung diseases and lifestyle-based disorders, an increase in old people population, therapy techniques, increasing market demand for minimally invasive diagnostic, collection of concerning people or belonging to a specific person or group of people, are driving factors of the global portable ultrasound market. The market is also driven by the rise in accident cases and tumors, the common targeted disease, and the high risk of invasive surgical procedures for older adults.
Market growth is driven by technological advancements such as primary care and emergency medicine. The market will also grow if there’s a greater awareness of portable ultrasound. The market will also be impacted by the increasing use of low-power and charging technology.
Further growth opportunities can be fueled by the reduction in the cost of portable ultrasound equipment. Business opportunities are also created by growth events such as training programs and the expansion of ambulatory and remote patient services infrastructure. Market growth will be supported by the strengthening of healthcare expertise through the focus on healthcare business through divestment strategies and the expansion of companies’ capabilities through acquisitions that are centered on the innovation of products or technologies.
MARKET RESTRAINTS:
The global portable ultrasound market is being restrained by strict government regulations, a shortage of skilled and well-trained personnel, and high equipment costs. The market’s growth is also hindered by the rising interest rates and inadequate public health coverage, which is also hampered by high prices.
Manufacturers who make the device face significant challenges due to the increased availability of portable or handheld ultrasound devices. These problems can be solved by training new users and continuing the training support till the initial sale is made.
The Key Market Segmentation of the Global Portable Ultrasound Market:
This Research Report Categorized The Global Portable Ultrasound Market Based on Device Type, Application, End-User, and Geographical Landscape.
Portable Ultrasound Market Segmentation By Device Type:
Mobile Ultrasound Device
Hand-Held Ultrasound Device
Portable Ultrasound Market Segmentation By Application:
Gynecology
Cardiovascular
Urology
Musculoskeletal
Anesthesiology
Others
Portable Ultrasound Market Segmentation By End-User:
Hospitals
Diagnostics Centers
Portable Ultrasound Market Segmentation By Geographical Landscape:
North America
Europe
Asia Pacific
South America
Middle East and Africa
Major Key Players in the Global Portable Ultrasound Market Are:
- Fujifilm Holdings Corporation (Japan),
- Toshiba Corporation (Japan),
- Samsung Electronics Co., Ltd. (South Korea),
- Hitachi Ltd. (Japan),
- Mindray Medical International Ltd. (China)
- Siemens AG (Germany),
- General Electric Company (U.S.),
- Analogic Corporation (U.S.),
- Esaote S.p.A. (Italy),
- Koninklijke Philips N.V. (Netherlands),
The Covid-19 Impact Analysis:
The novel Coronavirus pandemic is becoming more widespread with increasing numbers of deaths and confirmed cases. The COVID-19 pandemic impacted almost all countries worldwide, disrupting their economies in different ways. The treatment procedures were delayed or canceled due to lockdown restrictions unless an emergency was declared.
The demand for portable ultrasound equipment has increased dramatically due to the growing demand for telemedicine and tele-ultrasound techniques during these difficult times. These platforms were built by government agencies to reduce the risk of COVID 19.
Wireless handheld ultrasound is also a quick diagnostic tool that provides contactless diagnosis, which helps to reduce the transmission of the virus. These devices have seen a surge in usage. Ultrasound systems are being used by healthcare providers to diagnose, monitor, and organize COVID-19 patients. This allowed the market to rise very high during the pandemic.
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