Point of Care Ultrasound (POCUS) Market revenue to cross USD 4.8 Bn by 2027: Global Market Insights Inc.

SELBYVILLE, Del., Oct. 18, 2021 /PRNewswire/ -- The point of care ultrasound market size is anticipated to record a valuation of USD 4.8 billion by 2027, according to the most recent study by Global Market Insights Inc. Rising demand for low-cost systems, improved ease of use, and increased portability are some of the major factors that are propelling the market growth. Also, increasing birth rates and rising prevalence of chronic diseases globally are fueling the market expansion.

Increasing birth rate worldwide is one of the prime factors that will spur the point of care ultrasound market progression during the forecast period. Ultrasound is one of the most common ways to detect birth defects. However, not all the fetuses are abnormal, but with the advent of technology, doctors suggest ultrasound scan to check on the baby's health and development to minimize the chances of any further complications. Also, ultrasound is more cost effective and safe over other imaging technologies such as, computed tomography (CT), magnetic resonance (MR) imaging contrast angiography (CA), and single-photon emission computed tomography (SPECT) that emits radiation.

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Diagnostic segment was valued at USD 2 billion in 2020. Demand for point of care ultrasound has increased as it is painless procedure and do not require any needles or incisions. Moreover, patients are not exposed to any radiations that makes the procedure safer than X-rays and CT scan.

The handheld devices segment crossed USD 1 billion in 2020 led by its affordability over other imaging devices. Lower price has expanded the device market beyond hospitals to primary care physician. Also, COVID has increased the demand for handheld ultrasound as it was frontline diagnostic tool for COVID patients.

The cardiology segment captured 18.5% of the market share in 2020. The demand for stand-alone and portable ultrasound systems increased as number of cardiac patients increased. For instance, as per CDC report in the U.S 659,000 die due to heart attack every year. Thus, with increasing number of people suffering with heart problems demand for ultrasound also increased to identify artery blockage and other cardiovascular problems.

The ambulatory surgical centers segment is projected to witness 7% growth rate till 2027. The growth of the segment is owing to efficient cost coverage policies for market. Also, the portability of point of care ultrasound devices makes it a suitable fit for remote ambulatory centers, single and multiple specialty ambulatory centers. Increasing demand for point of care ultrasound systems in ASCs to favor the segment growth.

Asia Pacific point of care ultrasound market size was around USD 750 million in 2020 on account of the rise in healthcare expenditure in the region. For instance, according to a report by India Brand Equity Foundation, there was a 98% increase to 2,196 crores in foreign investment on medical devices in 2020 as compared to 1,108 crores in 2019. Some of the other factors contributing to the industry growth are technological advancements, increasing demand for the diagnosis of various diseases, growing public awareness about the need for diagnosis and government initiatives to support healthcare infrastructure in the region.

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Some of the prominent companies operating in the point of care ultrasound market include Siemens Healthineers, Canon Medical Systems, Esaote SpA, Fujifilm, B. Braun, GE Healthcare, Koninklijke Philips, Samsung MEDISON (SAMSUNG Healthcare), Fukuda Denshi Co. Ltd. These market players are focusing on product launches and strategic partnerships to gain a higher revenue share.

Table of Contents (ToC) of the report:

Chapter 3 Point of Care Ultrasound (POCUS) Market Insights

3.1  Industry segmentation

3.2  Industry landscape, 2016 - 2027

3.3  Industry impact forces

3.3.1  Growth drivers

3.3.2  Industry pitfalls and challenges

3.4  Growth potential analysis

3.4.1  By type

3.4.2  By portability

3.4.3  By application

3.4.4  By end-use

3.5  COVID-19 impact analysis

3.6  Porter's analysis

3.7  Competitive landscape, 2020

3.7.1  Competitive matrix analysis, 2020

3.8  PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.