Point Of Care Ultrasound Systems Market Expected To Witness A Substantial Growth Of $1.1 Billion By 2026: Grand View Research Inc.
The global point of
care ultrasound systems market
is expected to reach USD 1.1 billion by
2026, according to a new report by Grand View Research, Inc. Increasing
number of emergency visits to hospitals with undifferentiated signs and
symptoms is expected to increase the demand for point of care ultrasounds owing
to its ability to quickly and effectively assess these critical conditions.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
Point of care ultrasound devices are
being used as a therapeutic device, diagnostic device as well as device guiding
medical procedures in the field such as cardiology, musculoskeletal, vascular
surgery and urology. Increasing popularity of ultrasound devices in point of
care settings for several applications owing to its advantages such as
low-cost, wide scope, and safety as competed to other imaging alternatives is
expected to foster the market growth. Moreover, integration of advanced
technologies to provide clearer images is expected to increase its adoption in
several healthcare facilities.
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Growing number of strategic
initiatives such as introduction of innovative technology with integrated
features by the major market players to maintain the market share is propelling
the growth of the market. Moreover, establishment of echocardiology society and
evolving government and non-government program supporting the training,
education and research on point of care ultrasound system, is anticipated to
boost the market growth during the forecast period.
Point Of Care Ultrasound Systems Market Report
Highlights
·
The trolley-based devices held
the largest market share in 2018. Handheld device is expected to grow at the
fastest rate over the forecast period
·
Based on application, emergency
medicine segment held the largest market share and is expected to grow at a
lucrative CAGR over the forecast period
·
Hospital segment accounted for
the largest market share in 2018. Growing need for bedside ultrasound
monitoring in hospitals is expected to drive the growth of this segment.
·
North America is dominating the
market in 2018. The dominance of region is because of the factors such as
presence of major market players and suppliers of this market developing
advance technology coupled with reimbursements policies
·
Major players in the industry
are focusing on launch of advance technology by focusing on parameters such as
ultrasound integration with mobile devices, tele-ultrasound, building efficient
AI software’s for improved diagnosis.
Few of the leading market players are Mindray Bio-Medical
Electronics, Samsung electronics share the market with several small and medium
sized vendors. These players are focusing on growth strategies, such as product
launches, innovations in the existing product, regional expansions, and mergers
and acquisitions.
For instance, In July 2019, Koios medical received FDA approval
for its product called Koios DS Breast 2.0 with an artificial intelligence
based diagnostic technology capable of predicting the probability of malignancy
with appropriate Breast Imaging-Reporting and Data System (BI-RADS).
In
terms of end-user, the global point of care ultrasound devices market is
segmented into hospitals, clinics, and ambulatory surgical center. Hospital
segment accounted for the largest market share in 2018. Increasing number of
emergency visits to hospitals with conditions such as abdominal pain,
abdominal/thoracic trauma, cardiac arrest, and pleural effusion with
undifferentiated complaints has led to the increasing demand for point of care
systems including devices. Moreover, the multiple uses of PoCUS as diagnostics,
therapeutic and guiding devices across various procedures has led to their
increased usage in hospitals contributing to its market share.
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Grand View Research has segmented the global point of
care ultrasound systems market on the basis of mobility, application, type,
end-user and regions:
Point of Care Ultrasound Systems Mobility
Outlook (Revenue, USD Million; 2015 - 2026)
·
Trolley based devices
·
Handheld devices
Point of Care Ultrasound Systems
Application Outlook (Revenue, USD Million; 2015 - 2026)
·
Emergency medicine
·
Cardiology
·
Obstetrics and Gynecology
·
Oncology surgery
·
Urology
·
Vascular surgery
·
Musculoskeletal
Point of Care Ultrasound Systems Type
Outlook (Revenue, USD Million; 2015 - 2026)
·
Therapeutic devices
·
Diagnostic devices
Point of Care Ultrasound Systems End use
Outlook (Revenue, USD Million; 2015 - 2026)
·
Hospitals
·
Clinics
·
Ambulatory surgical center
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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