Newark, New Castle, USA, March 24, 2023 (GLOBE NEWSWIRE) -- According to a recent Growth Plus Reports assessment, the portable ultrasound devices market is estimated to reach US$ 2.81 billion by 2031, with a revenue CAGR of 5.50%. The report examines the vital growth strategies, factors, opportunities, competitive scenarios, shifting industry trends, market dynamics, data and forecasts, and ideal investment regions.
Key Takeaways:
- Technological advancements are expected to drive the market's revenue growth.
- North America accounts for a large revenue share of the global portable ultrasound devices market.
- The need for accurate and instant diagnosis will fuel the market's growth.
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Portable Ultrasound Devices Market Scope
| Report Attribute | Details |
| Market size value in 2022 | US$ 1.74 billion |
| Revenue forecast in 2031 | US$ 2.81 billion |
| Growth Rate | CAGR of 5.50% from 2023 to 2031 |
| Base year for estimation | 2022 |
| Forecast Period | 2023-2031 |
| Historical Year | 2021 |
| Segments covered | Device Type, Technology, Application, End User, and Region. |
| Regional scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Market Drivers
The rising demand for accurate and instant diagnosis drives the revenue growth of the global portable ultrasound devices market. Furthermore, its low cost and ability to identify various lung and cardiac disorders, such as bilateral lung infiltrates, subpleural consolidations, irregular and thicker pleural lines, B line-like abnormalities, and cardiac indications linked with myocardial dysfunction, contribute to the market's revenue growth rate. Apart from this, technological advancements in portable ultrasound devices will further support the market's revenue growth.
Market Segmentation
Growth Plus Reports has analyzed the global portable ultrasound devices market from four perspectives: Device Type, Technology, Application, End User, and Region.
Device Type Segmentation: Based on the device type, the global portable ultrasound devices market is segmented into laptop-based and handheld. The handheld ultrasound devices segment dominates the market with the largest revenue share because they are less costly and may improve medical education and patient care.
Technology Segmentation: Based on the technology, the global portable ultrasound devices market is segmented into 2D ultrasound, 3D & 4D ultrasound, doppler ultrasound, and high-intensity focused ultrasound. The doppler ultrasound segment dominates the market because of its capabilities that allow for the evaluation of blood flow within the body without the need for intrusive treatments, making it a safer and more comfortable choice for patients, and this technology allows medical practitioners to evaluate in real-time, allowing for faster diagnosis and decision-making.
Application Segmentation: Based on the application, the global portable ultrasound devices market is segmented into obstetrics/gynecology, cardiovascular, urology, gastric, musculoskeletal, and others. The obstetrics/gynecology segment dominates the market because portable ultrasound devices can help with remote monitoring of high-risk pregnancies, allowing for quicker treatments and lowering consequences.
End-User Segmentation: Based on the end-user, the global portable ultrasound devices market is segmented into hospitals & clinics, home care, and others. The hospitals & clinics segment dominates the market because of the ease of use of portable ultrasound devices, their capacity to provide quick diagnostic information, and various benefits such as enhanced accessibility to imaging technologies and improved patient outcomes.
Regional Growth Dynamics
Based on the region, the global portable ultrasound devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global portable ultrasound devices market with a large revenue share because of the presence of important market players, rising healthcare standards, the introduction of technologically advanced products, and the growing awareness of portable ultrasound in home healthcare.
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Competitive Landscape
The prominent players in the global portable ultrasound devices market are:
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Hitachi Ltd
- Canon Medical Systems Corporation
- Shenzhen Mindray Bio-medical Electronics Co., Ltd.
- BenQ Corporation
- FUJIFILM Sonosite, Inc.
- Alpinion Medical System
- Samsung Healthcare
- General Healthcare Company
The portable ultrasound devices market is extremely competitive, with many companies involved. Market giants are involved in mergers, collaborations, and acquisitions to launch new products and increase their market share.
Recent developments:
- Mindray Bio-medical Electronics Co. launched its first wireless portable ultrasound equipment, the TE Air, in February 2023. The TE Air was created to fulfill the demand of global healthcare professionals for a higher-quality portable ultrasound device that is simple to use in various medical settings and provides crisp point-of-care ultrasound (POCUS) imaging.
- Royal Philips, a global pioneer in health technology, introduced a new generation of compact portable ultrasound solutions globally in November 2022 during the annual meeting of the Radiological Society of North America (RSNA). The Compact 5000 series is designed for mobility and adaptability without losing image quality or performance, allowing more patients to receive accurate ultrasound tests.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL PORTABLE ULTRASOUND DEVICES MARKET - ANALYSIS & FORECAST, BY DEVICE TYPE
- Laptop Based
- Handheld
- GLOBAL PORTABLE ULTRASOUND DEVICES MARKET - ANALYSIS & FORECAST, BY TECHNOLOGY
- 2D Ultrasound
- 3D & 4D Ultrasound
- Doppler Ultrasound
- High-Intensity Focused Ultrasound
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VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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