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(Health-NewsWire.Net, June 29, 2020 ) Market Overview
• The global portable ultrasound market is expected to grow at a CAGR of 5.7% during the forecast period (2020-2027).
• Ultrasound is an imaging method that uses high-frequency sound waves to produce images of structures within the body. It is used to diagnose any swelling, infection, or any cause of pain in the internal organs of the body. It is also used to guide biopsies, diagnose heart conditions and any effect after heart attack. Portable ultrasounds have all the devices such as analyzers, image processors and generators and image display all condensed into a single small unit which weighs way less than the conventional ultrasound. It uses all the small and light parts.
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Market Dynamics
• The portable ultrasound market growth is driven by several factors, such as instant diagnosis and not requiring any special dedicated space, technological advancements, rise in geriatric population, and improvement in patient convenience.
• Geriatric population is the target population for the development of portable ultrasound market due to the inconvenience caused to the elderly because of frequent visits to the hospitals for checkups. According to the National Institutes of Health, the world’s older population continues to grow at an unprecedented rate. In 2016, 8.5% of the people worldwide that is equivalent to 617 million are aged 65 or over. According to data collected by United Nations (UN) the elderly population worldwide is expected to reach 17% of world’s population by 2050 that means will reach 1.6 billion. Older people get sick quickly and require health facilities more often. These devices eliminate the stress of old patients to wait hours before they receive a check-up or to move from one room to another constantly where device is available. Hospital visits require effort, and more often elderly feel much more convenient in-home environment than in a hospital. It is easier for the respective family too as they don’t have to accompany to the hospital.
• Major companies present in the segment are concentrating on new technological advancements for easier handling and faster functions such as incorporation of artificial intelligence (AI). Many high-end ultrasound systems already integrate some level of AI and most new systems on all tiers moving forward will likely integrate increasing levels of AI for automation of time-consuming tasks and quantification and picking out the ideal image slice from a 3-D dataset. For instance, GE Healthcare added DiA Imaging Analysis AI-powered LVivo EF for automated ejection fraction measurements in its portable Vscan Extend handheld, pocket-sized ultrasound, to enhance the functionality of the device. There is also an increase in point-of-care ultrasound systems; Fujifilm’s SonoSite iViz fits in the palm of the hand, providing quick answers in clinical questions and have a lot of tutorials. In 2018, Healcerion gained FDA clearance for its Sonon 300L wireless handheld ultrasound device that works with a table device to display the images. It provides a flexible imaging device at less than 1/10 the cost of a traditional ultrasound machine.
Market Segmentation
• By device type, the global portable ultrasound market is segmented into handheld ultrasound device and mobile ultrasound device. Out of these mobile ultrasound devices are expected to hold a dominant market share over the period of forecast (2020-2027) due to large demand of these devices in ambulatory care. These devices help provide mobile care. Mobile ultrasounds can be connected to a smartphone and can be used anywhere anytime and can be carried with the doctor as it weighs less than a pound. These cheaper, lightweight equipment is impacting lives throughout the world, from medical schools’ anatomy classes to isolated battlefields such as Fujifilm’s SonoSite portable ultrasound that is used by U.S. army. Mobile ultrasounds are very convenient for patients who do not have to leave the comfort of their homes to get the ultrasound done. Mobile ultrasounds are cost-effective as well. For instance, Butterfly iQ is a handheld ultrasound machine costs just around US$ 2,000.
• Based on application, the market is segmented into cardiovascular, gynecology, gastric, musculoskeletal and others. Among these cardiovascular is expected to hold the largest market share over the period of forecast (2020-2027) due to rising cases of cardiovascular diseases globally. According to World Health Organization (WHO), in 2017, cardiovascular diseases were the leading cause of deaths globally, accounting for 19 million deaths. For faster, earlier and accurate diagnosis of heart diseases, there is an increase in the usage of ultrasound. In the case of immediate assistance portable ultrasounds proves themselves quite handy and can be carried to the patient rather than to move the patient.
Market Geographical Analysis
• North America is dominating the Portable Ultrasound market in 2018 and estimated to hold largest market size over the forecast period (2020-2027), owing to the highly aware public, favorable government initiatives and policies, technological advancement and highly developed hospital infrastructure. Key players present in the region occupies a large share of the global market. These key players make high investments and open many new research and manufacturing facilities.
• Asia Pacific region is expected to grow at the highest CAGR over the period of forecast (2020-2027) due to the rise in economy, large target population and growth in healthcare infrastructure. Developing economies have a huge market for mobile ultrasounds as they are cheaper and easier to handle. In India, with government initiatives like Ayushman Bharat, a significant spike in growth of portable ultrasound in rural locations is expected, and this is supposed to contribute to a major portion of the market in the region. The market is also boosted by increase in mid to large nursing homes & multi-specialty hospitals in tier I & II locations of many developing countries of the region.
Market Competitive Trends
• Some of the major key players in the market are Fujifilm, GE Healthcare, Hitachi Healthcare, Fukuda, Mindray, Canon Medical Systems Corporation, Philips Healthcare, Samsung Healthcare, Siemens Healthcare, Terason, Esaote, BenQ Medical Technology.
• In the portable ultrasound market, the key players are adopting various growth strategies such as new product launches, partnerships, and collaborations with multiple research institutes and increasing research and development and high investment which are contributing to the growth of the portable ultrasound market globally.
• In August 2019, Terason, a leading global ultrasound imaging company based in Burlington, Mass., has partnered with DiA Imaging Analysis, a leading provider of Artificial Intelligence (AI)-based solutions for ultrasound analysis, to provide its cardiac solutions on Terason’s point-of-care ultrasound devices.
• In July 2018, Healcerion gained FDA clearance for its Sonon 300L wireless handheld ultrasound device that works with a table device to display the images. It provides a flexible imaging device at less than 1/10 the cost of a traditional ultrasound machine.
• In March 2018, Philips announced the first integrated tele-ultrasound solution on Philips’ Lumify portable ultrasound system.
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