November 24, 2020
Worldwide point-of-care-ultrasound device industry devices market is predicted to reach a value of $4,494.4 million in 2030, rising from $2,096.6 million in 2019, progressing at a 7.4% CAGR during 2020-2030.
A major factor leading to the growth of the market is the increasing number of investments that are being made in the healthcare sector by a number of countries.
As per the World Bank Group, the expenditure in the global healthcare sector rose from 8.6% in 2000 to 9.9% of the GDP in 2017. In addition to this, the rising prevalence of chronic disease and surging non-government and government initiatives for facilitating better treatment are also projected to result in the growth of healthcare expenditure, thereby driving the market. The coronavirus pandemic has, however, negatively impacted the market to some extent, and recovery is only expected to occur after the third quarter of 2020.
The European region dominated the point-of-care ultrasound devices market in 2019 due to the increasing prevalence of chronic diseases, technological advancements, and rising healthcare expenditure. As per the World Health Organization, cancer is the second major cause of morbidity and death in Europe, and account for about 1.9 million deaths every years. Therefore, the need for cost-effective and innovative diagnostic solutions, such as PoCUS devices, is increasing at a swift pace in the region.
Market Dynamics
Trends
- Technological advancements in PoCUS devices
Drivers
- Surge in geriatric population
- Increasing prevalence of chronic diseases
- Increasing awareness about benefits of portable ultrasound devices
- Increasing healthcare expenditure
- Impact analysis of drivers on market forecast
Restraints
- Lack of skilled sonographers
- Stringent regulatory norms
- Impact analysis of restraints on market forecast
Opportunities
- Improving healthcare infrastructure in emerging economies
Companies Mentioned
- Esaote S.p.A.
- Mindray Bio-Medical Electronics Co. Ltd.
- Analogic Corporation
- General Electric Company
- Hitachi Ltd.
- Siemens AG
- Fujifilm Holdings Corporation
- Samsung Electronics Co. Ltd.
- Koninklijke Philips N.V.
- Canon Inc.
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