The global “Point-of-care ultrasound market” size is expected to rise from USD 736.4 million in 2020 to USD 1,639.4 million in 2026 at a CAGR of 14.3%. The launch of advanced products coupled with a high need for medical imaging in outpatient care settings will foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Point-of-care Ultrasound Market Size, Share & Industry Analysis, By Product (Cart-based, and Hand-held), By End User (Hospitals, Clinics, and Others), and Regional Forecast, 2020-2026.” The market size stood at USD 693.1 million in 2019 and exhibited a slower growth of 6.2% in 2020, owing to the impact of COVID-19.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The point-of-care ultrasound market report incorporates wide-ranging evaluation of the market. It also offers valuable insights into the segments. Latest trends and important drivers are all covered in the report. The study reveals dominant regions holding maximum share in the market. It also provides vital development and accomplishment of major companies across regions. Besides, the report also includes information about COVID-19 impact.
Market Driver:
Surging Demand for Outpatient Care to Incite Business Development
The shift from inpatient care to outpatient care is expected to have an outstanding impact on the global market during the forecast period. The higher adoption of point-of-care ultrasound systems will enable speedy expansion of the market. Furthermore, the introduction of new treatment methods and technological developments in medical equipment will foster the market’s healthy growth. The new government initiatives and patient preference will simultaneously improve the prospects of the industry in the foreseeable future. The gradual shift for outpatient care settings in retail clinics, urgent care centers, and ambulatory surgical centers will create lucrative opportunities for the market. However, lack of awareness about the highly advanced point of care ultrasound systems is expected to restrain the market’s growth.
Nationwide Lockdown to Negatively Impact Business Amid Coronavirus
The medical devices industry has witnessed a drastic drop owing to the implementation of lockdown in many nations. Moreover, the lack of emergency care has significantly reduced the usage of imaging systems. Likewise, the postponement of non-essential or elective medical procedures has consequently dampened the demand for point-of-care. However, the utilization of imaging systems in the diagnoses of COVID-19 can aid the revival of the market in the coming days. Also, the surging cases of coronavirus will spur demand for such imaging systems, boosting the market’s growth.
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Competitive Landscape:
R&D Activities by Eminent Companies to Stimulate Business Proceedings
The renowned companies are focused on R&D activities for the launch of technologically advanced. For instance, in June 2020, Koninklijke Philips N.V. announced the commercial launch of Lumify in Japan, a point-of-care ultrasound system. Furthermore, some of the emerging companies in the global market are based in China, such as Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and EDAN Instruments. These companies are adopting strategies to expand their presence in the industry during the forecast period.
Regional Analysis:
Increasing Healthcare Expenditure to Propel Market in Asia Pacific
The market in Asia Pacific is expected to experience a rapid growth rate during the forecast period owing to the rising demand for outpatient care, especially in rural areas. The increasing healthcare expenditure and systems will contribute positively to the Asia Pacific market’s growth. The Middle East & Africa and Latin America are expected to account for a significant share owing to the increasing demand for medical imaging in outpatient healthcare settings.
Key Development:
July 2020: FUJIFILM Sonosite, Inc., the innovator and world leader in bedside and point-of-care ultrasound, announced its latest point-of-care ultrasound product, the new Sonosite PX ultrasound system.
The Report Lists the Key Players in the Point-of-care Ultrasound Market:
- GE Healthcare (Chicago, U.S.)
- Koninklijke Philips N.V. (Amsterdam, The Netherlands)
- FUJIFILM Sonosite, Inc. (Bothell, U.S.)
- ALPINION MEDICAL SYSTEMS Co., Ltd. (Seoul, South Korea)
- Hitachi Ltd. (Tokyo, Japan)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
- EDAN Instruments (Shenzhen, China)
- Terason Corporation (Burlington, U.S.)
- CHISON Medical Technologies (Jiangsu, China)
- Healcerion (Seoul, South Korea)
- Butterfly Network, Inc. (Guilford, U.S.)
- Bard Access Systems Inc. (Becton, Dickinson, and Company) (Salt Lake City, U.S.)
- Teknova Medical Systems Co., Ltd. (Beijing, China)
- Advanced Instrumentations (Miami, Florida)
- DRE Medical (Kentucky, U.S.)
- DRAMIŃSKI S. A. (Olsztyn, Poland)
- Landwind Medical (Shenzhen, China)
- Shenzhen AnaSonic Bio-Medical Technology Co., Ltd. (University Town of Shenzhen, China)
- Other Players
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Table of Content:
Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
Executive Summary
Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
Key Insights
- Value Chain
- Key Mergers, Acquisitions, Partnerships, etc.
- Covid-19 Impact on the Market
Global Point-of-Care Ultrasound System Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Product
- Cart-based
- Hand-held
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By End User
- Hospitals
- Clinics
- Others
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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