Pune, India, April 06, 2021 (GLOBE NEWSWIRE) -- The global portable ultrasound market size is projected to reach USD 3,897.0 million in 2026. Fortune Business Insights™ published this information in a new study, titled, “Portable Ultrasound Market, 2020-2026.” The study further mentions that the market stood at USD 1,801.5 million in 2019. It is set to exhibit a CAGR of 13.6% in the 2020-2026 period.
The increasing adoption of ultrasound-based imaging analysis software for integrating deep learning techniques is set to affect growth positively. In January 2020, for instance, Siemens Healthineers introduced its latest ACUSON Redwood Ultrasound System. It features AI-powered tools and advanced applications for smart workflows and higher clinical confidence.
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COVID-19 Pandemic to Impact Growth Stoked by Supply Chain Disruptions
The COVID-19 pandemic has resulted in manufacturing challenges and supply chain disruptions across the globe. Several companies are focusing on the production of essential medical equipment to cater to the high demand. Hence, portable ultrasound devices are exhibiting a decline in sales. But, in some cases, these devices are being used to diagnose COVID-19. Our research reports will help you better understand the current situation of the industry.
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.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
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Report Coverage-
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the peer market. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the size of the portable ultrasound industry.
Rapid Launch of New Models of Imaging Devices to Aid Growth
Manufacturers operating in the global market are constantly launching new products to encourage people to adopt them. Large groups of physicians worldwide are gradually accepting the usage of portable type of ultrasound devices for the treatment of various ailments. New models of such devices are nowadays being introduced for greater efficiency. These factors are anticipated to propel the portable ultrasound market growth in the upcoming years. However, an increasing number of misdiagnosis and unnecessary imaging may result in regulatory overhaul. It is expected to hamper growth.
Touchscreen Segment to Exhibit High CAGR Stoked by Rising Regulatory Approvals
The market is segregated into type, geography, and end-users. Based on end-users, it is bifurcated into clinics and hospitals. Below is a brief note on the type criterion:
- By Type: The market is segmented into touchscreen and built-in-console. Out of these, the built-in-console segment held the largest portable ultrasound market share in 2019. This growth is attributable to the surging shift of people towards these systems from conventional equipment. The touchscreen segment, on the other hand, would showcase a high CAGR throughout the forthcoming years fueled by the increasing number of regulatory approvals that are being awarded for the marketing of such systems.
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Regional Insights-
Introduction of Innovative Products to Help Europe Remain in Second Position
- North America: The region generated USD 733.5 million in 2019 in terms of revenue. It is expected to remain in the leading position throughout the forthcoming years because of the rising prevalence of cancer and increasing adoption of unique portable ultrasound devices.
- Europe: It would remain in the second position on account of the rising expenditure in the medical sector by developed countries. Several companies present in this region are also introducing novel products to fulfil the unmet needs. Mindray Medical, for instance, introduced ME series, its state-of-the-art portable ultrasound, to enhance clinical confidence during critical COVID-19 cases.
Competitive Landscape-
Expansion & New Product Launches — Significant Strategies of Key Players
The market contains several prominent companies, such as Koninklijke Philips N.V. and GE Healthcare. They collectively account for the largest share because of their technologically advanced product portfolios. Some of the others are engaging in expansion activities to compete with their rivals. Below is one of the latest industry developments:
- June 2020: Royal Philips announced the commercial availability of its handheld ultrasound solution, Lumify in Japan. It would help people to keep up with the changing demographics, such as declining geriatric population and birth rate. This new portable ultrasound device will also aid clinicians to monitor medical conditions on the bedside.
Fortune Business Insights™ lists out the names of renowned manufacturers present in this 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)
- Accutome Inc. (Philadelphia, U.S.)
- Zimmer MedizinSysteme GmbH (Neu-Ulm, Germany)
- 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
- Sales Channels Analysis
- Key Mergers, Acquisitions, Partnerships, etc.
- Covid-19 Impact on the Market
- Global Portable Ultrasound Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Type
- Built-in-console
- Touchscreen
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By End User
- Hospitals
- Clinics
- Market Revenue (USD million) and Volume (Units) Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Global Portable Ultrasound Market Segmentation :
By Type
- Built-in-console
- Touchscreen
By End User
- Hospitals
- Clinics
By Geography
- North America
- By Type
- By End User
- By Country
- Europe
- By Type
- By End User
- By Country/ Sub-Region
- Asia Pacific
- By Type
- By End User
- By Country/ Sub-Region
- Latin America
- By Type
- By End User
- By Country/ Sub-Region
- Middle East & Africa
- By Type
- By End User
- By Country/ Sub-Region
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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