Newark, New Castle, USA, June 18, 2023 (GLOBE NEWSWIRE) -- Growth Plus Reports estimated the size of the global market for point of care ultrasound in 2022 to be worth US$ 811.55 million and is expected to increase at a sizable revenue CAGR of 5.4% to reach US$ 1,302 million by 2031.
Analysis of the global market for point of care ultrasound indicates that during the forecast period, revenue share is likely to increase significantly. The point of care ultrasound contrasts conventional ultrasound, typically carried out in a radiology department. Ultrasound refers to using portable, handheld ultrasound devices by healthcare professionals at the bedside or point of care.
Key Takeaways:
- The Centers for Disease Control (CDC) estimates that in 2021, 31.8% of patients who went to the emergency room (ER) complained of stomach aches.
- Ultrasound is utilized for disease detection and therapy, as in ultrasound-guided surgical operations.
- The demand for point of care devices for effective treatment is driving the overall market revenue.
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Point of Care Ultrasound Market Scope
| Report Attribute | Details |
| Market Size Value in 2022 | US$ 811.55 million |
| Revenue Forecast in 2031 | US$ 1,302 million |
| CAGR | 5.4% |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023 to 2031 |
| Historical Year | 2021 |
| Segments Covered | Type, Mobility type, Application, End user, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Recent Development in the Point of Care Ultrasound Market:
- In March 2022, Exo, a leading provider of medical equipment and data, introduced the Exo WorksTM, a smart and user-friendly point-of-care ultrasound workflow system that allows doctors to document, assess, bill, and manage quality assurance from a single platform.
Competitive Landscape
A list of the prominent players operating in the global market for point of care ultrasound includes:
- Siemens Healthcare GmbH
- Teknova Medical Systems Co., Ltd.
- GE Healthcare
- Koninklijke Philips NV
- Hitachi Ltd.
Market Drivers and Restraints:
The global point of care ultrasound market revenue is driven by the prevailing chronic disease and related emergency conditions and their point of care diagnosis and treatments. The growing demand for bedside diagnosis, with portable devices, is driving the overall market revenue growth.
However, due to the stringent regulations and alternative diagnostic options, the point of care ultrasound market revenue growth is expected to be restrained.
Market Segmentation:
Segmentation By Type
Based on the type, the diagnostic segment dominates the global point of care ultrasound market with the largest revenue share. This large revenue share is because ultrasonography employs low-power sound waves, is affordable, and there are no significant dangers connected with its use. There is a desire for novel high-precision technology to enable early and fast diagnosis.
Segmentation By Mobility Type
Based on the mobility type, the handheld devices segment dominates the global point of care ultrasound market with the largest revenue share. The sizable revenue share is owing to the manufacturing companies, which are reducing the price of these devices because of their increased demand from primary care doctors.
Segmentation By Application
Based on application, the emergency medicine segment accounts for the highest revenue share in the global point of care ultrasound market due to the growing usage of high-precision diagnostic equipment in emergency rooms.
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Segmentation By End-User
Based on end-user, the hospitals and clinics segment accounts for the highest revenue share in the global point of care ultrasound market. Due to increased emergency hospital visits, demand for point of care systems, including devices, has surged. Furthermore, the versatility of point of care ultrasound as a therapy, diagnosis, and guiding tool for a wide range of procedures and conditions has driven up its use in hospitals, increasing its market revenue share.
Regional Growth Dynamics
Based on the region, North America, with the largest revenue share, dominates the global point of care ultrasound market. This sizable revenue share is attributed to the prevalence of chronic diseases, technological improvements, well-established market participants, and the region's well-developed healthcare infrastructure, all contributing to the significant government and industry investment in ultrasound system research and development.
Report Coverage
Growth Plus Reports conducted extensive research on the world market for point of care ultrasound. We looked at the basic market traits, important investment spheres, regional growth analytics, revenue projections, rival market participants, and mergers and acquisitions.
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 POINT OF CARE ULTRASOUND MARKET - ANALYSIS & FORECAST, BY TYPE
- Diagnostic
- Therapeutic
- GLOBAL POINT OF CARE ULTRASOUND MARKET - ANALYSIS & FORECAST, BY MOBILITY TYPE
- Cart-based
- Handheld
- GLOBAL POINT OF CARE ULTRASOUND MARKET - ANALYSIS & FORECAST, BY APPLICATION
- Emergency Medicine
- Cardiology
- Gynecology & Obstetrics
- Vascular Surgery
- Others
- GLOBAL POINT OF CARE ULTRASOUND MARKET - ANALYSIS & FORECAST, BY END USER
- Hospitals & Clinics
- Maternity Centers
- Ambulatory Surgical Centers (ASCs)
- Others
POINT OF CARE ULTRASOUND MARKET TOC
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