Number of pages: 100 | Report Format: PDF | Published date: March 17, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global portable ultrasound devices market was valued at US$ 1.74 billion in 2022 and is expected to register a revenue CAGR of 5.50% to reach US$ 2.81 billion by 2031.
Portable Ultrasound Devices Market Fundamentals
Portable ultrasounds are medical imaging equipment that is lightweight and compact, making them easier to carry and use in a variety of medical settings. Unlike typical ultrasound equipment, which is generally huge and immobile, portable ultrasound devices can be brought to the patient's bedside or rural places where medical services are limited.
Portable ultrasound devices provide images of internal body structures using high-frequency sound waves. These images can aid doctors and other healthcare professionals in diagnosing and treating a wide range of medical diseases, including pregnancy and fetal development, heart disease, cancer, and musculoskeletal injuries. Handheld ultrasound technology has grown in popularity in recent years due to downsizing and computational capability advancements. Portable ultrasound equipment also provides high-quality pictures that compete with bigger, more stationary versions. As a result, they have become an invaluable resource for healthcare workers in various settings, from emergency rooms and critical care units to rural clinics and distant communities.
As portable ultrasound technology improves and becomes more inexpensive, medical practitioners are expected to adopt it, particularly where regular ultrasound devices are impractical or unavailable. This will raise demand for portable ultrasound equipment, possibly leading to further innovation and research in this sector.
Portable Ultrasound Devices Market Dynamics
The global portable ultrasound devices market is primarily driven by the increasing demand for accurate and instant diagnoses—portable ultrasounds provide accurate and timely diagnostics regardless of where the patient is. Portable ultrasound machines can be transported, allowing physicians to examine patients thoroughly, resulting in an accurate and rapid diagnosis. Furthermore, the easy availability of portable ultrasound allows for rapid diagnosis and treatment decisions and administration, improving patient recovery.
Technological advancements in portable ultrasound devices are anticipated to increase the revenue share of the portable ultrasound devices market. For instance, in September 2021, Kosmos was a revolutionary portable, AI-guided ultrasound scanner for high-resolution heart, lung, and abdomen imaging. Kosmos is the first patented hybrid point-of-care ultrasound (POCUS) clinical instrument meant to increase diagnostic confidence at the bedside, developed by the US-based medical equipment company EchoNous. The device’s powerful imaging capabilities allow it to detect a variety of lung and cardiac problems, including bilateral lung infiltrates, subpleural consolidations, irregular and thicker pleural lines, B line-like abnormalities, and cardiac indications associated with myocardial dysfunction.
Traditional ultrasound devices are larger and more expensive than portable ultrasound devices. Portable ultrasound devices are cost-effective, allowing doctors, general practitioners, and specialists to buy separate equipment for each clinic. The easy availability of economical ultrasound imaging with portable ultrasound devices reduces overcrowding in hospitals and clinics while also helping to keep ultrasound expenses low, making it a vital tool for offering affordable healthcare.
However, the picture quality acquired from portable ultrasound is inferior compared to images produced from standard ultrasound; this feature may limit the market potential. Moreover, less awareness about portable ultrasound in low-income nations such as the Middle East and Africa, where healthcare settings are not advanced, can reduce the market revenue growth to some extent.
Portable Ultrasound Devices Market Ecosystem
The global portable ultrasound devices market is analyzed from five perspectives: device type, technology, application, end-user, and region.
Portable Ultrasound Devices Market by Device Type
Based on device type, the global portable ultrasound devices market is segmented into laptop-based and handheld.
The handheld ultrasound devices segment dominated the global portable ultrasound devices market in 2022. The handheld ultrasound units can improve accessibility as these are less expensive. Moreover, handheld portable ultrasound devices can improve medical education and patient care by moving ultrasound to classrooms, clinics, rural areas, and resource-limited countries.
The laptop-based segment is anticipated to show lucrative revenue growth during the forecast period. It is lightweight and compact, making it easy to transport and use in various medical settings. Moreover, laptop-based portable ultrasound devices are more versatile. They can be used for various medical applications, including abdominal, vascular, cardiac, and musculoskeletal imaging. Laptop-based portable ultrasound devices can be easily integrated with telemedicine platforms, allowing medical professionals to collaborate and provide remote consultations.
Portable Ultrasound Devices Market by Technology
Based on technology, the global portable ultrasound devices market is segmented into 2D ultrasound, 3D & 4D ultrasound, Doppler ultrasound, and high-intensity focused ultrasound.
The Doppler ultrasound segment accounted majority of the global portable ultrasound devices market revenue share in 2022. This is majorly owing to the capability of Doppler technology, which allows for the assessment of blood flow within the body without the need for invasive procedures, making it a safe and more comfortable option for patients. Additionally, this technology allows medical practitioners to examine in real-time, enabling quick diagnosis and decision-making. Portable ultrasound devices with Doppler technology are compact and lightweight, making them easy to transport and use in remote locations or at the point of care.
The 3D & 4D ultrasound technology segment is anticipated to register significant revenue growth during the forecast period. The 3D & 4D technology can be beneficial, particularly in remote or emergency settings. The 3D & 4D technology in portable ultrasound devices makes it possible to use ultrasound technology more conveniently and effectively. Additionally, the 3D & 4D capabilities offer an even more thorough view of the structure, which helps with diagnosis and planning treatments.
Portable Ultrasound Devices Market by Application
Based on application, the global portable ultrasound devices market is segmented into obstetrics/gynecology, cardiovascular, urology, gastric, musculoskeletal, and others.
The obstetrics/gynecology segment accounted majority of market revenue growth in 2022. Portable ultrasound devices allow easy access to obstetric and gynecologic imaging in various settings, such as rural areas and home visits. Portable ultrasounds are generally less expensive than traditional ultrasound machines, making them a more budget-friendly option for smaller clinics or hospitals. Additionally, pregnant women and gynecologic patients can be assessed in a more comfortable environment, reducing stress and anxiety. Furthermore, portable ultrasound devices can facilitate remote monitoring of high-risk pregnancies, enabling timely interventions and reducing the risk of complications.
Portable Ultrasound Devices Market by End User
Based on end user, the global portable ultrasound devices market is segmented into hospitals & clinics, home care, and others.
The hospitals & clinics segment dominated the global portable ultrasound devices market in 2022. Portable ultrasound machines have become increasingly popular in hospital settings due to their ease of use and ability to provide quick diagnostic information. They are particularly useful in emergencies where the examination of a patient's condition needs to be assessed quickly. Moreover, portable ultrasound devices offer several advantages in hospitals and clinics, including increased accessibility to imaging technology and improved patient outcomes. Additionally, these devices are cost-effective and can be used in a variety of settings, such as emergency rooms, operating rooms, and intensive care units.
Portable Ultrasound Devices Market by Region
Based on the region, the global portable ultrasound devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the portable ultrasound devices market with the largest revenue share. This is attributed to prominent companies and the rising healthcare standards in North America. Moreover, key players in North America are introducing many technologically advanced products to the market, which is anticipated to help expand the portable ultrasound devices market in the region. The emerging awareness of portable ultrasound in-home healthcare can also influence the market.
The Europe portable ultrasound devices market is characterized by the increasing adoption of portable ultrasound devices and rising healthcare standards. The growing demand for immediate diagnosis also fuels the adoption of portable ultrasound devices in Europe. The European Government is significantly promoting and supporting research and development.
Asia Pacific is predicted to be the fastest-growing geographic region in the portable ultrasound devices market during the forecast period. This growth can be attributed to the increasing number of healthcare settings. Moreover, the demand for portable ultrasound is also increasing as trends of telemedicine consultations in the Asia Pacific are growing. Rising government focus on advancing healthcare infrastructure is also influencing the market in Asia Pacific.
Portable Ultrasound Devices Market Competitive Landscape
The portable ultrasound market has a moderately competitive global market due to new product introductions, mergers, and acquisitions. Launching new devices, securing permission for such items, and participating in other activities, such as awareness initiatives, are some of the primary development tactics many organizations focus on. Furthermore, the market classified technological advancement and easy accessibility as superior growth strategies.
The prominent companies having the largest revenue share in the global portable ultrasound devices market are:
Portable Ultrasound Devices Market Strategic Developments
The global portable ultrasound devices market is expected to register growth at a revenue CAGR of 5.50% during the forecast period.
Siemens Healthineers AG, Hitachi Ltd, and Canon Medical Systems Corporation are among the key players in the global portable ultrasound devices market.
The handheld segment accounts for the largest revenue share in the global portable ultrasound devices market.
Asia Pacific is expected to observe the highest revenue growth in the global portable ultrasound devices market during the forecast period.
The global portable ultrasound devices market was valued at US$ 1.83 billion in 2023.
*Insights on financial performance are subject to the availability of information in the public domain