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The global point of care ultrasound market size was USD 693.1 million in 2019. The global impact of COVID-19 has been unprecedented and staggering, with point of care ultrasound witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market will exhibit a lower growth of 6.2% in 2020 compared to the average year-on-year growth during 2016-2019. The market is projected to grow from USD 736.4 million in 2020 to USD 1,639.4 million in 2026 at a CAGR of 14.3% in the 2020-2026 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
In the current healthcare scenario, there is a greater transition towards outpatient care from inpatient care. This has resulted in stronger demand for these devices. And the demand has further escalated due to the need for emergency medicine and intensive care such as cardiology and obstetrics. Furthermore, the strong trend for cutting-edge R&D amongst prominent companies has encouraged the launch of several technologically superior products during the forecast period, such as Samsung’s product offering of HM70A with Plus. This trend of introducing new and advanced products, coupled with the increasing need for superior medical imaging in outpatient care settings, is expected to strongly surge the growth of the global market in developed and emerging regions during the forecast period.
Global Market is Projected to Witness a Negative Impact due to the COVID-19 Pandemic
In terms of the medical devices, the COVID-19 pandemic is expected to have a wide-ranging impact from positive to negative. In order to curtail the spread of the coronavirus, in the initial stages of the pandemic, several governments across the world implemented strict nationwide lockdowns. This has led the medical devices industry to suffer critical negative impacts as patients' flow for treatment reduced substantially. Also, the demand for point of care ultrasound devices further reduced as the usage of these imaging systems decreased significantly due to the lack of need for emergency care. Furthermore, the negative impact further deepened as many regulations stated the postponement or cancellation of non-essential or elective medical procedures. The COVID-19 pandemic has had an adverse effect on the global market as the patient flow during the pandemic reduced considerably. Simultaneously, there was some slight positive impact as in some instances, these imaging systems were used in certain cases for the diagnoses of COVID-19. Hence, the global market has witnessed a negative impact.
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Increasing Investment Initiatives by Public-Private Organizations to Boost Market
One of the most prevalent trends witnessed in the global market is the several ongoing investment initiatives to develop technologically advanced point of care ultrasound systems. For instance, in January 2020, Digital Technology Supercluster announced 14 new projects with a total investment of US$ 25.0 million. One of these 14 new projects that will receive funding is the Intelligent Network for POC Ultrasound collaboration. This project will develop a bedside ultrasound device that includes a cloud-based platform to create an intelligent and integrated point-of-care ultrasound network to deliver a faster and more accurate diagnosis. Furthermore, a growing number of approvals and grants about point of care ultrasound devices will be another critical factor supporting market stabilization across the forecast timeframe. For instance, in September 2020, Fujifilm Sonosite received the FDA COVID-19 510(k) clearance for their entire comprehensive point of care ultrasound portfolio. This is expected to result in more outstanding sales of these systems. The inclusion of new patients in the diagnostic process as medical imaging will be more accessible to a greater populace.
Strong Technological Advancements in these Systems to Drive the Global Market
One of the foremost drivers influencing the global market's growth is the substantial technological advancements in these imaging systems. Ongoing technological developments in point of care imaging have led to more precise and accurate imaging. Some other advantages of technological advancements in these product offerings include an increasing range of applications and greater patient comfort due to minimized scanning times. Furthermore, the greater incorporation of artificial intelligence in these devices has further improvised the scanning capabilities. Such factors have encouraged several companies to focus on developing AI-based POC ultrasound systems for enhanced patient care. For instance, in July 2019, FUJIFILM SonoSite, Inc. announced a strategic partnership with Partners HealthCare to incorporate artificial intelligence in its POC ultrasound system, intending to improve the functional utility of the device. Hence, such increasing technological sophistication is projected to boost market growth in the forecast period.
Increased Demand for Outpatient Care to Aid Market Growth
One of the critical factors expected to drive the point of care ultrasound market growth during the forecast period is the gradual shift from inpatient care to outpatient care. These changes are projected to positively impact the market as they are expected to lead to the greater adoption of these systems. Development of new treatment methods, technological developments in medical equipment, patient preferences, and initiatives taken up by the government, health systems & hospitals have led to a gradual shift from inpatient to outpatient services. This shift has led to the development and growth of outpatient care settings, such as retail clinics, urgent care centers, and ambulatory surgical centers. Hence, these factors are projected to impact the market during the forecast period positively.
Lack of Awareness coupled with Lack of Skilled Professionals to Hinder Market Growth
Some limiting factors that are expected to restrain the global market's growth in the forecast period are the shortage of skilled professionals in the emerging regions across the globe. For instance, in the emerging areas, the patients may suffer from unwanted injuries due to the wrong handling of this imaging equipment by untrained healthcare professionals. In the developing markets, there has been a lack of proper training among clinicians regarding the appropriate handling of these devices, coupled with poor product accessibility due to lower per capita expenditure. Also, dearth of awareness among the population about the highly advanced point of care ultrasound systems is another critical factor restricting the market growth. Hence, these factors are expected to limit the market growth in the forecast period.
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Hand-held Segment to Grow at Faster Pace during 2020-2026
On the basis of product, the market can be segmented into cart-based and hand-held segments. The cart-based segment held a dominant share of the market in 2019. The dominance is due to the greater adoption of this type of medical imaging in emergency medicine, anesthesia, vascular access, and the increasing trend of market players focusing on introducing new and innovative systems for POC applications.
The hand-held segment is anticipated to register a higher CAGR in the forecast period. This is primarily due to newer hand-held devices' launches, which provide better controls over imaging than previous versions.
Hospitals Segment Accounted for the Highest Market Share in 2019
Based on end-users, the market is segmented into hospitals, clinics, and others. The hospitals segment is projected to account for the largest point of care ultrasound market share during the forecast period because of the strong demand for ultrasound imaging in emergency care and intensive care units (ICUs) of hospitals. Hence, this type of end user maintains dominance over the global market. The clinics accounted for a lower share of the global market, and is expected to register a comparatively lower CAGR due to the lesser demand for emergency medical care in these settings.
North America Point of care Ultrasound Market Size, 2016-2026 (USD Million)
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On the basis of region, the global market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market size in North America stood at USD 283.9 million in 2019. North America is anticipated to be the most dominant region in the forecast period. Some of the reasons for this strong market share include prominent companies engaged in new product launches. Other causes include the strong demand for medical imaging due to the increased prevalence of chronic diseases, substantial healthcare expenditure, and the increasing demand for point-of-care. For instance, according to the Global Cancer Observatory (GLOBOCAN), in 2020, it was estimated that the United States would record approximately 2,281,658 new cases of cancer by 2020.
Europe is anticipated to be the second-largest market in the forecast period. Some of the reasons for the region’s strong market share are the greater demand for point of care ultrasound systems due to the greater adoption of ambulatory care in the region.
The Asia Pacific market is anticipated to register the highest CAGR in the forecast period due to increased demand for outpatient care, especially in rural areas, substantial potential patient population, and significant healthcare expenditure. The emerging markets of Latin America, and the Middle East & Africa accounted for a comparatively lower market share but are expected to witness strong growth prospects in the forecast period due to increasing demand for medical imaging in outpatient healthcare settings in the rural areas and rising healthcare expenditure.
Robust Portfolio of GE Healthcare, and Koninklijke Philips N.V. to Support Market Dominance
The global market's competitive landscape reflects the dominance of certain key players such as GE Healthcare, and Koninklijke Philips N.V, which have always been prominent players in medical imaging. Some of the other major players exerting dominance on the global market include ALPINION MEDICAL SYSTEMS Co., Ltd., Hitachi Ltd., and FUJIFILM Sonosite, Inc. Together, these key players account for a significant proportion of the global market owing to their diversified and robust product portfolio for these ultrasound systems. These prominent companies are also engaged in various R&D initiatives for the launch of technologically advanced product offerings. 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 global market's emerging companies are based in China and include Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and EDAN Instruments. These companies’ strategic executions are anticipated to aid their efforts to expand their market revenue share in the forecast period.
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The global point of care ultrasound market research report provides a detailed analysis of the market. It focuses on key aspects such as disease burden - cancer, incidence of prostate cancer – by key region, disease burden – cardiovascular diseases, healthcare overview – selective countries, number of hospital admissions – key countries, aging population data, and key mergers, acquisitions & partnerships. Besides this, the report offers insights into the market trends and highlights vital industry dynamics. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the global market over recent years.
Value (USD million), and Volume (Units)
Fortune Business Insights says that the global market size was USD 693.1 million in 2019 and is projected to reach USD 1,639.4 million by 2026.
In 2019, the North America market stood at USD 283.9 million.
Growing at a CAGR of 14.3%, the market will exhibit steady growth in the forecast period (2020-2026).
Cart-based segment is expected to be the leading segment in this market during the forecast period.
Increasing demand for point-of-care imaging, increasing technological advancements in these product offerings, and new product launches are major factors driving the market's growth.
GE Healthcare and Koninklijke Philips N.V. are the major players in the global market.
North America dominated the market in 2019.
New product launches by key companies, increasing shift from inpatient to outpatient care, and a strong prevalence of chronic diseases necessitate effective imaging. These factors are expected to drive the adoption of products in the global market.
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