According to SNS Insider, the Portable Ultrasound Market size was valued at USD 2678.60 Mn in 2023 and is expected to reach USD 7481.55 Mn by 2031. The calculated CAGR is 13.7% for the forecast period of 2024-2031.
Market Scope:
The rising imaging centres and the overall increase in demand for ultrasound imaging techniques will be the key factors to monitor as the market attracts growth. The benefits which the portable ultrasound has to offer will be making the market grow in full fledge during the forecasted period. The key players in this market will be experiencing high demand from the major economies as the adoption rates of portable ultrasound are growing intensely. According to SNS Insider, the adoption rates in urban areas have risen by 39%. Many industry experts have stated how the positive things which are associated with portable ultrasound will help them to make a difference compared to the old traditional ways.
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List of Key Companies Profiled in Portable Ultrasound Market Report:
- Koninklike Philips N.V.
- EDAN Instruments FUJIFILM Sonosite Inc.
- Shenzhen Mindray Bio-Medical Electronics Co.
- ALPINION MEDICAL SYSTEMS Co. Ltd.
- Terason Corporation
- Hitachi Ltd.
- CHISON Medical Technologies
- Healcerion
- GE Healthcare
“Looking at the current demand for portable ultrasound, it is encouraging us to implement new strategies related to product innovations and market development”
-GE Healthcare CEO.
What are the factors which will be challenging the market growth?
The fact that companies have to face severe adversities, as the transition from regular portable devices to portable ones is not an easy one. Many health experts are currently not accepting or are in the favour of “we don’t think it is appropriate” zone. In this, the market growth can get obstructed as the higher adoption rates can hit the maturity level. Another factor which SNS Insider analysed will be quite challenging is the high cost associated with the portable ultrasound. Most of the companies have stated the high cost is the major reason why the adoption rates in emerging and undeveloped nations are slow. Also, the external headwinds which include the high volatility in the macro-economic condition will depress the market growth and will cause low profitability for the key players offering their products across various geographies.
Key Market Segmentation:
By Type
- Touchscreen
- Built-in-console
By End User
- Clinics
- Hospitals
Segment Analysis:
By Type and By End User are the two major segments in which SNS Insider analysts have extracted the overall market insights. By Type, the segment includes a touchscreen and built-in console. The built-in console sub-segment will be the fastest growing and will have the highest CAGR during the forecasted period. Similarly, in the end-user segment clinics will hold the maximum share, the share estimated is approx. 55-65%. Looking at the adoption rates of hospitals, the hospital will also be attracting the highest growth. The challenges this segment will be facing during the forecast period will be the negative attitude of government health organisations.
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Regional Analysis:
The maximum revenue generated for the Tier 1 and Tier 2 companies offering their products in this market is from the North America region. The fact that revenue generated for the key players has been mostly coming from the U.S. and will be the same during the forecasted period. The share North America holds in this market is approximately 48%. In the North America region, the developed economies will be holding the maximum share. For instance, the U.S. will have a share of 75% whereas Canada will have the highest CAGR growth rate.
When we look at the different marketplaces, most of the companies will be experiencing high demand from the major economies of the APAC region. Well, SNS Insider predicts the journey will not be smooth, as the Indian State governments are against the use of portable ultrasound devices because of the risks of accuracy and lack of competencies. These factors might make the market look unattractive for the companies planning to implement market development in this region
Key Takeaways:
- The rising demand for imaging solutions and the rising number of clinics in developed nations impacting the overall demand for portable ultrasound.
- The high cost and the lack of skilled professionals will cause the market to lose some of its momentum during the forecasted period.
- Clinics and Hospitals Sub-segments to be the important elements as the rising adoption rates of clinics and health professionals will play a major role in deciding the future.
Recent Developments:
- With the rising innovations by the key players after forecasting the demand, the marketplace will be thrilled with new technologies. For instance, the product development done by GE Healthcare i.e., Scan Air.
- Government support in the form of approvals will also be deciding the growth of the market. The approvals by the FDA, for instance, Philips got approval for ultrasound solutions to manage lung and cardiac complications
Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Portable Ultrasound Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Portable Ultrasound Market Segmentation, By Type
Chapter 8 Portable Ultrasound Market Segmentation, By End User
Chapter 9 Regional Analysis
Chapter 10 Company profile
Chapter 11 Competitive Landscape
Chapter 12 Use Case and Best Practices
Chapter 13 Conclusion
Continued…
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