Global Portable Ultrasound Market - 2023-2030
Global Portable Ultrasound Market reached US$ XX billion in 2022 and is expected to reach US$ XX billion by 2030 growing with a CAGR of XX% during the forecast period 2023-2030.
Portable ultrasound machines are mobile ultrasound systems that are designed to be used in small spaces at a patient’s bedside, and these can be cart-based, tablet-based, or hand-carried. Portable ultrasound is a modality of medical ultrasonography that utilizes small and light devices compared to the console-style ultrasound machines that preceded them.
Portable ultrasound uses high-frequency sound waves to create real-time pictures or videos of internal organs or other soft tissues, such as blood vessels. These images are useful in diagnosing pain, swelling, and infection within the body, guiding biopsies, examining the heart, and assessing the health of a fetus during pregnancy.
Furthermore, significant growth drivers such as increasing technological advancements, product launches, and rising investments give rise to future market growth. Significant key players like GE Healthcare Technologies Inc., CHISON Medical Technologies Co. Ltd, Koninklijke Philips N.V., Mindray Medical International Limited, and others are actively operating in the market.
Increasing Product Launches for Portable Ultrasound
Ultrasound probes, called transducers are used to produce sound waves that have frequencies above the threshold of human hearing. The product launches by major companies help to drive market growth and these effective research and developments help in product launches for new diagnoses, and treatments.
For instance, in July 2023, Konica Minolta Healthcare Americas, Inc., launched the PocketPro H2, a new wireless handheld ultrasound device for general imaging in point-of-care applications. The new PocketPro H2 linear wireless handheld ultrasound system is optimized for musculoskeletal (MSK), pain management, vascular access, and needle guidance applications.
Additionally, in January 2022, EagleView Ultrasound launched its wireless portable ultrasound device called EagleView dual-head ultrasound. It is a wireless ultrasound probe that connects to a tablet or phone. It gives high-quality POCUS (point-of-care ultrasound) with whole-body imaging technology. Hence, due to the above factors, the market is expected to boost over the forecast period.
Rising Investments in Ultrasound Systems
Diagnostic ultrasound is used as a non-invasive diagnostic technique to image inside the body. The major investments from key companies help drive market growth. These effective funds from national organizations and companies help transform research discoveries into new diagnoses and treatments for chronic diseases.
For instance, in July 2023, PIUR IMAGING, a medical device company that enables access to affordable high-quality healthcare through AI-driven tomographic 3D ultrasound solutions, secured €4.9 Million Series A funding round to expand its AI-driven tomographic 3D ultrasound system called PIUR tUS Infinity.
Additionally, in July 2021, Exo Imaging secured $200M in Series C financing aimed at commercializing its handheld ultrasound device and point-of-care workflow platform called Exo Works. The new funding also gives the Redwood City, California-based company over $320 million in total investments.
High Cost of Portable Ultrasound is Expected to Hamper the Market Growth
The high price of portable ultrasound is anticipated to hamper the market expansion and cannot be afforded by middle and lower-income groups. For instance, according to Standard Ultrasound, a basic, portable ultrasound machine can cost anywhere from $10,000 to $50,000. A mid-level ultrasound machine may cost between $50,000 and $100,000, while a high-end machine may cost upwards of $200,000.Segment Analysis
The global portable ultrasound market is segmented based on device type, application, end users, and region.
Handheld Ultrasound Devices from the Device Type Segment Accounted for Approximately XX% of the Global Portable Ultrasound Market
A handheld ultrasound system enables the flexible performance of whole-body scanning and delivers crystal-clear images. Handheld ultrasound devices are expected to hold the largest market share over the period forecast owing to increasing product launches.
For instance, in August 2023, GE Healthcare launched its Vscan Air SL handheld wireless ultrasound imaging system designed for use in rapid cardiac and vascular assessments to accelerate diagnoses and treatment decisions. The device features the company’s proprietary SignalMax and XDclear imaging performance technology which enables high levels of penetration, resolution, and sensitivity with a single crystal transducer technology.
Additionally, in October 2022, Osang Healthcare Co., Ltd., a company specializing in in-vitro diagnostics, developed a 1MHz ultrasound portable device called PUM that is used for physical therapy. PUM is effective in relieving pain and relaxing muscles in topical areas such as the neck, shoulder, and knee through 1MHz ultrasound and EMS (Electrical Muscle Stimulation), which vibrates a million times per second.Geographical Penetration
North America Accounted for Approximately 38.4% of the Market Share in 2022
North America has maintained a significant proportion of the portable ultrasound market in recent years due to the increasing prevalence of cardiovascular diseases in the United States, there is a growing need for portable ultrasound machines to diagnose abnormalities in heart function. These machines have become increasingly popular in cardiology centers as they provide significant value to the practice. Cardiologists can use portable ultrasound machines to diagnose a variety of conditions, including heart defects, valve issues, and damage from heart attacks, among others.
For instance, according to the Centers for Disease Control and Prevention, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. About 695,000 people in the United States died from heart disease in 2021 this is 1 in every 5 deaths.
Hence, the above factors help to accelerate the region’s growth.Competitive Landscape
The major global players in the market include GE Healthcare Technologies Inc., CHISON Medical Technologies Co. Ltd, Koninklijke Philips N.V, Mindray Medical International Limited, Hitachi Ltd., Samsung Healthcare, FUJIFILM Sonosite, Inc., Siemens Healthcare Private Ltd., BenQ Medical Technology, Fukuda Denshi UK Ltd. among others.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the global portable ultrasound market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular check-ups, appointments, device launches, and consultations worldwide. Many hospitals are focused on COVID-19 cases, and this reduces the diagnosis of many patients suffering from various chronic diseases.
Moreover, the focus of research and development efforts shifted during the pandemic, with a significant emphasis on developing vaccines and treatments for COVID-19. Therefore, owing to the above factors, the portable ultrasound market is expected to be moderately affected over the forecast period.
By Device Type
• Handheld Ultrasound Device
• Mobile Ultrasound Device
By End Users
• Diagnostic Centers
• North America
Rest of Europe
• South America
Rest of South America
Rest of Asia-Pacific
• Middle East and AfricaKey Developments
• In August 2023, ALPINION MEDICAL SYSTEMS Co., Ltd. launched 'X-CUBE i9', a portable ultrasound diagnostic device, with dual batteries and probe connectors that has greatly enhanced the speed and efficiency of examinations. This product is equipped with the X+ MicroView, a microvascular diagnosis technology used in high-performance systems.
• In March 2023, Mindray launched its first wireless, handheld ultrasound system called TE Air. TE Air features a wire-free design and compact size designed to easily fit into a pocket. It also offers high-level disinfection tolerance and flexible charging for extreme mobility.
• In November 2022, Royal Philips launched the next-generation compact portable Ultrasound Compact System 5000 Series. The Compact 5000 series facilitates first-time-right ultrasound exams for more patients.Why Purchase the Report?
• To visualize the global portable ultrasound market segmentation based on device type, application, end users, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global portable ultrasound market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global portable ultrasound market report would provide approximately 69 tables, 70 figures, and 195 Pages.Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies