Global Portable Ultrasound Devices Market - Segmented by Type of Device, Area of Application, End Users, Geography - Growth, Trends, and Forecast (2018 - 2023)
The portable ultrasound devices market is expected to grow with a CAGR of 5.1% during the forecast period.
Rising Applications for Portable Ultrasound Devices Market
The introduction of the portable ultrasound devices has a variety of applications in many fields, like emergency medicine, radiology, critical care medicine and musculoskeletal. Since they are entirely new fields, they saw a huge growth and were known as emerging areas of the applications. The conventional areas of applications still have an account for 79% of the overall ultrasound diagnostic imaging devices market. The new emerging applications has reached a market share of 21% in 2015 and is expected to show a tremendous growth in the future, which will help in driving the market for Portable Ultrasound Devices.
The other factors, which are also driving the market, includes increasing advancements in the technology and increasing prevalence of chronic diseases.
High Costs of the Portable Ultrasound Systems
The cost of acquiring the portable ultrasound systems is high, considering the fact that a single device is not sufficient per hospital. A hand-held ultrasound system can cost anywhere between USD 8,000-20,000, while the price of portable bedside and hand-carried systems ranges between USD 20,000-50,000. Companies, like Philips Healthcare, are coming up with the innovative pricing solutions for high-cost issues. However, the cost of these portable ultrasound devices is not expected to come down in the near future. Therefore, this high cost is preventing the mass adoption of these devices and is restraining the growth of this market.
The other factors include lack of dedicated training programs by companies and growth of market dependent on ambulatory/remote patient care infrastructure in a country.
Europe Dominates the Market
Europe is expected to hold the largest share in the market, which is attributed to increasing incidence rates of the chronic disorders and rising demand for the advanced ultrasound systems, and the presence of the developed healthcare infrastructure is expected to propel the market in Europe. Germany was the largest market in Europe in 2015, and the market is expected to grow in the coming future. Asia-Pacific also has seen significant growth over the forecast period, due to an increase in the awareness about the ultrasound procedures and rise in the healthcare expenditure. These factors are driving the growth of the portable ultrasound devices market.
Key Developments in the Market
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