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 global point of care ultrasound market is forecasted to exhibit significant growth over the next few years. The market size, which stood at USD 736.4 million in 2020, is expected to reach USD 1,639.4 million by 2026, growing at a compound annual growth rate (CAGR) of 14.3%. According to a report by Fortune Business Insights, the growth of this market is driven by the launch of advanced products and the increasing demand for medical imaging in outpatient care settings. The market size was valued at USD 693.1 million in 2019, however, the growth was impacted by the COVID-19 pandemic, resulting in a slower growth rate of 6.2% in 2020.
The point-of-care ultrasound market report incorporates a wide-ranging evaluation of the market. It also offers valuable insights into the segments. The latest trends and important drivers are all covered in the report. The study reveals dominant regions hold the maximum share in the market. It also provides vital development and accomplishment of major companies across regions. Besides, the report also includes information about COVID-19's impact.
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Surging Demand for Outpatient Care to Incite Business Development
The shift from inpatient care to outpatient care is expected to have an outstanding impact on the global market during the forecast period. The higher adoption of POC ultrasound systems will enable speedy expansion of the market. Furthermore, the introduction of new treatment methods and technological developments in medical equipment will foster the market's healthy growth.
The new government initiatives and patient preferences will simultaneously improve the prospects of the industry in the foreseeable future. The gradual shift to outpatient care settings in retail clinics, urgent care centres, and ambulatory surgical centres will create lucrative opportunities for the market. However, a lack of awareness about the highly advanced point-of-care ultrasound systems is expected to restrain the market's growth.
The coronavirus incident has caused enormous losses to various industries across the globe. The governments of several countries have instigated lockdowns to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that they can adopt the necessary strategies accordingly.
Nationwide Lockdown to Negatively Impact Business Amid Coronavirus
The medical devices industry has witnessed a drastic drop owing to the implementation of lockdowns in many nations. Moreover, the lack of emergency care has significantly reduced the usage of imaging systems. Likewise, the postponement of non-essential or elective medical procedures has consequently dampened the demand for point-of-care. However, the utilization of imaging systems in the diagnosis of COVID-19 can aid the revival of the market in the coming days. Also, the surging cases of coronavirus will spur demand for such imaging systems, boosting the market's growth.
RandD Activities by Eminent Companies to Stimulate Business Proceedings
The renowned companies are focused on RandD activities for the launch of technologically advanced. 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 emerging companies in the global market are based in China, such as Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and EDAN Instruments. These companies are adopting strategies to expand their presence in the industry during the forecast period.
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Increasing Healthcare Expenditure to Propel Market in Asia Pacific
The market in Asia Pacific is expected to experience a rapid growth rate during the forecast period owing to the rising demand for outpatient care, especially in rural areas. The increasing healthcare expenditure and systems will contribute positively to the Asia Pacific market’s growth. The Middle East and Africa and Latin America are expected to account for a significant share owing to the increasing demand for medical imaging in outpatient healthcare settings.
July 2020:FUJIFILM Sonosite, Inc., the innovator and world leader in bedside and point-of-care ultrasound announced its latest POC ultrasound product, the new Sonosite PX ultrasound system.
The Report Lists the Key Players in this Market:
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To view the original version on The Express Wire visit Point-of-care Ultrasound Market Size to reach USD 1,639.4 Mn in 2026