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The portable ultrasound equipment market share is expected to increase by USD 1.58 bn from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 13.3%.
This portable ultrasound equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers portable ultrasound equipment market segmentations by product (cart/trolley-based and handheld) and geography (North America, Europe, Asia, and ROW). The portable ultrasound equipment market report also offers information on several market vendors, including Canon Inc., Clarius Mobile Health Corp., Esaote SpA, FUJIFILM Holdings Corp., General Electric Co., Healcerion Co. Ltd., Hitachi Ltd., Koninklijke Philips NV, Samsung Electronics Co. Ltd., and Siemens AG among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The broader applications of portable ultrasound equipment is notably driving the portable ultrasound equipment market growth, although factors such as may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the portable ultrasound equipment market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Portable Ultrasound Equipment Market Driver
Growing demand for portable ultrasound equipment is the major driver influencing the growth of portable ultrasound equipment market.There's an increasing demand for portable ultrasound equipment owing to its ease of use, smaller size and better results. SonoSite MicroMaxx, GE VOLUSON I, SonoSite M-Turbo, GE Venue 40, Acuson Cypress, GE Vivid i, SonoSite Titan, SonoScape A6, Chison Q9, and Chison Q5 are some of the products which top the bestselling chart currently.Portable ultrasound devices, incorporating wireless features like Bluetooth and any near-field communication, are designed to deliver highly sophisticated home-based healthcare services for individuals. These wireless devices assist in increasing mobility, connectivity, and transportability. Advancement in technology also permits medical devices to be power-driven or recharged with remote by use of fabrics and plastics. Semiconductor technology is being used by some manufacturers to develop effective, inventive designs that consume minimal power, thus reducing the overall system price of portable devices by diminishing power consumption.
Key Portable Ultrasound Equipment Market Trend
Shift towards homecare is the major trend influencing the growth of portable ultrasound equipment market. Over the last decade, the healthcare industry has witnessed a paradigm shift from providing hospital care to providing home healthcare. This has led to the development of portable medical devices, including ultrasound devices. The increasing adoption of portable ultrasound devices, especially handheld ultrasound devices, helps people monitor diseases regularly. The shift toward home care not only provides patients with affordable diagnoses but also improves their quality of life. These devices provide the customers with home-based diagnosis as well as treatment in many cases. For instance, for physiotherapy purposes, many local vendors are there in the market offering portable ultrasound equipment for muscle relief pain, bone injuries as well as an arthritis treatment. Ultrasound device gaining popularity is for monitoring sleep apnea, e.g., SONON 300C by Healcerion. Apart from these, customers who are having a tendency to get recurrent urinary tract infections also prefer portable bladder scan by ultrasound at home.
Key Portable Ultrasound Equipment Market Challenge
High cost of devices is the major hindrance to the growth of portable ultrasound equipment market. Portable ultrasound devices consist of a wide variety of operating systems. They can be handheld or mobile (i.e., cart/trolley based). The price of these devices is based on the type of function and diagnosis they offer. Devices that require frequent battery changes, recharging, and maintenance are expensive. For instance, the cost of the portable SonoSite MicroMaxx from Fujifilm is $14,000-$22,000. However, high-end portable devices cost as much as $29,000-$50,000. The cost of handheld or compact ultrasound equipment cost range from $4,000 to $35,000. In a few handheld or compact ultrasound devices, the cost of the machine remains the same, but a few equipment do not come with a transducer (probe), and hence, should be purchased separately. Also, with the use, operational cost is also a factor that is expensive. Most of the portable ultrasound equipment (compact/handheld) use lithium-ion battery (high-quality rechargeable battery), and most of the batteries have a mid-range life cycle, which is expensive to replace. Thus, the high cost of portable ultrasound equipment will hinder the market growth during the forecast period.
This portable ultrasound equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes global portable ultrasound equipment market is a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the portable ultrasound equipment market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the portable ultrasound equipment market encompasses successful business strategies deployed by the key vendors. The portable ultrasound equipment market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The portable ultrasound equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the portable ultrasound equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global healthcare equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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