The global portable ultrasound market size is projected to reach USD 3,897.0 million in 2026. Fortune Business Insights™ published this information in a new study, titled, “Portable Ultrasound Market, 2020-2026.” The study further mentions that the market stood at USD 1,801.5 million in 2019. It is set to exhibit a CAGR of 13.6% in the 2020-2026 period. The increasing adoption of ultrasound-based imaging analysis software for integrating deep learning techniques is set to affect growth positively. In January 2020, for instance, Siemens Healthineers introduced its latest ACUSON Redwood Ultrasound System. It features AI-powered tools and advanced applications for smart workflows and higher clinical confidence.
COVID-19 Pandemic to Impact Growth Stoked by Supply Chain Disruptions
The COVID-19 pandemic has resulted in manufacturing challenges and supply chain disruptions across the globe. Several companies are focusing on the production of essential medical equipment to cater to the high demand. Hence, portable ultrasound devices are exhibiting a decline in sales. But, in some cases, these devices are being used to diagnose COVID-19. Our research reports will help you better understand the current situation of the industry.
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the peer market. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the size of the portable ultrasound industry.
Rapid Launch of New Models of Imaging Devices to Aid Growth
Manufacturers operating in the global market are constantly launching new products to encourage people to adopt them. Large groups of physicians worldwide are gradually accepting the usage of portable type of ultrasound devices for the treatment of various ailments. New models of such devices are nowadays being introduced for greater efficiency. These factors are anticipated to propel the portable ultrasound market growth in the upcoming years. However, an increasing number of misdiagnosis and unnecessary imaging may result in regulatory overhaul. It is expected to hamper growth.
Introduction of Innovative Products to Help Europe Remain in Second Position
- North America: The region generated USD 733.5 million in 2019 in terms of revenue. It is expected to remain in the leading position throughout the forthcoming years because of the rising prevalence of cancer and increasing adoption of unique portable ultrasound devices.
- Europe: It would remain in the second position on account of the rising expenditure in the medical sector by developed countries. Several companies present in this region are also introducing novel products to fulfil the unmet needs. Mindray Medical, for instance, introduced ME series, its state-of-the-art portable ultrasound, to enhance clinical confidence during critical COVID-19 cases.
Expansion & New Product Launches — Significant Strategies of Key Players
The market contains several prominent companies, such as Koninklijke Philips N.V. and GE Healthcare. They collectively account for the largest share because of their technologically advanced product portfolios. Some of the others are engaging in expansion activities to compete with their rivals. Below is one of the latest industry developments:
- June 2020: Royal Philips announced the commercial availability of its handheld ultrasound solution, Lumify in Japan. It would help people to keep up with the changing demographics, such as declining geriatric population and birth rate. This new portable ultrasound device will also aid clinicians to monitor medical conditions on the bedside.