What is Biggest Trend Currently Witnessed in Point-of-Care Ultrasound Device Market?

The point-of-care-ultrasound (PoCUS) device market will exhibit a CAGR of 7.9% during the forecast period (2021–2030) due to the booming healthcare costs, soaring geriatric population, improving healthcare infrastructure, and increasing cases of chronic diseases, such as cardiovascular diseases (CVDs), diabetes, and cancer. The market was valued at $2,186.8 million in 2020, and it is projected to generate $4,546.5 million revenue by 2030. The rapid technological advancements in ultrasound devices have become a key market trend in recent years.

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One of the major growth drivers for the market is the surging aging population, as it requires constant medical attention due to its weakening immune system. PoCUS devices are being used as time-saving tools for diagnosing and treating chronic diseases in the elderly population. For example, they are being used by primary-care physicians to evaluate urinary incontinence in the elderly with minimal invasion. These devices are also being used to evaluating the cardiac function in outpatient settings and screening for prostatic enlargement and abnormal aortic aneurysms (AAA) in this age pool.

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Nowadays, companies operating in the point-of-care-ultrasound device market are focusing on mergers and strategic partnerships to consolidate their position. For instance, in July 2019, FUJIFILM Holdings Corp. entered into a strategic partnership with Partners HealthCare (Mass General Brigham) to integrate artificial intelligence (AI) into PoCUS devices, for improving their utility and functionality. Similarly, in June 2020, Canon Medical Systems Corporation collaborated with R-Pharm Holding (Russia) to facilitate the sale and maintenance of the diagnostic imaging equipment manufactured by the former in nine Commonwealth of Independent States (CIS) countries.

According to P&S Intelligence, Europe held the largest share in the point-of-care-ultrasound device market in 2020, and it is expected to retain its dominance throughout the forecast period. This can be owed to the surging incidence of chronic diseases, advancements in technology, and escalating healthcare expenditure in the region. Moreover, the booming geriatric population will facilitate the market growth in the region in the forthcoming years. As per the World Population Ageing 2019 report, the population of people aged 65 years or above here will surge from 140.4 million in 2019 to 199.9 million by 2050.

Therefore, the growing geriatric population and rising number of technological advancements in ultrasound devices will fuel the market growth in the coming years.

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