The global point-of-care ultrasound device market is anticipated to grow at a CAGR of 5.9% during the forecast period, with the market size anticipated to reach USD 2.9 billion by 2024. The point-of-care ultrasound device is used for the therapeutic and diagnostic point-of-care application. It is simple to operate, ensures nonusage ionizing radiation, and easy to travel in remote areas. It is used for identification of conditions such as a deep vein thrombosis, and pleural fluid, and intrauterine pregnancy.

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The global point-of-care ultrasound device market is growing at a significant rate, due to the mounting occurrence of chronic diseases and expanding the geriatric population. Different portability such as compact/handheld and cart-based/trolley contributed to the point-of-care ultrasound device market size. The market has witnessed high demand for cart based/trolley due to its augmented use in acute care situation and emergency care in hospitals and healthcare institutions.

The mounting occurrence of chronic diseases, refining healthcare infrastructure in developing countries, and escalating alertness about the advantages of portable ultrasound devices are also facilitating the growth for the point-of-care ultrasound device market. For instance, according to the Centers for Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according to the World Health Organization (WHO) globally approximately 17.7 million people died from cardiovascular diseases in 2015.

Strict regulatory norms and lack of skilled professionals are the major challenges for the growth of point-of-care ultrasound device market.

Globally, the manufacturing companies trying to enter the point-of-care ultrasound device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population and mounting healthcare expenditure. In addition, the mounting occurrence of chronic diseases and refining healthcare infrastructure are also creating a positive impact on the point-of-care ultrasound device market growth in the region.

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Key players in the point-of-care ultrasound device market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In March 2018, Royal Philips partnered with Innovative Imaging Technologies to integrate tele-ultrasound solution created on Philips’ Lumify portable ultrasound system. Mindray Bio-Medical Electronics Co. Ltd., Siemens AG, Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Samsung Electronics Co. Ltd., Esaote S.p.A, Hitachi Ltd., Analogic Corporation, and Fujifilm Holdings Corporation are the key players offering point-of-care ultrasound device.

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