TRENDS INFLUENCING THE GROWTH OF PORTABLE ULTRASOUND DEVICE MARKET
Increasing prevalence of chronic diseases such as kidney cancer, inflammatory disease, liver diseases, etc. Portable Ultrasound devices create images of soft tissue structures, such as the gallbladder, liver, kidneys, pancreas, bladder, and other organs using which doctors can identify the anomaly.
Due to its compact size, Portable Ultrasound Devices can be moved from room to room enabling practitioners to diagnose to bed ridden and severely ill patients without impacting quality. This feature is expected to increase portable ultrasound device adoption.
The affordability of portable ultrasound machines makes it feasible for physicians, general practitioners, and specialists to purchase separate equipment for each clinic or practice, eliminating the need to move it from one facility to another. This in turn is expected to increase the portable ultrasound market size.
Increase in emergency cases emphasis the need of ambulatory services across developing as well as developed countries. This in turn fuels the demand for portable ultrasound devices, which is leading to the growth of the market.
The strict government regulations, not having enough well trained and skilled personnel(sonographer or radiologist) is expected to hinder the market.
Based on device type, the Mobile ultrasound devices segment is anticipated to account for the largest share of the ultrasound market. It is expected to have quick growth during the analysis period. Factors like hiking demand for ambulatory, obtaining attraction in the developed regions, and increasing popularity are leveling up the demand of this segment.
Based on the end-users, the hospital's segment is projected to hold the largest share during the forecasting framework. Factors like rising importance for out-patient surgery and the existence of high-end infrastructure are propelling the market demand. The availability of highly efficient and skilled professionals in the medical field also impels market growth. Diagnostic centers segment to have the fastest growth over the period.
North America currently dominates the portable ultrasound devices market and is expected to continue its stronghold for a few more years. This can be majorly attributed due to advanced health infrastructure, increasing prevalence of diseases and infections, growing emphasis on the development of innovative products, and rising number of regional companies manufacturing portable ultrasound devices.
The Asia Pacific region is also expected to grow at a high CAGR on account of improving health care infrastructure, rising disposable incomes, and public growing awareness levels.
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