The global point-of-care ultrasound market size reached USD 4.31 billion in 2023 and is estimated to grow around USD 8.55 billion by 2033, growing at a CAGR of 7.10% from 2024 to 2033.
Key Points
- North America held the largest share of 34% the market in 2023. The region is observed to sustain the position during the forecast period.
- Europe is expected to witness the fastest rate of growth while being the second largest marketplace in the upcoming years.
- By type, the diagnostic segment led the point-of-care ultrasound market with the largest share in 2023.
- By type, the therapeutic segment is observed to witness a notable rate of growth during the forecast period.
- By portability, the trolley-based devices segment held the largest share of the market in 2023. The segment is observed to continue to grow at an impressive rate during the forecast period.
- By portability, the handheld devices segment is observed to grow at the rapid pace during the forecast period.
- By application, the emergency medicine segment held the largest share of the market in 2023.
- By end users, the hospitals segment accounted for the largest market share in 2023.
- By end users, the clinics segment is expected to grow at a rapid CAGR during the forecast period.
The Point-of-care Ultrasound (POCUS) market has witnessed significant growth in recent years, driven by the increasing demand for portable and user-friendly diagnostic tools. POCUS refers to the use of ultrasound at the patient’s bedside for immediate clinical decision-making. This market has evolved as a pivotal player in the healthcare industry, offering advantages such as real-time imaging, cost-effectiveness, and accessibility. The rise in the adoption of POCUS across various medical specialties, including emergency medicine, cardiology, and obstetrics, underscores its versatility and impact on patient care.
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Growth Factors
Several factors contribute to the robust growth of the POCUS market. The technological advancements in ultrasound devices, making them more compact, lightweight, and capable of delivering high-quality imaging, have played a crucial role. Additionally, the growing awareness among healthcare professionals about the benefits of POCUS in expediting diagnosis and improving patient outcomes has led to increased acceptance.
The global emphasis on point-of-care diagnostics and the need for rapid and accurate assessments in diverse medical settings further drive the market growth. The COVID-19 pandemic has underscored the importance of quick and efficient diagnostic tools, and POCUS has emerged as a valuable asset in managing patients during this crisis.
Financial investments in research and development, coupled with strategic collaborations between healthcare organizations and technology companies, contribute to the continuous evolution of POCUS technologies. These partnerships aim to enhance product portfolios, integrate artificial intelligence for image analysis, and expand the market reach of POCUS devices.
Region Snapshot
The POCUS market exhibits a dynamic geographical distribution. North America holds a significant share, driven by well-established healthcare infrastructure, increasing awareness, and early adoption of advanced medical technologies. Europe follows closely, with a growing preference for portable and efficient diagnostic solutions. The Asia-Pacific region is poised for substantial growth, propelled by the improving healthcare infrastructure, rising healthcare expenditure, and a growing focus on point-of-care diagnostics in countries such as China and India.
Point-of-care Ultrasound Market Scope
Report Coverage | Details |
Growth Rate from 2024 to 2033 | CAGR of 7.10% |
Global Market Size in 2023 | USD 4.31 Billion |
Global Market Size by 2033 | USD 8.55 Billion |
U.S. Market Size in 2023 | USD 1.03 Billion |
U.S. Market Size by 2033 | USD 2.03 Billion |
Base Year | 2023 |
Forecast Period | 2024 to 2033 |
Segments Covered | By Type, By Portability, By Application, and By End users |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
SWOT Analysis:
Strengths: The strengths of the POCUS market lie in its portability, real-time imaging capabilities, and versatility across medical specialties. It addresses the need for rapid diagnostics, contributing to better patient outcomes. Technological advancements, including wireless connectivity and artificial intelligence integration, further enhance its strengths.
Weaknesses: Challenges in terms of standardization and training pose weaknesses to the POCUS market. Ensuring consistent quality across different devices and training healthcare professionals for proficient use remain ongoing concerns. Additionally, the initial upfront costs of POCUS devices may limit adoption in certain healthcare settings.
Opportunities: The opportunities for the POCUS market are vast, with the potential for expansion into new application areas and untapped regions. The increasing prevalence of chronic diseases, the growing trend of home-based healthcare, and the rising demand for rapid diagnostic solutions present promising avenues for market growth.
Threats: Market threats include regulatory challenges, privacy concerns related to patient data, and competition from alternative diagnostic modalities. Addressing these threats requires industry collaboration, adherence to stringent regulatory standards, and continuous innovation to stay ahead of competing technologies.
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Recent Developments
- In October 2023, Butterfly Network announced a 5-Year co-development agreement with Forest Neurotech for next-generation brain-computer interfaces using ultrasound-on-chip technology. The agreement includes USD 20MM to be paid to Butterfly for annual licensing, chip purchases, services, and milestone payments, of which USD 3.5MM was received on signing.
- In October 2023, GE HealthCare announced that it signed a USD 44 million contract with the Biomedical Advanced Research and Development Authority (BARDA) part of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS) to develop and obtain regulatory clearance for next-generation advanced point-of-care ultrasound technology with new artificial intelligence (AI) applications.
- In July 2023, Konica Minolta Healthcare Americas Inc. announced the launch of PocketPro H2, a new wireless handheld ultrasound device for general imaging in point-of-care applications.
- In February 2022, Philips announced it has expanded its ultrasound portfolio with advanced hemodynamic assessment and measurement capabilities on its handheld point-of-care ultrasound, Lumify. Lumify assists clinicians in quantifying blood flow in a wide range of point-of-care diagnostic applications including cardiology, vascular, abdominal, urology, obstetrics, and gynecology as well as helps in the early assessment of gestational age and the identification of high-risk pregnancies.
Competitive Landscape:
The POCUS market is characterized by intense competition among key players. Leading companies invest significantly in research and development to stay at the forefront of technological advancements. GE Healthcare, Siemens Healthineers, and Philips Healthcare are prominent players, leveraging their strong market presence and diversified product portfolios.
Emerging players, often focused on niche segments or innovative technologies, contribute to the competitive landscape. Collaboration and partnerships are common strategies, enabling companies to combine expertise and resources for comprehensive market offerings. The competitive dynamics are further fueled by mergers and acquisitions, with companies seeking to enhance their market share and expand their global footprint.
Point-of-care Ultrasound Market Companies
- Koninklijke Philips N.V.
- GE Healthcare
- FUJIFILM Sonosite, Inc.
- Hitachi Ltd.
- ALPINION MEDICAL SYSTEMS Co., Ltd
- Terason Corporation
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- EDAN Instruments
- Esaote S.p.A
- Butterfly Network Inc.
- Teknova Medical System
- DRE medical
- Landwind Medical
- Terason Corporation
- CHISON Medical Technologies
- Siemens
- Mindray Bio-Medical Electronics
- B. Braun
- Canon Medical Systems
- Analogic Corporation
Segments Covered in the Report
By Type
- Diagnostic
- Therapeutic
By Portability
- Trolley-Based Devices
- Handheld Devices
By Application
- Emergency Medicine
- Cardiology
- Obstetrics & Gynecology
- Urology
- Vascular Surgery
- Musculoskeletal
By End users
- Hospitals
- Clinics
- Maternity Centers
- Ambulatory Surgical Centers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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