With 14.3% CAGR, POC Ultrasound Market to Reach USD 1,639.4 Million by 2026 | Industry Size, Share, Growth Factors & Forecast

POC Ultrasound Market to Exhibit a CAGR of 14.3% by 2026; Introduction of Advanced Products by Eminent Companies to Encourage Development, states Fortune Business Insights™

Pune, India, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The global POC Ultrasound Market size is expected to rise from USD 736.4 million in 2020 to USD 1,639.4 million in 2026 at a CAGR of 14.3%. The launch of advanced products coupled with a high need for medical imaging in outpatient care settings will foster healthy growth of the market, states Fortune Business Insights, in a report, titled “POC Ultrasound Market Size, Share & COVID-19 Impact Analysis, By Product (Cart-based, and Hand-held), By End User (Hospitals, Clinics, and Others), and Regional Forecast, 2020-2026.” The market size stood at USD 693.1 million in 2019 and exhibited a slower growth of 6.2% in 2020, owing to the impact of COVID-19.

Key Development:

July 2020: FUJIFILM Sonosite, Inc., the innovator and world leader in bedside and point of care ultrasound, announced its latest POC ultrasound product, the new Sonosite PX ultrasound system.

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Surging Demand for Outpatient Care to Incite Business Development

The shift from inpatient care to outpatient care is expected to have an outstanding impact on the global market during the forecast period. The higher adoption of POC ultrasound systems will enable speedy expansion of the market. Furthermore, the introduction of new treatment methods and technological developments in medical equipment will foster the market's healthy growth.

The new government initiatives and patient preference will simultaneously improve the prospects of the industry in the foreseeable future. The gradual shift for outpatient care settings in retail clinics, urgent care centers, and ambulatory surgical centers will create lucrative opportunities for the market. However, lack of awareness about the highly advanced point of care ultrasound systems is expected to restrain the market's growth.

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Nationwide Lockdown to Negatively Impact Business Amid Coronavirus

The medical devices industry has witnessed a drastic drop owing to the implementation of lockdown in many nations. Moreover, the lack of emergency care has significantly reduced the usage of imaging systems. Likewise, the postponement of non-essential or elective medical procedures has consequently dampened the demand for point-of-care. However, the utilization of imaging systems in the diagnoses of COVID-19 can aid the revival of the market in the coming days. Also, the surging cases of coronavirus will spur demand for such imaging systems, boosting the market's growth.

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R&D Activities by Eminent Companies to Stimulate Business Proceedings

The renowned companies are focused on R&D activities for the launch of technologically advanced. For instance, in June 2020, Koninklijke Philips N.V. announced the commercial launch of Lumify in Japan, a point of care ultrasound system. Furthermore, some of the emerging companies in the global market are based in China, such as Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and EDAN Instruments. These companies are adopting strategies to expand their presence in the industry during the forecast period.

Increasing Healthcare Expenditure to Propel Market in Asia Pacific

The market in Asia Pacific is expected to experience a rapid growth rate during the forecast period owing to the rising demand for outpatient care, especially in rural areas. The increasing healthcare expenditure and systems will contribute positively to the Asia Pacific market’s growth. The Middle East & Africa and Latin America are expected to account for a significant share owing to the increasing demand for medical imaging in outpatient healthcare settings.

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The Report Lists the Key Players in this Market:

• GE Healthcare (Chicago, U.S.)

• Koninklijke Philips N.V. (Amsterdam, The Netherlands)

• FUJIFILM Sonosite, Inc. (Bothell, U.S.)

• ALPINION MEDICAL SYSTEMS Co., Ltd. (Seoul, South Korea)

• Hitachi Ltd. (Tokyo, Japan)

• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)

• EDAN Instruments (Shenzhen, China)

• Terason Corporation (Burlington, U.S.)

• CHISON Medical Technologies (Jiangsu, China)

• Healcerion (Seoul, South Korea)

• Butterfly Network, Inc. (Guilford, U.S.)

• Bard Access Systems Inc. (Becton, Dickinson, and Company) (Salt Lake City, U.S.)

• Teknova Medical Systems Co., Ltd. (Beijing, China)

• Advanced Instrumentations (Miami, Florida)

• DRE Medical (Kentucky, U.S.)

• DRAMIŃSKI S. A. (Olsztyn, Poland)

• Landwind Medical (Shenzhen, China)

• Shenzhen AnaSonic Bio-Medical Technology Co., Ltd. (University Town of Shenzhen, China)

• Other Players

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