Point-of-Care Ultrasound Device Industry is Dominated by Europe

As stated in a report by P&S Intelligence, a market research firm, the  point-of-care ultrasound devices market will grow at a rate of 7.9% in the years to come, to reach USD 4,546.5 million by 2030.

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The increasing healthcare costs, increasing elderly population, emerging healthcare infra, and growing occurrence of chronic diseases will propel the growth of the industry.

Diagnostic devices will have the larger share in the industry. This has a lot to do with the growing usage of these devices in pericardial effusion, ultrasound for left ventricular systolic function, and severe mitral regurgitation, in addition to pneumothorax, pleural effusion, and pulmonary edema.

Europe had the highest revenue share in the point-of-care ultrasound devices market , and it will be like this in the years to come. The regional market is powered by the high incidence of chronic ailments, growing healthcare spending, and progressions in technology. 

Also, the booming elderly population is driving the growth of the industry in Europe, as it is more vulnerable to diseases.

As per the World Population Ageing 2019, about 140.4 million people were aged 65 years or above in Europe in 2019, and it will reach to a value of 199.9 million by 2050.

The industry is rather fragmented, with the occurrence of more than a few key players. Stalwarts of the market are focusing on strategic partnerships and mergers for being competitive in the market.

It is because of the increasing elderly population, the demand for point-of-care ultrasound devices will continue to grow in the years to come.

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How Does Ultrasound Device Improve Healthcare?

The total size of the ultrasound devices market was at USD 6,929.7 million in 2021, and it will grow at a rate of 6.4% by the end of this decade, to reach USD 12,073.4 million by 2030.

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The medical device tech is transitioning in the direction of miniaturization, with transportable, lightweight devices substituting their bulky counterparts. For providing point-of-care treatment to patients, healthcare institutions are laying much emphasis on the employment of lightweight and compact devices.

Due to this, manufacturers in are introducing portable devices for facilitating improved healthcare.

Hence, the diminishment of ultrasound devices has brought about increased use in emergency and ICUs. 

Handheld devices come good for physicians in routine bedside scanning, which additionally decreases the overall cost and time related with healthcare. 

Used in deep therapy. So, compact/handheld portable ultrasound devices had a major share.

The ageing population necessitates wide-ranging care as it is susceptible to to illnesses as a result of its low levels of immunity, with the long recovery time additionally degrading its life quality. 

Diseases like diabetes and cardiac disorders are extremely prevalent in elder people as a result of their weak regenerative abilities, therefore leading to a surge in the requirement for improved diagnosis and therapy.

Ultrasonic imaging is a prevailing diagnostic tool for medical practitioners and researchers, and it is extensively acknowledged by reason of its non-invasive nature. Furthermore, the tech progressions in computing applications and transducers have transformed them and prolonged their application. 

Furthermore, device display is divided into B/W, color ultrasound of which the demand for color variants will grow with a rate of about 7% in the years to come.

In the recent past, the general imaging category dominated the ultrasound devices market with about 40%, as stated by a market research company, P&S Intelligence. 

This is as a result of the increasing obtainability of HIFU and the preference for them amongst physicians throughout tissue biopsy and the cancer treatment and  a number of other diseases.

Furthermore, end users demand for these kinds of devices is the highest amongst surgical centers, hospitals,  and diagnostics centers. This can be credited to the easy obtainability of sonography-based medical processes at these medical centers, development in in key regions, and increase in the usage of MIS diagnostic and surgical procedures here.

Europe had the most sales revenue, about 40%, in in the recent past. The development in focused ultrasound's clinical uses and the early commercialization of these devices, along with the considerable healthcare outlay across the advanced European nations, are helping the industry to grow.

It is because of the increasing elderly population across the world, the demand for ultrasound devices is on the rise, in the years to come.

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How Is Improving Healthcare Infrastructure Aiding Respiratory Care Device Industry Growth?

A number of factors, such as the rising cases of respiratory illnesses, improving healthcare expenditure and infrastructure, surging pollution levels, growing urbanization rate, and rising aging population across the globe, are projected to boost the respiratory care device market. According to P&S Intelligence, the market is expected to reach $38,085.6 million by 2030. Moreover, the market is competitive in nature due to the surging number of local manufacturers.

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Furthermore, the respiratory care device industry is witnessing a rising number of product innovations by respiratory care device companies. These players have been actively involved in the launch and development of new and advanced products, which are affordable, to meet the need of consumers. Some of the key companies operating in the market and offering new, advanced, and cost-effective devices are General Electric Company, Masimo Corporation, Medtronic plc, Hamilton Medical AG, ResMed Inc., and Koninklijke Philips N.V.

The primary factor driving the demand for respiratory care devices across the world is the surging healthcare expenditure in developed and developing countries. The governments of these nations are increasingly investing in the healthcare sector to improve the infrastructure and quality of healthcare facilities that are being provided to their residents. Due to this, the accessibility and affordability of the treatment and diagnosis of different medical illnesses, including respiratory diseases, are increasing.

The type segment of the respiratory care device market is categorized into therapeutic, diagnostic, and monitoring devices. Among these, the therapeutic devices category holds the largest market share, of more than 60%, and it is also projected to generate the highest revenue in the coming years, witnessing the fastest growth during the forecast period. This can be mainly attributed to the high demand for therapeutic devices from hospital and homecare facilities for the treatment of several respiratory diseases, such as bronchitis and upper respiratory infections.

Furthermore, on the basis of end user, the respiratory care device industry is classified into hospitals, emergency centers, homecare settings, and others. Among these, the hospital category accounted for the largest revenue share in the market. This was due to the fact that hospitals generated the highest demand for these devices across the world because most patients prefer them for treatment, as these places have the best equipment and trained staff across all medical specialties. On the other hand, the home care category is projected to witness the fastest growth during the forecast period. 

Geographically, North America is the largest market for respiratory care devices, with a more than 40% value share, and it is also expected to lead the global market throughout the forecast period. This is attributed to the growing geriatric population, high healthcare investments, improved healthcare infrastructure, and high incidence of respiratory diseases. In the regional market, the U.S. holds the leading position owing the rising number of people suffering from respiratory illnesses in the country, such as the COVID-19 infection presently.

Thus, the improving healthcare expenditure and infrastructure and surging number of product launches are expected to propel the growth of the market during the forecast period.

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