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Global Portable Ultrasound Market to Grow at a CAGR of 7.43% During 2022-2027, Aided by the Rising Incidences of Chronic Illnesses Worldwide

According to a new report by EMR titled, ‘Global Portable Ultrasound Market Report and Forecast 2022-2027’, the market attained a value of around USD 4.2 billion in 2021. The industry is further expected to grow at a CAGR of 7.43% between 2022 and 2027 to reach a value of USD 6.4 billion by 2027.

The global portable ultrasound industry is being driven by the rising incidences of severe ailments and diseases worldwide, which is creating a demand for efficient diagnostic solutions. In this regard, portable ultrasound machines offer multifaceted application potential, in addition to improved mobility, which is especially helpful for patients with motor impairment. Moreover, the increased usage of portable ultrasound devices, as a point-of-care ultrasound machine in 2020 for the diagnosis and treatment of COVID-19 patients also contributed to the market growth and is predicted to propel their demand in the coming years.

The growing focus of the leading players in the development of efficient portable ultrasound devices to provide precise care solutions, while enhancing the medical care efficiencies is estimated to significantly catalyse the industry growth in the forecast period. For instance, in March 2021, General Electric Company (NYSE: GE) announced the launch of its new handheld portable ultrasound device, Vscan Air, which is completely wireless. In addition, it comes with a compact and lightweight structure, while ensuring crystal clear imaging, secure data sharing, and a user-friendly interface. Furthermore, another leading portable ultrasound manufacturer, Koninklijke Philips (NYSE: PHG), in May 2020, announced that the company has received FDA approval for the usage of its ultrasound portfolio including Lumify with Reacts handheld tele-ultrasound solution, to manage the lungs and cardiac concerns occurring as a result of the COVID-19 infection. These developments are expected to positively impact the growth of the portable ultrasound industry in the forecast period.

Market Breakup by Device Type, Application, End User, and Region:

  • The market is divided based on device type into handheld ultrasound device and mobile ultrasound device.
  • On the basis of application, the market can be distributed into cardiovascular, obstetrics and gynaecology, musculoskeletal, and gastric, among others.
  • The industry is segmented, on the basis of end user, into hospitals, diagnostics, and ambulatory care centres, among others.
  • Region-wise, the global market for portable ultrasound can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for portable ultrasound is being driven by the rising issues of chronic diseases and ailments.
  • The growing geriatric population, along with the health-related issues among them have significantly contributed to the market expansion.
  • Moreover, the increased capital expenditure in the healthcare industry by governments is also aiding the industry growth.
  • The rapid technological advancements in the healthcare infrastructure in the emerging economies are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for portable ultrasound for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the device types, applications, end users, and major regions of portable ultrasound.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global portable ultrasound market are Fujifilm SonoSite Inc., General Electric Company, Hitachi, Fukuda Denshi, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Canon Medical Systems Corporation, and Koninklijke Philips, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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