Handheld Ultrasound Device System Market Report Overview
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The global handheld ultrasound device system market size was expected to be USD 373.3 million in 2022. As per our research, the handheld ultrasound device system market is projected to touch USD 1672 million by 2031, exhibiting a CAGR of 17.9% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
A number of medical imaging modalities are available on the market, with handheld ultrasound device system being one among them. To see the inside organs of the body, an ultrasonic device uses high frequency sound waves. It can be characterised as a gadget that uses high-frequency sound waves to take pictures of interior organs. The transducer and ultrasound detector, or probe, are the two main components of an ultrasound system. This non-ionizing radiation, minimally invasive diagnostic method can identify and treat physical illnesses without using radiation on the body. Expectant parents can employ portable ultrasound equipment that is versatile and simple to use. The market is being driven by a number of important factors, including increased medical technology improvements, a growth in patients' preferences for minimally invasive procedures, and widespread use of imaging equipment in emergency care.
COVID-19 Impact: Pandemic Effectuated the Emphasize and Downsized the Market Demand
The COVID-19 epidemic affected the healthcare industry in a variety of ways, negatively affecting some markets like the one for fertility treatments while positively affecting others like the market for mechanical ventilators, where demand for these devices increased in 2020. Early on in the pandemic, certain nations enacted lockdowns that severely restricted the capacity to carry out standard medical procedures. As a result, there was a large decrease in hospital visits and the use of many diagnostic techniques, including ultrasound imaging, was discontinued. As a result, the number of patients seeking diagnoses and treatments substantially decreased, having a detrimental effect on the global market. However, in some circumstances, the use of imaging systems for the diagnosis of COVID-19 compensates for this fatal consequence.
LATEST TRENDS
"The Advancements and Development Made in the Device to Inflate the Market Demand"
The rise in the prevalence of chronic diseases such cancer tumours, gallstones, and fatty liver disease among others, together with excessive spending in the healthcare business, are the main factors driving the global economy. Moreover, the primary factors that are projected to enhance the market's demand throughout the forecast period are the growth in awareness of early disease detection and technological developments in ultrasound imaging technologies.
Handheld Ultrasound Device System Market Segmentation
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- By Type
Based on type; the handheld ultrasound device system market is divided into wireless connection, wired connection and others.
- By Application
Based on the application; the handheld ultrasound device system market is divided into hospital, clinic, home care and others.
DRIVING FACTORS
"The General Imaging Segment Contributing Highest Revenue to Advance the Market Share"
The radiology/general imaging area generated the most revenue. This is due to an increase in the number of abdominal examinations and the growing use of ultrasound technologies for diagnosing abdominal illnesses. Furthermore, the OB/GYN segment is expected to grow the fastest during the forecast period due to the preferred diagnostic modality for obstetrics and gynaecological problems (pregnancy, reproductive, and fertility problems, among others), which is expected to propel the handheld ultrasound device system industry growth.
"Rising Demand for Portable Devices to Drive the Market Growth"
Handheld ultrasound device system is portable or mobile imaging equipment or scanners used to view internal organs or scan body components in order to diagnose various ailments and decide on the best course of therapy. The market for handheld imaging devices is seeing an increase in demand for lightweight, portable scanners that can do whole-brain MRI scans for patients with mobility issues. This huge share is owing to the system's benefit of providing important insights for soft tissues without exposing patients to ionising radiation. As a result, it is the most commonly used medium of diagnosis in gynaecology and obstetrics. It provides more realistic and comprehensive imaging of interior organs. Furthermore, ultrasound is less expensive than CT, MRI, and hysterosalpingogram, making it more accessible to a large proportion of patients. The use of these portable imaging equipment for disease screening has increased recently due to their portability and ease of use.
RESTRAINING FACTORS
"The High Cost of the Devices to Restrain the Market"
Handheld ultrasound device system that may be used in hospitals and clinics and are designed to make healthcare professionals' jobs easier. However, the high cost of ultrasound devices is anticipated to limit the use of ultrasound imaging devices and impede the growth of the ultrasound imaging devices market over the forecast period. Over the course of the forecast period, the aforementioned reasons are anticipated to constrain the handheld ultrasound device system market growth.
Handheld Ultrasound Device System Market Regional insights
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"North America to Lead the Market with Presence of Developed Healthcare System"
The North American region led the market as a whole and generated more than one-fourth of worldwide market. The abundance of major industry players and the high frequency of new product launches in the area are the main drivers of regional market expansion. North America accounted for the largest handheld ultrasound device system market share in 2020 and is expected to maintain its dominance in the forecasted period, owing to high R&D spending, the presence of major players and their product availability, technological advancements, new product launches in the United States, higher sale volume of ultrasound devices, and the region's well-established healthcare infrastructure. Rapid improvements in the medical industry, allocation of funds for medical research, and developments are some of the important factors leading to regional market growth. The presence of a substantial number of market competitors, as well as developed healthcare infrastructure, are some of the important factors contributing to regional handheld ultrasound device system market growth.
KEY INDUSTRY PLAYERS
"Key Industry Players to Promote the Market Expansion"
The report covers the information on the advancement outlooks with new inventions and SWOT analysis. The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the forecasted period is listed in the report.
List of Market Players Profiled
- GE Healthcare (U.S.A)
- Philips (The Netherlands)
- Fujifilm SonoSite (Japan)
- Clarius (Canada)
- Healcerion (South Korea)
- Konica Minolta (Japan)
- MobiSante (U.S.A)
- Telemed (India)
- DGH (India)
- Micro Medical Device (U.S.A)
- Digicare Biomedical (U.S.A)
- Sonoscanner (France)
- MedGyn (U.S.A)
- Sonostar (China)
- Chison (China)
- LonShine Tech (China)
- Landwind Medical (China).
REPORT COVERAGE
This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 373.3 Million in 2022 |
Market Size Value By |
US$ 1672 Million by 2031 |
Growth Rate |
CAGR of 17.9% from 2022 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the handheld ultrasound device system market expected to touch by 2031?
Based on our research, the global handheld ultrasound device system market is projected to touch USD 1672 million by 2031.
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What CAGR is the handheld ultrasound device system market expected to exhibit by 2031?
The handheld ultrasound device system market is expected to exhibit a CAGR of 17.9% by the forecasted year 2031.
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What are the driving factors of the handheld ultrasound device system market?
General imaging segment contributing the highest revenue and the rising demand for portable devices are the driving factors of the handheld ultrasound device system market.
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Which are the top companies operating in the handheld ultrasound device system market?
GE Healthcare, Philips, Fujifilm SonoSite, Clarius, Healcerion, Konica Minolta, MobiSante, Telemed, DGH, Micro Medical Device, GE Healthcare, Sonoscanner, MedGyn, Sonostar, Chison, LonShine Tech, Landwind Medical and others are the top companies operating in the handheld ultrasound device system market.