How Are Technological Developments Driving Point-of-Care-Ultrasound Device Market Growth?

The point-of-care-ultrasound (PoCUS) device market will exhibit a CAGR of 7.9% during the forecast period (2021–2030) due to the booming healthcare costs, soaring geriatric population, improving healthcare infrastructure, and increasing cases of chronic diseases, such as cardiovascular diseases (CVDs), diabetes, and cancer. The market was valued at $2,186.8 million in 2020, and it is projected to generate $4,546.5 million revenue by 2030. The rapid technological advancements in ultrasound devices have become a key market trend in recent years.

One of the major growth drivers for the market is the surging aging population, as it requires constant medical attention due to its weakening immune system. PoCUS devices are being used as time-saving tools for diagnosing and treating chronic diseases in the elderly population. For example, they are being used by primary-care physicians to evaluate urinary incontinence in the elderly with minimal invasion. These devices are also being used to evaluating the cardiac function in outpatient settings and screening for prostatic enlargement and abnormal aortic aneurysms (AAA) in this age pool.

In recent years, the rapid technological advancements in electronics, computing applications, and transducers have become a prominent trend in the point-of-care-ultrasound device market. Advancements in array designs and transducer materials have led to greater bandwidths, with an enhancement in contrast and spatial resolutions. These advancements have resulted in the development of novel imaging modes that exploit micro-bubble contrast agents and the non-linear performance of tissues. All these developments have revolutionized PoCUS devices in recent years.

According to P&S Intelligence, Europe held the largest share in the point-of-care-ultrasound device market in 2020, and it is expected to retain its dominance throughout the forecast period. This can be owed to the surging incidence of chronic diseases, advancements in technology, and escalating healthcare expenditure in the region. Moreover, the booming geriatric population will facilitate the market growth in the region in the forthcoming years. As per the World Population Ageing 2019 report, the population of people aged 65 years or above here will surge from 140.4 million in 2019 to 199.9 million by 2050.

Therefore, the growing geriatric population and rising number of technological advancements in ultrasound devices will fuel the market growth in the coming years.