Handheld ultrasound devices market to grow exponentially

The “Handheld ultrasound devices market size, share, trends, by device type, by application, by end-use, and by region forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.

The global market for handheld ultrasound devices had a value of USD 2.03 billion in 2021 and is expected to grow at a revenue CAGR of 12.2% during the forecast period.

Companies mentioned

• General Electric
• Siemens Healthineers AG
• Koninklijke Philips N.V.
• FUJIFILM Sonosite Inc.
• CHISON Medical Technologies Co.
• SONOSCOPE Inc.
• Healcerion Co. Ltd.
• Clarius Mobile Health
• Spacelabs Healthcare
• Avante Health Solutions

The market growth is being driven by an increase in the prevalence of chronic diseases among aging populations, including cancer, gastrointestinal, endocrine, neurological disorders, and heart diseases. These chronic diseases can be costly and lead to hospitalization, long-term illness, and death.

According to the World Health Organization, more than 15 million people between the ages of 30 and 69 die annually due to chronic diseases. The market is also being driven by the rise in the number of patients with pulmonary artery-related disorders.

Handheld ultrasound devices are smaller than cart-based ultrasound devices and can be easily moved from one location to another during complex medical procedures such as abdominal and heart surgeries. They are being used in Point-of-Care (PoC) settings for patients suffering from traumatic injuries or abdominal pain caused by gallbladder blockage or gallstones.

The adoption of handheld ultrasound is rapidly increasing due to its ability to provide immediate and accurate diagnostic imaging without compromising accuracy. Diagnostic imaging, including radiographs, ultrasound, and fluoroscopy, provides instant visual representations of a body’s interior and is aiding in the diagnosis of various chronic diseases.

Market players are participating in the market by leveraging technological advancements in diagnostic imaging. For instance, Samsung Medison has partnered with Intel Corporation to process real-time nerve imaging to quickly and accurately detect anesthesia.

There have also been recent technological advancements in ultrasound image systems, such as the commercial implementation of neural network and deep learning algorithms for ultrasound scanning, disease detection, and ultrasound image classification. Market players such as GE Healthcare and Siemens Healthineers are working on the effectiveness of diagnostic imaging interpretation in various 2D, 3D, and 4D formats.

Furthermore, the growth prospects of handheld ultrasound devices are in the introduction stage, and more applications of handheld ultrasound devices are yet to be discovered as clinical trials and approvals progress.

Market dynamics
Driving factor:
Increasing demand for accurate and rapid diagnosis with Point-of-Care Ultrasound (POCUS) tests
Medical professionals are increasingly turning to handheld ultrasound devices for POCUS to make quick patient-care decisions in emergency medical situations.

These devices produce high-quality 2D, 3D, and 4D diagnostic images for a variety of medical applications including cancer, cardiac, echo, vascular, and obstetric ultrasonography. The demand for handheld ultrasound devices is rising for cancer diagnosis, as cancer is a leading cause of death worldwide, accounting for nearly one in six deaths globally in 2020. Handheld ultrasound devices are smaller, more compact, and just as capable of producing high-quality images as larger machines.

This has led to an increase in the adoption of handheld ultrasound devices by mobile medical units for quick results. These mobility solutions have significantly contributed to the growth of the market. In addition, many medical facilities in rural and urban areas lack the necessary diagnostic testing resources, making handheld ultrasound devices a strategic solution for bridging the gap in such situations.

Additionally, the growing elderly population and demand for geriatric medicines are key drivers of the handheld ultrasound market. The number of elderly people is projected to double to 1.5 billion by 2050, according to the United Nations. The increasing number of doctors, general practitioners, and their engagement in innovative diagnosis and treatment strategies also generates potential demand for handheld ultrasound products.

Restraint:
High cost of products and inadequate specialist knowledge
One of the biggest challenges facing the handheld ultrasound devices market is the high cost of the products. Handheld ultrasound products struggle to compete in the market, with the average pricing of a wireless handheld ultrasound device starting at $10,000. The product and maintenance costs of medical devices add to the overall cost of treatment, and increased treatment charges due to high product costs may affect low-income consumers.

Furthermore, the cost of components such as semiconductors and other sensors in handheld ultrasound devices constantly fluctuates due to shortages and other reasons, which directly impacts the product cost, potentially hindering growth of the market. Another significant challenge facing the expanding handheld ultrasound devices market is the lack of adequate specialist knowledge, as technical skill and knowledge are required to perform ultrasound scans of patients.

Additionally, a large number of physicians and healthcare technicians are not properly trained to operate ultrasound devices with ease and precision. These factors are expected to hinder revenue growth of the global market.

Key takeaways
Device type outlook:
The market for handheld ultrasound devices has been divided into wired and wireless devices based on the type of device. Wired handheld ultrasound devices have been found to generate more revenue in 2021 due to their wider usage in hospitals and clinics.

These devices offer greater flexibility in clinical settings and point-of-care ultrasound testing, providing physicians and doctors with the ability to operate ultrasound on a patient’s body with more ease. In situations where standard equipment is not flexible enough, wired handheld ultrasound is an ideal alternative. It is generating a significant demand in cardiology, pediatrics, radiology, and other departments due to its better imaging quality and accuracy than conventional ultrasound technology.

Wireless handheld devices, on the other hand, accounted for a steady revenue share in 2021. Medical professionals use wireless devices for enhanced flexibility, allowing them to reach difficult parts of a patient’s body and perform ultrasound with accuracy. The point-of-care ultrasound technology advantages are attracting a large number of end-users to achieve maximum efficiency in patient care, and it minimizes post-operative discomfort.

Application outlook:
The market has also been divided into applications, including abdominal screening, bladder screening, cardiovascular, musculoskeletal, and others. The abdominal screening segment generated more revenue in 2021 as handheld ultrasound is an effective tool in various trauma care situations, monitoring blood flow around the heart and abdominal organs, and detecting abdominal aortic aneurysm.

The bladder screening segment accounted for a steady revenue share in 2021, as handheld ultrasound is a convenient tool to detect urinary tract infections or urinary incontinence.

End-use outlook:
Finally, the market has been segmented into end-users, including hospitals and clinics, diagnostic centers, and others. Hospitals generated a significant demand for handheld ultrasound devices due to the rising prevalence of chronic diseases such as cancer, stroke, kidney disease, lung cancer, and diabetes.

Handheld ultrasound devices are required for ultrasound lung imaging, shunt and deep vein thrombosis imaging, which has further increased demand for handheld ultrasound devices. Diagnostic centers are also increasingly using handheld ultrasound devices due to their ability to provide urgent treatment services with benefits such as quickly monitoring blood flow and gallbladder disease and assessing Covid-19 through a lung exam.

Regional outlook:
In 2021, the North American market dominated the handheld ultrasound devices industry in terms of revenue share. This is attributed to the widespread adoption of handheld ultrasound devices for chronic disease treatment, particularly in the US, where 6 out of 10 adults suffer from life-threatening chronic illnesses. The US also receives significant funding for research and development on chronic diseases, as well as easy clinical trial approval and top-notch research infrastructure, which are expected to further drive market growth.

In the same year, the Asia Pacific market showed a steady revenue share in the handheld ultrasound devices industry. This is mainly due to the growing patient population and the steady increase in chronic disease cases, particularly cancer, in the region. The Asia Pacific region has a high proportion of deaths caused by chronic diseases, with cancer alone accounting for 16.3% of total deaths.

The increasing demand for cancer treatment has also contributed to the steady demand for handheld ultrasound devices. The region is home to various biomedical research institutes, which actively participate in research and development of innovative treatments, thus, driving revenue growth.

The Europe market had a moderate revenue share in the handheld ultrasound devices industry in 2021. This is attributed to the rising prevalence of chronic diseases, particularly cancer, and the increasing demand for clinical trials in the region.

Leading medical and healthcare institutes in Europe are increasingly adopting handheld ultrasound devices for flexibility and effectiveness, and the latest technologies are being introduced for patient care and treatment. Moreover, the rising population in the region is expected to be a significant growth factor. Research and Markets