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The portable ultrasound devices market is expected to see significant growth in the coming years, thanks to the advances in power technology, and the rising number of chronic disease patients.
FREMONT, CA: The demand for portable ultrasound devices has witnessed a significant rise in the global market. The new report by ResearchAndMarkets evaluates the worldwide market for portable ultrasound devices. It covers the years from 2014 through 2018 as the historic period and the years through 2018 through 2022 as the forecast product.
According to the report, the global market for portable ultrasound devices touched $3,036 million in the year 2018, with a compound annual growth rate (CAGR) of 21 percent since the year 2014. By the year 2022, the market is expected to witness a CAGR of 22.6 percent, reaching then $6,856.2 million mark.
The rapid growth in the five-year historic party can be attributed to the technological advances and investments in the healthcare sector, and also the endorsements from the governments and private organizations to promote research and development. However, the growth was also hindered by high costs of operating and maintaining the ultrasound devices, not to mention the privacy and security issues regarding patient data.
The advances in the development of efficient charging technologies and low power consumption devices will potentially contribute to the accelerated growth later on. The report also mentions the likelihood of factors such as rising interest rates and insufficient public health insurance coverage in developing economies hindering market growth in the future.
The Americas claim the most significant portion of portable ultrasound devices market, which accounts for 44.6 percent of the global market. It is followed by Europe, Asia-Pacific, the Middle East, and Africa (MEA). However, Asia-Pacific and Europe are expected to witness accelerated growth in the next few years, with CAGRs of 24.7 percent and 23.2 percent, respectively. The Americas and MEA will follow suit, with CAGRs of 22 percent and 21 percent respectively.
The top opportunities in the portable ultrasound devices market will likely favor the mobile ultrasound devices segment, with $2,767.7 million share of the global annual sales by 2022. The point of care segment of the portable ultrasound devices market size will see significant growth in the Americas, with a gain of $1,646.4 million.
The strategies adopted by top players in the portable ultrasound devices industry include bolstering their expertise in the healthcare sector by focusing on core business operations through divestment tactics, capability expansion, strategic acquisitions, and product innovation.