Portable Ultrasound Devices Market size was valued at USD 2.2 billion in 2023 and is estimated to reach USD 4.5 billion by the end of 2036, growing at a CAGR of 5.6% during the forecast period, i.e., 2024-2036. In 2024, the industry size of portable ultrasound devices is estimated at USD 2.34 billion.
The growth of the portable ultrasound devices market can be attributed to the increasing number of chronic illnesses like cancer, pulmonary fibrosis (COPD), arthritis, and other conditions across the globe. According to estimates from the American Cancer Society for 2022, stomach cancer accounts for around 1.5% of all newly diagnosed malignancies in the U.S. annually. The prevalence of these diseases over the years has resulted in a growing need for surgical interventions, including ultrasound devices for early detection and diagnosis.
Several businesses, including GE Healthcare, Philips, MinXray, and others, are adopting strategic alliances such as partnerships, joint ventures, mergers and acquisitions, and product launches to enhance their product base and maintain their dominance in the market. In November 2023, MinXray introduced a cordless handheld ultrasound gadget. Doctors found this gadget useful for a variety of tasks, including obstetrics examinations, mass evaluations, home health screenings, and blood flow velocity measurements.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.6% |
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Base Year Market Size (2023) |
USD 2.2 Billion |
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Forecast Year Market Size (2036) |
USD 4.5 Billion |
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Regional Scope |
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Type (Laptop-based, Handheld);
The handheld segment is poised to capture about 55% portable ultrasound devices market share in the year 2036. The increase in chronic illnesses and the expanding use of portable diagnostic equipment, including ultrasound devices are the main factors driving this segment’s growth. In the US, an estimated 129 million people suffer from at least one serious chronic illness. The increased awareness of veterinary care and remote therapy has propelled the development of handheld ultrasound equipment. The segment is booming due to the improved image quality carried by ongoing technological advancements.
Application (Obstetrics/Gynecology, Cardiovascular, Urology, Gastric, Musculoskeletal)
The obstetrics/gynecology segment in the portable ultrasound devices market is expected to account for 45% share in the forecast period owing to the global increase in the number of procedures performed to deliver babies. The need for portable ultrasound equipment has grown due to an increase in hysterectomies, ovarian cyst removal, and uterine infection cases. For instance, in 2021, research conducted by Centers for Disease Control and Prevention (CDC) stated that 2.8% of women between the age of 18 and 44 had hysterectomy. This number increased to 22.1% for women in the 45-64 age group, 35.0% for women in the 65-74 age group, and 41.8% for women in the 75+ age group.
Furthermore, as laparoscopy is used more often in gynecologic procedures, there is a greater need for portable ultrasonography equipment. The segment’s expansion is due to the increasing government efforts in women's health and child care. In October 2021, the Ministry of Health and Social Services received 16 portable ultrasound machines valued at USD 503.94 from WHO, with assistance from the Japanese government.
Our in-depth analysis of the portable ultrasound devices market includes the following segments:
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Type |
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Application |
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Technology |
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End use |
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North America Market Statistics
North America in portable ultrasound devices market is expected to hold more than 40% revenue share by 2036. The increased use of portable ultrasounds, which are equipped with cutting-edge technology, is one of the contributing factors to the large market share. The ongoing need for precise medical imaging due to the rising incidence of serious diseases and malignancies is another important factor boosting market growth in this region. The Global Cancer Observatory (GLOBOCAN) projected that 2,281,658 new cases of cancer would be reported in the U.S. in 2020.
The market’s growth in U.S. can be attributed to presence of strong healthcare system, developments in diagnostic technology, and increasing chronic illnesses. Moreover, over 40% of adults in the U.S have a chronic illness, and over 23% of these patients require hospitalization. The expansion of the regional market is attributed to the presence of a substantial number of competitors.
APAC Market Analysis
Asia Pacific will also encounter huge growth in the portable ultrasound devices market during the forecast period. The market is expected to grow due to an increasing prevalence of accidents and a rising number of target diseases, including cardiovascular disease and cancer. A study conducted by the Asia Pacific Cohort Studies Collaboration (APCSC) found that the number of CVD patients in Asian nations has increased by an estimated 60.0%.
The number of patients in China is rising as a result of changing lifestyle choices and an expanding population. For example, the World Population Ageing 2019 study projects that China's population over 65 will grow from 164.48 million in 2019 to 246.98 million by 2030. Due to region's high population, more market potential, and less production costs, medical device companies from all over the world are expanding their operations.
The market for portable ultrasound equipment is expanding in South Korea due to the rise in cosmetic procedures and surgeries. In South Korea, there are 13.5 cosmetic treatments performed for every 1000 people in 2021, according to ISAPS. According to estimates, one in three South Korean women in the 19-29 age range have undergone plastic surgery. South Korea tops the world in the number of plastic procedures performed per person and is referred to be the cosmetic surgery capital of the world.
The top corporations are trying to expand their product line by improving their offerings, working together extensively, and looking into mergers and government approvals to grow their customer base and market share. To improve their market position, they are also implementing tactics including alliances, joint ventures, collaborations, agreements, product and service launches, mergers and acquisitions, and expansions. Here is a list of key players operating in the global market:
Author Credits: Radhika Pawar
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