The PoCUS devices space is expected to achieve phenomenal growth
Factors such as the rising prevalence of lifestyle-associated diseases, growing geriatric population, and increasing demand for minimal invasive diagnosis and treatment are driving the popularity of ultrasound devices. In 2017, the global point-of-care ultrasound (PoCUS) device market generated a revenue of $1.9 billion and is expected to grow at a CAGR of 6.7% during the forecast period (2018–2025). The phrase, PoCUS, refers to the provision of ultrasound imaging services at the patient’s location, which does not necessarily have to be a healthcare facility.
Ultrasound is an imaging technique that utilizes high-frequency sound waves to produce images of various organs inside the body. This technique allows the live visualization of internal organs, tendons, muscles, and blood flow through the vessels. Ultrasound devices are easy to operate, do not use ionizing radiation, and are portable. Besides helping in disease diagnosis, they also help in treatment of various pathological conditions such as cancer. These are used for guided procedures as well, such as guided breast biopsies and needle biopsies.
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The point-of-care ultrasound (PoCUS) device market is being driven by numerous factors, one of which is technological advancements. Not only are these devices becoming smaller, these are also being integrated with wireless connectivity. Further, the deployment of advanced 3D and 4D technologies in PoCUS devices is resulting in more efficient diagnosis of congenital defects and better visualization of a fetus’s heart. Further, the increasing prevalence of chronic disease, such as respiratory diseases, cardiovascular diseases (CVDs), diabetes, and cancer are also driving the market.
This increase in the prevalence of chronic ailments is mainly due to poor lifestyle choices and lack of access to preventive healthcare. According to the World Health Organization, the number of deaths because of CVDs is expected to reach 23.3 million by 2030. Similarly, the National Cancer Institute estimated the number of new cancer cases to be diagnosed in the U.S. in 2018 at 1,735,350. PoCUS devices play an important role in diagnosing such conditions without patients having to visit hospitals, thereby helping reduce the healthcare cost.
Based on type, the market is subdivided into therapeutic and diagnostic devices. The PoCUS device market was led by diagnostic devices, which held an 86.1% revenue share in 2017. These devices are becoming popular among doctors and technicians as they help in the accurate diagnosis of chronic conditions. Similarly, the bifurcations of the portability segment are compact/handheld devices and trolley/cart-based devices. A CAGR of 9.0% is expected for the compact/handheld category, attributed to their light weight and small size. Further, these are also used for the imaging of the pelvis, abdomen, thorax, fetuses, and peripheral vessels.
Hence, it is clear that the market is slated to witness fast growth during the forecast period owing to the various advantages offered by PoCUS devices, especially in remote settings.
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