Advancements in the field of disease diagnostics have led to development of point-of-care medical imaging devices; handheld ultrasound scanners have emerged as a novel solution to cater to unmet need in this domain. These handheld ultrasound imaging devices are the lightest portable ultrasound devices, which permit patient diagnosis from a single transducer and transmit images to either smartphones or tablets for visualization purpose.
Where is Innovation and What are Key Focus Areas?
In order to highlight the innovation and recent trends, I skimmed through over 100 recent news articles related to handheld ultrasound devices and plotted a would cloud from news titles. Upon closure inspection, you would see keywords such as smart, telemedicine, cost-saving, demand, FDA, approves and several others; however, one specific keyword, COVID-19, took my specific attention. There is no doubt in saying that current crisis has created a heavy demand for the diagnosis of pulmonary symptoms, and these handy devices are also being extensively used for the diagnosis of COVID-19 and related lung infections.
A Deeper Dive into Current Developer Landscape
Given the huge diagnostic potential and lucrative market opportunities offered by these devices, we at Roots Analysis conducted a detailed analysis of the current market landscape of over 100 handheld ultrasound imaging devices, based on over 10 product specific parameters. Below, I have provided a glimpse of the dataset that we have prepared for this analysis:
In fact, over 80% of companies developing these devices are either small-sized or mid-sized players. This can be attributed to the fact that the unmet need within the field of diagnostic imaging has spurred the establishment of many start-ups in recent years. Further, this field has witnessed contributions from several large firms, such as (in alphabetical order) Analogic, Fujifilm, GE Healthcare, Meditech Equipment, PHILIPS and Siemens Healthineers.
Can Diagnostic Imaging Industry Truly Save Billion Dollars by Adopting these Devices?
The best thing I liked about these point-of-care diagnostic imaging devices is- high image scanning efficiency per radiologist. In fact, in one of my conversation with prominent industry stakeholders, he believes that adoption of such devices could lead to about 10% enhancement in physicians’ / radiologists’ efficiency, thereby allowing them to perform more number of scans in a single day. Further, to provide an in-depth logical understanding to our clients, we have generated a detailed insights on adoption trends and likely cost-saving potential of these devices in over 45 countries.
How big is Overall Market for Handheld Ultrasound Imaging Devices?
To estimate the overall market opportunities, Roots Analysis has done detailed demand and market attractiveness analysis, providing answers to key questions as: how much devices are being used annually across the globe, which therapeutic area holds highest demand, which type of end-users are likely to contribute to high revenues, and most importantly, what is the short-term, mid-term and long-term impact of COVID-19 on overall market? To find answers to these key questions and to know further about the market forecast analysis, highlighting the likely growth of the global handheld ultrasound imaging devices market, for the time period 2020-2030, check out the report here.