Wireless Handheld Ultrasound Devices Market

Market Snapshot

Fact.MR has released its wireless handheld ultrasound devices industry report, according to which, the market expanded at over 14.5% CAGR during 2016 – 2020 and reached a market valuation of US$ 549 Mn. This detailed research has estimated a growth rate of 16% CAGR over the next ten years, generating US$ 2.2 Bn absolute dollar opportunity over the same period. North American countries are anticipated to open up larger opportunities for wireless handheld ultrasound device manufacturers as well as suppliers over the decade.

Key Points Covered in Wireless Handheld Ultrasound Devices Industry Survey:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Market and How to Navigate
• Recommendation on Key Winning Strategies

Revenue Analysis of Wireless Handheld Ultrasound Devices from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031

As per the industry research by Fact.MR – a market research and competitive intelligence provider, historically, from 2016 to 2020, the global wireless handheld ultrasound devices market increased at around 14.5% CAGR, wherein, the United States, Canada, Germany, United Kingdom, China, and Japan held a significant share in the global market.

Sales of wireless ultrasound scanners have been rapidly increasing owing to their small size and easy to operate functions. Moreover, physicians and clinicians from different fields are preferring to carry these devices to operate patients at point of care. Demand from college and universities is expected to surge owing to lower costs.

These factors are expected to drive demand for wireless handheld ultrasound devices at 16% CAGR from 2021 to 2031.

• The global market reached a valuation of US$ 549 Mn in 2020. Year-on-year revenue growth increased slightly amidst COVID-19. Fact.MR estimates that wireless handheld ultrasound devices revenue will grow 4.4X from 2021 to 2031, reaching nearly US$ 2.9 Bn by 2031.
• The wireless handheld ultrasound devices market size in 2021 is estimated at around US$ 666 Mn.
• Demand for wireless handheld ultrasound devices with ultrasound depth of less than 10 cm represented over 40% of total sales.
• In terms of number of modes, devices with two or less modes commanded a larger share of global revenue in 2020.
• Wireless handheld ultrasound devices with more than 3 hours battery capacity are projected to account for and absolute dollar opportunity of US$ 228.4 Mn during 2021 – 2031.  
• Top manufacturers of wireless handheld ultrasound devices held around 62% market share in 2020.

Will Growing Number of Emergency Patients Accelerate Demand for Wireless Handheld Ultrasound Devices?

Increase in population has opened the gates of opportunities where private as well as public physicians have started their clinics in both, developing as well as developed nations. Demand for wireless handheld ultrasound devices in hospitals has increased considerably in the recent past.

In the last few decades, the scenario has changed, as earlier, treatment of patients with acute symptoms such as shortness of breath or chest pain that can be caused by various conditions was considered a symbol of primary care, but now, that is not true. In its place, primary care providers deliver chronic disease and preventive care to established patient panels. Their daily schedule remains packed with brief visits where they require basic medical equipment to examine patients.

In both, emergency as well as normal cases, they experience a lack of advanced medical tools to examine patients. As technology has evolved, primary care providers have started adding handheld ultrasound machine with wireless systems in their tool cases to understand problems without wasting time in taking patients to hospitals and using traditional big ultrasound machines. As such, demand for pocket ultrasound devices is expected to increase over coming decade.

The Urgent Care Association, in its 2019 benchmarking report, suggested a 9.6% jump in urgent care centres with 9,616 centres in the U.S. as compared to 2018. In 2013, there were nearly 6,100 urgent centres, which grew rapidly in the last few years, including retail clinics, which experienced moderate growth.

Demand for handheld wireless handheld ultrasound devices has increased drastically due to the need for clinicians and physicians to have control over patients’ health, which is expected to boost sales over the coming years.

Will Advancements in Contrast-Enhanced Ultrasound Prove Sustainable?

While the ultrasound market has multiplied is revenue in the recent past, it also passed on the ripple effect onto the demand for wireless handheld ultrasound devices. Ultrasound devices have traversed a long way in terms of technological upgradations from wireless handheld ultrasound 2D scanners to wireless handheld ultrasound 3D scanners.

Ultrasound technology has been improving drastically in the last few years due to healthcare reforms as well as advancements in imaging technology. As a result, image quality has improved rapidly. Earlier, images were pixelated and fuzzy, but now, technology is creating more defined, clearer pictures. Processing speed has also improved due to real-time computers and handheld mobile devices, owing to which diagnosis accuracy has improved.

Moreover, volumetric ultrasound technology is in the evolving phase. Volumetric ultrasound is used to generate images with detailed and more in-depth analysis. These are ultrasound devices that are helping identify cancerous tumors, analyze cardiac functionality, blood flow, etc.

Furthermore, advanced modes such as dopplers with colour, power, pulsed wave, continuous wave (CW) modes etc., are being used in latest wireless handheld ultrasound devices, which is helping physicians attend to patients in a better way.

Advanced technology such as CEUS (contrast-enhanced ultrasound) is limited to Canada, Europe, and limited usage in the United States. This is expected to replace the need for MRI or CT scans in detecting cancer and other major medical problems. This technology is used for heart and digestive tract scanning.

Hence, day-by-day advancements in technology are expected to increase the use of wireless handheld ultrasound devices in the near future.

Country-wise Insights

Why is North America, Especially the U.S., Projected to Offer Huge Opportunity for Wireless Handheld Ultrasound Device Manufacturers?

North America is projected to offer significant opportunity for wireless handheld ultrasound device suppliers over the decade. North America is expected to showcase over 30% of the projected global absolute dollar opportunity in the market.

Key reason for this high market share is its highly developed healthcare sector. Demand for wireless handheld ultrasound devices in the U.S. is expected to increase at a CAGR of around 16% during 2021 - 2031. Government support to the healthcare sector in the U.S. coupled with medical reimbursements have been further propelling demand for wireless handheld ultrasound devices in the country.       

Category-wise Insights

Which Wireless Handheld Ultrasound Device Depth Category Accounts for the Largest Market Revenue?

Wireless handheld ultrasound devices of ultrasound depth less than 10 cm accounted for over 40% revenue share. However, over the coming years, demand for devices with ultrasound depth between 10 and 20 cm is expected to grow at a faster pace. 

Why is Demand of Wireless Handheld Ultrasound Devices with Multiple Operating System Compatibility Generating Higher Revenue?

Wireless handheld ultrasound devices having compatibility with multiple operating systems are expected to account for over 3/4 revenue share by 2031. Android and iOS have been the key operating systems for smartphones, where they account for over 80% and around 15% shares respectively, with marginal shares for other operating systems.

Wireless handheld ultrasound device manufacturers have been trying to make their devices interoperable as customers tend to switch between devices with a different operating system.

On the back of these estimates, the wireless handheld ultrasound devices with multiple operating systems segment is projected to increase 816 BPS by 2031.        

How Has COVID-19 Impacted Overall Demand for Wireless Handheld Ultrasound Devices?

Wireless handheld ultrasound device demand in the second quarter of 2020 was influenced significantly around the globe due to COVID19, and thus, a surge in annual growth was observed. Especially, demand for wireless handheld ultrasound devices for cardiovascular disorders revved up during the pandemic.

As COVID-19 affects the lungs and respiratory system, there was high demand for ultrasound devices to analyze the lungs and other body parts. The Germany and U.K. governments made long-term contracts with leading wireless handheld ultrasound device manufacturers during the pandemic.

Besides, Healcerion Co., Ltd. signed a contract with the Russian government to supply portable ultrasound diagnostic devices for emergency response to the novel coronavirus infection (COVID-19).

Surge in market value in 2020 was around US$ 12.1 Mn. The market surged across all regions during the pandemic owing to increase in expenditure on healthcare as well as preparation of healthcare fraternities for further increase in COVID-19 cases.

Over the coming years as well, year-on-year growth post pandemic is expected to remain higher than year-on-year growth that was projected before the pandemic outbreak.

Competitive Analysis

Tier 1 manufacturers of wireless handheld ultrasound devices - Hologic, Siemens Healthineers AG, and Lepu Medical Technology - accounted for 46% market share in 2020. However, tier-2 and 3 are significantly fragmented, wherein, 20 companies together account for around 54% share of the global market.

Market share of tier-2 and 3 players is expected to increase during the forecast period as regional players are looking to expand their footprint into international markets.

Competition Characteristics

• While tier-1 players have been constantly focusing on enhancing their existing offerings to retain their share, tier-2 players are targeting expansion of their global footprint.
• Tier-3 players, on the other hand, have been focusing on retaining their limited presence and safeguarding their position from international players as well as domestic companies having significant regional presence.
• Experts suggests that Siemens, a market leader in wireless handheld ultrasound devices, is planning to divest its ultrasound division. However, it remains officially unconfirmed.   
• Competition is expected to increase in both, developed as well as developing countries, as tier-2 companies are focusing on targeting small end users as their customers in the international market, whereas international companies are further imparting their efforts to reach out to micro markets.  

Some of the key recent developments in the market are as follows:

• In May 2021, Clarius Mobile Health Corp. launched the multipurpose wireless ultrasound device C3 HD, which uses machine learning and AI to recognize the anatomy on a micro level and different structures in the human torso.
• In March 2021, GE Healthcare launched its handheld ultrasound device - the Vscan Air, which will be initially available in the U.S. and Europe.
• In December 2020, Clarius Mobile Health Corp. launched a 2-in-1 charging station, which charges an additional battery and ultrasound simultaneously.
• In October 2020, Clarius Mobile Health Corp. launched the new EC7 Endocavity Ultrasound Scanner, which will be used in gynecologic procedures. This wireless ultrasound scanner will also find application in urology.
• In September 2020, Clarius Mobile Health Corp. launched a new ultrasound device - Clarius L20 HD. Its ultra-high definition medical imaging feature is best-suited for superficial applications.
• In August 2020, Hologic, Inc. announced a collaboration with RadNet, Inc. to advance the use of artificial intelligence in breast health, which will improve the quality of its wireless handheld ultrasound device - Viera.
• In October 2019, Siemens Heathineers announced the launch of the Acuson Redwood ultrasound system. This wireless handheld ultrasound device will be used for cardiology application. This wireless handheld ultrasound device will also be equally beneficial for obstetrics.

Other recent developments related to companies offering wireless handheld ultrasound devices have been tracked by the team of Fact.MR, which are available in the available in the full report.

Wireless Handheld Ultrasound Devices Industry Report Scope

Market Segments Covered in Wireless Handheld Ultrasound Devices Industry Research

• By Max Ultrasound Depth

  • < 10 cm Wireless Handheld Ultrasound Devices
  •  10 - 20 cm Wireless Handheld Ultrasound Devices
  •  >20 cm Wireless Handheld Ultrasound Devices

• By No. of Modes

  • 2 or Less Mode Wireless Handheld Ultrasound Devices
  • More than 2 Mode Wireless Handheld Ultrasound Devices

• By Display Type

  • Color Wireless Handheld Ultrasound Devices
  • Black and White Wireless Handheld Ultrasound Devices

• By Battery Capacity

  • Up to 3 Hour Capacity Wireless Handheld Ultrasound Devices
  • More than 3 Hour Capacity Wireless Handheld Ultrasound Devices

• By OS Compatibility

  • Single OS Wireless Handheld Ultrasound Devices
  • Multiple OS Wireless Handheld Ultrasound Devices

• By End User

  • Multispecialty Hospitals
  • Specialty Hospitals & Clinics
    • Maternity Hospitals & Clinics
    • Cardiac Hospitals & Clinics
    • Other Specialty Hospitals & Clinics

• By Sales Channel

  • Direct Sales of Wireless Handheld Ultrasound Devices
  • Retail Sales of Wireless Handheld Ultrasound Devices
    • Medical Device Stores
    • Drug Stores
    • Online Retail 
      • Company Website
      • Third-party Online
    • Other Sales Channels

Wireless Handheld Ultrasound Devices Market- Scope of Report

A recent study by Fact.MR on the wireless handheld ultrasound devices market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of wireless handheld ultrasound devices.

The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing wireless handheld ultrasound devices, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of wireless handheld ultrasound devices across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of wireless handheld ultrasound devices during the forecast period. Price point comparison by region with global average price is also considered in the study.

Analysis on Market Size Evaluation

The market has been analyzed for each market segment in terms of volume (‘000 units) value (US$ Mn).

Market estimates at global and regional levels for wireless handheld ultrasound devices are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global wireless handheld ultrasound devices market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.

Country-specific valuation on demand for wireless handheld ultrasound devices has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value for emerging countries has also been included in the report.

In-depth Analysis on Competition

The report sheds light on leading manufacturers of wireless handheld ultrasound devices, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of Wireless ultrasound devices has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the wireless handheld ultrasound devices market.