NEW YORK, May 23, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global PoCUS device market is expected to reach $3.1 million by 2025, the market is mainly driven by surge in geriatric population, increasing prevalence of chronic diseases, technological advancements in PoCUS devices, increasing awareness about the benefits of portable ultrasound devices, and rising healthcare expenditure.
Based on type, the PoCUS device market has been categorized into diagnostic and therapeutic devices. During the forecast period, the market demand for therapeutic devices is expected to witness faster growth, at a CAGR of 8.4%, owing to its non-invasive feature and ability to relieve pain and inflammation, reduce muscle spasm, offer fast healing and increased range of motion.
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PoCUS devices are either trolley/cart-based or compact/hand-based, where the former category held the larger share in the PoCUS device market in 2017, accounting for 75.4% share. This can be attributed to its increased usage in acute care setting and emergency care in hospitals and healthcare institutions.
PoCUS devices have various applications in the fields of emergency medicine, cardiology, obstetrics and gynecology, vascular and urology, musculoskeletal, and others. Among these, the market is expected to witness the fastest growth in emergency medicine, during the forecast period. Benefits of these devices include procedural safety, timeliness of care, diagnostic accuracy and reduced costs, that have led to their increased adoption in emergency departments.
Japan was the largest market for PoCUS devices in APAC. Surge in geriatric population, technological advancements and high healthcare expenditure are driving the growth of the Japanese PoCUS device market. According to the United Nations reports, 33.4% of Japan’s population was above 60 years, in 2017, and it is expected to reach 42.4% by 2050. Due to this increasing aging population and the rising prevalence of age related disorders, the Japanese government spends a significant portion of its gross domestic product (GDP) on healthcare. In 2000, 7.15% of Japan’s GDP was spent on healthcare and it increased to 10.9% in 2015.
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In order to increase their market share, key players in the PoCUS device industry are acquiring other companies operating in the domain. For instance, in January 2018, Hitachi Healthcare Americas Corporation, a subsidiary of Hitachi Ltd., entered into an agreement of acquire with VidiStar LLC, a clinical analytics company. The aim of acquisition was to expand Hitachi’s informatics strategy and analytics capabilities to improve workflow for physicians, particularly with those providers conducting diagnostic ultrasound examinations.
Some of the other major players operating in the PoCUS device market are Esaote S.p.A, Mindray Bio-Medical Electronics Co. Ltd., Analogic Corporation, General Electric Company, Siemens AG, Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd., Koninklijke Philips N.V., and Canon Medical Systems Corporation.
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