Industry Outlook

The global handheld ultrasound scanners held US$ 62.2 Mn in 2017 and expected to grow at compound annual growth rate (CAGR) of 17.0% during the forecast period from 2018 to 2026. Handheld ultrasound scanners also called as hand-operated ultrasound devices are portable devices designed for healthcare practitioner for imaging examination and includes smart devices connected to mobile devices and applications. Handheld ultrasound scanners is projected to have high demand in the developed as well as emerging markets. The main reason for the uptake of handheld scanners in developed market is growing point-of-care imaging and minimally invasive procedure. Whereas, demand for handheld scanners will be high in emerging market due to its cost effectiveness, affordability and portability. Growing number of diagnostics centers, primary care, emergency medicine, musculoskeletal emergency in sport medicine and ambulatory care centers in North America, Europe, Japan and China will further boost the demand for handheld ultrasound scanners. Handheld ultrasound scanners is said to replace stethoscope in the long run as its average size and smart connectivity to phone or tablet provides constant access to imaging equipment especially in point-of-care setting. Moreover, portable nature of the devices will eliminate the wheeling the patients to imaging lab and can be fruitful in critical situations. The prices of handheld scanners start from US$ 2000 reaching up to US$ 20,000. In 2018, Butterfly Network launched its product named Butterfly iQ costing around US$ 2000. This device was approved by U.S. Food and Drug Administration (FDA) for 13 different clinical applications of abdominal, gynecological, urology and cardiac examination. This accessible cost and effectively of this technology for individual doctors makes handheld scanners a diagnostic toolkit during emergencies. As per market experts, the next five will foresee a number of players entering in the market and with further dip in the average selling prices. However, requirement of training for performing ultrasound imaging, growing popularity and low prices can place these products in inexperienced hands leading to unnecessary use of handheld ultrasound scanners. 

"Ambulatory Care Centers and Diagnostic Centers to Contribute Significantly in Handheld Ultrasound Scanners Market"

In 2017, hospitals held the largest share in the global handheld ultrasound scanners market and would continue its dominance during the forecast period owing to higher use of handheld ultrasound devices in hospital setting. Small to medium sized hospitals would exhibit high preference towards handheld ultrasound devices due to lower capital investment compared to conventional ultrasound devices. Growing number of ambulatory care services (ASCs), primary care and emergency care services in the United States, Canada, Japan and United Kingdom will assist the growth this market in ASCs. Diagnostics centers is also projected to show lucrative growth rate owing to large number of specialty application served by diagnostics centers, presence of large number of diagnostics centers in Asia Pacific, Latin America and other emerging regions.

"North America Dominated the Global Handheld Ultrasound Scanners Market"

In 2017, North America held the lion’s share in the global handheld ultrasound scanners market. Key factors assisting the growth of North America include higher adoption of novel technologies in the region. Presence of developed healthcare IT ecosystem for hassle-free image and data sharing and storing compliments the growing uptake of handheld devices. U.S. held the largest share in North America owing to domicile of emerging medical device companies developing handheld ultrasound scanners. For instance, Clarius and Butterfly Network, Inc. among others are one of the first companies to receive handheld ultrasound scanners in the United States at a significant low prices and innovative technology. Asia Pacific is projected to soar high in the global handheld ultrasound scanners market during the forecast period. Low cost and portability will draw physicians’ attention working in underfunded and under-developed healthcare setting. Moreover, handheld scanners are being marketed towards catering the unmet needs of the physicians in emerging countries. Growing purchasing power and entry of number of players in the manufacturing of handheld devices in Asia Pacific will further drive the market during the forecast period.

Market is studied in order to understand the current dynamics and future trends in the global handheld ultrasound scanners market. The study includes market size and forecast for all considered segments presented in the report for the period from 2016 to 2026, along with respective compound annual growth rate (CAGRs) for the forecast period from 2018 to 2026, considering 2017 as the base year. The key players currently engaged in handheld ultrasound scanners market include GE Healthcare, Samsung Group, Siemens Healthineers, Philips Healthcare, Clarius Mobile Health, Fujifilm SonoSite, Inc., Healcerion Co., Ltd., Sonoscanner SARL, Meditech Equipment among others. GE Healthcare dominated the global handheld ultrasound scanners market in 2017. Philips Healthcare, Siemens Healthineers, and Fujifilm Sonosite are the major companies operating in the market, covering majority of the share in global handheld ultrasound scanners. The market is set to witness number of start-up medical technology companies venturing which will further drive the handheld ultrasound scanners market during the forecast period.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Handheld Ultrasound Scanners market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Handheld Ultrasound Scanners market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Handheld Ultrasound Scanners market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Handheld Ultrasound Scanners market?
• Which is the largest regional market for Handheld Ultrasound Scanners market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Handheld Ultrasound Scanners market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Handheld Ultrasound Scanners market worldwide?