Demand for wireless ultrasound devices driven by rising birth rates
As per a new report published by a market research and competitive intelligence provider, the global wireless handheld ultrasound devices market is likely to add revenue at a CAGR of around 16% and surpass $2.9bn valuation by 2031.
Global birth rates have increased rapidly in the last few years, which has elevated demand for several associated products and services. With ultrasound devices being a critical node of assessing baby development in the uterus, demand for wireless handheld ultrasound devices has been growing at an unhindered pace.
For example, in terms of actual number of births, India far exceeded any other country, with over 27 million pregnancies each year between 2015 and 2020. Russia is one of the few countries to have experienced a birth rate boom in recent years, thanks largely to a law introduced in 2007 that offered subsidies to families with two or more children. Birth rates remain very high – at over 20 births per 1,000 people – in emerging markets such as the Philippines, India, South Africa, and Venezuela.
According to a ProPublica organisation report, nearly 700 to 900 baby deaths happen during pregnancy. Hence, pregnant women are being encouraged to visit doctors.
On average, one in two woman goes for a pelvic ultrasound, which is performed by using transabdominal and transvaginal methods, and receives two to three ultrasounds.
The aforementioned factors are set to have a positive impact on demand for wireless handheld ultrasound devices over the coming years.
Key takeaways from market study
- From 2021 to 2031, the wireless handheld ultrasound devices market is expected to garner an absolute dollar opportunity of around $2.2bn.
- Wireless handheld ultrasound devices with more than two modes account for a larger market share, representing over 52% of total revenue in 2021.
- Wireless handheld ultrasound devices having compatibility with multiple operating systems are projected to account for around 3/4 market share by 2031.
- Market revenue growth through specialty hospitals and clinics is expected to witness a CAGR of over 13%.
- Currently, the market is consolidated to North America and Europe, owing to large urban population and established healthcare sector.
- The US represented around 31% of the global market share in 2020, followed by China at 12%.
- The market in Asia and Pacific countries combined is expected to rise at a considerable pace and cross 29% share of the global market by 2031.
“While at present the market for wireless handheld ultrasound devices stands at 6.5% of the overall ultrasound devices market, over the decade, it is likely to account for over 19% share. Key providers of ultrasound devices that are not offering wireless handheld devices will populate their portfolios with the same,” said a senior research analyst.
Key players have been spending on R&D and integration of AI to come up with newer products with enhanced functionality.
In May 2021, Clarius launched the multipurpose wireless ultrasound device C3 HD, which uses machine learning and AI to recognise the anatomy for an instant window into the body.
AI secures patient data and gives reminders, prevents unnecessary intervention during diagnosis, reduces time and cost, and allows institutions to use medical staff effectively.
To harness these benefits, companies have started using AI and deep learning in their devices. Such enhancements will drive demand growth of wireless handheld ultrasound devices in the medium to long-term forecast period.