Portable Ultrasound Devices Market Regional Analysis:
North America Market Insights
North America industry is expected to account for largest revenue share of 44% by 2035. The increased use of portable ultrasounds, which are equipped with cutting-edge technology, is one of the contributing factors to the large market share. The ongoing need for precise medical imaging due to the rising incidence of serious diseases and malignancies is another important factor boosting market growth in this region. The Global Cancer Observatory (GLOBOCAN) projected that 2,281,658 new cases of cancer would be reported in the U.S. in 2020.
The market’s growth in U.S. can be attributed to presence of strong healthcare system, developments in diagnostic technology, and increasing chronic illnesses. Moreover, over 40% of adults in the U.S have a chronic illness, and over 23% of these patients require hospitalization. The expansion of the regional market is attributed to the presence of a substantial number of competitors.
APAC Market Insights
Asia Pacific will also encounter huge growth in the portable ultrasound devices market during the forecast period. The market is expected to grow due to an increasing prevalence of accidents and a rising number of target diseases, including cardiovascular disease and cancer. A study conducted by the Asia Pacific Cohort Studies Collaboration (APCSC) found that the number of CVD patients in Asian nations has increased by an estimated 60.0%.
The number of patients in China is rising as a result of changing lifestyle choices and an expanding population. For example, the World Population Ageing 2019 study projects that China's population over 65 will grow from 164.48 million in 2019 to 246.98 million by 2030. Due to region's high population, more market potential, and less production costs, medical device companies from all over the world are expanding their operations.
The market for portable ultrasound equipment is expanding in South Korea due to the rise in cosmetic procedures and surgeries. In South Korea, there are 13.5 cosmetic treatments performed for every 1000 people in 2021, according to ISAPS. According to estimates, one in three South Korean women in the 19-29 age range have undergone plastic surgery. South Korea tops the world in the number of plastic procedures performed per person and is referred to be the cosmetic surgery capital of the world.
