Global Ultraportable Ultrasound Devices Market: Overview
An ultrasound device is a diagnostic tool (sometimes also used as a therapeutic tool) that works on the principle of frequency (1–5 Megahertz) and echo of ultrasound. The primary components of an ultrasound device are an ultrasound probe and piezoelectric crystal, a central processing unit, and display systems. When electric current is applied to piezoelectric crystals, their shape changes and ultrasound is generated. Conversely, when the ultrasound (or vibration) hits these crystals, they develop electric current. These sound waves travel through the tissue, the fluid, or the bone and they are reflected to the probe until they hit the boundary of the tissue. The waves reflected are picked up by probes and relayed to the central processing unit. The central processing unit calculates distance of travel of ultrasound from the probe to the tissue and the time taken by sound waves for returning. The machine then exhibits distances and intensities of echoes on the screen.
An ultraportable ultrasound device (sometimes called pocket ultrasound) is a wireless ultrasound device that provides superior image quality. It can work through android and iOS phones. In a sophisticated machine, high-sensitivity transducers with the facility of artificial intelligence (AI) are used for achieving better image quality. The images and data can be stored in cloud and shared to remote locations.
Global Ultraportable Ultrasound Devices Market: Key Trends
The global ultraportable ultrasound devices market is primarily driven by rigorous technological advancements, increasing preference for ultrasound devices with portability, and rising demand for data storage and data sharing to remote locations. On the other hand, the global ultraportable ultrasound devices market is likely to be hampered by stringent regulatory landscape and intellectual property right (IPR) laws. Furthermore, threat of hacking and data security issues are other prominent factors likely to restrain the global ultraportable ultrasound devices market in the near future. On the other hand, increasing research and development expenditure by major companies and strategic alliances among key players are projected to provide a lucrative opportunity to the global ultraportable ultrasound devices market during the forecast period.
Global Ultraportable Ultrasound Devices Market: Segmentation
The global ultraportable ultrasound devices market can be segmented based on application, mode, and end-user. Based on mode, the market can be classified into M-mode, B-mode, and others. In terms of application, the market can be classified into anesthesia, clinical research & emergency medicine, breast application, orthopedic & sports medicine, obstetrics & gynecology, pain management, veterinary, and others. In terms of end-user, the global ultraportable ultrasound devices market can be classified into hospitals & ambulatory surgery centers, diagnostic centers, and others.
Global Ultraportable Ultrasound Devices Market: Regional Analysis
Geographically, the global ultraportable ultrasound devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe held a major share of the global ultraportable ultrasound devices market in 2018, owing to technological advancements and availability of reimbursements in these regions. In October 2017, Sonoscanner obtained FDA approval for U-Lite Exp in the U.S. The ultraportable ultrasound devices market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period, owing to developing healthcare infrastructure in China and India and increasing rate of adoption of ultraportable ultrasound devices in Asia Pacific. On the other hand, the ultraportable ultrasound devices market in Latin America and Middle East & Africa is estimated to be hampered by feeble health care infrastructure and less technological advancements in these regions.
Global Ultraportable Ultrasound Devices Market: Competitive Landscape
Key companies operating in the global ultraportable ultrasound devices market are Clarius, Sonoscanner, Koninklijke Philips N.V., UNIVERSAL SOLUTIONS, INC, Canon Medical Systems, and GENERAL ELECTRIC COMPANY.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.