The European Union (EU) point-of-care ultrasound (PoCUS) device market is predicted to generate a revenue of $230.9 million by 2024, witnessing a CAGR of 6.1% during the forecast period (2019–2024). The growth of the market is attributed to the increasing prevalence of chronic diseases, geriatric population, healthcare expenditure, and awareness about the benefits of portable ultrasound devices, and technological advancements. A PoCUS device is an ultrasound device used for therapeutic and diagnostic point-of-care applications. It uses portable ultrasonography technology for providing point-of-care services to patients in different settings.
The EU PoCUS device market is bifurcated into diagnostic and therapeutic devices, on the basis of type. Among these, diagnostic PoCUS devices led the market during the historical period (2014–2018) in terms of revenue generation, holding 80.7% share in 2018. This is because of an increasing utilization of these devices in diagnostic point-of-care applications, such as cardiac ultrasound for pericardial effusion, pneumothorax, severe mitral regurgitation, pulmonary edema, and pleural effusion. Therapeutic PoCUS devices are projected to grow at a faster pace during the forecast period.
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The awareness regarding the benefits of portable ultrasound is growing, which is leading to the prosperity of the EU PoCUS device market. Ultrasound doesn’t use any radiation, which is commonly used in other techniques such as computed tomography (CT) and X-ray, facilitates real-time imaging, and is of high significance for image-guided minimally invasive surgeries. In addition to this, portable ultrasound devices can produce images of soft tissues, which are not clearly visible through X-ray imaging. Due to these advantages of portable ultrasound devices, their demand is increasing.
The surging prevalence of chronic diseases is also among the factors responsible for the growth of the EU PoCUS device market. The European Cardiovascular Disease Statistics 2017 report stated that approximately 49 million people were suffering from cardiovascular diseases (CVDs) in the region. In addition to CVDs, other chronic diseases, such as cancer and respiratory diseases, are the leading causes of mortality and morbidity in Europe. The rising incidence of these diseases is because of the changing lifestyle of people and their limited access to preventive care.
Hence, the rising healthcare expenditure, prevalence of chronic diseases, and awareness about the benefits of portable ultrasound devices are leading to the growth of the market.