Germany to Witness the Fastest Growth in the European Union Point-of-Care Ultrasound Device Market
Added: (Thu Jun 13 2019)
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The European Union point-of-care ultrasound device market is forecasted to generate $230.9 million revenue by 2024, progressing at a CAGR of 6.1% during the forecast period. Factors driving the growth of this market include increasing prevalence of chronic diseases, increasing awareness about the benefits of portable ultrasound devices, technological advancements in PoCUS devices, increasing healthcare expenditure in the region, and surge in geriatric population, according to P&S Intelligence.
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Anesthesia, intensive care unit (ICU), emergency medicine, cardiology, vascular and urology, obstetrics and gynecology (OB/GYN), and musculoskeletal are some major applications for which PoCUS devices are utilized in the EU market. Among these, anesthesia is expected to hold the largest share in the European Union point-of-care ultrasound device market in the coming years, mainly on account of increasing number of surgeries in the region. Anesthesia is given to a patient before surgery, and PoCUS devices are used to monitor the needle going inside the patient’s body, while administering anesthesia. This category is expected to hold more than 20.0% share in the EU market by 2024, garnering a CAGR of 7.1% during the forecast period.
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Further, according to the Institute for Health Metrics and Evaluation (IHME), cardiovascular diseases, cancer, and chronic respiratory diseases, accounted for 37%, 27%, and 6% of total deaths, respectively, in Germany. This trend of increasing medical conditions in the country will provide opportunity to the point-of-care ultrasound device market players for developing products for faster and better diagnosis of these diseases.
Moreover, increasing innovations and awareness in the field of PoCUS is also expected to generate demand for these devices in the country. For instance, BK Medical Holding Company Inc. is planning to attend various meetings and conferences, such as the Annual Congress of the German Society of Anesthesiology and Intensive Care Medicine (DAC2019) on May, 9–11, 2019; the 70th Annual Meeting of the German Society of Neurosurgery on May, 12–15, 2019; and the 60th Urologist Congress 2019 on May, 22–25, 2019; among others. This increasing awareness among product manufacturers is expected to drive the growth of the point-of-care ultrasound device market in the coming years.
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Key players operating in the European Union point-of-care ultrasound device market are acquiring other players to strengthen their product portfolio and increase their market share. For instance, in June 2018, Analogic Corporation, the parent company of BK Medical Holding Company Inc., was acquired by Altaris Capital Partners LLC, a healthcare investment firm. After the acquisition, Analogic’s ultrasound product portfolio was reorganized under the brand name BK Medical. The strategic move was carried out by Analogic Corporation to sustain its growth in the market.
Other developments in the European Union point-of-care ultrasound device market include launch of technologically-advanced products such as portable/handheld PoCUS devices. For example, in June 2018, Hologic Inc. announced the availability of Viera portable breast ultrasound system in Europe and the U.S. This system helps physicians in the early diagnosis of several diseases. The handheld device provides high-resolution images directly on a smart device, at the point-of-care, enabling optimization of clinical workflow and patient pathway.