The global portable ultrasound devices market grew from around $1,400 million in 2014 to $3,036.0 million in 2018 at an annual growth rate of 21.0%. A major driver of the market was the increasing size of aging populations during the historic period. Advances in healthcare and life-saving technologies improved the overall life expectancy of the global population. During 2014-2017, the number of people globally over the age of 65 grew from below 450 million to 601 million, an increase of 33%, according to estimates from the Population Reference Bureau data. The rise in the size of aging populations can be attributed to the increased life expectancy rates in developed and developing countries following developments in the healthcare industries. The susceptibility of gastrointestinal or digestive problems and increase in the incidences of cardiovascular diseases with age made the aging populations a major consumer segment of the portable ultrasound devices market. The increased need for healthcare services and growing healthcare expenditures are also expected to drive the adoption of mobile ultrasound devices to reduce costs and provide quality services.
Increased number of sedentary jobs leading to drastic changes in lifestyles also supported the growth of the portable ultrasound devices market in the historic period. Sedentary jobs increased the incidences of non-communicable diseases including cancer, cardiovascular, gastrointestinal, and gynecological diseases. Heart disease, cancer and diabetes accounted for 90% of deaths in the UK and over 61% of all deaths in India in 2018. Diseases such as these require ultrasound scanning to diagnose them, driving the demand for portable ultrasound devices. Lifestyle changes were a major factor driving the portable ultrasound devices market during 2014-2018.
The increasing awareness about advantages of portable medical devices will continue to support the growth of the portable ultrasound devices market at an annual rate of more than 22% during 2018-2022. The global access to online information about portable medical devices in general leads to an increase in awareness among the global population, and the industry will benefit from growing internet penetration globally. According to Cisco, the global internet penetration will rise to 58% by 2021 when compared to 44% in 2016. Social media technologies are also expected to aid portable ultrasound devices manufacturing companies in promoting their goods and services directly to the customers. Following the affordable and expanded access to the internet, social media platforms and online industry specific magazines and forums, consumers’ awareness about portable ultrasound devices is expected to increase, thus benefitting the market going forward.
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