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Why Handheld Ultrasound is Blue Ocean Market?

Updated: Dec 1, 2022

Before analyzing handheld ultrasound, let's know about what is the blue ocean market? What kind of products can be regarded as blue ocean products?

What is the blue ocean market?

The blue ocean market is a type of market. We can regard the whole market as an ocean. This ocean is composed of the red ocean and blue ocean. The red ocean represents all the industries that exist today and is the known market; the blue ocean represents the industry market that has not yet existed. That is the unknown market. Further understanding, the so-called blue ocean strategy is to go beyond traditional industries and create new industries.

What kind of products can be regarded as blue ocean products?

Blue ocean products have a distinctive feature: the product without market competition or the industry is still in the stage of non-intense competition. It means a product that has not yet occupied the market, and no one knows but has great potential.

Why Handheld Ultrasound is Blue Ocean Market?

A handheld ultrasound can also be called a handheld point-of-care ultrasound or POCUS. It is pocket-size and lightweight, the clinician can take it anywhere and anytime, more convenient than conventional ultrasound systems.

Compare to conventional ultrasound systems, the handheld ultrasound brands have not yet formed an echelon. All the handheld ultrasound brands almost were launched in 2016~2017 in the global. The market acceptance has not been as rapid since it is an innovative product when the first handheld ultrasound product came out in the market. The first markets willing to try this innovative product are Europe and the Americas.

The handheld ultrasound has many benefits, such as affordable pricing, lightweight, easy to use, etc. It has been favored by more and more clinicians. Meanwhile, the handheld ultrasound has a wide application direction, not only in clinical departments but also in primary care.

See above technology adoption lifecycle for handheld ultrasound, it is still in the growth stage.

  • The golden time of handheld ultrasound will have 10 years at least.

  • Primary care remains a largely untapped market for handheld ultrasound

Data source © Signify Research

According to the statistics, Handheld Ultrasound Market Scale in Global in 2019~2023:

  • In 2021, the handheld ultrasound market scale is about 64,665 units globally, which is expected to increase to 103,162 units in 2023.

  • Global handheld ultrasound market could surpass $400M by 2023.

Data source © Signify Research

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