iCrowd Newswire – Jun 17, 2020
The global ultrasound transducer market is expected to reach US$ 5,020.7 million in 2027 from US$ 3,816.2 million in 2019; it is estimated to grow at a CAGR of 3.6% from 2020 to 2027. The growing prevalence of chronic diseases worldwide and increasing diagnostic applications of ultrasound are the major factors driving the growth of the ultrasound transducer market. However, the shortage of skilled sonographers is hindering the growth of the market.
Several R&D activities are in progress to develop advanced ultrasounds. For instance, Newcastle University is conducting research on developing an ultrasound system worth US$ 40–50. They have reduced the cost by having only one transducer and moving it to generate the image. Philips, in November 2015, launched its smartphone- and tablet-connected ultrasound system named Lumify for physicians in the US. The transducer connects to the app via USB connection. Physicians can use the transducers in internal medicine; acute and emergency care, and musculoskeletal urgent care applications; and office practices. Similarly, Butterfly Network Inc has developed Butterfly iQ, a medical imaging device that is an ultrasound on a single chip. It is a cost-effective, handheld ultrasound tool enabled with the AI technology. The product was launched in 2017 and has received FDA approval for 13 clinical applications. More such market developments are likely to contribute to the growth of the market in the coming years.
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Top Leading companies like General Electric Company, Koninklijke Philips N.V., Siemens Healthineers AG, Samsung, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Fujifilm Corporation, Hitachi, Ltd., ESAOTE SPA, SIUI, and Shenzhen Ruqi Technology Co., Ltd., are among the leading companies operating in the ultrasound transducer market.
On the basis of product, the global ultrasound transducer market is segmented into linear, convex, phased array, endocavitary, CW doppler, TEE probes, and others. Based on application, the market is segmented into cardiovascular, general imaging, musculoskeletal, OB and GYN, and other. The general imaging segment held the largest share of the market in 2019, and it is expected to retain its dominance during the forecast period. The growth of the market for this segment is attributed to the rise in demand for radiation-free and noninvasive diagnostic techniques. On the basis of end user, the ultrasound transducer market has been segmented into hospitals, clinics, diagnostic centers, and ambulatory surgical centers.
The global ultrasound transducer market is segmented on the basis of product, application, and end user. Based on product, the market is segmented into linear, convex, phased array, endocavitary, CW doppler, TEE probes, and others. The convex transducers held the largest share of the market in 2019, while the linear segment is anticipated to register the highest CAGR during the forecast period. Based on application, the ultrasound transducer market is segmented into cardiovascular, general imaging, musculoskeletal, OB and GYN, and others. On the basis of end user, the ultrasound transducer market has been segmented into hospitals, clinics, diagnostic centers, and ambulatory surgical centers.
Canada Foundation of Innovation, World Health Organization (WHO), European Federation of Pharmaceuticals Industries Associations, European Medical Association, International Society of Ultrasound in Obstetrics and Gynecology, and Pharmaceutical Research and Manufacturers of America are a few of the essential secondary sources referred to while preparing this report.
Ultrasound is a noninvasive diagnostic technique used to diagnose various chronic diseases associated with cardiovascular system, pulmonary system, and urinary tract, as well as gynecological risk factors. Cardiovascular diseases are the leading cause of death across the world. As per the WHO, every year 17.9 million deaths are caused by cardiovascular diseases in the world. Further, as per the Centers For Disease Control And Prevention, these diseases are the cause of one in four deaths in the US. Apart from the aforementioned diseases, ultrasound is also used to diagnose kidney diseases. As per the research study named “Global, Regional, and National Burden of Chronic Kidney Disease (CKD), 1990–2017,” in 2017, around 1.2 million people died from CKD. Further, ultrasounds are used in cancer diagnoses, as well as for biopsies. The increasing prevalence of cancer is likely to boost the demand for noninvasive diagnostic procedures. As per the WHO, there were 18.1 million new cancer cases and 9.6 million deaths in the 2018. Thus, the growing prevalence of chronic diseases is likely to escalate the demand for ultrasound diagnostic kits during the forecast period.
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Keywords: Ultrasound Transducer Market