Enjoy complimentary customisation on priority with our Enterprise License!
The ultrasound transducer market share is expected to increase by USD 677.12 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.7%.
This ultrasound transducer market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ultrasound transducer market segmentation by type (convex, linear, endocavitary, phased array, and CW doppler) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The ultrasound transducer market report also offers information on several market vendors, including Alpinion Medical Systems Co. Ltd., Bracco Spa, Broadsound Corp., Butterfly Network Inc., Canon Inc., Esaote Spa, eZono AG, FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., KOELIS SAS, Kolo Medical Inc., Koninklijke Philips NV, Mianyang Xianfeng Medical Instrument Co. Ltd., Samsung Electronics Co. Ltd., Shantou Institute of Ultrasonic Instruments Co. Ltd., Shenzhen Warp United Scientific Co. Ltd., Siemens AG, SonoScape Medical Corp., and TELEMED Medical Systems Srl among others.
Download Report Sample to Unlock the Ultrasound Transducer Market Size for the Forecast Period and Other Important Statistics
The rising prevalence of chronic diseases is notably driving the ultrasound transducer market growth, although factors such as high costs associated with ultrasound systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the ultrasound transducer industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Ultrasound Transducer Market Driver
The rising prevalence of chronic diseases is one of the major drivers impacting the ultrasound transducer market growth. The increasing middle-class population and growing urbanization with a more sedentary lifestyle have increased obesity rates and cases of diseases such as diabetes. Some chronic diseases include heart disease, cancer, chronic lung disease, stroke, and others. Globally, chronic diseases are the primary cause of mortality and disability. According to the WHO, 41 million people had died from chronic diseases, equivalent to 71% of all deaths globally in 2019. Each year, more than 15 million people die from chronic diseases between the ages of 30 and 69 years; 85% of these premature deaths occur in low- and middle-income countries. Cardiovascular diseases accounted for most chronic disease deaths, or 17.9 million people annually, followed by cancer (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million) in 2019.
Key Ultrasound Transducer Market Trend
Growing focus on pocket-sized ultrasound device development is one of the major trends influencing the ultrasound transducer market growth. The rising demand for small and mobile ultrasound scanner devices is encouraging vendors to invest in the development of pocket-sized ultrasound devices that offer better image quality and connectivity. For instance, in March 2021, GE Healthcare launched Vscan Air. The device is a wireless pocket-sized ultrasound system that offers extremely clear image quality, full-body scanning capabilities, and intuitive software. The availability of such devices increases the scope for vendors to expand their product portfolio of ultrasound systems, including transducers. Vendors are developing pocket-sized ultrasound devices to provide rapid diagnosis, increase clinical confidence, and improve patient care in developed and developing countries. The increasing investments by companies in R&D activities result in the development of advanced products. This, in turn, is expected to drive the growth of the global ultrasound transducer market during the forecast period.
Key Ultrasound Transducer Market Challenge
High costs associated with ultrasound systems are one of the major challenges impeding the ultrasound transducer market growth. The cost of an ultrasound scan, physician and urologist consultation fee, histopathology, and other associated tests can add to the cost to be paid by a patient. For instance, the average cost of an ultrasound scan in developed countries ranges between $330 and $2,500. In Germany, the average cost of an ultrasound ranges between $500 and $2,400. In developed countries such as the US, the UK, and Germany, the majority of the population is covered under government or private insurance, but the cost of an ultrasound scan is not covered until they have a medical bill of $6,000-$18,000. Thus, patients are expected to pay about $130-$2,000, which increases their out-of-pocket expenditure. Thus, such high costs will hinder the growth of the global ultrasound transducer market during the forecast period.
This ultrasound transducer market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global ultrasound transducer market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ultrasound transducer market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the ultrasound transducer market encompasses successful business strategies deployed by the key vendors. The ultrasound transducer market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ultrasound transducer market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the ultrasound transducer market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
38% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the ultrasound transducer market in North America. Market growth in this region will be faster than the growth of the market in regions.
The rising geriatric population, increasing healthcare spending, high demand for technologically advanced medical devices, new product launches, and rising demand for ultrasound systems will facilitate the ultrasound transducer market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The rise in the number of COVID-19 cases in countries such as the US, Canada, and Mexico across North America influenced governments to introduce emergency legislation, which includes restrictions on several business activities. This led to the shutdown of several manufacturing units, including the manufacturing plants of ultrasound transducers, in the first half of 2020. In addition, disruptions in the supply chain of raw materials required for the manufacturing of ultrasound transducers and the limited availability of the skilled workforce resulted in a decline in the production volume of ultrasound transducers.
To gain further insights on the market contribution of various segments Request a PDF Sample
The ultrasound transducer market share growth by the Convex segment will be significant during the forecast period. Convex was the largest segment of the global ultrasound transducer market in 2021 and is expected to dominate the market during the forecast period as well.
This report provides an accurate prediction of the contribution of all the segments to the growth of the ultrasound transducer market size and actionable market insights on the post-COVID-19 impact on each segment.
Ultrasound Transducer Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.7% |
Market growth 2022-2026 |
$ 677.12 million |
Market structure |
Fragmented |
YoY growth (%) |
3.98 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, Canada, UK, Germany, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alpinion Medical Systems Co. Ltd., Bracco Spa, Broadsound Corp., Butterfly Network Inc., Canon Inc., Esaote Spa, eZono AG, FUJIFILM Holdings Corp., General Electric Co., Hitachi Ltd., KOELIS SAS, Kolo Medical Inc., Koninklijke Philips NV, Mianyang Xianfeng Medical Instrument Co. Ltd., Samsung Electronics Co. Ltd., Shantou Institute of Ultrasonic Instruments Co. Ltd., Shenzhen Warp United Scientific Co. Ltd., Siemens AG, SonoScape Medical Corp., and TELEMED Medical Systems Srl |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.