Yahoo Finance Ultrasound Transducer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global ultrasound transducer market is estimated to be USD 3,582. 81 million in 2021. It is expected to reach USD 4,631. 02 million by 2027, registering a CAGR of 4. 35 % from 2022 to 2027.
New York, May 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ultrasound Transducer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06279510/?utm_source=GNW
The COVID-19 pandemic has significantly impacted the ultrasound transducer market. As per an October 2021 published article, titled, "Ultrasound-guided regional anesthesia in COVID-19 and future pandemics: infection control", ultrasound machine, transducer and coupling gel can serve as a vector for transmission of pathogens. In the era of COVID-19 pandemic, standardized strategies are recommended to minimize the risk of spread of COVID-19 to both patients and healthcare providers.
The major factors contributing to the market growth are the rising demand for minimally invasive therapies and the increasing prevalence of cardiovascular, respiratory, and abdominal disorders.
Rising demand for minimally invasive therapies is a major factor that is driving the market growth. Minimally invasive approaches including ultrasound-guided techniques are being used significantly, thus, several market players are engaged in launching products that is boosting the ultrasound transducer market growth. For instance, in December 2021, Philips introduced cardiac ultrasound solutions for fully integrated echocardiography experience, bringing together new transducer technology, artificial intelligence (AI)-driven automated measurements and remote access at EuroEcho 2021.
However, stringent regulations and lack of skilled labor to handle the advanced equipment are the factors hindering the market growth.
Key Market Trends
Convex in ultrasound transducer is Estimated to Witness a Healthy Growth in Future
Convex transducer is estimated to witness healthy growth in the future attributed to several benefits associated with this convex transducer device. Benefits such as high efficiency, due to wider footprint and it focuses on the deep part of organ compared to other transducers product types. In addition, these devices also give more clear images and highly improved reliability. The beam shape of the convex transducer is convex and are ideal for in-depth investigation in several disorders.
Moreover, high adoption of convex transducers in the diagnosis of transvaginal, abdominal, and transrectal condition will promote the segment growth. Furthermore, several market players are engaged in strategies such as product launches and approvals. For instance, in March 2021, GE Healthcare released Vscan Air, a wireless, pocket-sized ultrasound that provides crystal clear image quality, whole-body scanning capabilities and intuitive software. The product is one of the smallest and lightweight handheld ultrasound devices and provides whole-body scanning capabilities with crystal clear image quality.
Thus, due to the above-mentioned factors, the market is expected to witness a significant growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Ultrasound Transducer Market due to the rising prevalence of chronic diseases, high demand for technologically advanced medical devices, growing research and development expenditure, rising patient preference for early diagnosis and increasing demand of ultrasound system. For instance, according to Centres for Disease Control and Prevention (CDC) in September 2020, heart diseases is the leading cause of death in the United States. Every year about 805,000 Americans have a heart attack.
The United States owns the largest share of Ultrasound Transducer Market in the North America region. Several market players are engaged in the implementation of strategic initiatives that is boosting the market growth. For instance, Canon Medical USA Inc. delivers high performance for multiple clinical uses at an affordable price point. Such product launches are expected to fuel the demand for ultrasound transducer market.
Furthermore, well-established infrastructure and growing healthcare infrastructure are also expected to fuel the Ultrasound Transducer Market in this region.
Competitive Landscape
The Ultrasound Transducer Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Koninklijke Philips N.V, Siemens Healthineers, GE Healthcare, Hitachi Medical Systems, FUJIFILM Sonosite, Inc, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, Canon Medical Systems Corporation, ESAOTE SPA, and Samsung Medison Co., Ltd.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06279510/?utm_source=GNW
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