Ultrasound Transducer Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Ultrasound Transducer Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Ultrasound Transducer market was valued at USD 3,582.81 million in 2021 and is expected to reach USD 4,631.02 million by 2027, registering a CAGR of 4.35% from 2022 to 2027.

The COVID-19 pandemic has significantly impacted the ultrasound transducer market. According to an October 2021 published article titled "Ultrasound-guided regional anesthesia in COVID-19 and future pandemics: infection control", ultrasound machines, transducers, and coupling gels can serve as vectors for the transmission of pathogens. Thus, such factors impeded the growth of the market in the initial phase of the pandemic. However, standardized strategies were recommended to minimize the risk of the spread of COVID-19 to patients and healthcare providers, which is in turn expected to boost the market's growth to pre-pandemic levels.

The major factors contributing to the market's growth are the rising demand for minimally invasive therapies and the increasing prevalence of cardiovascular, respiratory, and abdominal disorders. According to a July 2020 study published in the International Journal of Gynecology & Obstetrics with the title, "Global burden of preterm birth," there are around 15 million babies born prematurely around the world, resulting in a global preterm birth rate of about 11%. Additionally, in United States, as per the Centers for Disease Control and Prevention, an article titled "Preterm Birth", updated in November 2021, reported that in 2020, one in every ten infants born was premature. Such an increasing burden of preterm birth creates the need for ultrasound transducers as they serve as a vital tool for projecting images of fetuses for diagnostic purposes, ultimately driving the growth of the market.

Moreover, the rising demand for minimally invasive therapies is another major factor driving the market growth. Minimally invasive approaches, including ultrasound-guided techniques, are being used significantly. Thus, several market players are launching products, boosting the ultrasound transducer market's growth. For instance, in December 2021, Philips introduced cardiac ultrasound solutions for a fully integrated echocardiography experience, bringing together new transducer technology, artificial intelligence (AI)-driven automated measurements, and remote access at EuroEcho 2021.

Such factors altogether are anticipated to drive the market’s growth over the forecast period. However, the market's growth is hampered by stringent regulations and a scarcity of skilled labor to operate the advanced equipment.

The convex segment by product is expected to witness healthy growth in the future, attributed to several benefits associated with this convex transducer device, such as high efficiency and the ability to focus on the deeper organs compared to other transducers. These devices also give clearer images and have highly improved reliability. The beam shape of the convex transducer is ideal for the in-depth investigation of several disorders.

Moreover, the high adoption of convex transducers in diagnosing transvaginal, abdominal, and transrectal conditions will promote 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 most lightweight handheld ultrasound devices and provides whole-body scanning capabilities with crystal clear image quality.

Thus, the market is expected to witness significant growth over the forecast period due to the above-mentioned factors.

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 for ultrasound systems. For instance, according to the Centers for Disease Control and Prevention (CDC), in September 2020, heart disease was the leading cause of death in United States. Every year, about 805,000 Americans suffer from heart attacks.

United States owns the largest share of the ultrasound transducer market in the North American region. Several market players are engaged in implementing strategic initiatives to boost the market's growth. For instance, in November 2020, Butterfly Network, Inc., an innovative digital health company working to enable universal access to superior medical imaging, and Longview Acquisition Corp. entered into a definitive business combination agreement. The Butterfly iQ is the only ultrasound transducer to perform whole-body imaging using semiconductor technology with a single handheld probe. Such strategic initiatives are expected to fuel the growth of the ultrasound transducer market in North America.

Furthermore, well-established infrastructure and growing healthcare infrastructure are also expected to fuel the ultrasound transducer market in this region.

The Ultrasound Transducer market is moderately competitive and consists of several major players. Some companies 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.

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