The Ultrasound Transducer Market was valued at US$ 4.0 billion in 2023 and is expected to reach US$ 6.3 billion by 2031. The market is expected to register a CAGR of 4.6% from 2023–2031. Advancements in product designing in the diagnostic industry is likely to remain key Ultrasound Transducer Market trends.
Ultrasound Transducer Market Analysis
Innovative Product Launches by the Manufacturers
Product launches by the manufacturers is one of the influential factors responsible for the market growth of ultrasound transducers. In April 2024, Royal Philips received the USFDA approval for its "TEE Transducer". The newly launched product is designed to serve patients with improved overall comfort for early diagnosis of structural heart disease led by Philips: the transoesophageal echocardiography (TEE) ultrasound transducer. Therefore, TEE helps cardiologists provide highly detailed images of the heart and its internal structure with output-quality 3D TEE imaging.
In August 2023, Verasonics, Inc. announced a new product launch of the "Vantage Research Ultrasound System," by introducing the new transducers, including a 15 MHz Row-Column Array and three general imaging transducers. The newly launched product is a cost-effective approach to high frame rate capture for 3D volume imaging applications and eliminates the high channel count or multiplexing requirement of matrix arrays.
In January 2023, FUJIFILM Sonosite, Inc. announced the launch of a new product, "Sonosite PX Ultrasound System." Sonosite PX is the next generation in Sonosite POCUS with advanced image clarity, workflow efficiency features, and an adaptable form factor. Further, Sonosite PX is built on legendary durability, reliability, and ease of use standards that clinicians globally depend on with this new ultrasound system.
Ultrasound Transducer Market Overview
Technology, innovation, and smart solutions continue to influence ultrasound transducer significantly. Innovative product launches by the manufacturers and growing adoption of point-of-care (POC) ultrasound transducers are the most influential factors responsible for Ultrasound Transducer Market growth. Innovation in product designing and the introduction of miniaturized and handheld ultrasound devices are key trends for Ultrasound Transducer Market growth. Ultrasound transducer product innovations will provide lucrative market opportunity for the market growth.
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Ultrasound Transducer Market: Strategic Insights
Market Size Value in US$ 3,816.25 Million in 2019 Market Size Value by US$ 5,020.76 Million by 2027 Growth rate CAGR of 3.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Ultrasound Transducer Market: Strategic Insights
| Market Size Value in | US$ 3,816.25 Million in 2019 |
| Market Size Value by | US$ 5,020.76 Million by 2027 |
| Growth rate | CAGR of 3.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Ultrasound Transducer Market Drivers and Opportunities
Introduction of Point-of-Care (POC) Ultrasound Transducers to Favor Market
Point of Care Ultrasound (POC) is a versatile diagnostic tool empowering clinicians to integrate ultrasound imaging directly for patient assessment and intervention regardless of healthcare settings, including bedside or during patient transport. Therefore, POCUS can enhance the effectiveness of medical treatment and improve patient outcomes by ultimately lowering healthcare costs. As ultrasound continues to become the imaging modality of choice for several clinicians, there is a high demand for portable ultrasound devices. A handheld ultrasound probe is an example of POCUS that is gaining huge popularity due to its ease of use and ability to capture images at the POC quickly. Additionally, demand is high for handheld POCUS due to its compact and small size, which can fit into clinicians' pockets and be used virtually anywhere to capture patients' diagnosis images. Further, compared to large standard ultrasound machines, handheld POCUS provides clinicians with a much cheaper option with real-time and quality imaging, which is crucial from a diagnosis perspective. Therefore, POC ultrasound transducer will contribute significantly in the coming years.
Ultrasound Transducer Product Innovations – An Opportunity
Healthcare delivery is rapidly developing, and manufacturers have made significant efforts in the past to expedite the speed and accuracy of diagnostic testing across healthcare settings for ultrasound transducers. Siemens wireless ultrasound transducer developed by Siemens Healthineers is one such example. The wireless ultrasound transducer delivers a new level of efficiency, physician comfort, and patient safety, featuring proprietary ultra-wideband (UWB) wireless radio to help ensure images are transferred at high speed, have full data integrity, and are free from interfering with other medical equipment (wired cables). Such breakthrough innovations for the ultrasound transducers by the manufacturers help clinicians accessible to real-time imaging, an uninterrupted, and hassle-free process for the patient. Therefore, innovative product innovation will provide lucrative market opportunities will account for considerable market share in the coming years for ultrasound transducer market.
Ultrasound Transducer Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Ultrasound Transducer Market analysis are candidature and services.
- Based on product, the Ultrasound Transducer Market is divided into linear, convex, phased array, endocavitry, CW Doppler, TEE probes, and others. The convex ultrasound transducer segment may hold a larger market share in 2023.
- By application, the market is segmented into cardiovascular, general imaging, musculoskeletal, obstetrics & gynaecology, vascular, and others. The general imaging segment may hold the largest share of the market in 2023.
- By end user, the market is segmented into hospitals, clinics, diagnostic centers, and ambulatory surgical centers. The hospitals segment may hold the largest share of the market in 2023.
Ultrasound Transducer Market Share Analysis by Geography
The geographic scope of the Ultrasound Transducer Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Ultrasound Transducer Market. In North America, US accounts considerable share for ultrasound transducer. Presence of top medical device companies present in the US, product innovations, and technologically advanced products are the most influential factors responsible for market growth. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Ultrasound Transducer Market Report Scope
Ultrasound Transducer Market News and Recent Developments
The Ultrasound Transducer Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in them market for Ultrasound Transducer and strategies:
- In November 2023, Siemens Healthineers announced launching of a powerful, versatile, and affordable ultrasound system that enables rapid diagnosis and assessment in all clinical settings "ACUSON Maple". ACUSON Maple is designed for the clinicians who needs a workhorse ultrasound system supporting a diverse range of ultrasound use cases, lightweight, portable, and battery-powered product ideal for emerging markets, small hospitals, outpatient centers, private practices and urgent care centers.
Ultrasound Transducer Market Report Coverage and Deliverables
The “Ultrasound Transducer Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application ; End User ); and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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