Ultrasound Transducer Market Dynamics - 2021 to 2031

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

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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 Regional Insights

The regional trends and factors influencing the Ultrasound Transducer Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Ultrasound Transducer Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Ultrasound Transducer Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Ultrasound Transducer Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Ultrasound Transducer Market are:

1. GE Healthcare
2. Koninklijke Philips N.V.
3. Siemens Healthineers
4. Samsung
5. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
6. Fujifilm Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

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