Dublin, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The "Ultrasound Transducer Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global ultrasound transducer market reached a value of nearly $4.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.5% since 2018. The market is expected to grow from $4.2 billion in 2023 to $5.1 billion in 2028 at a rate of 3.8%. The market is then expected to grow at a CAGR of 4.3% from 2028 and reach $6.3 billion in 2033.
Growth in the historic period resulted from the favorable regulatory policies and incentives, rising advanced healthcare infrastructure, growth in medical tourism and strong economic growth in emerging markets increasing demand for consumer electronics, the increasing number of internet users, the increasing awareness about e-commerce, the rising digital transformation. Factors that negatively affected growth in the historic period were high cost of ultrasound equipment.
Going forward, increasing aging population worldwide, rising healthcare expenditure globally, growing incidence of chronic diseases and rising awareness about early disease detection will drive the growth. Factor that could hinder the growth of the ultrasound transducer market in the future include lack of skilled healthcare professionals.
The ultrasound transducer market is segmented by product into linear, convex, phased array, endocavity, continuous wave doppler and other products. The convex market was the largest segment of the ultrasound transducer market segmented by product, accounting for 29.7% or $1.3 billion of the total in 2023. Going forward, the linear segment is expected to be the fastest growing segment in the ultrasound transducer market segmented by product, at a CAGR of 4.5% during 2023-2028.
The ultrasound transducer market is segmented by application into cardiovascular, general imaging, musculoskeletal, obstetrics (OB) and gynecology (GYN), vascular and other applications. The general imaging market was the largest segment of the ultrasound transducer market segmented by application, accounting for 34.1% or $1.5 billion of the total in 2023. Going forward, the cardiovascular segment is expected to be the fastest growing segment in the ultrasound transducer market segmented by application, at a CAGR of 4.6% during 2023-2028.
The ultrasound transducer market is segmented by end-user into hospitals, diagnostic centers, ambulatory surgical centers and clinics. The hospitals market was the largest segment of the ultrasound transducer market segmented by end-user, accounting for 35.1% or $1.5 billion of the total in 2023. Going forward, the clinics segment is expected to be the fastest growing segment in the ultrasound transducer market segmented by end-user, at a CAGR of 4.3% during 2023-2028.
North America was the largest region in the ultrasound transducer market, accounting for 38.7% or $1.6 billion of the total in 2023. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the ultrasound transducer market will be Asia Pacific and North America where growth will be at CAGRs of 4.5% and 4% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 3.7% and 2.8% respectively.
The global ultrasound transducer market is concentrated, with a large number of players operating in the market. The top ten competitors in the market made up to 40.6% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Koninklijke Philips N.V. was the largest competitor with a 8.5% share of the market, followed by GE Healthcare with 6.7%, Siemens Healthineers with 5.6%, Canon Medical Systems Corporation with 4.7%, Mindray with 4.2%, Hitachi Medical Corporation with 4%, FUJIFILM SonoSite (Fujifilm Holdings Corporation) with 2.3%, Esaote with 2%, Samsung Medison with 1.4% and Carestream Health, Inc with 1.3%.
The top opportunities in the ultrasound transducer market segmented by product will arise in the convex segment, which will gain $277.1 million of global annual sales by 2028. The top opportunities in the ultrasound transducer market segmented by application will arise in the general imaging segment, which will gain $313.7 million of global annual sales by 2028. The top opportunities in the ultrasound transducer market segmented by end-user will arise in the hospitals segment, which will gain $310.2 million of global annual sales by 2028. The ultrasound transducer market size will gain the most in the USA at $282.6 million.
Player-adopted strategies in the ultrasound transducer market include strengthening business capabilities through the launch of new products, expanding business capabilities through strategic partnerships, strengthening business operations through the launch of new solutions and focuses on new product launches globally across different countries and regions.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider ultrasound transducer market; and compares it with other markets.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 324 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $4.2 Billion |
| Forecasted Market Value (USD) by 2033 | $6.3 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Key Topics Covered:
Major Market Trends
- Innovative Product Developments in Ultrasound Systems
- Strategic Partnerships and Collaborations Among Market Players
- Development of Handheld, Wireless Ultrasound Imaging System for Rapid Assessments
- Addition of AI in Wireless Handheld Ultrasound System to Capture Quality Cardiac Images
- Establishment of New Manufacturing Facilities to Produce Indigenous Medical Devices
Competitive Landscape and Company Profiles
- Koninklijke Philips
- GE HealthCare
- Siemens Healthineers
- Canon Medical Systems Corporation
- Mindray
Ultrasound Transducer Market Other Major and Innovative Companies
- Hitachi Medical Corporation
- FUJIFILM SonoSite (Fujifilm Holdings Corporation)
- Esaote
- Samsung Medison
- Carestream Health, Inc
- Butterfly Network Inc.
- HistoSonics Inc.
- Shenzhen Ruqi Technology
- Delphinus Medical Technologies Inc.
- Alpinion Medical Systems Co., Ltd.
- Shantou Institute of Ultrasonic Instruments Co., Ltd (SIUI)
- SonoScape Medical Corp.
- IThera Medical GmbH
- Rivanna Medical Inc.
- ISono Health Inc
Competitive Benchmarking
Competitive Dashboard
Key Mergers and Acquisitions
- Amphenol Corporation Acquired Airmar Technology Corporation
- Philips Acquired DiA Imaging Analysis
- Probo Medical Acquired National Ultrasound Inc
- GE Healthcare Acquired Caption Health
- Observe Medical Acquired Biim Ultrasound
- GE Healthcare Acquired BK Medical
- Medtronic Plc Acquired Avenu Medical
- Probo Medical Acquired KPI Healthcare, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/x8igol
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