Ultrasound Transducer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Linear, Convex, Phased Array, Endocavitary, CW Doppler, TEE Probes, Others); Application (Cardiovascular, General Imaging, Musculoskeletal, OB and GYN, Vascular, Other); End User (Hospital, Clinics, Diagnostic Centers, Ambulatory Surgery Centers (ASCs)); and Geography
The global ultrasound transducer market is expected to reach US$ 5,020.7 million in 2027 from US$ 3,816.2 million in 2019; it is estimated to grow at a CAGR of 3.6% from 2020 to 2027.
The growing prevalence of chronic diseases worldwide and increasing diagnostic applications of ultrasound are the major factors driving the growth of the ultrasound transducer market. However, the shortage of skilled sonographers is hindering the growth of the market.
Ultrasound is a noninvasive diagnostic technique used to diagnose various chronic diseases associated with cardiovascular system, pulmonary system, and urinary tract, as well as gynecological risk factors. Cardiovascular diseases are the leading cause of death across the world. As per the WHO, every year 17.9 million deaths are caused by cardiovascular diseases in the world. Further, as per the Centers For Disease Control And Prevention, these diseases are the cause of one in four deaths in the US. Apart from the aforementioned diseases, ultrasound is also used to diagnose kidney diseases. As per the research study named Global, Regional, and National Burden of Chronic Kidney Disease (CKD), 1990-2017, in 2017, around 1.2 million people died from CKD. Further, ultrasounds are used in cancer diagnoses, as well as for biopsies. The increasing prevalence of cancer is likely to boost the demand for noninvasive diagnostic procedures. As per the WHO, there were 18.1 million new cancer cases and 9.6 million deaths in the 2018. Thus, the growing prevalence of chronic diseases is likely to escalate the demand for ultrasound diagnostic kits during the forecast period.
The global ultrasound transducer market is segmented on the basis of product, application, and end user. Based on product, the market is segmented into linear, convex, phased array, endocavitary, CW doppler, TEE probes, and others. The convex transducers held the largest share of the market in 2019, while the linear segment is anticipated to register the highest CAGR during the forecast period. Based on application, the ultrasound transducer market is segmented into cardiovascular, general imaging, musculoskeletal, OB and GYN, and others. On the basis of end user, the ultrasound transducer market has been segmented into hospitals, clinics, diagnostic centers, and ambulatory surgical centers.
Canada Foundation of Innovation, World Health Organization (WHO), European Federation of Pharmaceuticals Industries Associations, European Medical Association, International Society of Ultrasound in Obstetrics and Gynecology, and Pharmaceutical Research and Manufacturers of America are a few of the essential secondary sources referred to while preparing this report.
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