As ultrasound imaging becomes more and more common for a variety of medical reasons the probe/transducer market will continue to grow. Innovations and new technological advances are powering widespread use of ultrasound for more and more diagnoses and treatments.
The global ultrasound market is estimated to reach $6.86 billion by 2021, according to a report by MarketsandMarkets. The market is forecast to grow at a compound annual growth rate (CAGR) of 5.2 percent during the forecast period.
“The growth in this market can largely be attributed to factors such as rising patient population base for chronic and lifestyle-related disorders (coupled with a growing geriatric population that is at greater risk of target diseases as compared to adults); technological advancements; and growing market demand for minimally invasive diagnostic and therapeutic techniques (including ultrasound),” according to the report.
The global ultrasound market is also getting a boost from the continued development of markets in Asia.
“Emerging markets (such as China and India) are offering high growth opportunities for market players in the ultrasound industry. The rising incidence of chronic and infectious diseases, increase in awareness related to minimally invasive procedures, and continuously rising health care expenditure in the Asia-Pacific region are the key factors driving the demand for ultrasound in emerging nations. In order to leverage the high growth opportunities in these emerging nations, leading market players are expanding their presence in these countries,” according to the report.
A summary report from Transparency Market Research also hints at continued growth for the global ultrasound market.
“Ultrasound transducers use non-piezoelectric principles such as magnetostriction and diaphragm principle used for fabrication of transducer arrays. Cardiac ultrasound transducers are available in different sizes and shapes in order to be used outside the echo lab. However, new developments in ultrasound technology and cardiac ultrasounds allow imaging at the cellular or molecular level, paving the way for earlier diagnosis and treatment of diseases,” according to Transparency Market Research.
“High prevalence of diseases such as cardiovascular diseases, geriatric population with bypass surgery, rising patient awareness programs, growing research and development initiatives for heart diseases, and increasing demand for diagnostic imaging devices are the major factors driving the cardiac ultrasound transducers market,” according to Transparency Market Research.
According to the World Health Organization (WHO), cardiovascular disease is a leading cause of death globally.
“Growth in technologies such as biochips, catheter implantation, small hand-held or pocket-sized ultrasound systems, and increase in use of advanced software applications available for measuring the protocol of the ultrasound test are likely to fuel the growth of the cardiac ultrasound transducers market,” according to Transparency Market Research.
“North America dominates the global cardiac ultrasound transducers market due to sophisticated infrastructure with modern software modalities, patient awareness programs and high per capita health care expenditure,” according to the report.
Major players operating in the global cardiac ultrasound transducers market include Siemens Healthineers, Esaote SpA, GE Healthcare, Fujifilm Sonosite Inc., Samsung and Canon Medical Systems USA Inc.