Ultrasound Transducer Global Market Report 2024

The ultrasound transducer market size has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historical period can be attributed to the increasing demand for diagnostic imaging, the rise in chronic diseases, expanding applications in obstetrics and gynecology, the growing geriatric population, and the development of global healthcare infrastructure.

The ultrasound transducer market size is expected to see steady growth in the next few years. It will grow to $4.95 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be attributed to the proliferation of telemedicine services, a focus on point-of-care diagnostics, increased accessibility in developing regions, expanding applications in interventional procedures, and customization for specific medical specialties. Key trends expected in the forecast period include the miniaturization of transducer technology, the expansion of point-of-care ultrasound (POCUS), the development of high-frequency transducers, the integration of artificial intelligence (AI), advancements in transducer materials, and the implementation of wireless and cable-free transducer connectivity.

The anticipated rise in the prevalence of cardiovascular and respiratory disorders is expected to drive the growth of the ultrasound transducer market in the future. Cardiovascular and respiratory disorders encompass a range of medical conditions affecting the cardiovascular system (heart and blood vessels) and the respiratory system (lungs and airways). Ultrasound transducers play a crucial role in the diagnosis and management of these disorders by imaging and assessing the structures and functions of the heart, blood vessels, lungs, and related organs. For example, a report published by the UK-based Office for National Statistics in March 2022 revealed that between 2020 and 2021, 19,440 to 20,061 people died from heart attacks. Additionally, in Australia, reports from the Australian Institute of Health and Welfare in June 2023 indicated an increase in respiratory disease-related deaths from 43,031 in 2020 to 46,551 in 2021. Therefore, the growing prevalence of cardiovascular and respiratory disorders is a driving force behind the ultrasound transducer market.

The expected increase in the number of ultrasound diagnostic imaging procedures is set to propel the growth of the ultrasound transducer market. Ultrasound diagnostic imaging procedures utilize high-frequency sound waves to create real-time, non-invasive images of internal body structures. The ultrasound transducer is a critical component in these procedures, generating and capturing ultrasound waves. According to The National Health Service in England, diagnostic ultrasonography recorded 10.3 million imaging activities in 2021/22, indicating a 1.8% increase. Consequently, the rising number of ultrasound diagnostic imaging procedures is contributing to the growth of the ultrasound transducer market.

However, high costs are anticipated to act as a hindrance to the growth of the ultrasound transducer market. The cost of ultrasound transducers may limit accessibility to medical imaging in resource-constrained settings, impede widespread adoption, and restrict patient access to diagnostic technologies. Ultrasound Solutions Corp. reported in May 2022 that ultrasound machines have a price range of $5,000 to $10,000 for entry-level systems, and advanced models can cost up to $200,000, depending on technological sophistication. Thus, the high costs associated with ultrasound transducers are constraining the market's growth.

Leading companies in the ultrasound transducer market are actively developing innovative technological products to meet the demands of clinicians in challenging environments, such as critical care and emergency medicine. The TEX20 Series, for example, is a point-of-care ultrasound system designed to assist clinicians in delivering improved patient care in demanding situations. In June 2022, Mindray Global, a China-based medical device company, launched the TEX20 Series, incorporating several innovative technologies to enhance image quality, clinical confidence, and workflow efficiency. The TEX20 series is equipped with ZST, AI-powered Smart Tools, an information integration system, an ergonomic design, a wireless transducer, advanced imaging modes, high-frequency imaging, and a portable design.

In December 2021, GE Healthcare Technologies Inc., a US-based healthcare technology and diagnostics company, acquired BK Medical Holding Inc. for $1.45 billion. This strategic acquisition aims to expand GE Healthcare's ultrasound business into surgical and therapeutic treatments, improve pre-operative and post-operative ultrasound capabilities with real-time surgical vision, and support its commitment to precision health. BK Medical Holding Inc. is a US-based medical device company specializing in ultrasound transducers, including robotic drop-in and transrectal transducers.

Major companies operating in the ultrasound transducer market report are Hitachi Medical Corporation, Siemens Healthineers, Fujifilm Holdings Corporation, Koninklijke Philips N.V, Alpinion Medical Systems Co. Ltd., GE HealthCare Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Neusoft Medical Systems Co. Ltd., Canon Medical Systems Corporation, Meditech Group, Samsung Medison Co. Ltd., Esaote SpA, SonoScape Medical Corp., Edan Instruments Inc., Butterfly Network Inc., HistoSonics Inc., Acutus Medical Inc., eZono AG, Broadsound Corporation, Delphinus Medical Technologies Inc., iThera Medical GmbH, Novuson Surgical Inc., Rivanna Medical Inc., Shenzhen JiaRui Electronic Technology Co. Ltd., Exact Imaging Inc., MediView LLC annual revenue, Sonavex Inc., iSono Health Inc.

North America was the largest region in the ultrasound transducer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ultrasound transducer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ultrasound transducer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An ultrasonic transducer is a device that utilizes the piezoelectric phenomenon to convert electrical energy into mechanical (sound) energy and vice versa. It is employed for generating and detecting ultrasound waves in medical imaging, playing a crucial role in the production and reception of ultrasound waves within the handheld component of ultrasound machines. These machines are extensively used in healthcare for visualizing the internal structures of the body.

The primary types of ultrasound transducer products include linear, convex, phased array, endocavitary, continuous wave Doppler, and others. A linear transducer is a specific type or design of ultrasound transducer probe characterized by the arrangement of its transducer elements in a linear or straight line configuration within the probe. It finds applications in various forms, such as linear, convex, phased array, endocavitary, continuous wave Doppler, among others. These transducers cater to diverse end-users, including hospitals, diagnostic centers, ambulatory surgical centers, and clinics.

The ultrasound transducer market research report is one of a series of new reports that provides ultrasound transducer market statistics, including ultrasound transducer industry global market size, regional shares, competitors with an ultrasound transducer market share, detailed ultrasound transducer market segments, market trends and opportunities, and any further data you may need to thrive in the ultrasound transducer industry. This ultrasound transducer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ultrasound transducer market consists of sales of transrectal transducers, pediatric transducers, intracavitary transducers, needle-guided transducers, portable transducers, and handheld transducers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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