Ultrasound Transducer Global Market Opportunities and Strategies to 2033

This report describes and explains the ultrasound transducer market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

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.

Market-trend-based strategies for the ultrasound transducer market include 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 and establishment of new manufacturing facilities to produce indigenous medical devices.

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.

To take advantage of the opportunities, the analyst recommends ultrasound transducer companies to focus on innovation in ultrasound systems, focus on AI-integrated wireless handheld ultrasound systems, focus on linear market segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, focus on domestic manufacturing to enhance market position, provide competitively priced offerings, focus on pricing strategy optimization, continue to use B2B promotions, focus on thought leadership, focus on building strong relationships with healthcare professionals, focus on specialized training programs for various applications and focus on clinics and hospitals for market expansion.