The global ultrasound transducer market size is anticipated to reach USD 4.2 billion by 2026, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.6% during the forecast period. Increasing number of product launches and growing focus of the major players on innovations for safe and accurate diagnosis are the factors driving the growth.
North America is anticipated to hold substantial share of the market during the forecast period owing to high adoption of advanced medical devices. Continuous innovations in ultrasound machine such as portable and mobile ultrasound machine is expected to fuel the growth. Moreover, presence of a large number of ultrasound transducer manufacturers is anticipated to bode well for the regional growth. These companies emphasize on heavy investments to develop smart production methods and process automation, which is a key factor in optimizing product prices and maximizing revenues.
Another innovation pertaining to these devices include burst wave lithotripsy which help delicate procedures including kidney stone destruction. The technology is not only efficient but also offers non-invasive procedure to patients, which is anticipated to ultimately augment the product demand in the forthcoming years.
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Growing number of partnerships between resellers for ultrasound transducers is an emerging trend witnessed in the market. Direct purchase from Original Equipment Manufacturers (OEMs) is another trend observed in the market. End users are increasingly dealing with OEMs since they offer efficient technologies like custom strain gauge sensing to finished product designs, to achieve greater business advantage.
Further key findings from the report suggest:
- Convex transducers holds largest market share owing to the advantages of the product such as superior quality resolution for accurate diagnosis, wider footprint, and ergonometric designs
- 2D linear transducers are highly preferred as compared to 3D linear owing as they provide detailed results in heart conditions
- General imaging segment is expected to lead the ultrasound transducer market in the forthcoming years owing to increased adoption of ultrasound devices in primary diagnostic purposes
- Owing to lower labor costs and untapped areas in developing regions of Asia Pacific, the market players are expected to witness huge opportunities to increase their clientele and expand their product portfolio
- Key players in the ultrasound transducers market include Shenzhen Ruqi Technology, GE Healthcare, Siemens Healthineers, Samsung Medison, Hitachi, Esaote, Mindray, SIUI, SonoScape Medical, FUJIFILM SonoSite, Shenzhen Jiarui Electronic Technology, and Koninklijke Philips N.V.
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Grand View Research has segmented the global ultrasound transducer market on the basis of product type, application, end use, and region:
Ultrasound Transducers Product Type Outlook (Revenue, USD Million, 2015 – 2026)
- Phased Array
- CW Doppler
Ultrasound Transducers Application Outlook (Revenue, USD Million, 2015 – 2026)
- General imaging
Ultrasound Transducers End Use Outlook (Revenue, USD Million, 2015 – 2026)
- Diagnostic Center
Ultrasound Transducers Region Outlook (Volume, ‘000 Units; Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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