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The global Ultrasound Probe Market size is projected to grow from USD 3733.61 Million in 2022 to USD 4570.64 Million by 2028, at a CAGR of 3.34%.
Furthermore, the demand for these ultrasound probes is high among healthcare practitioners in hospitals, clinics, diagnostic centers, and other healthcare facilities. In addition, increasing applications of ultrasound devices in diagnostic imaging of numerous conditions and the introduction of advanced ultrasound probes are some of the major factors driving the ultrasound probe market growth during the forecast period.
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The COVID-19 epidemic has affected almost all countries across the world and has brought some medical facilities to the brink of collapse. Owing to high viral transmissibility, there is a considerably higher risk to frontline healthcare workers to develop severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Imaging equipment, predominantly ultrasound is at high risk for surface transmission as a result of frequent direct contact with large numbers of patients. During the peak of the COVID-19 outbreak, the number of ultrasound imaging procedures performed drastically reduced. The ultrasound probe market has been negatively impacted during the peak of the COVID-19 epidemic, and this trend continued till December 2020.
Drivers:
The increasing number of ultrasound imaging procedures drives the market growth
Advancements in diagnostic ultrasound imaging procedures have helped advance diagnosis by providing immediate clinical information. The availability of instant diagnostic data has subsequently helped reduce overall healthcare costs by replacing more expensive diagnostic exams. Furthermore, a wide range of ultrasound imaging procedures offers significant growth opportunities for the growth of the ultrasound probe market. Moreover, the rising geriatric population across the globe is another major factor resulting in the growing volume of ultrasound imaging procedures performed. Since the elderly (65 years and above) are more susceptible to hospital-acquired infections and chronic diseases, such as cardiovascular diseases (CVD) and various cancers, the demand for disease diagnosis and therapies is expected to rise steadily. All these factors are expected to boost the ultrasound probe market in the near future.
Increasing prevalence of chronic diseases & rising geriatric population to accelerate market growth
Globally, the increasing prevalence of chronic diseases has resulted in an increase in the demand for healthcare services, such as the increasing number of patient visits, hospital admissions, and surgeries. For example, in 2019, according to the data published by the CDC, there were more than 900 million physician office visits, 155 million visits to emergency departments, and 45 million outpatient surgeries performed in the United States. This, together with the rise in the number of geriatric populations globally suffering from chronic disorders, has led to a significant rise in the demand for medical imaging equipment including ultrasound probes. Moreover, over the past decade, applications of ultrasound technology have expanded to clinical specialties such as surgery, gastroenterology, and musculoskeletal. Earlier, these applications were limited to radiology, cardiology, obesity, and gynecology. Hence, recent developments and the launch of several products in the point-of-care (POC) segment and handheld systems have expanded the usage of these imaging devices in primary care, anesthesia, emergency medicine, and critical care applications.
Ultrasound Probe Market Restraining Factors:
High cost of advanced ultrasound probe
Owing to the high cost, most hospitals in developing countries cannot afford automated ultrasound probe. In developing countries, the use of automated reprocessors and consumables such as wipes and liquids are not in use at a larger scale because of the high cost. Radiologists in developing countries are of the opinion that the use of these consumables adds to the costs of imaging centers, and hence they prefer using cheaper options such as probe covers. Lack of strict regulations for the use of disinfectants before procedures and low awareness of infections caused by infected probes among radiologists and patients are also restraining the adoption of correct disinfection procedures in countries, for example, India, Brazil, Mexico, and China. The added cost of storage cabinets and maintenance is another major factor limiting the adoption of automated probe among end users with limited budgets.
Ultrasound Probe Market Opportunity:
Increasing birth rates/ number of pregnancies provides growth opportunities
An obstetrical ultrasound is a routine procedure that is performed throughout pregnancy for evaluating the health and development of the fetus through ultrasound images. The increasing number of childbirths and pregnancies across the world is expected to increase the adoption of ultrasound technology for OB/GYN imaging and neonatal care. India and China, in particular, are projected to witness a considerable increase in the number of childbirths in the upcoming years. These countries accounted for the highest number of preterm childbirths, with 20.0 million and 12.0 million births, respectively, in 2020. Preterm births have a significantly higher requirement for ultrasound procedures as compared to normal births owing to the OB/GYN complications associated with these pregnancies. Similarly, the high number of births (pregnancies) and newer applications of ultrasound in obstetrics (such as detection of fetal cardiac pulsations and pulsations in various fetal blood vessels) are expected to offer significant growth opportunities for ultrasound probe manufacturers across the world.
Ultrasound Probe Market Challenge:
Lack of knowledge about probe reprocessing
Disinfection of ultrasound probes is a critical step in reprocessing, as the usage of contaminated probes can lead to fatal patient infections or instrument malfunctions. As stated by the Joint Commission’s survey, hospital-acquired infections caused owing to blood-borne pathogens or bacterial agents in patients are increasing owing to a dearth of knowledge among healthcare providers about probe reprocessing. Non-compliance with evidence-based guidelines and manufacturers’ instructions for use (IFU) has resulted in the augmented risk of infections and outbreaks. Reprocessing of ultrasound probes is a complex job, and high-level disinfection after every usage requires skilled personnel. Therefore, several hospitals recruit certified sterile processing staff. Written and up-to-date policies and procedures must be available on site for training/monitoring the staff responsible for device reprocessing. Dearth of knowledge in probe reprocessing and low awareness about the importance of thorough cleaning of all transducers affects ultrasound probe market growth.
Based on the Product Type, the Ultrasound Probes Market is primarily split into Wireless Ultrasound Probe and Wired Ultrasound Probe. The CAGR is based on the value of Ultrasound Probes for each type and the overall market.
Based on the application, the Ultrasound Probes market is segmented into several major parts, like Abdominal, Vascular, Gynecology, Urinary, Cardiology, and Others. The CAGR is based on the value of Ultrasound Probes for each application and the overall ultrasound probe market.
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Based on geography, the ultrasound probe market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. North America was the largest region in the Ultrasound Probes market in 2022.The North America Ultrasound Probes market size was valued at USD 1626.57 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 3.30 % from 2021to 2028. Europe was the second-largest region in the global Ultrasound Probes market during the forecast period. The Europe Ultrasound Probes market size was valued at USD 834.67 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.20% from 2021to 2028.
This market is highly fragmented with the presence of various players local and regional players operating in the ultrasound probe industry. Major players include Agency are GE, BK Ultrasound, Hitachi, Vermon, Mindray, Philips, Siemens, SonoSite, Toshiba, Esaote, Samsung Medison, Analogic, Terason, ALPINION, SonoScape, SIUI, LANDWIND MEDICAL, among others. These players adopted merger and acquisition, product launch, collaboration, and expansion to increase market share.
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This report forecasts revenue growth at regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018-2030. For the purpose of this study, Research Layer has segmented the global clinical trial equipment & ancillary solutions market based on product, phase, and region:
Report Scope
As per Research Layer the global Ultra Sound Probe Market size was 3733.61 US Dollars in 2022 to 4570.64 US Dollars by 2028. The market is expected to grow CAGR of 3.34% during forecast period.
Asia Pacific holds the Largest market share in regional segment.
Top players in the Global Ultrasound Probe Market are GE, Ultrasound, Hitachi, Vermon, Mindray, Philips, Siemens, SonoSite, Toshiba, Esaote, Samsung Medison, Analogic, Terason, ALPINION, SonoScape, SIUI, LANDWIND MEDICAL
By Type, Application and Region segments are covered in Global Ultrasound Probe Market Report.
Report Code :
RL656
Published on :
Aug 2022
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