The Global Ultrasound Transducer Market size is expected to reach $4.9 billion by 2030, rising at a market growth of 3.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,933.9 thousand units, experiencing a growth of 4.0% (2019-2022).
The demand for routine diagnostic imaging remains steady due to its essential role in healthcare. Consequently, the General Imaging segment registered a $1,329.6 million revenue in the market in 2022. General imaging transducers are ideal for routine diagnostic examinations. They are commonly used for general health assessments, such as evaluating abdominal organs, assessing the female reproductive system, and monitoring the progression of pregnancies. They are used to detect conditions like breast cancer, prostate cancer, and thyroid disorders early. The increasing emphasis on preventative healthcare drives the demand for these transducers. Therefore, the general imaging segment has the potential for high growth in the future.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance In July, 2022, GE HealthCare Technologies, Inc. released Voluson Expert 22, the most advanced ultrasound yet. The launched product would produce the best quality images and would provide greater flexibility in imaging functions. Additionally, In September, 2022, FUJIFILM Sonosite Inc. launched Sonosite LX system in several European countries, to support clinicians in using transoesophageal ultrasound at the point of care, both of which are created to be used with the Sonosite LX and Sonosite PX.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include GE HealthCare Technologies, Inc., Siemens Healthineers AG (Siemens AG), FUJIFILM Sonosite, Inc. (Fujifilm Holdings Corporation), Canon, Inc. (Canon Medical Systems Corporation), Hitachi, Ltd. (Hitachi Healthcare), SonoScape Medical Corp., Koninklijke Philips N.V., Samsung Electronics Co., Ltd. (Samsung Group) (Samsung Medison Co., Ltd.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and Esaote SpA.
The demand for routine diagnostic imaging remains steady due to its essential role in healthcare. Consequently, the General Imaging segment registered a $1,329.6 million revenue in the market in 2022. General imaging transducers are ideal for routine diagnostic examinations. They are commonly used for general health assessments, such as evaluating abdominal organs, assessing the female reproductive system, and monitoring the progression of pregnancies. They are used to detect conditions like breast cancer, prostate cancer, and thyroid disorders early. The increasing emphasis on preventative healthcare drives the demand for these transducers. Therefore, the general imaging segment has the potential for high growth in the future.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance In July, 2022, GE HealthCare Technologies, Inc. released Voluson Expert 22, the most advanced ultrasound yet. The launched product would produce the best quality images and would provide greater flexibility in imaging functions. Additionally, In September, 2022, FUJIFILM Sonosite Inc. launched Sonosite LX system in several European countries, to support clinicians in using transoesophageal ultrasound at the point of care, both of which are created to be used with the Sonosite LX and Sonosite PX.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal Matrix; Samsung Electronics Co., Ltd. (Samsung Group) (Samsung Medison Co., Ltd.) is the major forerunner in the Market. In October, 2020, Samsung Medison launched a new ultrasound system HERA W10 and prototype of a chair-type ultrasound system HERA I10, to deliver improved technology and offerings with a new level of image quality. Companies such as GE HealthCare Technologies, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and Hitachi, Ltd. (Hitachi Healthcare) are some of the key innovators in Market.COVID-19 Impact Analysis
Ultrasound transducers were crucial in critical care settings during the pandemic, especially in assessing COVID-19 patients. Bedside ultrasound (point-of-care ultrasound or POCUS) was widely used to monitor lung conditions, cardiac function, and vascular access in COVID-19 patients in intensive care units (ICUs) and emergency departments. The pandemic accelerated the adoption of point-of-care ultrasound (POCUS) as a valuable tool for rapid diagnostics and patient management. Healthcare providers turned to handheld ultrasound devices, including high-powered, single-use transducers, to minimize exposure and enhance patient care. Healthcare systems and facilities emphasize having readily available, portable, and versatile imaging tools like ultrasound transducers to respond to future health emergencies. In conclusion, the COVID-19 pandemic had short-term disruptions and long-term transformative effects on the market.Market Growth Factors
Advanced medical equipment investment
Increased healthcare spending is a significant driver behind the growing demand for ultrasound transducers. Healthcare spending encompasses investments made by governments, healthcare institutions, insurers, and individuals to provide and access healthcare services. Higher healthcare spending allows healthcare institutions and facilities to allocate budgets for procuring advanced medical equipment, including ultrasound machines and transducers. These investments aim to modernize healthcare infrastructure and improve the quality of care provided. Increased healthcare spending is directed toward maternal and child healthcare services, where ultrasound is a fundamental tool for prenatal care, monitoring fetal development, and assessing maternal health. This focus on women's and children's health will drive demand.Growing awareness of ultrasound imaging
The growing awareness of the benefits of ultrasound imaging has led to more frequent and diverse clinical applications of ultrasound and has also played a pivotal role in shaping patient care and medical decision-making. Non-invasiveness and safety are two key attributes that make ultrasound transducers a preferred diagnostic tool in healthcare. These qualities contribute to the widespread adoption and patient acceptance of ultrasound imaging. Ultrasound imaging is entirely non-invasive, meaning it does not require the insertion of instruments or the use of ionizing radiation. This non-invasive nature eliminates the need for surgical incisions, reducing the associated risks and complications. Ultrasound does not require using contrast agents that can trigger allergic reactions in some individuals. This enhances safety, especially for patients with known allergies to contrast materials. All these will significantly drive the expansion of market in the coming years.Market Restraining Factors
High upfront costs associated with advanced transducers
Developing regions often have limited financial resources and lower per capita income than developed countries. High upfront costs for advanced ultrasound equipment can strain healthcare budgets and make it difficult for healthcare institutions to invest in such technology. Healthcare infrastructure in developing regions may be underdeveloped or inadequately equipped. Allocating a significant part of the budget to expensive imaging equipment may be seen as a trade-off against other pressing healthcare priorities. Developing regions may have concerns about the long-term sustainability of expensive equipment, including the availability of spare parts and technical support, which can create reluctance to invest in advanced technology with high upfront costs. These elements will make it difficult for the ultrasonic transducer market to expand in the coming years.Product Type Outlook
Based on product type, the market is divided into linear, convex, phased array, endocavitary, CW doppler, and others. The phased array segment procured a noticeable revenue share in the market in 2022. Phased array transducers are essential in cardiac imaging, particularly for echocardiography. Their ability to electronically steer the ultrasound beam allows for precise visualization of cardiac structures and real-time assessment of heart function. With the growing incidences of cardiovascular diseases (CVD), the demand for cardiac ultrasound has grown significantly. Vascular ultrasound relies on phased array transducers to visualize blood vessels, including arteries and veins.End Use Outlook
By end use, the market is segmented into hospital, clinics, diagnostic center, and ambulatory surgery centers (ASCs). In 2022, the clinic segment acquired a substantial revenue share in the market. Clinics emphasize preventive medicine and health screenings. Ultrasound transducers play a vital role in preventative care by enabling screenings for conditions like breast cancer, thyroid disorders, and abdominal issues, allowing for early detection and intervention. Clinicians in outpatient settings increasingly adopt point-of-care ultrasound (POCUS) to enhance patient care.Application Outlook
On the basis of application, the market is segmented into cardiovascular, general imaging, musculoskeletal, OB/GYN, vascular, and others. The OB/GYN segment acquired a significant revenue share in the market in 2022. OB/GYN ultrasound transducers are instrumental in prenatal care, allowing healthcare providers to monitor fetal development throughout pregnancy. They assess fetal growth, detect anomalies, determine the baby's position, and evaluate the placenta. Expectant parents rely on ultrasound scans for visualizing and bonding with their unborn child. As maternal age at childbirth increases, the risk of certain complications also rises. High-risk pregnancies often require more frequent and advanced prenatal monitoring, including ultrasound examinations.Regional Outlook
Based on region, the market is divided into North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the highest revenue share in the market in 2022. North America boasts advanced healthcare infrastructure, including state-of-the-art medical facilities, hospitals, clinics, and diagnostic centers. This infrastructure creates a robust demand for advanced medical technologies like ultrasound transducers to support high-quality patient care. The region has a relatively high prevalence of chronic diseases, such as cardiovascular conditions, diabetes mellitus, and obesity. Ultrasound transducers are essential for diagnosing, monitoring, and managing these chronic illnesses, contributing to their growing demand. All these factors will assist in expanding the North America segment in the future.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include GE HealthCare Technologies, Inc., Siemens Healthineers AG (Siemens AG), FUJIFILM Sonosite, Inc. (Fujifilm Holdings Corporation), Canon, Inc. (Canon Medical Systems Corporation), Hitachi, Ltd. (Hitachi Healthcare), SonoScape Medical Corp., Koninklijke Philips N.V., Samsung Electronics Co., Ltd. (Samsung Group) (Samsung Medison Co., Ltd.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and Esaote SpA.
Strategies deployed in the Market
» Partnerships, Collaborations, and Agreements:
- Sep-2021: GE Healthcare joined hands with UltraSight, a digital health pioneer transforming cardiac imaging through the power of AI. The images of an astronaut's heart in microgravity would be captured using the real-time AI guidance software of UltraSight and the portable GE Vscan AirTM, a high-performance, wireless pocket-sized color ultrasound from GE Healthcare.
- Jan-2021: Hitachi entered into an agreement with Olympus Corporation, a manufacturer of optics and reprography products. With this agreement, the company aimed to offer better diagnostic and treatment to patients and healthcare professionals.
» Product Launches and Product Expansions:
- Jan-2023: FUJIFILM Sonosite, Inc. revealed the Sonosite PX ultrasound system. The newest version of Sonosite POCUS, called Sonosite PX, offers the highest level of visual quality ever seen in a Sonosite system, as well as a number of features that help with workflow efficiency and a flexible form factor. The device offers a novel and adjustable work surface that can be employed in a horizontal or vertical position depending on the situational needs of the exam in order to increase clinician ergonomics and productivity.
- Nov-2022: Philips released the compact 5000 series, a new compact ultrasound system. The Compact 5000 series make it easier for more patients to have their ultrasound exams done correctly the first time around because of its portability and versatility without sacrificing image quality or performance.
- Sep-2022: FUJIFILM Sonosite Inc. launched Sonosite LX system in several European countries. Following this launch, the company also released T8-3 transoesophageal transducer and Cardiac Resuscitation exam type to support clinicians in using transoesophageal ultrasound at the point of care, both of which are created to be used with the Sonosite LX and Sonosite PX.
- Jul-2022: GE HealthCare Technologies, Inc. released Voluson Expert 22, the most advanced ultrasound yet. The launched product would produce the best quality images and would provide greater flexibility in imaging functions.
- Jun-2022: Mindray unveiled TEX20 Series, best-in-class Point of Care ultrasound system. With its patient-centred information solution, extraordinary image clarity, clinically oriented workflow, smart tools, and intelligent design, this ground-breaking point of care system, the TEX20 Series, dramatically alters the conventional perspective of POC ultrasonography from its predecessors. It offers all the details needed to make decisions for follow-up and quality control.
- May-2021: Esaote launched the new MyLab X9 ultrasound system. This system provides the top level of image quality and data processing capability, utilizing the new technological solutions to explore the latest frontiers of ultrasound imaging.
- Mar-2021: GE Healthcare today unveiled Venue Fit, a streamlined and compact POCUS system, alongside an industry-first AI offering for cardiac imaging. The Venue Fit is the smallest system in the Venue Family from GE Healthcare, with a tiny footprint designed to fit in confined places, an easy-to-clean touchscreen, and straightforward scanning tools. The new Venue Fit ultrasound device enables healthcare professionals who work in constrained areas to get immediate imaging insights.
- Mar-2021: GE Healthcare released Vscan Air, hand-held ultrasound device. The new product is completely wireless, links to a smartphone app, and enables patients to safely access the images. Trained healthcare professionals can use the gadget to immediately test blood flow, and gallbladder illness, and analyze and monitor Covid-19 through a lung exam.
» Acquisitions and Mergers:
- Jul-2023: Shenzhen Mindray Bio-Medical Electronics Co., Ltd. announced an agreement to acquire a 75% equity interest in DiaSys Diagnostic Systems GmbH. Through this acquisition, Mindray would significantly strengthen its international supply chain infrastructure and assist the expansion of our IVD business into medium- to large-sized customer sectors. Both companies will work together to realize synergies and increase value for our customers.
- Sep-2021: GE Healthcare completed the acquisition of BK Medical, a company that offers ultrasound technology. The acquisition would help GE Healthcare expand its ultrasound offerings into surgical visualization and fuel the growth in precision health.
Scope of the Study
Market Segments Covered in the Report:
By Product Type (Volume, Thousand Units, USD Million, 2019-2030)- Convex
- Linear
- Phased Array
- Endocavitary
- CW Doppler
- Others
- Hospital
- Clinic
- Diagnostic Center
- ASCs
- General Imaging
- Cardiovascular
- Musculoskeletal
- Vascular
- OB/GYN
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- GE HealthCare Technologies, Inc.
- Siemens Healthineers AG (Siemens AG)
- FUJIFILM Sonosite, Inc. (Fujifilm Holdings Corporation)
- Canon, Inc. (Canon Medical Systems Corporation)
- Hitachi, Ltd. (Hitachi Healthcare)
- SonoScape Medical Corp.
- Koninklijke Philips N.V.
- Samsung Electronics Co., Ltd. (Samsung Group) (Samsung Medison Co., Ltd.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Esaote SpA
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Ultrasound Transducer Market by Product Type
Chapter 6. Global Ultrasound Transducer Market by End Use
Chapter 7. Global Ultrasound Transducer Market by Application
Chapter 8. Global Ultrasound Transducer Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- GE HealthCare Technologies, Inc.
- Siemens Healthineers AG (Siemens AG)
- FUJIFILM Sonosite, Inc. (Fujifilm Holdings Corporation)
- Canon, Inc. (Canon Medical Systems Corporation)
- Hitachi, Ltd. (Hitachi Healthcare)
- SonoScape Medical Corp.
- Koninklijke Philips N.V.
- Samsung Electronics Co., Ltd. (Samsung Group) (Samsung Medison Co., Ltd.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Esaote SpA
Methodology
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