PUBLISHER: The Business Research Company | PRODUCT CODE: 1486813
PUBLISHER: The Business Research Company | PRODUCT CODE: 1486813
An ultrasound transducer is a device used in ultrasound imaging to emit sound waves and receive the echoes reflected back from internal structures of the body. It typically consists of one or more piezoelectric crystals that convert electrical energy into mechanical vibrations (sound waves) and vice versa.
The ultrasound transducer market consists of sales, by entities (organizations, sole traders and partnerships), of ultrasound transducer devices that are used to emit and receive ultrasound waves for medical imaging purposes.
The global ultrasound transducer market was valued at $3,753.8 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Favorable Regulatory Policies And Incentives
Favorable regulatory policies and incentives for medical imaging devices drove the growth of the ultrasound transducer market in the historic period. Ultrasound transducers were able to enter the market more quickly when regulatory bodies shortened the approval procedures for medical imaging devices. Lower regulatory barriers allowed producers to launch new goods faster, increasing ultrasound technology's accessibility and availability. More ultrasound scans may be carried out as a result of these initiatives since they increase access to and affordability of ultrasonography. For instance, in China, in September 2022, the State Council introduced a loan incentive policy amounting to CNY1.70 trillion ($246.40 billion) as part of its economic stimulus plan. The initiative aims to enhance and modernize equipment across public buildings, universities and medical institutions. Approximately CNY 200 billion ($29 billion) of this allocation is specifically designated for medical facilities. Chinese hospitals are incentivized to upgrade their medical equipment through discounted loans, offering an exceptionally low interest rate of 0.7% over two years. Additionally, in 2020, the Government of India launched the Production Linked Incentive (PLI) Scheme for the Promotion of Domestic Manufacturing of Medical Devices with a total financial outlay of INR 34.2 billion ($455.2 million) for the period 2020-2021 to 2027-2028 to increase domestic manufacturing and attract significant investment in the medical device sector. Therefore, favorable regulatory policies and incentives drove the growth of the ultrasound transducer market.
Innovative Product Developments In Ultrasound Systems
Companies in the ultrasound transducer market are focusing on new developments in ultrasound systems to develop new products. For instance, in April 2024, GE HealthCare Technologies, Inc., a US-based medical technology manufacturing company, launched its latest LOGIQ ultrasound portfolio, featuring the groundbreaking LOGIQ Totus, at the European Congress of Radiology in Vienna. The advanced lineup boasts innovative features and AI tools aimed at enhancing precision care, offering easy imaging, streamlined workflow and Verisound digital solutions encompassing reporting, fleet management, AI integration and collaborative tools to meet the evolving demands of healthcare providers. Additionally, in November 2023, Samsung Group, a South Korea-based multinational manufacturing company offering digital radiography and ultrasound systems through Boston Imaging, launched V6, its newest ultrasound system that offers imaging capabilities in 2D, 3D and color image quality. The V6 ultrasonography is designed with urology and women's health in mind. The miniER7 endocavity transducer from V6 offers a frequency range of 2-12 MHz and a 180° field of view for wide-angle imaging. To make documentation easier, its artificial intelligence (AI) function, ViewAssist, can identify image planes and label anatomy.
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.
Ultrasound Transducer Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global ultrasound transducer market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for ultrasound transducer? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The ultrasound transducer market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider ultrasound transducer market; and compares it with other markets.