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Meticulous Research® Illuminates Insights with its Latest Report on Ultrasound Transducers Market
Ultrasound Transducers Market
Key Players Shaping the Landscape
Leading the charge in the ultrasound transducers market are industry stalwarts including GE Healthcare (U.S.), Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), and others. These key players play a pivotal role in shaping the competitive landscape and driving innovation in ultrasound technology.
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Geographic Insights
The report provides a comprehensive analysis of major geographies including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is poised to dominate the ultrasound transducers market, followed by Europe and Asia-Pacific, owing to factors such as high demand for minimally invasive surgery, a prevalence of chronic disorders, and technological advancements.
Unveiling Market Projections
According to the latest publication from Meticulous Research®, the ultrasound transducers market is poised to soar to $5.5 billion by 2030, with a compelling CAGR of 5.4% from 2023 to 2030. This growth trajectory is attributed to several factors including the escalating prevalence of cardiovascular and abdominal disorders, continuous technological advancements in ultrasound, a surge in orthopedic injuries and musculoskeletal disorders, the burgeoning geriatric population, and the proliferation of hospitals. Additionally, the advent of point-of-care ultrasound (POC) devices and the burgeoning economies present significant growth avenues for market players.
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Navigating the Impact of COVID-19
During the COVID-19 pandemic, imaging procedures emerged as an essential component of patient care. Notably, lung ultrasound (LUS) emerged as a pivotal tool for assessing COVID-19 patients, aiding in bedside examinations in healthcare settings. Despite challenges posed by contamination concerns, the adoption of wireless ultrasound probes and portable consoles facilitated safe examinations. Furthermore, advancements in computer vision software and telemedicine have paved the way for optimizing lung ultrasound diagnostics within and beyond the pandemic. While the global focus on combating COVID-19 led to a temporary decline in ultrasound procedures for non-COVID applications, the post-pandemic resurgence in demand has seen a return to pre-pandemic levels of utilization.
Market Segmentation Insights
The ultrasound transducers market is segmented by Product (Convex, Linear, Endocavitary, Phased Array, CW Doppler, Others), Application (Diagnostic [Cardiovascular, General Imaging, Orthopedic & Musculoskeletal, Obstetrics & Gynecology (OB-GYN), Other Applications] and Therapeutic), End User (Hospitals & Clinics, Diagnostic Imaging Centers, Ambulatory Surgical Centers, Other End Users), and Geography.
Increasing Geriatric Population Coupled With Chronic Illnesses Drives the Demand for Ultrasound Procedures
According to the World Population Ageing 2020 report released by the Department of Economic and Social Affairs, United Nations, globally, there were 727 million people aged 65 or above in 2020. It is estimated that by 2050 this number will reach 1.5 billion.
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The aging population and changes in social behavior are major factors driving a steady increase in the number of people suffering from chronic diseases, increasing the demand for ultrasound as a standard part of the assessment procedure for the elderly population. The ultrasound modality can be used for assessing various disorders in the elderly population, such as pericardial effusions, pulmonary symptoms or infection, pleural sealing, aortic aneurysms, urinary tract obstructions and gallstones, as well as the investigation of the vessels of the neck and lower limbs, and infectious pathologies of the digestive tract among others.
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