Prostate gland is a reproductive organ in the male body which secrets prostate fluid (main component of semen). It is located directly in front of the rectal wall and encompasses the urethra just underneath the bladder. Transrectal ultrasound (TRUS) is a diagnostic method, which uses ultrasound to depict an image of prostate gland and surrounding tissues. In this method, the medical staff inserts an ultrasound probe in the patient’s rectum. The ultrasound probe transmits and receives ultrasound signals and TRUS creates an image of the prostate gland and neighboring tissue. TRUS is generally performed to determine benign prostatic hyperplasia (enlarged prostate gland) in a patient. Additionally, physicians can recommend TRUS when the digital rectal examination is not adequate to identify the abnormality in the prostate gland.
The global transrectal ultrasound device market is driven by rise in cases of benign prostatic hyperplasia and other urological abnormalities, increase in cases of prostate cancer, diagnostic & treatment rates of urological abnormalities, health care infrastructure, and product availability. However, the stringent health care regulatory landscape and product recalls are projected to restrain the global market in the upcoming future. Increase in R&D investment by the major players and technological advancements are anticipated to propel the global transrectal ultrasound device market during the forecast period.
In terms of product type, the global transrectal ultrasound device market can be categorized into TRUS device and accessories. The TRUS device segment held the largest market share in 2017. The segment is anticipated to expand at a significant CAGR during the forecast period. The accessories segment includes mobile stepper systems and navigation sensors. Based on technology, the global market can be classified into 2D technology, 3D technology, and others. The others segment includes combination of 3D and real-time imaging. The 2D technology segment held significant market share in 2017. The 3D technology segment is anticipated to expand at the faster CAGR during the forecast period. The global transrectal ultrasound device market can be segmented into hospitals, ambulatory surgery centers, diagnostic centers, and others. The hospitals segment accounted for the largest market share in 2017. The ambulatory surgery centers segment is likely to expand at a faster CAGR from 2018 to 2026.
Geographically, the global transrectal ultrasound device market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held significant share of the global market in 2017 owing to high prevalence of urological diseases, high diagnostic and treatment rates of benign prostatic hyperplasia, availability of products, and robust health care infrastructure. Germany, France, and the U.K. held major shares of the transrectal ultrasound device market in Europe in 2017. The market in Italy and Spain is expected to witness strong growth during the forecast period. Highly developed health care industry, prominent research and development infrastructure, availability of transrectal ultrasound products, presence of major players, and contribution of small companies are attributed to high market share of Germany, France, and the U.K. in 2017. Developing health care infrastructure and technological advancements are likely to propel the transrectal ultrasound device market in Italy and Spain in the next few years.
China and Japan held significant shares of the transrectal ultrasound device market in Asia Pacific in 2017. The transrectal ultrasound device market in India is estimated to expand at a high CAGR in the near future, due to the emerging health care industry and presence of well-established domestic players. Underdeveloped health care industry is likely to hamper the growth of the transrectal ultrasound device market in Latin America and Middle East & Africa during the forecast period.
Key players in the global transrectal ultrasound device market are Invivo Corporation, BK Medical Holding Company, Inc., ECHO-SON S.A., SonaCare Medical, LLC, and Innomedicus, among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.