Ultrasound Probe Market: Overview
Ultrasound probes are designed to produce high frequency sound waves within the body tissues that in turn produce echoes. Demand for these devices is high among healthcare practitioners in hospitals, clinics, diagnostic centers, and other healthcare facilities.
Ultrasound Probe Market: Key Trends
The global ultrasound probe market is primarily driven by increase in the number of ultrasound procedures, rise in prevalence of chronic conditions, and technological advancements. Additionally, growth of the fertility treatment market is projected to augment the global market during the forecast period. Increase in incidence of various disorders such as cardiovascular diseases and respiratory and abdominal disorders propel demand for ultrasound diagnosis, which in turn is anticipated to boost demand for ultrasound probes. According to World Health Organization (WHO) estimates, cardiovascular diseases (CVD) account for 9.4 million deaths globally each year. The number is likely to increase to 23.3 million by 2030. Hence, demand for ultrasound devices to diagnose various CVDs is increasing due to improving image production quality. Rise in the number of patients suffering from pulmonary artery related disorders is also expected to propel demand for ultrasound devices for lung imaging. Surge in the population suffering from TB is likely to boost demand for ultrasound imaging, thereby increasing the usage of ultrasound probes primarily in low and middle income countries such as India, China, and Africa.
Increase in rate of abnormalities in fetuses due to pregnancy at a late age is projected to drive demand for ultrasound diagnosis. Ultrasound devices are used extensively for obstetrics imaging due to absence of harmful radiation. According to the March of Dimes Foundation, nearly one in every 150 newborn babies suffers from chromosomal abnormalities. Hence, fetus diagnostics is essential to treat chromosomal abnormalities at an early stage of pregnancy. Rise in incidence rate of such abnormalities increases demand for ultrasound imaging, and in turn usage of ultrasound probes. However, lack of awareness about ultrasound probe, high cost, and limited availability are expected to restrain the global ultrasound probe market in the next few years. Government funding in emerging markets are expected to provide new opportunities in the market during the analysis period.
Ultrasound Probe Market: Segmentation
The global ultrasound probe market can be segmented based on type, application, end-user, and region. In terms of type, the ultrasound probe market can be bifurcated into linear type, convex type, phased array type, endocavitary type, and others. Based on application, the market is segmented as OB-Gyn, urology, vascular & nervous system, renal / digestive, musculoskeletal, and others. Based on end-user, the global ultrasound probe market can be divided into hospitals, clinics, diagnostic centers, ambulatory surgical centers, and others.
Ultrasound Probe Market: Regional Analysis
In terms of region, the global ultrasound probe market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America led the global market in 2017 owing to a -developed healthcare system. Europe was the second largest market in 2017. The market in the region is projected to be driven by rise in demand from ambulatory care centers. Asia Pacific held the third largest market share in 2017. This is attributed to technological advancements in healthcare, rise in population, increase in geriatric population, and surge in the number of ultrasound diagnostic procedures performed every year, especially in China and India.
Ultrasound Probe Market: Competitive Landscape
Key players operating in the global ultrasound probe market include GE Healthcare, Koninklijke Philips N.V., Siemens AG, Fujifilm Holdings Corporation, Samsung Medison, Hitachi, Ltd., Esaote SpA, Mindray, Shenzhen Ruqi Technology Co., Ltd., and SonoScape Medical Corp.
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.