Transrectal Ultrasound Market to Reach $313.8 Million, Globally, by 2031 at 4.2% CAGR: Allied Market Research

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Oct 17, 2022, 09:30 ET

Increase in prevalence of prostate cancer, rise in adoption of imaging systems in the healthcare facility, introduction of technologically advanced systems, and high diagnostic rates of benign prostatic hyperplasia drive the global transrectal ultrasound market.

PORTLAND, Ore., Oct. 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Transrectal Ultrasound Market by Product (System, Transducer), by Type (Trolley or Cart-based, Handheld or Portable), by End User (Hospitals, Diagnostic Laboratories, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global transrectal ultrasound industry generated $207.5 million in 2021, and is estimated to reach $313.8 million by 2031, witnessing a CAGR of 4.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers and Opportunities

Increase in prevalence of prostate cancer, rise in adoption of imaging systems in the healthcare facility, introduction of new and technologically advanced systems in the market, high diagnostic rates of benign prostatic hyperplasia, rise in prevalence of urological disorders, and surge in demand for transrectal ultrasound procedures in Europe drive the growth of the global transrectal ultrasound market. However, dearth of skilled and experienced sonographers, high price of sophisticated ultrasound devices, and unfavorable reimbursement for ultrasound procedure hamper the market growth. On the other hand, increase in prevalence of benign prostatic hyperplasia, rise in healthcare facilities in the developing countries, and increase in research & development activities for developing innovative and advanced systems by key players present new opportunities for the market in the coming years.

Covid-19 Scenario

The COVID-19 pandemic resulted in a significant decline in demand for transrectal ultrasound across the healthcare sector, as patients getting screening tests from hospitals were at risk of getting the infection.
The pandemic led to strict social distancing rules and visits to hospitals only for emergency needs, resulting in a reduced demand for transrectal ultrasound systems.
However, the market is expected to witness recovery in the forecast period and show stable growth for transrectal ultrasound in the coming future.

The system segment to rule the roost during the forecast period

Based on product, the system segment was the largest market in 2021, contributing to more than three-fifths of the global transrectal ultrasound market, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 4.4% from 2022 to 2031. The growth of the segment is owed to the increase in adoption of transrectal ultrasound system for diagnosis of rectal abnormalities.

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The trolley or cart-based segment to maintain its dominance during the forecast period

Based on type, the trolley or cart-based segment held the largest market share of nearly three-fourths of the global transrectal ultrasound market in 2021, and is expected to maintain its dominance during the forecast period, owing to more accurate diagnostic capabilities of these devices. However, the handheld or portable segment is projected to witness the largest CAGR of 4.9% from 2022 to 2031, owing to the rise in demand for handheld ultrasound devices due to the shifting trend of remote patient monitoring. In addition, the handheld devices provide superior quality of images.

The diagnostic laboratories segment to maintain its dominance during the forecast period

Based on end user, the diagnostic laboratories segment held the largest market share of more than half of the global transrectal ultrasound market in 2021, and is expected to maintain its dominance during the forecast period, owing to the increase in number of diagnostic laboratories and rise in number of patients undergoing diagnosis for prostate cancer in these laboratories. However, the hospitals segment is projected to witness the highest CAGR of 4.9% from 2022 to 2031, owing to the increase in adoption of ultrasound imaging systems in hospital facilities.

North America to maintain its dominance by 2031

Based on region, North America was the largest market in 2021, capturing around one-third of the global transrectal ultrasound market, and is expected to lead the trail during the forecast period, owing to the adoption of advanced transrectal ultrasound devices in all healthcare systems and strong presence of key players in this region. However, the Asia-Pacific market is projected to manifest the fastest CAGR of 4.9% during the forecast period, owing to the rapidly developing hospital infrastructure and rise in healthcare spending in countries such as Japan, China, and India.

Leading Market Players

Echo-Son SA
Esaote SpA
Exact Imaging
Fujifilm Holdings Corporation
General Electric Company(GE Healthcare)
KOELIS
Koninklijke Philips N.V.
Siemens Healthineers AG
Sonablate Corp
ThePrometheus Group

The report analyzes these key players of the global transrectal ultrasound market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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