Ultrasound Probes Market to reach US$ 4.6 billion by 2031, growing at a CAGR of 3.9% from 2023-2031: TMR Report

Wilmington, Delaware, United States, July 24, 2023 (GLOBE NEWSWIRE) — The global ultrasound probes market is estimated to flourish at a CAGR of 3.9% from 2023 to 2031. According to Transparency Market Research, sales of ultrasound probes are slated to total US$ 4.6 billion by 2031.

Advancements in technology have led to the development of smaller and more portable ultrasound probes. These compact probes offer enhanced mobility and ease of use, opening up opportunities for point-of-care applications and remote medical services in underserved areas.

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Ultrasound probes with wireless connectivity capabilities enable seamless data transfer to cloud-based platforms. This integration facilitates real-time collaboration among healthcare professionals, remote consultations, and data storage, leading to better patient management. Artificial Intelligence (AI) and Machine Learning algorithms are being integrated into ultrasound devices, enabling automated image analysis, faster diagnosis, and improved accuracy. This amalgamation creates opportunities for more efficient workflows and better clinical outcomes.

Traditional 2D imaging is evolving into 3D and 4D ultrasound technologies, offering enhanced visualization and improved understanding of anatomical structures. These capabilities are finding applications in obstetrics, cardiology, and other specialty areas, unlocking new diagnostic possibilities. Elastography, a technique that measures tissue elasticity, and contrast-enhanced imaging, which highlights blood flow, are gaining momentum. These cutting-edge techniques provide valuable information about tissue characteristics, aiding in the detection and characterization of various diseases.

Key Findings of the Market Report

• In 2022, the worldwide ultrasound probes sector achieved a valuation of approximately US$ 3.3 billion.
• In 2023, the global market for ultrasound probes is anticipated to reach a valuation of US$ 3.5 billion.
• Products & Accessories dominate the ultrasound probes market, driving revenue and growth with cutting-edge hardware advancements and innovations.
• Among the various types in the ultrasound probes market, the dominating type is the Convex Probe.
• Musculoskeletal application dominates the ultrasound probes market, benefiting from its diagnostic versatility and expanding use in various specialties.

Ultrasound Probes Market Growth Drivers & Trends

• Specialized ultrasound probes tailored for pediatric imaging are emerging, designed to provide high-resolution imaging for small patients. This niche market addresses the unique needs of pediatric healthcare, creating opportunities for improved pediatric diagnoses and treatment.
• Holographic technology is being explored to generate three-dimensional ultrasound images, allowing for an immersive and interactive visualization experience. This groundbreaking trend holds promise for surgical planning, medical education, and enhanced patient communication.
• Advanced sensor technology integrated into ultrasound probes enhances image quality and diagnostic accuracy. The incorporation of smart sensors and adaptive beamforming techniques improves signal reception, expanding diagnostic capabilities and clinical utility.

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Global Ultrasound Probes Market: Regional Profile

• North America leads the ultrasound probes market with its advanced healthcare infrastructure and high adoption of cutting-edge medical technologies. The region is characterized by significant investments in research and development, robust reimbursement policies, and a large presence of key market players.
• Europe follows closely, driven by rising healthcare expenditure, favorable government initiatives, and a growing geriatric population. The region boasts well-established healthcare systems and a strong emphasis on early disease detection and prevention.
• Asia Pacific exhibits immense growth potential, fueled by increasing healthcare investments, expanding patient population, and rising awareness about the benefits of ultrasound technology. The region’s emerging economies, such as China and India, are witnessing rapid market growth, driven by improving healthcare infrastructure and a surge in demand for advanced diagnostic solutions.

Ultrasound Probes Market: Competitive Landscape
The ultrasound probes market is highly competitive, with key players constantly innovating to expand their product portfolios and gain a competitive edge. Some prominent manufacturers are as follows:

• GE Healthcare
• Philips Healthcare
• Siemens Healthineers
• Canon Medical Systems
• Fujifilm Holdings Corporation
• Hitachi Medical Systems
• Samsung Medison Co., Ltd.
• Mindray Medical International Limited
• Analogic Corporation
• Esaote SpA
• Terason Corporation
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• SonoScape Medical Corporation
• BK Ultrasound
• Healcerion Co., Ltd.

Some important developments with regard to ultrasound probes are as follows:

• In May 2023, Royal Philips introduced the Philips CT 3500, a high-throughput CT system designed for routine radiology and high-volume screening programs. This AI-powered system offered image-reconstruction and workflow-enhancing features, ensuring consistent, fast, and high-quality images for accurate diagnoses. It proved valuable in demanding, high-volume care settings, and allowing clinicians to gain confidence and achieve a higher return on investment.

Product Portfolio:

• Hitachi Medical Systems offers a comprehensive product portfolio that includes diagnostic imaging systems such as MRI, CT, ultrasound, and X-ray equipment. Their solutions are known for their advanced technology, clinical accuracy, and user-friendly design, providing healthcare professionals with reliable tools for accurate diagnoses and patient care.
• Samsung Medison Co., Ltd. specializes in advanced ultrasound systems, providing a diverse range of imaging solutions for various medical fields. Their product portfolio includes state-of-the-art ultrasound machines with innovative features, delivering high-resolution imaging, enhanced diagnostic capabilities, and ergonomic designs to optimize user experience.

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Ultrasound Probes Market: Key Segments
By Component

• Products & Accessories
• Software & services

By Type

• Linear Probe
• Convex Probe
• Endocavitary Probe
• Phased Array/Cardiac Probe
• Transesophageal (TEE) Probe
• Others

By Application

• Musculoskeletal
• Oncology
• Cardiovascular
• Obstetrics & Gynecology
• General Imaging
• Others

By End-user

• Hospitals & Clinics
• Diagnostic Centers
• Ambulatory Surgical Centers
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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