Transrectal Ultrasound Market Overview:
Transrectal Ultrasound Market is projected to achieve a value of USD 31,763 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 68,234 Million by 2033 with a CAGR of 8.4% during the forecast period 2024-2033.
Transrectal ultrasound is a technology commonly used to diagnose prostatic disorders in men, such as prostate cancer. It uses sound waves to produce images of a patient’s prostate and gain a better understanding of the underlying problem. The number of patients diagnosed with prostate cancer is gradually increasing year after year, which is projected to drive the transrectal ultrasound market growth.
Furthermore, rising demand for high-quality images that give accurate measurement and diagnostic confidence drives the transrectal ultrasound market forward.
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Market Drivers and Opportunities:
The global transrectal ultrasound market is being driven by an increase in prostate cancer prevalence, an increase in imaging system adoption in healthcare facilities, the introduction of new and technologically advanced systems into the market, high diagnostic rates of benign prostatic hyperplasia, an increase in the prevalence of urological disorders, and a surge in demand for transrectal ultrasound procedures in Europe. However, a lack of educated and experienced sonographers, the expensive cost of modern ultrasound gear, and inadequate reimbursement for ultrasound procedures all stymie market growth. On the other hand, the rising prevalence of benign prostatic hyperplasia, the growth of healthcare facilities in emerging nations, and increased research and development activities by key stakeholders have all contributed to the creation of novel and advanced systems.
Impacting Factors in the Transrectal Ultrasound Market:
- Increasing prevalence of prostate cancer
- There is an increasing need for minimally invasive diagnostic procedures.
- Advances in technology and imaging methods.
- Growing geriatric population.
- Increased healthcare spending and government efforts.
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Market Regional Analysis:
North America dominate the Transrectal Ultrasound Market with the highest revenue generating market with share of more than 43%. The growth of the local market can be attributed to a rise in the incidence of prostate cancer, the presence of advanced infrastructure, and the significant involvement of key industry participants
Europe is second largest market in Inulin generating market with share of more than 38%. The market has seen positive growth due to several factors, including the High Incidence of Prostate Cancer, Advanced Healthcare Infrastructure, latest medical technologies
In the Asia Pacific region, market growth is primarily fueled by the increasing incidence of chronic disorders among the population. The rapid development of a robust hospital infrastructure and substantial healthcare expenditure per capita in countries like India, China, and various Southeast Asian nations is anticipated to stimulate growth.
Latin America and the Middle East and Africa regions are projected to experience a relatively modest Compound Annual Growth Rate (CAGR) in the forecasted period. This is primarily due to a lack of awareness among the population about prostate cancer treatment options
Transrectal Ultrasound Market Segments:
Market, By Type:
- Portable
- Cart/Trolley Based
Market, By Product:
- Systems
- Transducers
Market, By Application:
- Image-guided Treatment
- Diagnostic
Market, By End-User:
- Hospitals & ASCs
- Diagnostic Laboratories
- Others
Market Application
Image-guided Treatment and Diagnostic are the two application categories for transrectal ultrasound market. With a share of almost 61% in 2022, the Diagnostic category holds the largest proportion.
Because of technological advancements, rising disease rates, the shift to proactive and individualized healthcare, global health concerns, increased patient involvement, and regulatory support, the diagnostic sector of the healthcare industry is rapidly growing.
Top Leading Companies included in Transrectal Ultrasound Market:
- FUJIFILM Corporation
- KOELIS
- HALO Medical Technologies
- Konini like Philips N.V
- Exact Imaging
- Teemed Medical System
- GE Healthcare
- Strata Imaging
- GEOTEK
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