Medical Ultrasound Probe Market Size, Share, Growth, And Industry Analysis, By Type (Linear Type, Convex Type, Phased Array Type, Endo cavitary Type, and Others), By Application (OB-GYN, Urology, Vascular & Nervous System, Renal / Digestive, Musculoskeletal, and Others), Regional Forecast By 2031

Updated On: 01 April 2024

Medical Ultrasound Probe Market Report Overview

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The global medical ultrasound probe market size was USD 3485 million in 2021.  As per our research, the market is expected to reach USD 4,835.98 million by 2031, exhibiting a CAGR of 3.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the medical ultrasound probe market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A medical ultrasound probe is a crucial component of an ultrasonic diagnostic tool since it has the ability to convert both electrical and acoustic signals, serving both transmission and reception purposes simultaneously. The development of the medical ultrasound probe market is being fuelled by ongoing technological developments in the fields of diagnostic and therapeutic ultrasound imaging, the availability of medical reimbursements for diagnostic ultrasound procedures in developed markets, and the expanding use of emerging ultrasound techniques (such as Doppler ultrasound in vascular imaging and 3D/4D ultrasound in oncology).

COVID-19 Impact: Higher Demand due to COVID-19 Propels the Market Expansion

The COVID 19 pandemic has increased demand for ultrasound probes, which is fueling market expansion. This is due to the growing need for medical supplies including personal protection gear. Additionally, the unanticipated increase in COVID-19 infection rates may be advantageous to the sector even if medical ultrasound probe disinfection could reduce the risk of infections among clinicians and patients. Additionally, because of the increase in nosocomial infections, the COVID-19 pandemic poses a serious challenge for medical professionals everywhere.

Latest Trends

"Rise in the Use of Ultrasound Technology to Expand Market Growth "

It is projected that increased use of medical ultrasound probe technologies will hasten market expansion. The rise in chronic diseases, technological advancements, an increase in cases of pulmonary artery-related disorders, an increase in the use of ultrasound probes, particularly in low- and middle-income countries, and an increase in government initiatives are additional factors anticipated to boost the medical ultrasound probe market over the forecast period.

Medical Ultrasound Probe Market Segmentation

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• By Type Analysis

According to type, the medical Ultrasound probe market can be segmented into Linear Type, Convex Type, Phased Array Type, Endo cavitary Type and Others.  

In terms of type, the Linear Type segment is anticipated to be the largest segment during the forecast period. 

• By Application Analysis

Based on application, the medical ultrasound probe market can be divided into OB-GYN, Urology, Vascular & Nervous System, Renal / Digestive, Musculoskeletal and Other.  

In terms of application, OB-GYN is projected to hold the largest market share through 2031.

Driving Factors

"Technologies Advancements in Ultrasound Techniques to Augment Market Growth "

Technological developments, the expansion of medical ultrasound probe imaging methods, the rise in hospital-acquired infections (HAIs), and the increased use of diagnostic imaging are all factors contributing to the growth. The rising cost of healthcare, which contributes to the development of the market's infrastructure, is a significant additional factor impacting its growth rate.

"Increase in In-Vitro Fertilization Leads to Rise the Market Growth"

The market is expanding as in-vitro fertilisation procedures become more prevalent. This would present advantageous chances for the expansion of the market. Additionally, several government agencies seek to strengthen the healthcare system by increasing financing, which will have an additional impact on medical probe ultrasound market dynamics.  

Restraining Factors

"Lack of Awareness About Ultrasound probes Could Lead to Slower Market Growth"

The medical ultrasound probe market growth rate will be hindered by the high price of the ultrasound probe, lack of knowledge about medical ultrasound probe, and limited availability of ultrasound probe. Since many healthcare facilities rely on government funding for the purchase of high-end, extremely expensive instruments, this may limit the adoption of such gadgets.

Medical Ultrasound Probe Market Regional Insights

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"Growing Demand in North America Anticipated to Boost Market Expansion "

Due to the increased incidence of breast cancer and the consequent rise in demand for cutting-edge medical procedures, North America dominates the global medical ultrasound probe market share in the upcoming years. The market as a result of the widespread use of ultrasonography in general diagnostics and the rise in chronic disorders linked to modern lifestyles. Additionally, a strong demand for technologically improved medical gadgets is anticipated to fuel market expansion in the area.

The constantly expanding elderly population, bettering heart disease treatment facilities, and rising healthcare costs. The ultrasound probes market in the Asia Pacific is anticipated to be stimulated by the region's booming medical tourism industry.

Key Industry Players

"Adoption Experiential Marketing Services by Key Players Influencing Market Development"

The top key players in the market such as SIUI, Shenzhen Ruqi, SonoScape, Jiarui, SonoSite, Canon. Most of the top players hold the experiential marketing service market shares. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the medical ultrasound probe market.

List of Market Players Profiled

• GE (U.S.)
• Philips (Netherlands)
• Siemens (Germany)
• SonoSite (U.S.)
• Canon (Japan)
• Samsung Medison (South Korea)
• Hitachi (Japan)
• Esaote (Italy)
• Mindray (China)
• SIUI (India)
• Shenzhen Ruqi (China)
• SonoScape (China)
• Jiarui (China)

Report Coverage

This report examines an understanding of the Medical Ultrasound probe market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.