Transrectal Ultrasound Market Research, 2031
The global transrectal ultrasound market size was valued at $207.5 million in 2021, and is projected to reach $313.8 million by 2031, growing at a CAGR of 4.2% from 2022 to 2031. A transrectal ultrasound (TRUS), also known as prostate sonogram or endorectal ultrasound, is a device used to perform an ultrasound-guided needle biopsy evaluation of prostate gland in men with elevated prostate-specific antigen.
The transrectal ultrasound sonography guided biopsy helps to reveal benign prostatic hyperplasia, prostate cancer, and other kidney problems. In addition, it is used to diagnose other diseases of the rectum and can be used in detection of rectal cancer. Furthermore, transrectal ultrasound system is one of the various medical imaging modalities present in the market. Transrectal ultrasound is equipped with transducers, which transmit the high frequency ultrasonic sound waves into the body of the patient. These transmitted waves are then taken to a display machine, which generates the image with the help of echoes.
The growth of the global transrectal ultrasound market size is majorly driven by increase in prevalence and incidence rates of prostate cancer. For instance, according to National Cancer Institute (NCI), the rate of new cases of prostate cancer was 112.7 per 10,000 men per year globally. In addition, as per the same source in 2019, about 3,253,416 men were living with prostate cancer in the U.S.
In addition, rise in adoption of imaging systems in the healthcare facility and introduction of new and technologically advanced systems in the market are expected to increase the demand for transrectal ultrasound systems during the forecast period. Furthermore, high diagnostic rates of benign prostatic hyperplasia, rise in prevalence of urological disorders, and surge in demand for transrectal ultrasound procedures in Europe are the key factors contributing toward transrectal ultrasound market growth.
Increase in research and development activities for developing innovative and advanced systems by key players such as GE Healthcare, Esaote SpA, and Exact Imaging will provide transrectal ultrasound market opportunity during the forecast period. However, high cost of transrectal ultrasound systems and transducers negatively impact the growth of the market.
The global market expansion is being fueled by factors such as rise in demand for transrectal ultrasound transducers, increase in incidences of urological disorders, and rise in healthcare expenditure in developing countries such as India and China. Moreover, increase in adoption of different strategies such as product launch and partnership among the key players in the field of transrectal ultrasound propels the growth of the global transrectal ultrasound market during transrectal ultrasound market forecast.. For instance, in May 2021, Esaote announced the launch of a new MyLab X75 ultrasound system to enhance daily productivity and comfort making ultrasound imaging easier. In addition, Sonablate Corp. extended partnership with Mayo Clinic to launch Sonablate HIFU Center of Excellence in Rochester, MN, in January 2021.
Impact of COVID-19 on the market
The outbreak of COVID-19 has disrupted workflows in the healthcare sector around the world. Nearly all industries have been impacted by COVID-19 including transrectal ultrasound industry. Coronavirus crises led to strict social distancing rules and visits to hospitals only for emergency needs which have resulted in a significant decline in demand for transrectal ultrasound systems. Furthermore, transducers and ultrasound machines can serve as vector for transmission of infection which is the major cause for decline in the diagnostic tests performed for prostate cancer during the COVID-19 pandemic.
The overall impact of COVID-19 pandemic remained negative for key players in the transrectal ultrasound industry. However, the market is anticipated to witness recovery in 2021 and beyond, and show stable growth in the coming future.
TRANSRECTAL ULTRASOUND MARKET SEGMENTATION
The transrectal ultrasound market is segmented on the basis of product, type, end user, and region. As per product, it is bifurcated into system and transducer. According to type, it is divided into trolley/cart-based and handheld/portable. Depending on end user, it is classified into hospitals (public and private), diagnostic laboratories, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By product, it is segmented into system and transducer. The system segment generated the highest revenue in 2021 and is expected to witness the fastest market growth from 2022 to 2031, due to increase in use of systems by diagnostic laboratories and availability of advanced systems in developed countries such as the U.S. and Germany.
By type, it is classified into trolley/cart-based and handheld/portable. The trolley/cart-based segment has highest transrectal ultrasound market share in 2021, due to rise in demand for trolleys. On the other hand, handheld/portable segment is expected to witness a considerable market growth from 2022 to 2031, as it gives accurate imaging results.
By end user, the market is divided into hospitals, diagnostic laboratories, and others. Hospitals segment is again bifurcated into public and private. The diagnostic laboratories segment generated the highest revenue in 2021, due to presence of advanced technologies of transrectal ultrasound for diagnosis. On the other hand, hospitals segment is expected to witness a considerable growth from 2022 to 2031, due to increase in skilled sonographers and rise in patients undergoing diagnosis tests from hospital facility.
The North America market held largest transrectal ultrasound market share in 2021, owing to well established healthcare infrastructure and strong presence of key players in this region. On the other hand, Asia-Pacific is expected to witness a considerable growth from 2022 to 2031, due to increase in awareness about early stage diagnosis of prostate cancer and rise in research and development activities in the pharmaceutical sector.
Some of the major companies that operate in the global transrectal ultrasound market include Echo-Son SA, Esaote SpA, Exact Imaging, Fujifilm Holdings Corporation, General Electric Company (GE Healthcare), KOELIS, Koninklijke Philips N.V., Siemens AG, Sonablate Corp., and The Prometheus Group.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the transrectal ultrasound market analysis from 2021 to 2031 to identify the prevailing transrectal ultrasound market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the transrectal ultrasound market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global transrectal ultrasound market trends, key players, market segments, application areas, and market growth strategies.
Transrectal Ultrasound Market Report Highlights
Market Size By 2031
USD 313.8 million
CAGR of 4.2%
2021 - 2031
By End User
Key Market Players
The Prometheus Group, Echo-Son SA, Sonablate Corp, Exact Imaging, Fujifilm Holdings Corporation, General Electric Company (GE Healthcare), Siemens Healthineers AG, KOELIS, Koninklijke Philips N.V., Esaote SpA
The global transrectal ultrasound market is expected to exhibit high growth potential attributable to factors such as rise in prevalence of prostate cancer, increase in urological disorders, and surge in R&D activities. Furthermore, the transrectal ultrasound market has gained the interest of pharmaceutical manufacturing and medical device companies, owing to surge in demand for innovative transrectal ultrasound systems.
North America is expected to witness the highest growth, in terms of revenue, owing to high prevalence of prostate cancer in the U.S., rise in awareness regarding early stage diagnosis, and strong presence of key players. However, Asia-Pacific is anticipated to exhibit the fastest growth during the forecast period, owing to increase in investment from government and other organizations for enhancing healthcare infrastructure and rise in healthcare expenditure in developing countries such as India and China.