Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global transrectal ultrasound market size was valued at USD 228 million in 2022 and is expected to be worth USD 241.2 million in 2023. The market is projected to reach USD 371.3 million by 2030, recording a CAGR of 6.4% during the forecast period.
Transrectal Ultrasound refers to a device widely used to diagnose prostatic diseases in men, such as prostate cancer. It uses sound waves to obtain images of a patient’s prostate and gain a deeper understanding of the underlying issue. The number of people being diagnosed with prostate cancer is increasing steadily every year, which is expected to fuel the transrectal ultrasound market growth.
Key Industry Development:
January 2023: Apollo Hospitals Enterprise Ltd. launched the MRI Fusion TRUS guided trans-perineal targeted biopsy, which is India’s first advanced early prostate cancer detection technology.
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Key Takeaways:
- The growth of the transrectal ultrasound market is being driven by the increasing prevalence of prostate cancer and colorectal cancer, the rising demand for early detection of these cancers, and the technological advancements in TRUS systems.
- The TRUS market is segmented by product type, application, and end-user.
- The key players in the transrectal ultrasound market are GE Healthcare, Siemens Healthineers, Philips Healthcare, Hitachi Healthcare, and Fujifilm Sonosite.
- These companies are investing in research and development, new product development, and mergers and acquisitions to maintain their competitive edge in the market.
- The transrectal ultrasound market is facing some challenges, such as the high cost of transrectal ultrasound systems, the lack of reimbursement for TRUS procedures in some countries, and the need for more trained TRUS operators.
Discover the Leading Players Featured in the Report:
Major players in the transrectal ultrasound market are KOELIS (Germany), GE Healthcare (BK Medical Holding Company, Inc., U.S.), Exact Imaging (Canada), Telemed Medical Systems, FUJIFILM Corporation (Japan), Strata Imaging (U.S.), HALO Medical Technologies (U.S), GEOTEK (U.K.), Koninklijke Philips N.V. (Netherlands).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.4% |
| 2030 Value Projection | USD 371.3 Million |
| Base Year | 2022 |
| Market Size in 2023 | USD 241.2 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 163 |
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Drivers and Restraints:
Rising Prevalence of Prostate Cancer to Augment Market Growth
Prostate cancer occurs in the male reproductive system and is one of the most common cancers in the world. The number of people suffering from this type of cancer is increasing steadily each year. This factor is expected to boost the demand for effective therapies and treatments, which is anticipated to boost the market during the forecast period.
However, a severe shortage of highly skilled technicians and rising product recalls may impede market growth.
Report Scope & Segmentation:
By Product
- Systems
- Transducers
By Type
- Cart/ Trolley-based
- Portable
By Application
- Diagnostic
- Prostate Cancer
- BPH (Benign Prostatic Hyperplasia)
- Others
- Image-guided Treatment
By End-user
- Hospitals & ASCs
- Diagnostic Laboratories
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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New Product Launches to Boost Adoption of Transrectal Ultrasound Systems
Based on product, the market is segmented into systems and transducers. The system segment dominated the transrectal ultrasound market share in 2022 due to a major rise in new product launches.
Adoption of Cart/Trolley-based Devices in Hospitals to Fuel Their Demand
Based on type, the market is divided into cart/trolley-based and portable. The cart/trolley-based segment held the largest market share in 2022 as these devices are widely used in ambulatory surgical centres and hospitals.
Product Use to Rise in Diagnostic Applications Due to Rising Prevalence of Prostate Cancer
Based on the application, the market is segmented into diagnostic and image-guided treatment. The diagnostic segment accounted for the highest market share in 2022 due to the growing cases of prostate cancer worldwide and the rising demand for transrectal procedures.
Hospitals & ASCs to Increase Product Use Due to Growing Preference for Treatment from These Centers
By end-user, the global market is classified into hospitals & ASCs, diagnostic laboratories, and others. The hospitals & ASCs segment accounted for the highest market share in 2022 as more patients prefer to receive treatment for prostatic diseases from hospitals and ASCs.
Concerning region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers quantitative as well as qualitative insights into the market and a detailed study of the market’s growth rate and size. It also studies the competitive landscape, market dynamics, key industry developments, and new product launches. Apart from these factors, the report highlights different factors that have contributed to the market’s growth in recent years.
Regional Insights:
North America to Dominate Market Due to Rising Cases of Prostate Cancer
North America is expected to hold the largest transrectal ultrasound market share as the region is witnessing a worrying rise in the number of people suffering from prostate cancer. Moreover, the presence of a strong healthcare infrastructure and leading market players are expected to boost the sales of transrectal ultrasound devices.
Europe is anticipated to record the highest CAGR in the future due to the rising number of initiatives taken by regional governments to decrease the morbidity and mortality caused by prostate cancer.
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Competitive Landscape:
BK Medical Holdings Company Inc. Captured Major Market Share Due to High Brand Presence
The competitive landscape of this market is semi-consolidated, with a few of the top market players dominating the market. Factors such as a diverse product portfolio of ultrasound systems for urology, a high brand presence, and an increasing geographical footprint have helped BK Medical Holdings Company Inc. dominate the global market in 2022. Other major companies in this market include Exact Imaging, KOELIS, FUJIFILM Corporation, and Telemed Medical Systems.
FAQ’s
How Big Is The Transrectal Ultrasound Market?
Transrectal Ultrasound Market Size Is USD 241.2 Million in 2023.
How Fast is the Transrectal Ultrasound Market Growing?
The Transrectal Ultrasound Market will exhibit a CAGR of 6.4% during the forecast period, 2023-2030
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