The transrectal ultrasound device, first developed in the 1970s, helps doctors obtain images of the prostate gland from the patient’s body to diagnose diseases and help surgeons guide the movement of the surgical instrument when performing surgeries. The biopsy is performed with transrectal ultrasound guidance. Transrectal ultrasound is a 10 to 15 minute procedure that uses sound waves to create a video image of the prostate gland.
A transducer is placed in the rectum which releases sound waves and creates echoes as they enter the prostate. Furthermore, these echoes are bounced off a computer system which translates the echo pattern into an image of the prostate. It provides real-time information and is a highly efficient clinical modality compared to other modalities. According to the report, the global transrectal ultrasound industry generated $207.5 million in 2021 and is estimated to reach $313.8 million by 2031, with a CAGR of 4.2% between 2022 and 2022. 2031. The report offers a detailed overview analysis of the changing market trends, major segments, key investment pools, value chain, regional landscape and competitive landscape.
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- CAGR: 4.2%
- Current Market Size: USD 313.8 Million
- Forecast Growing Region: APAC
- Largest Market: North America
- Projection Time: 2021 – 2031
- Base Year: 2021
Drivers and Opportunities
Increased prevalence of prostate cancer, increased adoption of imaging systems in healthcare, introduction to market of new and technologically advanced systems, high rates of diagnosis of benign prostatic hyperplasia, increased prevalence of urological disorders, and increased demand for transrectal. Ultrasound procedures in Europe are driving the growth of the global transrectal ultrasound market. However, the shortage of qualified and experienced sonographers, the high price of sophisticated ultrasound devices and the unfavorable reimbursement for the ultrasound procedure are hampering the growth of the market. On the other hand, the increasing prevalence of benign prostatic hyperplasia, the increase of healthcare facilities in developing countries and the increase of R&D activities to develop innovative and advanced systems by major players present new opportunities for the market in the coming years.
Covid-19 Scenario
- The COVID-19 pandemic resulted in a significant decline in demand for transrectal ultrasound across the healthcare sector, as patients getting screening tests from hospitals were at risk of getting the infection.
- The pandemic led to strict social distancing rules and visits to hospitals only for emergency needs, resulting in a reduced demand for transrectal ultrasound systems.
- However, the market is expected to witness recovery in the forecast period and show stable growth for transrectal ultrasound in the coming future.
The system segment to rule the roost during the forecast period
Based on product, the system segment was the largest market in 2021, contributing to more than three-fifths of the global transrectal ultrasound market, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 4.4% from 2022 to 2031. The growth of the segment is owed to the increase in adoption of transrectal ultrasound system for diagnosis of rectal abnormalities.
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The trolley or cart-based segment to maintain its dominance during the forecast period
Based on type, the cart or cart segment held the largest market share with nearly three-quarters of the global transrectal ultrasound market in 2021 and is expected to maintain its dominance over the forecast period, owing to more accurate diagnostic capabilities of these devices. However, the handheld or portable devices segment is projected to experience the highest CAGR of 4.9% between 2022 and 2031, due to the increased demand for portable ultrasound devices due to the evolving trend of remote monitoring of patients. Also, portable devices offer superior image quality.
The diagnostic laboratories segment to maintain its dominance during the forecast period
Based on end user, the diagnostic laboratories segment held the largest market share of more than half of the global transrectal ultrasound market in 2021, and is expected to maintain its dominance during the forecast period, owing to the increase in number of diagnostic laboratories and rise in number of patients undergoing diagnosis for prostate cancer in these laboratories. However, the hospitals segment is projected to witness the highest CAGR of 4.9% from 2022 to 2031, owing to the increase in adoption of ultrasound imaging systems in hospital facilities.
North America to maintain its dominance by 2031
Based on region, North America was the largest market in 2021, capturing around one-third of the global transrectal ultrasound market, and is expected to lead the trail during the forecast period, owing to the adoption of advanced transrectal ultrasound devices in all healthcare systems and strong presence of key players in this region. However, the Asia-Pacific market is projected to manifest the fastest CAGR of 4.9% during the forecast period, owing to the rapidly developing hospital infrastructure and rise in healthcare spending in countries such as Japan, China, and India.
Leading Market Players
- Echo-Son SA
- Esaote SpA
- Exact Imaging
- Fujifilm Holdings Corporation
- General Electric Company(GE Healthcare)
- KOELIS
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Sonablate Corp
- ThePrometheus Group
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