Global Transrectal Ultrasound Market | 2021 Global Healthcare Industry Analysis To 2028, is latest report on Global Transrectal Ultrasound Industry, published by Fortune Business Insights. According to this report Global Transrectal Ultrasound Market to rise at healthy Compound Annual Growth Rate By Product (Systems, Transducers), Type (Cart/Trolley Based, Portable), Application (Diagnostic, Image-guided Treatment), End User (Diagnostic Laboratories, Hospitals) and Regional Forecast, 2018 – 2025
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Stringent Healthcare Policies by Regulatory Authorities may Inhibit Growth
Despite witnessing strong growth prospects, there are certain factors that may restrict the market in the coming years. Strict regulations regarding approvals on healthcare medications and diagnosis may inhibit the growth of the market. In addition to this, product recalls due to safety issues may restrict the market to grow in the next coming years. Nonetheless, several companies are planning to invest in R&D activities and technological developments, which will propel growth in the market.
Major Transrectal Ultrasound Manufacturers covered in the market report include:
- GE Healthcare
- BK Medical Holding Company, Inc.
- Exact Imaging
- The Prometheus Group
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Other players
Lifestyle Changes Leading to Rising Prevalence of Prostate Cancer in turn Fueling Demand for TRUS Devices
“The demand for effective treatment for urological abnormalities such as prostate cancer is increasing primarily due to rapid changes in lifestyle,” stated a lead analyst at Fortune Business Insights. “This is one of the chief factors driving the Transrectal Ultrasound Market,” he added. The transrectal ultrasound of prostate helps to locate the position of cysts in the male reproductive system and identify if they are cancerous or non-cancerous. This is the reason why male population prefers transrectal ultrasound scan than any other normal tests. The healthcare infrastructure in developed and developing countries is sophisticated and well-equipped. This, coupled with better product availability, is boosting the market.
There are several other factors spelling growth in the market. Governments across regions are actively participating to ensure the early detection and timely treatment of prostate cancer. This factor, combined with technological developments, is anticipated to bode well for the market.
Transrectal ultrasound or endorectal ultrasound uses different technologies to get accurate and precise test results. These technologies include 2D, 3D technology, and others such as real-time imaging. The advent of such technologies is projected to further drive in the coming years. The adoption of Transrectal Ultrasound devices is likely to increase in hospitals, clinics, diagnostic centers, and surgical centers. This will encourage companies to introduce novel TRUS devices with the help of upcoming technologies.
Transrectal Ultrasound Market Analysis 2021:
The global Transrectal Ultrasound market size is projected to rise remarkably on account of the increasing number of chronic and acute diseases and the advent of technologically advanced procedures to diagnose them. Transrectal Ultrasound is an imaging scanner intensifier used for intraoperative imaging in surgical, orthopaedic, or emergency diagnostic procedures owing to its radiographic abilities.
The increasing number of chronic and acute diseases requiring imaging procedures is a crucial factor propelling the Transrectal Ultrasounds market growth. This, coupled with a rise in the demand for minimally invasive procedures, is also expected to aid in the expansion of the market. Also, the advent of artificial intelligence in radiology for assisting the discovery of genomic markers will boost the market growth in the coming years.
On the contrary, factors such as high cost of Transrectal Ultrasounds instruments may pose a significant hindrance to the market in the coming years. Nevertheless, they have a wide variety of applications such as urology, vascular, neurovascular, spinal surgery, and others. The increasing demand for Transrectal Ultrasound imaging system from the applications listed above is likely to create lucrative growth opportunities for the market in the coming years.
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Transrectal Ultrasound market is likely to rise at a CAGR of 4.6% and reach USD 2,453.3 million by the end of 2027 from a revenue of USD 1,708.1 million generated in the year 2019. The forecast period is set between 2020 to 2027.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.