The increasing incidence of prostate cancer especially among aging men is the key driver of the global “transrectal ultrasound market”. This was found by Fortune Business Insights in a report, titled “Transrectal Ultrasound Market Size, Share and Global Trend by Product (Systems, Transducers), Type (Cart/Trolley Based, Portable), Application (Diagnostic, Image-guided Treatment), End User (Diagnostic Laboratories, Hospitals) and Geography Forecast till 2025”. Fortune Business Insights predicts the global Market to exhibit a CAGR of 4.5% during the forecast period. Furthermore, in 2017, the market was valued at US$ 204.8 and is anticipated to reach US$ 291.2 Mn by the end of 2025.
Among regions, Asia Pacific is likely to offer lucrative growth opportunities to the enterprises operating in the global market. The huge installed bases of transrectal ultrasound or TRUS devices in Asia Pacific is one of the major factors driving the market. An rising need to replace existing healthcare infrastructure in Asia Pacific is another factor driving the market. North America held a considerable share in the global market in 2017. High diagnostic rates of benign prostatic hyperplasia, rising prevalence of urological disorders, and robust healthcare infrastructure contributed towards the growth of this region. The demand for transrectal ultrasound procedures in Europe is also expected to rise steadily during the forecast period mainly on account of rising geriatric population and demand for minimally invasive devices.
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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.
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.
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.
The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
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.
Several Savvy Players to Launch Advanced TRUS Devices; Helping Market to Pick Pace
The competitive landscape of global market is semi-consolidated. The market was dominated by some well recognized brands in 2017. B.K. Holding was one of them, which covered a significant share in the global market for TRUS. Some of the other companies presently functioning in the global market are TELEMED, Esaote SpA, GE Healthcare, The Prometheus Group, and Exact Imaging.