report-image

Transrectal Ultrasound Market Size - By Application (Diabetes, Autoimmune Disorders, Emergency Care, and Others), By Type (Reusable and Disposable), By Route of Administration (Subcutaneous and Intramuscular), By Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, and Online Pharmacies), Region & Forecast, 2024-2033

  • PUBLISHED ON
  • 2024-10-27
  • NO OF PAGES
  • 310
  • CATEGORY
  • Healthcare & Life Sciences

Market Overview

Transrectal Ultrasound Market is projected to achieve a value of USD 31,763 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 68,234 Million by 2033 with a CAGR of 8.4% during the forecast period 2024-2033.

Transrectal ultrasound (TRUS) is a medical imaging method that employs ultrasound technology for generating visuals of the structures and organs situated in the pelvis and lower abdominal area, specifically in the vicinity of the rectum. In the course of a transrectal ultrasound, a distinct ultrasound probe is introduced into the patient's rectum. This probe emits high-frequency sound waves, and the reflections generated by these sound waves as they interact with the neighboring tissues are employed to produce live images of the prostate gland, along with adjacent structures such as the rectum and seminal vesicles.

The growth of the transrectal ultrasound market is primarily steered by the rising prevalence of prostate cancer and the expanding elderly population. Advancements in ultrasound technology have substantially enhanced the quality of TRUS imaging and the comfort of patients, further driving the market forward. Increased awareness of the significance of regular health check-ups and early cancer detection has also contributed to the increasing demand for TRUS procedures. Moreover, the broadening range of applications for TRUS beyond prostate imaging, favorable government initiatives, investments in research and development, and supportive reimbursement policies all together influence the dynamics of the TRUS market, solidifying its status as a crucial and evolving sector within the medical imaging industry.

Prominent market leaders are directing their efforts towards introducing cutting-edge solutions for prostate cancer treatment. For instance, ExactVu has developed a micro-ultrasound platform designed to facilitate precise biopsies during standard urological procedures, aiding urologists and radiologists in this regard. This innovative tool operates at a distinctive 29MHz frequency, enabling healthcare professionals to visualize previously imperceptible prostate images prior to surgical interventions. The ExactVu micro-ultrasound system is currently accessible for purchase in the United States, Canada, and various European markets.

The worldwide transrectal ultrasound market experienced a substantial disruption in 2020, primarily due to the widespread effects of the COVID-19 pandemic. This tumultuous period witnessed a noticeable reduction in the volume of urological surgical procedures, presenting a formidable obstacle to market expansion. Furthermore, key industry participants encountered difficulties stemming from the scarcity of domestically procured raw materials or components, leading to a significant decline in their profit margins.

Market Scope

Report Attributes

Description

Market Size in 2023

USD 31,763 Million

Market Forecast in 2033

USD 68,234 Million

CAGR % 2024-2033

8.4%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Type, By Product, By Application, By End-user

Growth Drivers

Patients and healthcare providers are increasingly preferring minimally invasive diagnostic procedures over more invasive ones. TRUS is a minimally invasive diagnostic tool used for prostate biopsy, which is less painful and has a shorter recovery time compared to open surgical procedures.

Patients and healthcare providers are increasingly preferring minimally invasive diagnostic procedures over more invasive ones.

Ongoing technological advancements in transrectal ultrasound equipment, such as the development of high-resolution imaging, 3D/4D ultrasound, and real-time image guidance, enhance the accuracy and effectiveness of diagnostic and treatment procedures.

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

FUJIFILM Corporation, KOELIS,HALO Medical Technologies, Koninklijke Philips N.V., Exact Imaging, Telemed Medical Systems, GE Healthcare, Strata Imaging, GEOTEK and  Other.

Market Dynamics

The increasing occurrence of prostate cancer, a major primary case for transrectal ultrasound, plays a significant role. Prostate cancer stands as one of the most prevalent malignancies in men, leading to the need for frequent screenings and diagnostic procedures, which frequently entail the use of transrectal ultrasound-guided biopsies. As reported by the World Cancer Research Fund International, prostate cancer ranks as the second most frequently diagnosed cancer among all types and the fourth most common cancer overall. Furthermore, the year 2020 witnessed a global total of over 1.4 million new instances of prostate cancer.

The progress in ultrasound imaging technology, including the creation of high-resolution transrectal ultrasound probes and enhanced imaging software, has elevated the precision and efficiency of transrectal ultrasound processes, thereby boosting the growth of transrectal ultrasound market. These innovations have not only upgraded the diagnostic capabilities but have also broadened the range of applications for transrectal ultrasound in the field of medicine.

Expanding the range of applications beyond prostate-related diagnoses presents a substantial opportunity. Transrectal ultrasound has the potential to be employed in the assessment and tracking of a variety of pelvic conditions, encompassing gynecological issues in women, rectal tumors, and pelvic floor disorders. Through continuous research and development, the market can broaden its applications, consequently enhancing its significance and market presence in these domains.

The cost is a big concern because the equipment and procedures for transrectal ultrasound can be very expensive. This makes it hard for some patients and healthcare facilities with limited budgets to use them. Additionally, there's a lack of skilled healthcare workers in some areas who can do and understand transrectal ultrasound tests, which is another issue limit the transrectal ultrasound industry growth.

Market By Type

By Type, the Transrectal Ultrasound Market is Categories into Portable and Cart/Trolley Based. The Cart/Trolley Based segment accounts for the largest share of around 53% in 2022.

Cart/Trolley Based dominate the market because of more hospitals and ambulatory surgery centers are using these devices, and they're also being used more in emergency care for seriously ill patients. Additionally, the fact that these devices can quickly diagnose and provide accurate results fuel the growth of segment.

Market By Product Analysis

By Product, the Transrectal Ultrasound Market is Categories into Systems and Transducers. The Systems segment accounts for the largest share of around 57% in 2022.

Technological advancements and the increasing demand for precise and minimally invasive diagnostic tools, especially in the field of prostate cancer diagnosis and treatment propel the segment growth.

Market By Application 

By Application, the Transrectal Ultrasound Market is Categories into Image-guided Treatment and Diagnostic. The Diagnostic segment accounts for the largest share of around 61% in 2022.

The diagnostic sector within the healthcare industry is experiencing substantial expansion due to advancements in technology, the increasing prevalence of diseases, the transition towards proactive and individualized healthcare, worldwide health issues, greater patient involvement, and regulatory backing.

Market By End-User Analysis

By End-user, the Transrectal Ultrasound Market is Categories into Hospitals & ASCs, Diagnostic Laboratories, and Others. The Hospitals & ASCs segment accounts for the largest share of around 56% in 2022. The primary reason for the segment's supremacy can be attributed to the preference of the majority of patients to receive treatment in hospitals and ambulatory surgery centers (ASCs).

Market Regional Analysis

North America dominate the Transrectal Ultrasound Market with the highest revenue generating market with share of more than 43%. The growth of the local market can be attributed to a rise in the incidence of prostate cancer, the presence of advanced infrastructure, and the significant involvement of key industry participants. Additionally, the implementation of government programs and reimbursement policies aimed at enhancing patient awareness for early diagnosis is expected to stimulate market expansion in the United States.

Europe is second largest market in Inulin generating market with share of more than 38%. The market has seen positive growth due to several factors, including the High Incidence of Prostate Cancer, Advanced Healthcare Infrastructure, latest medical technologies. Additionally, the rising number of approvals for new injectable therapeutics in the region has contributed to this growth trend.

In the Asia Pacific region, market growth is primarily fueled by the increasing incidence of chronic disorders among the population. The rapid development of a robust hospital infrastructure and substantial healthcare expenditure per capita in countries like India, China, and various Southeast Asian nations is anticipated to stimulate growth. As a result, there is an expected rise in the demand for new shipments of transrectal ultrasound systems.

Latin America and the Middle East and Africa regions are projected to experience a relatively modest Compound Annual Growth Rate (CAGR) in the forecasted period. This is primarily due to a lack of awareness among the population about prostate cancer treatment options. Additionally, the limited out-of-pocket spending on the diagnosis and treatment of this disease in these regions is another factor that might impede the market's growth.

Competitive Analysis

The Transrectal Ultrasound Market is dominated by a few large companies, such as FUJIFILM Corporation, KOELIS, HALO Medical Technologies, Koninklijke Philips N.V., Exact Imaging, Telemed Medical Systems, GE Healthcare, Strata Imaging, GEOTEK and Other.

There are some of the key trends that are shaping the competitive landscape of the Transrectal Ultrasound industry.

July 2023, Teleflex Incorporated, a company specializing in medical technology, has disclosed its acquisition of Palette Life Sciences AB. This strategic move is aimed at broadening Teleflex Incorporated's product range within the interventional urology sector.

December 2021, GE Healthcare has revealed its acquisition of BK Medical Holding Company, Inc., a prominent player in advanced surgical visualization, boasting a robust product portfolio within this market.

Research Report Following Segments:

Market, By Type

·         Portable

·         Cart/Trolley Based

Market, By Product

·         Systems

·         Transducers

Market, By Application

·         Image-guided Treatment

·         Diagnostic

Market, By End-User

·         Hospitals & ASCs

·         Diagnostic Laboratories

·         Others

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Transrectal Ultrasound Market in 2022?

Transrectal Ultrasound Market was valued at USD 30,102 million in 2022.

What is the growth rate for the Transrectal Ultrasound Market?

Transrectal Ultrasound Market size will increase at approximate CAGR of 8.4% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Transrectal Ultrasound Market are FUJIFILM Corporation, KOELIS, HALO Medical Technologies, Koninklijke Philips N.V., Exact Imaging, Telemed Medical Systems, GE Healthcare, Strata Imaging, GEOTEK and Other.

Which region dominates the Transrectal Ultrasound Market?

North America dominates the market with an active share of 43%.

CHOOSE LICENSE TYPE
QLOUD
Pricing

Select a license type that suits your business needs

Single User Access

US $3499

Only Three Thousand Four Hundred Ninety Nine US dollar

  • 1 User access
  • 15% Additional Free Customization
  • Free Unlimited post-sale support
  • 100% Service Guarantee until achievement of ROI
Multi User Cost

US $4499

Only Four Thousand Four Hundred Ninety Nine US dollar

  • 5 Users access
  • 25% Additional Free Customization
  • Access Report summaries for Free
  • Guaranteed service
  • Dedicated Account Manager
  • Discount of 20% on next purchase
  • Get personalized market brief from Lead Author
  • Printing of Report permitted
  • Discount of 20% on next purchase
  • 100% Service Guarantee until achievement of ROI
Enterprise User Cost

US $5499

Only Five Thousand Four Hundred Ninety Nine US dollar

  • Unlimited User Access
  • 30% Additional Free Customization
  • Exclusive Previews to latest or upcoming reports
  • Discount of 30% on next purchase
  • 100% Service Guarantee until achievement of ROI