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

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