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Transrectal Ultrasound Market Size to Reach USD 371.3 Million by 2030; Robust Reimbursement Policies and Coverage to Fuel Market Expansion

October 18, 2023 | Healthcare

The global transrectal ultrasound market size reached USD 228 million in 2022 and is anticipated to touch USD 241.2 million in 2023. The market is predicted to be valued at USD 371.3 million by 2030, recording a CAGR of 6.4% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled Transrectal Ultrasound Market Size, Share & COVID-19 Impact Analysis, By Product (Systems and Transducers) By Type (Cart/Trolley Based and Portable), By Application (Diagnostic (Prostate Cancer, Benign Prostatic Hyperplasia, and Others) and Image-guided Treatment), By End-user (Hospitals & ASCs, Diagnostic Laboratories, and Others), and Regional Forecast, 2023-2030”.


A transrectal ultrasound device is an instrument that helps doctors diagnose prostatic ailments in men, such as prostatic hyperplasia, prostate cancer, and prostatitis. It is a minimally invasive device that uses sound waves to create images of the prostate and identify the extent of the disease. Transrectal ultrasound is also known as prostate ultrasound, prostate sonogram, and Endorectal Ultrasound (ERUS). The growing cases of prostate cancer are expected to drive transrectal ultrasound market growth.


Decrease in Diagnostic Procedures Negatively Affected Market Growth During COVID-19


The COVID-19 pandemic had an adverse impact on market growth, leading to a considerable decrease in the number of urological surgeries during this period. As most hospitals dedicated their critical healthcare resources to treating COVID-19-positive patients, most elective surgeries were postponed. This scenario caused a notable decline in the demand for transrectal ultrasound devices, further decelerating market progress.


Vancouver Prostate Center Bought ExactVu Micro-Ultrasound Machine for Targeted Prostate Biopsies


The Vancouver Prostate Center revealed that it had acquired the ExactVu Micro-Ultrasound machine to carry out image-guided targeted biopsies of a patient’s prostate. It had a high resolution of 29 MHz and claimed to accurately detect and biopsy cancer lesions in the prostate.


Robust Reimbursement Policies and Coverage to Fuel Market Expansion


Governments across the world are introducing a wide range of favorable reimbursement policies and schemes to increase awareness regarding prostate cancer and the benefits of early diagnosis of this ailment. Since most people, especially the male population, are low on awareness regarding this type of cancer and its symptoms, it can become life-threatening if detected too late. Therefore, such efforts, along with the rollout of strong reimbursement policies and coverage to take care of the financial burden caused by this disease, are expected to boost market growth.


Strong Brand Presence Helped BK Medical Holding Company Inc. Dominate Market


The competitive landscape of this market is semi-consolidated as a few of the top market participants are leading the market’s growth, whereas the other companies hold a significant share of this market. BK Medical Holding Company Inc. has held a dominant position in this market for quite some time due to factors such as a strong brand presence, a wide geographical footprint, and a diversified range of ultrasound devices for urology. The other companies involved in this market include Telemed Medical Systems, Exact Imaging, FUJIFILM Corporation, and KOELIS.


Notable Industry Development



  • December 2021: GE Healthcare announced that it had acquired BK Medical Holding Company, Inc., a leader in innovative surgical visualization, having a vast product portfolio in this market.


List of Key Players Profiled in the Report:



  • KOELIS (Germany)

  • GE Healthcare (BK Medical Holding Company, Inc., U.S.)

  • Exact Imaging (Canada)

  • Telemed Medical Systems

  • FUJIFILM Corporation (Japan)

  • Strata Imaging (U.S.)

  • HALO Medical Technologies (U.S)

  • GEOTEK (U.K.)

  • Koninklijke Philips N.V. (Netherlands)


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/transrectal-ultrasound-trus-market-100137


Further Report Findings:



  • North America dominated the global transrectal ultrasound market share in 2022 and might retain this position in the coming years as well due to the growing incidence of prostate cancer and the presence of a well-defined healthcare infrastructure. The region also has a vast presence of major market players, which will further contribute to the regional market’s growth.

  • The market in Asia Pacific is also anticipated to grow at a notable pace as the region uses outdated ultrasound systems on a large scale. This factor has augmented the adoption of replacement unit shipments, which will further fuel market growth.

  • The diagnostic application segment captured the largest market share in 2022 and might record a robust CAGR during the forecast period due to the increasing prevalence of prostate cancer, which has boosted the need for transrectal procedures worldwide.


Table of Segmentation






























































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 6.4% from 2023 to 2030



Unit



Value (USD Million)



Segmentation



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



By Product




  • Systems

  • Transducers



By Type




  • Cart/ Trolley-based

  • Portable



By Application




  • Diagnostic

    • Prostate Cancer

    • BPH (Benign Prostatic Hyperplasia)

    • Others



  • Image-guided Treatment



By End-user




  • Hospitals & ASCs

  • Diagnostic Laboratories

  • Others



By Region




  • North America (By Product, Type, Application, End-user, and Country)

    • U.S.

    • Canada



  • Europe (By Product, Type, Application, End-user, and Country/Sub-Region)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Scandinavia

    • Rest of Europe



  • Asia Pacific (By Product, Type, Application, End-user, and Country/Sub-Region)

    • China

    • India

    • Japan

    • Australia

    • Southeast Asia

    • Rest of Asia Pacific



  • Latin America (By Product, Type, Application, End-user, and Country/Sub-Region)

    • Brazil

    • Mexico

    • Rest of Latin America



  • Middle East & Africa (By Product, Type, Application, End-user, and Country/Sub-Region)

    • GCC

    • South Africa

    • Rest of Middle East & Africa




Transrectal Ultrasound (TRUS) Market
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  • 2022
  • 2019-2021
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