The size of the ultrasound transducer market in the European region is predicted to showcase a CAGR of 3.32% during the forecast period and be worth USD 1.48 billion by 2028 from USD 1.26 billion in 2023.
Factors such as the increasing prevalence of chronic diseases in Europe and growing research activity in the medical sector are expected to drive market growth. For instance, diabetes is a chronic illness that causes complications in the long term, which may drive the market growth rate. It is estimated that 468,000 (8.7%) people in Denmark will live with diabetes by 2030. The proportion of diabetic patients over 70 years is expected to increase from 45% to 48% for women and from 39% to 46% for men.1 in 20 Norwegians has been diagnosed with diabetes (246,000 people). Of these, estimates show that 28,500 have type 1 diabetes and 217,000 have type 2 diabetes. Additionally, many may not know they have diabetes. Among 80-year-olds, 1 in 9 has diabetes in Norway.
The increased use of ultrasound due to its high efficiency and safety is believed to drive the growth of the European ultrasound transducer market. These devices provide an accurate diagnosis, allow physicians to deliver compelling images to improve patient care with fewer costs, and provide real-time data to physicians for better diagnosis. These systems have seen a massive demand for detecting abnormalities in lung disease, cardiovascular disease, kidney disease, gynecological disease, and cancer. According to Globocan 2019, there were 4,230,500 new cancer cases and 1,945,000 cancer deaths in Europe. Ultrasound transducers are the first line for diagnosing cancer associated with breast, colorectal, lung, prostate, bladder, etc. According to the European Kidney Association report, 11% of the European population is affected by chronic kidney disease, and around 72 million Europeans have lost part of their kidney function. According to the Cardiovascular Diseases in Central and Eastern Europe study, published in 2020, cardiovascular diseases account for 45% of total deaths in the region. Hence, these numbers influence the growth of the market during the forecast period.
The key market players focus on R&D activities to develop high-power disposable portable and wireless ultrasonic transducers to maintain the safety alarm, which is expected to improve the market growth.
However, the ultrasound transducer needs trained and experienced sonographers to operate the device. Shortage of these professionals, lack of funds, and poor reimbursement guidelines are likely to have a negative impact on the growth of the European ultrasound transducer market.
This research report on the European ultrasound transducer market has been segmented and sub-segmented into the following categories.
By Product Type:
By Application:
By End-user:
By Country:
The United Kingdom held a significant 35% share in the European market in 2022. This is due to the increasing demand for technologically advanced medical devices, well-developed healthcare systems, high levels of chronic diseases, and good reimbursement policies. Over 1.9 million people in England have been diagnosed with chronic kidney disease. In addition, it is believed that there are around a million people with the disease who have not been diagnosed. The prevalence of coronary heart disease is about 4% in England, and 5% is reported in Scotland, Northern Ireland, and Wales. Hospital admissions for all cardiovascular diseases increased by more than 47,000 between 2010-2014, and more than 37,500 of those admissions increased for men.
Germany is estimated to be the fastest-growing segment with a CAGR of 4.4% during the forecast period due to the rapid growth of the senior population, improvement of medical facilities, and high prevalence of chronic diseases. Cardiovascular disease is one of Germany's most common causes of death, amounting to nearly 42% of the total death rate. In addition, they are associated with significant consequences for the individual's health and result in high medical costs for society. Therefore, strong demand for hassle-free diagnostic modalities is anticipated to drive market growth.
KEY MARKET PLAYERS:
Companies playing a prominent role in the European ultrasound transducer market profiled in this report are General Electric Company, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Fujifilm Corporation, Samsung, Siemens Healthineers AG, Hitachi, Ltd., ESAOTE SPA, SIUI, and Shenzhen Ruqi Technology Co., Ltd.
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