The Asia Pacific ultrasound transducer market is expected to reach US$ 1,058.38 million by 2027 from US$ 776.12 million in 2019; it is estimated to grow at a CAGR of 4.1% from 2020 to 2027.
The growth of the Asia Pacific ultrasound transducer market is attributed to the growing medical device industry and increasing aging population in the region. On the other hand, the market growth is hindered by the shortage of healthcare workforce in Asia Pacific.
Elder population is more prone to chronic diseases, which increases the demand for advanced diagnostic technologies. South Korea is one of the world’s fastest aging countries. In 2019, 15.5% of the total population was 65 or older, and as per the Statistics Korea, the number is likely to reach 46.5% by 2067. Similarly, according to the China’s National Bureau of Statistics, ~11.9% of China’s population (166.6 million people) was 65 or older at the end of 2018. Furthermore, the United Nations estimated that by 2050, ~366 million older Chinese adults will be aged 65 or more, which is larger than the total U.S. population (331 million). Additionally, according to the United Nations Population Fund and HelpAge India, the elderly population in India is expected to grow to 173 million by 2026. Moreover, the third-largest economy of the world, Japan has been facing the issue of aging population. As per the World Bank Group in 2019, ~28% of the Japanese population is aged 65 or more. Thus, growing aging population in Asia Pacific boosts the demand for ultrasound technology.
The Asia Pacific ultrasound transducer market based on product has been segmented into linear, convex, phased array, endocavitary, CW Doppler, tee probes, and others. The TEE probes segment is further segmented into 2D TEE probes, 3D TEE probes, and 4D TEE probes. Whereas, the age group is sub-segmented as adult and pediatric. The convex segment held the largest share of the North American market in 2019. However, the linear segment is estimated to register the highest CAGR in the market during the forecast period. The Asia Pacific ultrasound transducer market based on application has been segmented into cardiovascular, general imaging, musculoskeletal, OB AND GYN, and other. On the basis of end user, the Asia Pacific ultrasound transducer market has been segmented into hospitals, clinics, diagnostic centers, and ambulatory surgical centers.
A few of the major secondary sources referred to while preparing this report on the Asia Pacific ultrasound transducer market are Korea Health Industry Development Institute, Globocan, Korean Society of Ultrasound in Medicine, Malaysia Healthcare Travel Council, Japan’s Ministry of Health, Labour and Welfare (MHLW) Annual Pharmaceutical Production Statistics , and China National Bureau of Statistics