U.S. 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 Centers, and Others), and Country Forecast, 2023-2030

The U.S. transrectal ultrasound market size was worth USD 59.3 million in 2022 and is projected to grow at a CAGR of 6.5% during the forecast period. 

Transrectal ultrasonography (TRUS) is a screening tool used to capture images of the prostate gland using sound waves. According to the U.S. Centers for Disease Control and Prevention, the device is used to diagnose prostate cancer, the second-most common type of cancer amongst men in the U.S. In addition, various initiatives have been taken by government and non-government organizations to create awareness related to the symptoms of cancers, coupled with the adoption of these new technologies by hospitals to diagnose diseases. This is projected to drive the demand for transrectal ultrasound systems in the near future.

The outbreak of COVID-19 had a negative impact on the U.S. transrectal ultrasound market share in 2020. A decline in the number of urological surgical procedures was observed during the pandemic. For instance, according to the data published in the Journal of Urology, there was a 50% decline in urologic outpatient visits and procedures in the U.S. during the lockdown phase of the COVID-19 pandemic, posing a challenge for market growth in 2020.

U.S. Transrectal Ultrasound Market Trends

Technological Advancements in Transrectal Ultrasound to Boost Market Growth

Emerging technology advancements and improvements in healthcare infrastructure are altering the approach to the detection and diagnosis of prostate cancer. For example, multiparametric MRI (mpMRI) is useful in risk-stratifying patients with suspected prostate cancer and will be the foundation for future imaging. In addition, prostate-specific membrane antigen-directed positron emission tomography (PSMA-PET) helps diagnose prostate cancer and recurrence in patients with conventional negative imaging.

Moreover, key players in the U.S. transrectal ultrasound market are focused on providing new platforms for urologists or radiologists to perform targeted biopsies.

• For example, ExactVu is a micro-ultrasound platform that is helpful for urologists to perform targeted biopsies within a standard urological workflow. ExactVu is available for sale in the European Union (CE Mark), U.S. and Canada.

Nevertheless, new imaging technology will provide more accurate diagnosis and treatment options for patients suffering from prostate cancer.

U.S. Transrectal Ultrasound Market Growth Factors

Growing Prevalence of Prostate Cancers to Augment Transrectal Ultrasound Market Growth in the U.S.

Prostate cancer is the most common cancer in American men. According to the data published by the American Cancer Society, around 288,300 new cases of prostate cancer are estimated to occur by the end of 2023. In addition, the incidence rate for prostate cancer has increased every year by 3% overall and nearly 5% for advanced-stage prostate cancer.

Furthermore, about 6 cases in 10 men aged 65 and above are diagnosed with prostate cancer. Thus, the increase in the prevalence of these cancers will drive the demand for more effective and safe diagnostic measures for this disease, boosting the U.S. transrectal ultrasound market growth during the forecast period.

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By the end of 2023, it is estimated that 288,300 men in the U.S. would develop prostate cancer.

RESTRAINING FACTORS

Product Recalls May Hamper Transrectal Ultrasound Market Growth in the U.S.

Product recalls in recent years, due to safety concerns, may limit the U.S. transrectal ultrasound market growth in the upcoming years. For instance, in April 2019, Koninklijke Philips N.V. recalled the Philips EPIQ and Affiniti Ultrasound Systems used for transrectal biopsy. Moreover, a lack of trained specialists will hamper growth opportunities for the market. For instance, according to data from the Association of American Medical Colleges, the U.S. is projected to experience a shortage of urologists, between 61,700 and 94,700 by 2025.

U.S. Transrectal Ultrasound Market Segmentation Analysis

By Product Analysis

Based on product, the market is segmented into systems and transducers.

The systems segment dominated the transrectal ultrasound market in the U.S. in 2022 in terms of its revenue. The growth is owed to the new product launches and collaborative efforts by government bodies in prevention and control measures through increasing awareness programs associated with ultrasound imaging benefits on disease identification and management.

Moreover, the transducers segment is projected to grow at the highest CAGR over the forecast period owing to its wide range of applications in diagnostic imaging and the introduction of advanced transducers.

By Type Analysis

Based on type, the market is segmented into cart/trolley-based and portable.

In terms of type in 2022, the cart/trolley-based segment accounted for the highest transrectal ultrasound market share in the U.S. in 2022 and is projected to grow at a significant CAGR in the upcoming years. The growth is mainly due to the more accurate diagnostic capabilities and high performance of the cart/trolley-based ultrasound machines. Additionally, higher adoption of these machines in hospitals and ASCs is projected to boost segmental growth in the near future.

On the other hand, the portable segment is projected to grow at the fastest CAGR from 2023-2030. Factors such as the increasing spectrum of applications of portable ultrasound, advancements in technology, and the growing prevalence of prostate cancer in men are responsible for influencing the growth of the segment in the upcoming years.

By Application Analysis

Based on application the market is classified into diagnostic and image-guided treatment. The diagnostic segment is further sub-segmented into prostate cancer, benign prostatic hyperplasia (BPH), and others.

In 2022, the diagnosis segment held the highest transrectal ultrasound market share in the U.S. and is projected to grow at a considerable CAGR over the forecast period, 2023-2030. The growing adoption of non-invasive procedures and the need for high-image resolution, better turnaround times, real-time image guidance during surgeries, and enhanced precision is projected to drive segmental growth in the near future.

However, the image-guided treatment segment accounted for a considerable market share in 2022. Factors such as a rise in the geriatric population, growth in the incidence of prostate cancers, and an increase in cancer therapy initiatives are propelling segmental growth.

By End-user Analysis

Based on end-user, the market is segmented into diagnostic centers, hospitals & ASCs, and others.

The hospitals & ASCs segment dominated the transrectal ultrasound market in terms of revenue in the U.S. in 2022 owing to advanced technologies of transrectal ultrasound for diagnosis.  In addition, the presence of many hospitals, well-established infrastructure, and the introduction of advanced portable systems in such healthcare facilities are propelling growth of the segment.

Moreover, the diagnostic centers segment ranked second highest in revenue in 2022 and is projected to grow at a significant CAGR in the upcoming years. Adequate reimbursement policies offered by diagnostic centers and Increasing adoption of minimally invasive procedures are projected to drive segmental growth.

List of Key Companies in U.S. Transrectal Ultrasound Market

GE Healthcare accounted for a key player in 2022 owing to the company's strong product portfolio and growing distribution network. The competitive landscape for the U.S. transrectal ultrasound market is semi-consolidated in nature, in which the top 2-3 players dominate the market while other players account for the rest of the market share. Market players include KOELIS, Exact Imaging, Telemed Medical Systems, and FUJIFILM Corporation. Furthermore, a few players utilized the opportunity generated by the COVID-19 outbreak to strengthen their market position further.

LIST OF KEY COMPANIES PROFILED:

• KOELIS (Germany)


• GE HealthCare (U.S.)


• Exact Imaging (Canada)


• FUJIFILM Corporation (Japan)


• Strata Imaging (U.S.)


• HALO Medical Technologies (U.S)


• GEOTEK (U.K.)


• Koninklijke Philips N.V. (Netherlands)

KEY INDUSTRY DEVELOPMENTS:

• February 2023: GE HealthCare signed an agreement to acquire Caption Health, Inc., a privately owned artificial intelligence (AI) healthcare leader that assists in conducting ultrasound scans. This acquisition aims to expand ultrasound imaging to support new users through FDA-cleared, AI-powered image guidance.


• April 2022: KOELIS announced the completion of a USD 10.5 million follow-on growth equity financing led by InnovaHealth Partners, LP and certain affiliates. The financing will support the Company’s product portfolio for diagnosis and treatment of prostate cancer.


• July 2020: KOELIS announced final approval by the Department of Veterans Affairs (VA) for providing a pathway for prostate MRI fusion for government customers by offering the Trinity 3D Prostate Suite.

REPORT COVERAGE

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The U.S. transrectal ultrasound market research report provides a detailed analysis of the market. It focuses on key aspects such as an overview of the prevalence of prostate cancers, regulatory scenario, and new product launches.  Additionally, it includes key industry developments such as mergers, partnerships, acquisitions, and the impact of COVID-19 on the market. Besides this, the research report also offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation