Future Market Insights (FMI) has published a new report on ultrasound conductivity gels titled ‘Ultrasound Conductivity Gels Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment, 2018 – 2028’.
The report meets the needs of vendors worldwide and presents a distinguishing scenario of the market along with factors such as drivers, inhibitors, prospects and trends based on regional and global dynamics.
According to the report, the global market for ultrasound conductivity gel is expected to witness a compound annual growth rate (CAGR) of 7.8% from 2018 to 2028. The market was worth $193.8m and is anticipated to reach a valuation of $439.1m by the end of 2028. The market is also expected to foresee stable growth in the coming years and moderate challenges arising from the substitutes.
The global market for ultrasound conductivity is highly consolidated due to the presence of a few leading players and their take on collaborations, mergers, acquisitions, partnerships, license agreements and patent transfer, which might have a major impact on the vendor landscape of the global ultrasound conductivity gels market.
Other leading players operating in the global ultrasound conductivity gels market include Medline Industries, Parker Laboratories, Compass Health Brands Corp, Cardinal Health, and ECO-MED Diagnostic Imaging. These manufacturers are also focusing on decreasing the cost of the gels in order to compete with the inexpensive substitutes.
Enlarging application base to help in market development
Ultrasound is one of the most commonly employed diagnosis procedures for curing diseases. It is a painless and safe method of examining internal organs and avoids the use of harmful radiations.
Generally, ultrasound scans are recommended for various uses. In urology, ultrasound is utilised for diagnosis of the prostatic and kidney diseases and to diagnose urinary bladder.
There is a rise in demand for ultrasound machines designed for specialities such as cardiology and radiology, as well as an increase in the knowledge of the advantages offered by the portable colour ultrasound systems, which increase the demand of ultrasound procedures and use of ultrasound gels.
Moreover, increasing awareness of screening for breast cancer and advanced technologies such as echocardiography has evolved into a non-invasive method for imaging has driven the number of ultrasound procedures and supported future growth.
The need for point-of-care ultrasound scanning in military medication, urgent treatment and remote care are also likely to support the demand for ultrasound procedures and increase the demand for ultrasound gels worldwide.
Availability of alternate products an ongoing challenge in the market
Medical ultrasound gels may be inaccessible or unaffordable in low-resource locations, and consumers and clinicians are looking for low-cost substitutes for ultrasound gels.
Such an alternative could be a boon in developing countries where radiology budgets are tight. However, it might hinder the global ultrasound conductivity gels market.
A low-cost gel made from water and corn-starch can be an acceptable alternative to commercial medical gel in rural areas. The low cost and easy preparation of this corn-starch-based gel makes it an attractive coupling medium for use in low-resource settings. The availability of these substitutes is likely to act as a major roadblock in the growth of the market.
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