Future Market Insights (FMI) has published a new report on ultrasound conductivity gels. The report has been titled, “Ultrasound Conductivity Gels Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment, 2018 – 2028.” The report caters to the numerous needs of the global as well of the regional vendors and presents a distinguishing scenario of the market along with factors such as drivers, inhibitors, prospects, and trends based on the regional as well as the global dynamics.
According to the report, the global market for ultrasound conductivity gel is expected to witness a CAGR of 7.8% from 2018 to 2028. The market was worth US$ 193.8 Mn and is anticipated to touch a valuation of US$ 439.1 Mn by the end of 2028. The market is expected to foresee a stable growth in the coming years along with moderate challenges arising from the substitutes.
The global market for ultrasound conductivity is highly consolidated owing to the presence of a few leading players and their take on collaborations, mergers, acquisitions, partnerships, license agreements, and patent transfer might have a major impact on the vendor landscape of the global ultrasound conductivity gels market. The other leading players operating in the global ultrasound conductivity gels market are Medline Industries Inc., Parker Laboratories, Inc., Compass Health Brands Corp., Cardinal Health, Inc., and ECO-MED Diagnostic Imaging, among several others. These manufacturers are also focusing on decreasing the cost of the gels in order to compete with the inexpensive substitutes.
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Enlarging Application Base to Help in Market Development
Ultrasound is the most commonly employed diagnosis procedure for curing a disease. It is a painless and safe method to examine the internal organs and avoids the use of harmful radiations. Generally, ultrasound scan is recommended for various uses. In urology, ultrasound is utilized 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 and in the knowledge of the advantages offered by the portable colour ultrasound systems which ultimately increase the demand of ultrasound procedures and use of ultrasound gels.
Moreover, the increasing awareness towards 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 boosting the future growth. Other than this, the need for point of care ultrasound scanning in military medication, urgent treatment, and remote care are likely to bolster the demand for ultrasound procedures and also increase the demand for ultrasound gels across the globe.
Availability of Alternate Products an Ongoing Challenge in the Market
Medical ultrasound gels may be inaccessible or unaffordable in low-resource locations. Consumers and clinicians looking for a low-cost substitute for ultrasound gels. Such an alternative could be a boon in developing countries where radiology budgets are tight but might hinder the global ultrasound conductivity gels market. A gel made from water and corn-starch is low-cost gel can be an acceptable alternative to commercial medical gel in rural areas. The low cost and easy preparation of the corn-starch-based gel make 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 which be overcome in the near future.
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Will the availability of substitutes and dearth of skilled personnel pull down the market or will the credibility of the product keep the making growing at a steady pace?