Ultrasound Gels Market Analysis of Key Players, End User, Demand and Consumption By 2027
Ultrasound Gels Market: Introduction
According to the report, the global ultrasound gels market was valued at ~US$ 310 Mn in 2018 and is projected to expand at a CAGR of ~7% from 2019 to 2027. Medical gels are consumables used for various therapeutic and diagnostic purposes in healthcare. Ultrasound gels, ECG gels, surgical lubricant gels & catheter gels, obstetric gels, and soothing gels are various types of medical gels. Ultrasound gels act a conductive medium between the ultrasound probe and the patient’s skin, while ECG gels aid transmission of electro activity by acting as a coupling between electrodes and the skin. Catheter gels are used to lubricate catheters that are used during catheterization and surgical procedures.
Increase in number of diagnostic and surgical procedures and rise in prevalence of chronic diseases such as cardiovascular diseases, diabetes, obesity, and others are expected to drive the ultrasound gels market during the forecast period. Furthermore, rise in geriatric population is projected to support the growth of ultrasound gels market during the forecast period.According to the World Health Organization (WHO), the global geriatric population was around 524 million in 2010 and is anticipated to reach 1.5 billion by 2050.
According to the U.S. Census Board, people older than 65 years represented around 13% of the total population; this percentage is expected to grow at an estimated 20% by 2030. North America held leading share of the ultrasound gels market in 2018 due to the demand for precise & accurate diagnostic procedures, increase in number of market players manufacturing sterile medical gels, and high adoption rate of sterile medical consumables during diagnostic examinations.
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In Asia Pacific, the ultrasound gels market is expected to expand at a high CAGR of 7.5% from 2019 to 2027, owing to rise in awareness about use of sterile medical gels for ultrasound and ECG examinations, increase in number of local players offering a wide range of medial gels, and high volume of gynecological procedures.
Rise in Prevalence of Chronic Diseases to Drive Ultrasound Gels Market
Rise in prevalence of chronic diseases worldwide is projected to drive the ultrasound gels market during the forecast period. As per the World Health Organization (WHO), cardiovascular diseases (CVD) account for 9.4 million deaths globally each year. The number is likely to increase to 23.3 million by 2030. According to the U.S. National Library of Medicine National Institutes of Health, the prevalence of congenital heart disease in 54 countries in Africa was 300,486 cases and is one of the major pediatric health issues in the region.
Increase in Demand for Sterile Ultrasound
In terms of type, the ultrasound gels market has been segmented into sterile and non-sterile. The non-sterile segment accounted for a major market share in 2018. The sterile segment is projected to gain significant growth, owing to increase in demand for sterile ultrasound and obstetric gels, rise in focus on hospital-acquired infection, and increase in number of healthcare providers offering specialty care services.
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Rise in Number of Ultrasound Procedures to Drive Demand for Ultrasound Gels
In terms of product, the ultrasound gels market has been segmented into ultrasound gels, ECG gels, surgical lubricant gels & catheter gels, obstetric gels, and soothing gels. The ultrasound gels segment accounted for a major market share in 2018. Use of sterile ultrasound gels, increase in number ultrasound procedures, and rise in awareness about disadvantages of using non-sterile gels are various factors that are likely to drive the ultrasound gels segment during the forecast period. Increase in volume of pregnancies in developing countries such as India and China and high expenditure on women’s health are anticipated to fuel the growth of the ultrasound gels market.
Diagnostic Centers to be Major End User of Ultrasound Gels
Based on end user, the ultrasound gels market has been categorized into hospitals, clinics, diagnostic centers, and ambulatory surgical centers. The diagnostic centers segment is likely to gain a significant market share by 2027. Growth of this segment can be attributed to increase in availability of medical consumables & devices and tie-ups by prominent market manufacturers with health care organizations to enhance customer base. Expansion of diagnostic centers in the local market, increase in number of patients referred to diagnostic centers for wide of examinations, and huge demand for sterile medical instruments and consumables including medical gels are factors projected to offer growth opportunities in ultrasound gels market.
North America to Lead Ultrasound Gels Market
In terms of region, the ultrasound gels market has been divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a significant share of the ultrasound gels market during the forecast period, owing to significant utilization of obstetric gels, rise in number of vaginal births in the U.S., and geographical expansion by prominent companies operating in ultrasound gels market.
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Growth Strategies of Key Players in Ultrasound Gels Market
Key players operating in the ultrasound gels market are Parker Laboratories, Inc., HR Pharmaceuticals, Ultragel Hungary 2000 Kft., ECO-MED PHARMACEUTICAL INC., National Therapy Products Inc., Phyto Performance Italia S.R.L, Trivitron Healthcare, CHHENNA CORPORATION, Benetechmed, Tentan AG (Schaer Pharma Services), and Medvat. Expansion of manufacturing facilities, strengthening distribution channel, and focus on increasing sales through e-Commerce are key strategies adopted by companies operating in the ultrasound gels market. In case of facility expansion, maintaining sterile conditions remains a top priority of manufactures in order to avoid product recalls in future. This helps the company to gain brand identity and a strong customer base.
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