iData Research (“iData”), a global consulting and market research firm, unveiled updated insights on the U.S. ultrasound needle guide and probe covers market, addressing metrics including average as well as minimum and maximum prices, revenue, and units sold. Based on the data, mass declines in both revenue and units sold occurred during the first quarter of 2020 as a result of the global COVID-19 pandemic.
iData’s analysts utilized primary data from 1000s of reporting hospitals and ambulatory surgery centers (ASCs) to gather purchase order data and sales information for the updated report. After combining this with rigorous primary research, ongoing for over a decade, a cross-verified and highly accurate depiction of the market was developed.
The insights obtained through the updated U.S. needle guides and probe cover market analysis generated worrisome results. Both units sold and revenue for the majority of the 30 U.S. companies analyzed plummeted in the first quarter of 2020. Fortunately, units sold and revenue were able to recover by the second and third quarters of 2020 before facing another decline in the last quarter of the year. iData’s aim was to gain a better understanding of the fluctuations within this market through a detailed, brand-level approach. Over 500 SKUs were extensively studied to develop insights on min. and max. prices, units sold, and ASPs for needle guides and probe covers used with ultrasound devices.
“2020 was a difficult year, especially for the needle guides market, due to COVID-19,” says Dr. Kamran Zamanian, Senior Partner and CEO of iData Research, “Challenges within this market put a strain on many companies and forced them to re-analyze their strategies surrounding the return to pre-COVID levels.”
BD and CIVCO were two of the companies caught in the middle of this uneasy market. BD managed to shift its strategy and achieve success for its needle guide kit which exceeded over 200,000 units sold. Overall, BD was able to exceed expectations in revenue for both segments and maintain just under 50% of the total market share. CIVCO, on the other hand, was able to increase its overall market share, with revenues exceeding $7.5 million.
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iData Research is an international consulting and market research firm dedicated to empowering confident strategic decisions within the medical device, dental, and pharmaceutical industries.