Echocardiography Market to Cross $2.23 billion Revenue by 2030

Echocardiography Market Overview

The Echocardiography Market Predictable at $1.45 billion in 2022, is estimated to increase at a CAGR of 7.2% from $1.98 billion in 2023 to $2.23 billion by 2030.

Echocardiography, also known as cardiac ultrasound, uses sound waves to create images of the heart to detect cardiovascular diseases. It helps identify blood clots and study heart chambers and valves. Different tests, including transthoracic, transesophageal, and stress cardiac ultrasound, are used for diagnostic procedures, with transthoracic being the most commonly used due to its non-invasive nature. Echocardiography is a non-surgical medical treatment that uses high-frequency reflected sound to diagnose heart function. Technological advancements, its advantages over invasive methods, and an increase in cardiovascular disorders are driving its market growth, primarily due to advancements in transducer technology. The majority of Medicare charges (15%) for echocardiography studies are made by cardiologists. This Article gives clinicians a quick rundown of echocardiography's fundamental concepts and equipment. As bone or air are not ideal media, ultrasound waves are transmitted through certain windows, such as the apical, parasternal, subcostal, and suprasternal.

The global echocardiography market is expected to grow due to technological advancements, increased cardiovascular disease prevalence, a growing 65-year-old population, and medical tourism in developing countries. Key players with advanced product portfolios and strong regional presence are expected to drive growth. Significant business developments, such as alliances, mergers, and acquisitions, will drive the market. Demand for treatment and early diagnosis are also expected to drive growth.

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Echocardiography Market Segment Analysis

The market for cardiac ultrasound devices is divided into cart-based and handheld devices, with the cart-based segment expected to lead due to the presence of established devices and the increasing focus on new products. The transthoracic echocardiography segment is expected to lead due to its high revenue and advantages, such as acquiring the whole LV volume in one heartbeat. The 2D segment is expected to lead due to increasing product launches and lower costs. The hospital and acute care centers (ASCs) segment is expected to lead due to the rising incidence of cardiovascular diseases and the increasing number of hospital and ASC admissions for echocardiograms. The market is expected to continue growing due to these factors.

The Doppler sector is expected to be the most popular in 2022 because to its non-invasive, painless, and hazardous nature. The worldwide echocardiography market is segmented into 2D, 3D/4D, and Doppler segments. Hospitals are the largest section of the market because they frequently use echocardiography equipment in cardiac care units, along with diagnostic centres and clinics. Its broad use in hospitals is partly to blame for this market dominance.

Market Dynamics

Drivers

The global echocardiography market is expected to grow due to the rise in cardiovascular diseases, which account for 32% of fatalities worldwide and are the leading cause of death. Technological advancements, such as the FDA-approved AI-guided ultrasound system, are enabling medical professionals to collect and analyze high-quality heart images more efficiently. This trend is expected to impact the global echocardiography market, as irregular heartbeats are produced by abnormal blood pressure problems, leading to cardiac arrest.

The global market for cardiovascular ultrasound systems is expanding due to the need for noninvasive diagnostic methods, improved intravascular ultrasound, contrast echocardiography, paediatrics, and angiography, and increasing prophylactic medication penetration.

Restraints

(Low rates of reimbursement and high adaption costs)

Unfavourable reimbursement circumstances and the financial impact of implementing new technologies are expected to restrain the growth of the echocardiography market over the projected timeframe.

Opportunities

(paying focus on preventative healthcare and enhance R&D)

During the anticipated period, a focus on preventative care will be essential for driving market growth. Additionally, market trends like learning from bmc, cme, and cmc echocardiograms present a tonne of potential opportunities for the industry.

During the forecast period, more potential opportunities for the worldwide industry would also be created by the rising adoption of modern technology and the expanding number of new markets.

How does ultrasound technology create opportunities for manufacturers of echocardiography devices?

Vendors of cardiac ultrasonography have been introducing new equipment for a number of years to improve heart imaging. In the discipline of echocardiography, artificial intelligence is quickly gaining ground and enabling the quick automation and operation of equipment and systems.

A well-known software development company called EchoNous offers the Kosmos system, which combines AI with handheld ultrasound to provide point-of-care ultrasound (POCUS), enabling doctors to take immediate action.

Companies in the echocardiography industry are working with software developers to create AI applications that can determine the ejection fraction in a matter of seconds. These apps are speeding up medical diagnosis by assisting doctors with cardiac scanning while automatically labelling, directing, and grading the results.

Competitive Landscape of the Echocardiography Market

• GE Healthcare
• Koninklijke Philips N.V
• Siemens Healthineers
• Canon Medical Systems Corporation
• Esaote S.p.A.
• Samsung Electronics Co. Ltd.
• Fujifilm Holdings Corporation
• Hitachi Medical Corporation
• Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
• Bay Labs Inc.
• Bracco Imaging S.p.A.
• ContextVision AB
• Digirad Corporation
• TELEMED Medical Systems

Recent Developments in Echocardiography Market

Feb 13, 2023 GE HealthCare Acquires Company that Democratizes Cardiac Ultrasound Images

GE HealthCare recently announced plans to acquire Caption Health, a company that sells AI software designed to guide cardiac imaging. The company's guidance technology aims to make ultrasound exams easier and faster, as well as allow a broader set of healthcare professionals to conduct basic echocardiography exams.

February 2022- Koninklijke Philips N.V. added Pulse Wave Doppler technology to Lumify, a handheld ultrasound device. The addition aims to expand the hemodynamic assessment and measurement capabilities of the system.

For instance, in December 2021, Koninklijke Philips introduced an AI-driven auto-measure application in its EPIQ CVx and Affiniti CVx ultrasound systems to deliver quick and consistent measurements, reducing the time by half to the manual methods. Thus, the launch of such technological advancements by market players is expected to boost the adoption of technologically advanced devices during the forecast period.

Regional Analysis

Why is North America the market leader for Echocardiography?

The U.S. is expected to see long-term growth in echocardiography testing due to significant investments in improving cardiovascular care. The demand for transthoracic echocardiography exams has increased, and the International Accreditation Commission and the American Society for Echocardiography have strengthened their relationship to improve quality and streamline certification applications for multiple devices.

The British Heart Foundation reports 7.6 million UK residents suffer from heart and circulation disorders, accounting for 27% of all fatalities, with 43,000 deaths occurring before 75. Companies like Philips Medical Systems and Card Guard Group dominate the echocardiography device manufacturing industry.

Why is China growing popularity as an opportunity for investors to make investments?

Cardiovascular diseases are the leading cause of death in China, accounting for 40% of fatalities despite rapid urbanization and environmental changes. The Healthy China 2030 plan, approved in the last decade, emphasizes health's strategic importance for China's development, prioritizing health, advancing science and technology, and expanding the market for advanced echocardiography equipment.

Will there still be a high need for cart- and trolley-based echocardiography devices?

Healthcare professionals are increasingly adopting mobile cart/trolley-based echocardiography technologies, equipped with advanced technology like Bluetooth connectivity and data collection and assimilation software, despite the trend towards smaller, portable systems.

Which Echocardiography Technology is Used the Most?

The demand for 3D/4D echocardiography devices is increasing due to their real-time imaging capabilities, enabling surgeons to make prompt diagnostic decisions. These devices accurately assess cardiac dyssynchrony and guide challenging ablation treatments, improving their performance during complicated arrhythmias in the ablation area.

Segments Covered in the Echocardiography Market Report

By Test

• Transthoracic EchocardiogramTests
• Stress EchocardiogramTests
• Transesophageal EchocardiogramTests
• Others

By Product

• Cart-/Trolley-based Echocardiography Devices
• Handheld/Portable Echocardiography Devices

By Technology

• 2D Echocardiography Devices
• 3D/4D Echocardiography Devices
• Doppler Echocardiography Devices

By End User

• Hospitals
• Diagnostic Centers
• Clinics
• Others

Frequently Asked Questions

What is the expected growth rate of the Echocardiography market over the next 7 years?

The Echocardiography Market Predictable at $1.45 billion in 2022, is estimated to increase at a CAGR of 7.2% from $1.98 billion in 2023 to $2.23 billion by 2030.

Who are the major players in the Echocardiography market and what is their market share?

GE Healthcare, Koninklijke Philips N.V, Siemens Healthineers, Canon Medical Systems Corporation, Esaote S.p.A., Samsung Electronics Co. Ltd., Fujifilm Holdings Corporation, Hitachi Medical Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd.

Which segment accounted for the largest Echocardiography market share?

3D/4D echocardiography devices are expected to attract significant investments, while doppler ultrasound is also likely to witness major incline over the coming years.

Which echocardiography technology is used the most?

3D/4D echocardiography devices are expected to attract significant investments, while doppler ultrasound is also likely to witness major incline over the coming years.