The global cardiovascular ultrasound market size was around USD 1628.12 Million in 2022 and is estimated to reach USD 2658.65 Million by 2031, expanding at a CAGR of 5.6% during the forecast period, 2023–2031. The market growth is attributed to the rising incidence of cardiovascular diseases (CVDs) and increasing technological advancements in the healthcare sector.
Increasing incidence of heart disease fuels the need for cardiovascular ultrasound systems for early disease diagnosis, treatment, and monitoring. As per the World Health Organization 2021 updates, heart disease is the predominant cause of all mortalities around the world, while 17.9 million of demise are observed from CVDs in low- and middle-income countries.
The data from CMS reveals the consistent growth in the utilization of cardiovascular ultrasound services among Medicare beneficiaries during the past decade. In 2010, around 2.4 million cardiovascular ultrasound services were delivered to Medicare beneficiaries, and by 2019, this number surged to over 3.4 million, which denotes that there is a significant growth in demand for these services.
The market is further supported by the integration of advanced technologies such as Artificial intelligence (AI) in cardiovascular ultrasound systems. Artificial intelligence-based cardiac ultrasound guidance technology helps in the early detection of abnormalities in the heart structure and provides crucial insights into various conditions. Moreover, it improves accuracy, which makes it popular among healthcare professionals across the globe for CVD diagnostics. For instance,
- In July 2023, UltraSight received 510k clearance from Food and Drug Administration (FDA) for AI Guidance software, which offers improved access to monitoring. This advancement allows novice ultrasound users to receive and obtain feedback on cardiac ultrasound imaging. This real-time AI guidance is expected to be a game-changer for diagnostic experience and efficiency.
The research report finds that the COVID-19 pandemic fueled the global cardiovascular ultrasound market growth, due to high demand for cardiovascular devices. Any abnormalities relating to the cardiac system in COVID-patients raised the risk of death.
Cardiovascular ultrasound (CVUS) played a crucial role in assessing cardiovascular functioning in COVID-19 patients. This is one of the key variables which supported the market expansion throughout the pandemic.
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In October 2020, according to a global investigation conducted by Mount Sinai Hospital in New York, a heart structural defect was found in two-thirds of the COVID-19 recovered patients. Vascular ultrasonography is frequently used to evaluate these individuals' conditions.
The COVID-19 pandemic propelled the demand for handheld and portable ultrasound devices. The pandemic generated the need to monitor patients remotely, which in turn increased the demand for remote monitoring and telemedicine. The portable ultrasound devices ease the treatment process, as patients do not have to visit the hospital frequently.
Cardiovascular Ultrasound Market Dynamics
Major Drivers
Advantages of echocardiography over invasive cardiac diagnostic procedures are expected to drive market growth during the forecast period. There is no risk involved with echocardiograms, as it does not involve radiation in the procedure, which means patients do not have to suffer from the pain and complications of an open wound.
The cardiovascular ultrasound process is non-invasive; thus, it is a comfortable and safe option for patients as compared to invasive procedures. The use of ultrasound in heart disease diagnostic treatment and monitoring is anticipated to upsurge, fueling the market expansion.
Current Restraints
Strict rules and regulations for the approval of new healthcare treatment technologies by the various governments around the world are anticipated to hamper the market growth. Moreover, unfavorable reimbursement scenarios and high costs related to the production of new cardiovascular ultrasound devices are projected to hinder market expansion during the forecast period.
- According to the National Ultrasound, Medical Equipment Manufacturing firm based in the US, the cost of a new ultrasound system ranges from USD 20,000 to USD 200,000. New ultrasound machines are expensive compared to used ones.
Emerging Opportunities
Technological advancements in cardiovascular ultrasound imaging technology including 2D and 3D imaging are expected to create lucrative opportunities for market players. These advancements improve the ability to diagnose certain heart conditions, which enables providing timely treatments and several other advantages. For instance,
- In June 2017, Hitachi Healthcare Americas introduced the new premium 2D and 3D cardiovascular ultrasound system, LISENDO 880. Moreover, Hitachi has a series of color systems, which are available across the globe. This system provides exceptional clinical performance with analytics and state-of-the-art features.
Scope of Cardiovascular Ultrasound Market Report
The cardiovascular ultrasound research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cardiovascular Ultrasound Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Device Display (Black & White Display and Color Display), Technology (2D, 3D & 4D, and Doppler Imaging), Test Type (Transesophageal Echocardiogram, Transthoracic Echocardiogram, Stress Echocardiogram, and Other Echocardiograms), and End-user (Ambulatory, Home Care, Hospitals, Cardiology Centers, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Siemens Healthcare; Hitachi Medical Corporation; Toshiba Medical Systems Corporation; GE Healthcare; Philips Healthcare; Koninklijke Philips N.V.; Toshiba Corporation; Hitachi Ltd.; Fujifilm Holdings Corporation; Samsung; Esaote SpA, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Canon Medical Systems Corporation; and Analogic Corporation
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Cardiovascular Ultrasound Market Segment Insights
Device Display Segment Analysis
On the basis of device display, the cardiovascular ultrasound market is segmented into black & white display and color display. The color display segment is projected to expand at a significant CAGR during the forecast period, as color systems are preferred over B/W, due to the clarity of images provided by these systems.
Color cardiovascular ultrasound aids in better diagnosis. The color display segment accounted for a revenue share of more than 88% in 2022 and is expected to register a CAGR of around 7% over the forecast period.
The black & white display segment is anticipated to account for a considerable market share during the forecast period. Black & white display devices are used in healthcare centers with budget constraints to shift to the color mode. Black & white display systems can be used with 2D, 3D/4D, and Doppler ultrasound devices. Several prominent companies in the market offer black & white display systems including Philips Healthcare and Siemens Healthcare.
Technology Segment Analysis
Based on technology, the market is divided into 2D, 3D & 4D, and doppler imaging. The doppler imaging segment is expected to hold a significant share of the market in the coming years, as it offers sharp images in a shorter time. The doppler segment accounted for the maximum revenue share of over 46% during the forecast period.
The doppler imaging technique is gaining importance in developing countries including China and India, due to the rising penetration of technologically developed advanced systems in these countries. Doppler imaging helps measure blood flow within the heart without using any invasive methods. Moreover, workshops conducted for Doppler echocardiography are anticipated to boost its adoption.
Test Type Segment Analysis
On the basis of test type, the cardiovascular ultrasound market is segregated into transesophageal echocardiogram, transthoracic echocardiogram, stress echocardiogram, and other echocardiograms. The transthoracic echocardiogram segment is anticipated to expand at a substantial CAGR during the forecast period, owing to rising awareness about the fetus’s health.
The transthoracic echocardiogram accounted for over 55% of the overall revenue share in 2022. The segment is anticipated to register a CAGR of 7.3% during the forecast period. A fetal echocardiogram is a pregnancy test performed in the second trimester.
This process is conducted to check whether all four chambers of the heart are developed in the fetus. A fetal echocardiogram allows for visualizing the structure of the unborn child’s heart.
The transesophageal echocardiogram segment is expected to account considerable market share during the forecast period, due to its important role in cardiovascular diagnosis and management. It offers a more detailed view of cardiac structures compared to conventional echocardiography. Therefore, it is the preferred imaging technique in different clinical situations.
End-user Segment Analysis
Based on end-user, the cardiovascular ultrasound market is segmented into ambulatory, home care, hospitals, cardiology centers, and others. The hospitals segment is projected to register a considerable share of the market in the coming years. The hospitals segment accounted for a large revenue share in 2022.
Many large-scale hospitals have their own medical imaging facilities. Medical imaging acts as a major source of outpatient profit. Thus, several mid-to-large-sized hospitals install medical imaging equipment within their premises.
The cardiology centers segment is projected to expand at a significant CAGR during the forecast period, due to the rising incidence of cardiovascular disease, the aging population, and increasing adoption of minimally invasive procedures across the globe. Cardiology centers has advanced equipment including cardiovascular ultrasound which help patients with congestive heart failure.
Regional Analysis
In terms of region, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the improved infrastructure in healthcare facilities and the high adoption of CVUS in preventive medicine.
- According to the American Heart Association (AHA) 2022 report, around 244.1 million people have ischemic heart disease (IHD). Moreover, Central and South Asia, North Africa, the Middle East, and Eastern Europe had the maximum prevalence rates of IHD in the world in 2020.
The market in the Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the rising prevalence of chronic conditions, technological advancements, and advantages of echocardiography over invasive cardiac diagnostic procedures. Furthermore, new product launches support the market growth in the region.
Segments
The global cardiovascular ultrasound market has been segmented on the basis of
Device Display
- Black & White Display
- Color Display
Technology
- 2D
- 3D & 4D
- Doppler Imaging
Test Type
- Transesophageal Echocardiogram
- Transthoracic Echocardiogram
- Stress Echocardiogram
- Other Echocardiograms
End-users
- Ambulatory
- Home Care
- Hospitals
- Cardiology Centers
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Siemens Healthcare
- Hitachi Medical Corporation
- Toshiba Medical Systems Corporation
- GE Healthcare
- Philips Healthcare
- Koninklijke Philips N.V.
- Toshiba Corporation
- Hitachi Ltd.
- Fujifilm Holdings Corporation
- Samsung
- Canon Medical Systems Corporation
- Esaote SpA
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Analogic Corporation
Competitive Landscape
Key players competing in the global cardiovascular ultrasound market are Siemens Healthcare; Hitachi Medical Corporation; Toshiba Medical Systems Corporation; GE Healthcare; Philips Healthcare; Koninklijke Philips N.V.; Toshiba Corporation; Hitachi Ltd.; Fujifilm Holdings Corporation; Samsung; Esaote SpA, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Canon Medical Systems Corporation; and Analogic Corporation.
Major companies in the market are actively engaged in R&D programs with the aim to develop innovative medical devices that increase their product portfolio. Furthermore, these key market players are implementing a variety of business tactics, such as creating strategic partnerships to broaden their global reach and improve their product portfolios for CVUS systems. For instance,
- In January 2023, an NIH-funded team introduced a wearable cardiac ultrasound imager, which captures real-time images of the heart structure non-invasively for a specific duration. This patch has a size of a postage stamp which offers effective performance similar to a commercial ultrasound device. The patch can be worn mostly during exercise as it offers valuable cardiac information when the heart is under stress.
- In October 2020, Royal Philips introduced the Ultrasound 3300 in India. It can be used for a variety of imaging tasks, such as OB/GYN, cardiovascular imaging, and general imaging. This device offers clinicians and doctors workflow optimization for rapid and efficient diagnosis with low operating costs.
- In May 2022, FUJIFILM VisualSonics launched the new multi-modal Vevo F2 imaging platform for a preclinical ultrasound. This device provides high-frequency resolution using one platform and the flexibility to image at low frequencies for penetration.
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