Echocardiography Market
Echocardiography Market Study by 2D Echocardiography Devices, 3D/4D Echocardiography Devices, Doppler Echocardiography Devices for Hospitals, Diagnostic Centers, and Clinics from 2024 to 2034
Analysis of Echocardiography Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Echocardiography Market Outlook (2024 to 2034)
The global echocardiography market size is approximated at a value of US$ 2 billion in 2024. As per the detailed industry analysis by Fact.MR, worldwide sales of echocardiography solutions and systems are calculated to increase at a CAGR of 6.5% and reach US$ 3.8 billion by 2034.
Rapid penetration of advanced technologies, including artificial intelligence (AI) and machine learning (ML), is set to offer high-growth opportunities for market players. Healthcare providers are significantly investing in producing advanced transthoracic echocardiography devices, attributed to their non-invasive nature and improved patient outcomes, while mobile and portable devices are likely to steal the spotlight over the coming years.
In 2019, the market was valued at US$ 1.5 billion. Market growth is being driven by the increasing pool of cardiac patients across the world, mainly due to sedentary lifestyles and an uptick in the geriatric population pool.
Rising demand for mobile and portable/handheld devices is one of the notable echocardiography market trends. Increasing cases of coronavirus variants across the world is also expected to positively influence the sales growth of echocardiography (ECG) systems in the years ahead.
- The North American echocardiography market size is evaluated at US$ 500 million in 2024.
- East Asia is projected to capture 23.1% of the global echocardiography market share by 2034.
Report Attribute | Detail |
---|---|
Echocardiography Market Size (2024E) | US$ 2 Billion |
Forecasted Market Value (2034F) | US$ 3.8 Billion |
Global Market Growth Rate (2024 to 2034) | 6.5% CAGR |
South Korea Share in the East Asia Market (2034F) | 23.1% |
Stress Echocardiogram Test Demand Growth Rate (2024 to 2034) | 8.2% CAGR |
Key Companies Profiled | GE Healthcare; General Electric Company; Koninklijke Philips N.V; Canon Medical Systems Corporation; Esaote S.p.A.; Samsung Electronics Co. Ltd.; Mindray Medical International Limited; Shimadzu Corporation; Fujifilm Holdings Corporation; Hitachi Medical Corporation; Analogic Corporation; Bay Labs Inc.; Esaote S.p.A; Bracco Imaging S.p.A.; ContextVision AB; Siemens Healthineers AG; Digirad Corporation; TELEMED Medical Systems. |
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Why are ECG Devices in Such High Demand?
“Integration of Digital Technologies Offering Advanced Echocardiography Devices”
Cardiac ultrasound companies are focused on the introduction of innovative devices to enhance cardiac imaging. Artificial intelligence is becoming a fast-growing phenomenon in the field of echocardiography, enabling rapid automation and functions of devices and systems.
- EchoNous, a prominent software development company, offers the 'Kosmos System', which delivers point-of-care ultrasound (POCUS) by uniting AI with handheld ultrasound that empowers physicians to act quickly.
Key players in the echocardiography market are collaborating with software companies to develop digital apps capable of calculating ejection fraction in seconds. These software apps made using digital technologies such as artificial intelligence, machine learning, the Internet of Things, Internet of Robotics, big data analytics, and predictive analysis are accelerating medical diagnosis as they support physicians through cardiac scanning with auto labeling, guiding, and grading.
Swift advancements in pulse Doppler ultrasound are enabling reliable probes capable of being inserted into the esophagus to improve the resolution of heart images. Leading echocardiography companies are also increasing their R&D in acoustic quantification of techniques assisting in the detection and monitoring of the boundary between the inner edge of the myocardium and the blood pool.
Healthcare companies are making additional efforts to increase the accuracy of echocardiography outcomes that can determine the amount of blood supplied to different regions of the heart walls. They are also using the latest ECG cables and wires to develop reliable ECG monitoring solutions Thus, all these aspects are contributing to overall echocardiography market growth.
What is Lowering Adoption of ECG Machines in Some Healthcare Settings?
“High Cost of Echocardiogram Machines Hindering Use in Budget-Constraint Healthcare Facilities”
Echocardiogram machines are less painful and more effective compared to cardiac diagnostic procedures. However, high cost of echocardiogram machines is limiting their adoption to some extent. Compared to ultrasound devices, the price of echo devices is higher and healthcare settings working on tight budgets are deterred from deploying these machines.
Factors influencing the price of echocardiography (ECG) machines are the type, form, and technology used. Handheld cardiac ultrasound devices, due to their compact screen, exhibit less usage.
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Start-Up Ecosystem
- United States-based start-up Biosense manufactures non-contact ECG sensors. These sensors are thin and flexible and work through multiple layers of fabric.
- Neuraura is a Canadian start-up that offers wireless wearable EEG devices. The wireless wearable EEG device is equipped with sensors to collect and process EEG data using Neuraura’s visualization software. This ECG device offered by Neuraura is said to be quick in patient diagnosis and monitoring.
Country-wise Analysis
What’s Driving Echocardiography Technology Sales in the United States?
“High Prevalence of Cardiovascular Disorders in the Country”
Attribute | United States |
---|---|
Market Value (2024E) | US$ 200 Million |
Growth Rate (2024 to 2034) | 6.9% CAGR |
Projected Value (2034F) | US$ 389.77 Million |
The United States is set to generate credible expansion opportunities for echocardiography test solution providers in the long run, majorly driven by heavy investments in furthering cardiovascular care. Being one of the epicenters of heart problems, healthcare providers are leveraging technological developments to enhance care disbursement. Demand for transthoracic echocardiogram tests is anticipated to exhibit a notable rise over the coming years, along with cardiac ultrasound systems in the United States.
- According to the Centers for Disease Control and Prevention, in the United States, heart-related disorders are the leading cause of death.
- As per the same source, one person dies every 33 seconds in the United States due to cardiovascular disease.
Will Japan be a Profitable Market for ECG Manufacturers?
“High Demand for Innovative Electrocardiograms”
Attribute | Japan |
---|---|
Market Value (2024E) | US$ 00 Million |
Growth Rate (2024 to 2034) | 7% CAGR |
Projected Value (2034F) | US$ 196.72 Million |
Portable and compact electrocardiograms (ECGs) are exhibiting high demand in home healthcare settings across Japan. High presence of an aging population who are more prone to chronic disorders, including heart-related diseases, is driving the demand for ECG monitoring devices. Japan is also at the forefront of innovations in the medical field. Growing demand for wireless ECG machines to diagnose and monitor patients remotely is expected to influence market growth in Japan.
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Category-wise Analysis
Why are Transthoracic Echocardiogram Machines So Popular?
“Unique Characteristics Such as Non-Invasive Nature of Transthoracic Echocardiogram Systems”
Attribute | Transthoracic Echocardiogram Testing Machines |
---|---|
Segment Value (2024E) | US$ 800 Million |
Growth Rate (2024 to 2034) | 6.3% CAGR |
Projected Value (2034F) | US$ 1.5 Billion |
Transthoracic echocardiograms are expected to remain the most preferred testing technology, attributed to their non-invasive nature, using high-frequency ultrasound to generate mobile heart images through the chest wall.
- Aurora Healthcare, a prominent echocardiography service provider, stands out in the transthoracic echocardiogram segment as it offers advanced 4D ultrasound imaging systems to get a proper view of heart health.
Which Type of Echocardiography Device is Widely Utilized in Healthcare Settings?
“Cart-/Trolley-based Echocardiography Devices Hold Leading Market Share”
In recent years, healthcare providers have exhibited a significant tilt toward mobile cart/trolley-based echocardiography devices, amid the prevailing trend toward smaller, more compact, mobile ECG monitoring systems. Also, handheld/portable echocardiography devices are expected to exhibit an impressive uptake in demand over the coming years, with key players equipping devices with such technological advancements as Bluetooth connectivity and data collection and assimilation software.
Why are 3D/4D Echocardiography Technologies Gaining Traction?
“Ability to Provide Efficient Real-time Information of Hearth Health”
Attribute | 3D/4D Echocardiography Devices |
---|---|
Segment Value (2024E) | US$ 700 Million |
Growth Rate (2024 to 2034) | 6.8% CAGR |
Projected Value (2034F) | US$ 1.4 Billion |
Demand for 3D/4D echocardiography technologies is anticipated to surge, owing to their ability to provide real-time imaging data, enabling surgeons to make timely diagnostic decisions. These systems also aid in offering real-time guidance for complex ablation procedures and precise assessment of cardiac dyssynchrony. In the ablation area, 3D/4D echocardiography enhances performance during complex arrhythmias.
Competitive Landscape
Integration of advanced technologies, product portfolio expansion, mergers & acquisitions, and enhancing R&D capacities are some of the core marketing tactics of several echocardiography providers.
- In June 2022, Clarius Mobile Health announced a partnership with ImaCor Inc. for the commercialization of the world’s first handheld transesophageal echocardiography (TEE) system. This system has received FDA clearance and is expected to be effective in taking care of critical patients in ICU (Intensive Care Unit).
- In 2018, Koninklijke Philips N.V. introduced the EPIQ CVx cardiac ultrasound solution providing anatomical intelligence for improving diagnostic outcomes via enhanced surgical site image quality.
Fact.MR provides detailed information about the price points of key producers of echocardiography machines positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.
Key Segments of Echocardiography Market Research
-
By Test :
- Transthoracic Echocardiogram Tests
- Stress Echocardiogram Tests
- Transesophageal Echocardiogram Tests
- Others
-
By Product Type :
- 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
-
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
- FAQs -
How big is the echocardiography market?
The global echocardiography market is evaluated at US$ 2 billion in 2024.
What is the future of echocardiography for the decade?
Demand for echocardiography technologies is forecasted to increase at a CAGR of 6.5% from 2024 to 2034.
What is the projected market value for echocardiography by 2034?
Sales of echocardiography machines are calculated to reach US$ 3.8 billion by 2034.
Which echocardiography is the best?
Transthoracic echocardiography is expected to hold 39.6% of the global market share in 2024.
Which is a key regional market for echocardiography machines?
North America is forecasted to capture 24.3% of the global market share by 2034.
What is the demand outlook for echocardiography solutions in South Korea?
The South Korea market is foreseen to increase at a CAGR of 7.3% through 2034.
Who are the top producers of echocardiography machines?
Top market players are GE Healthcare, General Electric Company, Koninklijke Philips N.V., Canon Medical Systems Corporation, and Esaote S.p.A.
How many echocardiograms are performed each year in the United States?
According to the National Center of Biotechnology Information 2023 report, around 7.1 million echocardiograms are performed yearly in the United States.