About the Report
According to Fact.MR, the global echocardiography market size is likely to reach over US$ 2 billion by 2031, registering a note worthy growth rate over the next ten years. Rapid penetration of key technological advancements, including AI and machine learning, has served to heighten the growth prospects of market players.
Healthcare providers are significantly leaning towards transthoracic echocardiography devices, attributed to their non-invasive nature and improved patient outcomes, while mobile and portable devices are likely to steal the spotlight.
The report by Fact.MR tracks global sales of echocardiography in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the healthcare domain in general, and echocardiography demand in particular.
How Do Historical Trends Compare with Future Market Outlook?
In 2019, the market was valued at over US$ 1 billion, amid rapid technological advancements in cardiovascular care. This was spurred by an increasing pool of cardiac patients across the world, attributed to the prevalence of sedentary lifestyles and an uptick in geriatric population pool.
Heightened concerns over possible infection spread amid the COVID-19 pandemic limited screening procedures for cardiac anomalies, limiting uptake in the first half of 2020.
Future developments are largely reliant on further technological advancements, including use of mobile, portable and handheld echocardiography devices, generating significant expansion prospects.
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How is Ultrasound Technology Generating Greenfields for Echocardiography Device Manufacturers?
Since several years, cardiac ultrasound vendors have introduced new devices to enhance cardiac imaging. Artificial intelligence is becoming a fast growing phenomenon in the field of echocardiography, enabling rapid automationand functions of devices and systems.
EchoNous, a prominent software development company, deliversthe Kosmos system, which delivers point-of-care ultrasound (POCUS) by uniting AI with handheld ultrasound that empowers physicians to act quickly.
Companies in the echocardiography market collaborating with software companies to develop AI apps capable of calculating ejection fraction in seconds. These apps are accelerating medical diagnosis, as they support physicians through cardiac scanning with auto labeling, guiding and grading.
What are the Prospects for Pulse Doppler Ultrasound?
Swift advancements in pulse doppler ultrasound are enabling reliable probes capable of being inserted into the esophagus to improve resolution of heart images.
Companies in the echocardiography market are 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 blood pool.
Healthcare companies are taking additional efforts to increase accuracy of echocardiography outcomes that can determine the amount of blood supplied to different regions of the heart walls.
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Are Prospects Abound for the U.S. Echocardiography Market?
The U.S. is expected to generate credible expansion opportunities for echocardiography tests in the long-run, majorly driven by heavy investments in furthering cardiovascular care.
Being one of the epicenters of major heart problems, healthcare providers are leveraging major technological developments to enhance care disbursement. Demand for transthoracic echocardiogram tests has also seen a notable rise over the years, along with cardiac ultrasound systems.
Recently, in May 2021, the American Society for Echocardiography (ASE)’s ImageGuideEcho TM Registry and the International Accreditation Commission (IAC) forged an enhanced partnership to assist testing labs with quality improvement. This will help reduce data entry redundancy and streamline accreditation applications for various devices.
Why is China Emerging as an Attractive Investment Destination for Stakeholders?
Cardiovascular diseases represent the leading cause of deaths in China, accounting for 40% of the fatality rate, amid rapid lifestyle changes experienced due to rapid urbanization and environmental transformation.
In 2016, the Chinese government approved the Healthy China 2030 plan emphasizing the strategic role of health in China’s development and outlining the major principles to achieve this, including health priority, science and technology innovation, scientific development, opening up frontiers for advanced echocardiography devices, especially cardiovascular ultrasound systems.
How is the U.K. Emerging as a Prominent Market for Echocardiography?
As per the British Heart Foundation, 7.6 million people live with heart and circulatory diseases as of March 2021 in the UK. Heart and circulatory diseases result in 27% of total deaths, with around 43,000 of them succumbing before 75 years of age.
Hence, players such as Philips Medical Systems and Card Guard Group have a significant presence with respect to manufacturing echocardiography devices across the regional landscape.
Why are Transthoracic Echocardiograms Surging in Demand?
Transthoracic echocardiograms are expected to remain most preferred, 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 4-D ultrasound imaging systems to yield better image quality.
Will Demand for Cart-/Trolley-based Echocardiography Devices Remain High?
In recent years, healthcare providers have exhibited significant tilt toward mobile cart/trolley-based echocardiography devices, amid the prevailing trend towards smaller, more compact, mobile ECG monitoring systems.
Simultaneously, handheld/portable echocardiography devices are experiencing impressive uptake, with key players equipping devices with such technological advancements as Bluetooth connectivity and data collection and assimilation software.
Which is the Most Widely Deployed Echocardiography Technology?
By technology, demand for 3D/4D echocardiography devices is likely to surge, owing to its ability to provide real-time imaging capabilities, enabling surgeons to take timely diagnostic decisions.
A key advantage attributed to these systems is offering real-time guidance of complex ablation procedures and precise assessment of cardiac dyssynchrony. In ablation area, 3D/4D echocardiography enhances performance during complex arrhythmias.
An Adaptive Approach to Modern-day Research Needs
Technological advancements, product portfolio expansion, mergers & acquisitions, and enhancing R&D capacities lie at the core of several echocardiography providers.
- 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
- In October 2020, Siemens Healthineers invested € 160 million to establish an innovation hub in Bengaluru, India, for augmenting its digital healthcare capabilities for the next 10 years
Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Key Market Segments Covered
- Transthoracic EchocardiogramTests
- Stress EchocardiogramTests
- Transesophageal EchocardiogramTests
- Cart-/Trolley-based Echocardiography Devices
- Handheld/Portable Echocardiography Devices
- 2D Echocardiography Devices
- 3D/4D Echocardiography Devices
- Doppler Echocardiography Devices
- Diagnostic Centers
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of MEA
- North America
Echocardiography Market - Scope of The Report
A revised study by Fact.MR on the echocardiography market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market.
This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering echocardiography.
The study also provides the dynamics responsible for influencing the future status of the echocardiography market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies dealing in echocardiography, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of echocardiography products across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of echocardiography products during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative markets for echocardiography?
- Which factors will impact the growth of the echocardiography market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the echocardiography industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of volume (‘000 Units) and value (US$ Mn).
Market estimates at global and regional levels for echocardiography are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report.
Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global echocardiography market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the echocardiography market during the forecast period.
Country-specific valuation on demand for echocardiography has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of echocardiography, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in manufacturing echocardiography products has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the echocardiography market.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the echocardiography market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.