Echocardiography Market By Product (Handheld/Portable and Cart-/Trolley-based Echocardiography Devices), By Technology (2D, 3D/4D and Doppler Echocardiography Devices), By Test, By End User, By Region - Global Market Insights 2021 to 2031
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 (2021-2031)
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.
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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.
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.
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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.
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.
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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.
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 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
- FAQs -
The echocardiography devices market is slated to surpass US$ 2 billion in revenue by 2031, expanding at a noteworthy CAGR.
3D/4D echocardiography devices are expected to attract significant investments, while doppler ultrasound is also likely to witness major incline over the coming years.
China is anticipated to generate major revenue pools across the forecast period, attributed to high prevalence of cardiovascular ailments.
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., Ba