The medical procedure known as echocardiography uses sound waves to produce an electrocardiogram, a live image of the heart (ECG). Through this test, doctors can keep an eye on the patient’s heart’s health and learn how it works. Even in unborn newborns, this test or technique is frequently used to diagnose heart disease, particularly a heart attack.
In 2021 the echocardiography market was worth USD 1.39 billion; by 2030, it will be worth USD 2.36 billion, growing at a 6.0% CAGR during the forecast period.
A significant factor boosting the expansion of the worldwide echocardiography market is the rising prevalence of cardiovascular illnesses worldwide. Over the forecast period, manufacturers active in the market are anticipated to continue focusing on developing novel and revolutionary echocardiography systems.
Market Dynamics
Drivers
The increased prevalence of cardiovascular diseases is expected to impact the growth of the worldwide echocardiography market. Due to heart conditions and myocardial infarction, irregular heartbeats are produced by abnormal blood pressure problems such as weakened heart valves, internal blood clots, and stiffening of the heart muscles, which can result in cardiac arrest. Globally, CVDs account for 32% of fatalities and are the leading cause of death, killing an estimated 17.9 million people annually.
The rising need for noninvasive diagnostic methods drives the global market for cardiovascular ultrasound systems. Furthermore, greater preventative drug penetration and advancements in intravascular ultrasonography, contrast echocardiography, paediatrics, and angiography will boost the market’s growth rate.
Restraints
Unfavorable reimbursement circumstances and the financial impact of implementing new technologies will restrain the growth of the echocardiography market over the forecast timeframe.
Opportunity
As a result of technological improvement, echocardiogram gadgets now perform more effectively and with greater credibility. Echocardiogram services have seen a significant transformation as a result of AI technology. AI can remove the human errors that arise during the process. The Point-of-Care Ultrasound is a different technological trend (POCUS). POCUS is a useful technology that can improve patient care and safety, give more detailed information, and lower the cost of advanced imaging. It also improves doctor-patient interactions, which raises patient satisfaction.
Market Segmentation
By Type
On the basis of type, the market is segmented into stress echocardiography, transthoracic echocardiography, transesophageal echocardiography, and others.
The transthoracic echocardiography industry was the market leader, with 55% of revenue share in 2020 due to rising cases of COVID-19. On the other hand, during the forecast period, the fetal echocardiography segment will expand at the fastest pace of 7.3%. Additionally, intracardiac echocardiography will expand at a 6.08% CAGR.
By Technology
On the basis of technology, the market is segmented into Doppler imaging, three-dimensional echocardiography and 4D echocardiography, two-dimensional echocardiography.
Doppler is the most widely used system because it delivers clear images faster, contributing for almost 46% of revenue share in 2020. The technique is gaining popularity as technologically superior systems become more common in developing countries like China and India. Doppler echocardiography is a non-invasive technique for assessing heart blood flow. Doppler echocardiography workshops are also likely to boost interest in the procedure.
By Device Display
On the basis of display, the market is segmented into black & white and colour display.
The colour display ruled the entire market, with the largest revenue share of nearly 88% in 2020. The colour display is usually preferred over black and white due to the clear picture provided by the colour system. Color cardiovascular ultrasonography also facilitates erroneous diagnosis. Additionally, Hitachi provides several color systems that are accessible everywhere. These factors will cause the colour systems category to expand at the fastest rate of nearly 7% during the forecast period.
By End-user
On the basis of end-user, the market is segmented into ambulatory /home care and hospitals. Cardiology centers, and others.
The hospital segment accounted for almost 42.0% of total revenue in 2020 and held the largest market share for echocardiography. Additionally, many mid to large-sized hospitals have medical imaging equipment installed on their grounds because medical imaging is a key source of outpatient revenue.
Regional Insights
North America held the largest revenue share of more than 29% in 2020 due to improved healthcare infrastructure and the broad adoption of CVUS in preventive medicine. However, the Asia Pacific region will probably experience the strongest growth rate, with a CAGR of more than 7% throughout the forecast period due to the increasing prevalence of chronic diseases. The market in Europe will grow at a CAGR of 10%, while the market in the United States will grow at a CAGR of 6.1%. In terms of manufacturing devices, Philips Medical Systems and Card Guard Group are well-represented in the UK.
Key Players
- Ecare Medical Technology
- Digirad
- ContextVision
- CHISON
- Carestream Health
- Bracco Imaging
- Boston Scientific
- Biosense Webster
- Bay Labs
- ALPINION MEDICAL SYSTEM
- Toshiba Medical Systems
- Siemens Healthcare
- GE Healthcare
- Koninklijke Philips
In 2021 the electrocardiography market was worth USD 1.39 billion, and by 2030 it will be worth USD 2.36 billion, growing at a 6.0% CAGR during the forecast period. Factors boosting the market‘s growth are technological advancements, the advantages of echocardiography over invasive cardiac diagnostic techniques, and an increase in the prevalence of cardiovascular illnesses.
In view of Gadget Show, there are two kinds of ultrasound frameworks: highly contrasting (B/W) and variety ultrasound frameworks. In 2020, the variety frameworks class had a significant income portion of more than 88 %. As a result of the clearness of pictures given by variety frameworks, they are much of the time picked over B/W frameworks. Besides, variety cardiovascular ultrasonography helps incorrect determination. Moreover, Hitachi offers a few variety frameworks that are accessible around the world. Because of these reasons, the variety frameworks classification is supposed to develop at the speediest pace of about 7 % all through the projection period.
In view of End-client, clinics, walking care offices, analytic focuses, and others make up the business. In 2020, the emergency clinic portion offered more than 42.0 % of all out income and had the most noteworthy echocardiography piece of the pie. Likewise, in light of the fact that clinical imaging is a huge wellspring of short term pay, a few mid to enormous measured emergency clinics have clinical imaging hardware introduced on their grounds.
Related Reports:
Oncology Drugs Market Report – The global oncology drugs market will witness a robust CAGR of 11.53%, valued at $177.54 billion in 2021, expected to appreciate and reach $474.06 billion by 2030, confirms Strategic Market Research. Oncology studies the diagnosis, prevention, and treatment of cancer. The medicines that are used to aid in the treatment of cancer are referred to as oncology drugs.
