Cardiovascular Ultrasound Market (By Type: Transthoracic Echocardiography, Transoesophageal Echocardiography, Foetal Echocardiography, Others; By Technology: 2D, 3D/4D, Doppler, Others; By Display: Black & White (B/W), Color; By End-use: Hospital, Diagnostic Centers, Ambulatory Care Centers, Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030
The global Cardiovascular Ultrasound market size was estimated at USD 1.5 billion in 2021 and is expected to surpass around USD 2.7 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 6.75% during the forecast period 2022 to 2030.
A rise in penetration of preventive medicine and increasing prevalence of Cardiovascular Diseases (CVDs) are expected to propel the market growth. The COVID-19 pandemic hampered the global market growth as outpatient imaging services were adversely affected. Cardiovascular diseases, such as coronary heart disease, heart attack, and stroke, are among the major causes of death in the U.S. Changing lifestyle has increased predisposition to CVDs. For instance, according to the CDC, in 2017, 30.2 million adults were diagnosed with heart disease in the U.S. Ultrasound technology is used to check abnormalities in the functioning of the heart, such as pumping capacity of the heart, functioning of valves, and plaque in the heart.
These devices act as important diagnostic equipment that can help in decreasing the incidence of heart attack and stroke by providing an early diagnosis. Therefore, the growing prevalence of heart problems is anticipated to drive the market over the forecast period. Cardiovascular ultrasound (CVUS) played an important tool to assess cardiovascular functions in the COVID-19 patients since any conditions related to the cardiac system increased the risk of mortality. Cardiac damage post-COVID-19 recovery is one of the major factors expected to drive the market growth.
Benefits associated with cardiovascular ultrasound over conventional methods include quick recovery, reduced span of hospitalization, and fewer post-operative complications. These benefits along with the rising geriatric population are expected to propel the demand for cardiovascular ultrasound diagnosis over the forecast period.
North America captured the largest market share in 2021. Favorable reimbursement framework and presence of a large number of industry players are some of the major factors which can be attributed to regional growth. The rising geriatric population coupled with sophisticated healthcare infrastructure is expected to further fuel market growth in the region. Furthermore, increasing health awareness is driving demand.
Report Scope of the Cardiovascular Ultrasound Market
Market Size in 2022
USD 1.6 Billion
Market Size by 2030
USD 2.7 Billion
Growth Rate from 2022 to 2030
CAGR of 6.75%
2022 to 2030
Type, Technology, Display, End-use, Geography
GE Healthcare, Koninklijke Philips, Siemens Healthineers AG, Hitachi Medical Corp., Samsung Medison Co. Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray), Chison Wuxi Xiangsheng Medical Technology Co., Ltd., Fujifilm Sonosite, Inc.
On the basis of type, the global market has been segmented into transthoracic echocardiography, transesophageal echocardiography, fetal echocardiography, and others. The transthoracic echocardiography segment led the global market in 2021. The segment accounted for more than 56.2% of the overall revenue share in 2021. On the other hand, the fetal echocardiography segment is expected to witness the fastest CAGR of 7.9% during the forecast period.
A fetal echocardiogram is one of the pregnancy tests, which is performed in the second trimester to check whether all four chambers of the heart are developed in the fetus. It allows visualizing the structure of the unborn child’s heart. Increasing levels of awareness about fetus health are driving the growth of this segment.
Based on technology, the market is segmented into 2D, 3D/4D, and Doppler ultrasound systems. Doppler is the most preferred system as they provide sharp images in a shorter time and the segment accounted for the maximum revenue share of over 47% in 2021. The technique is gaining prominence in developing countries, such as India and China, owing to the increasing penetration of technologically advanced systems in these countries.
Doppler echocardiography helps measure blood flow within the heart without using any invasive methods. In addition, workshops conducted for Doppler echocardiography are expected to boost its adoption. For instance, in March 2019, Radcliffe Cardiology conducted a workshop on 2D and Doppler echocardiography in Vail. It covered topics, such as the use of the Doppler method for hemodynamics & cardiac function and its application in hemodynamics, including in valvular heart disease. Therefore, advancements in Doppler technology to enhance cardiac imaging are expected to boost the overall segment growth.
On the basis of display, the market is segmented into Black and White (B/W) and color ultrasound systems. The color systems segment accounted for the highest revenue share of more than 89% in 2021. This is because color systems are mostly preferred over B/W due to the clarity of images offered by these systems. In addition, color cardiovascular ultrasound helps in better diagnosis. Hitachi has a series of color systems, which are available across the globe.
Due to all these factors, the color systems segment is also anticipated to register the fastest CAGR of around 7% over the forecast period. B/W systems can be used with 2D, 3D/4D, and Doppler ultrasound devices. Many leading companies, such as Siemens Healthcare and Philips Healthcare, have B/W devices. These devices are used in health centers with budget constraints to shift to the color mode.
On the basis of end use, the market is segmented into hospitals, ambulatory care centers, diagnostic centers, and others. The hospitals segment accounted for the largest revenue share of more than 43.0% in 2021. Medical imaging acts as a major source of outpatient profit, therefore various mid-to-large-sized hospitals install medical imaging equipment within their premises.
The majority of large-scale hospitals have their own medical imaging facilities. However, medical imaging facilities are high-maintenance and require heavy investments, large space, and skilled professionals. These factors increase the financial burden on hospitals in managing such facilities. Hence, hospitals prefer partnering with diagnostic centers for medical imaging facilities. This helps in cost-saving, especially in small- and mid-sized hospitals.
North America held the biggest income portion of over 31% in 2021 attributable to the better framework in medical care offices and the high reception of CVUS in preventive medication.
In the U.S., the installments for Medicare are settled on different elements including relative worth units, transformation factors, and geographic practice cost records. The Medicare accompanies new guidelines, which choose the repayment strategy. The steady repayment strategy and administrative structure are supposed to assist with impelling the market development around here over the conjecture period.
North America is expected to lead the market attributable to the high reception of ultrasound methodology overall diagnostics and the rising predominance of way of life related ongoing infections. The popularity for mechanically progressed clinical gadgets is supposed to impel market development in the area.
As per the American Heart Association Research Report 2018, Heart sickness represents 1 of every 7 passings in the United States. Coronary Heart Disease is the main source (43.8%) of passings owing to cardiovascular sickness in the United States, trailed by stroke (16.8%), cardiovascular breakdown (9.0%), hypertension (9.4%), illnesses of the veins (3.1%), and other cardiovascular illnesses (17.9%). This situation prompts a more popularity for cardiovascular ultrasound frameworks for better determination, which will drive the market in the United States.
Besides, strong mindfulness drives for sickness mindfulness are projected to help the market for cardiovascular gadgets in North America. For example, in 2020, Mexico joined the HEARTS drive to reinforce essential medical services for CVD. Advanced by the Pan American Health Organization/World Health Organization (PAHO/WHO), the drive plans to work on the anticipation and control of hypertension at the essential consideration level.
Notwithstanding, Asia Pacific is supposed to be the quickest developing provincial market at a CAGR of over 7% over the estimated period. This development can be credited to the rising commonness of ongoing circumstances in the district.
Some of the prominent players in the Cardiovascular Ultrasound Market include:
- GE Healthcare
- Koninklijke Philips
- Siemens Healthineers AG
- Hitachi Medical Corp.
- Samsung Medison Co. Ltd.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray)
- Chison Wuxi Xiangsheng Medical Technology Co., Ltd.
- Fujifilm Sonosite, Inc.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Cardiovascular Ultrasound market
- Transthoracic Echocardiography
- Transoesophageal Echocardiography
- Foetal Echocardiography
- Black & White (B/W)
- Diagnostic Centers
- Ambulatory Care Centers
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Key Points Covered in Cardiovascular Ultrasound Market Study:
- Growth of Cardiovascular Ultrasound in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Cardiovascular Ultrasound and How to Navigate
- Key Product Innovations and Regulatory Climate
- Cardiovascular Ultrasound Consumption Analysis
- Cardiovascular Ultrasound Production Analysis
- Cardiovascular Ultrasound and Management