The global Cardiovascular Ultrasound market gathered revenue around USD 1.0 Billion in 2020 and market is set to grow USD 4.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 7.2% during the prediction period 2021 to 2027.
The market Rising investment in the Medtech industry, increasing R&D activities, and high prevalence of cardiovascular diseases are the key factors driving 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 2017. 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.
According to an international study by New York’s Mount Sinai Hospital, two-thirds of the COVID-19 recovered patients were observed to have a cardiac structural abnormality. Cardiovascular ultrasound is being extensively used in assessing these patients. This is expected to boost the demand for new and advanced CVUS systems during the forecast period. There are different reimbursement policies related to ultrasound, globally. The U.S. used HOPPS pay technique to conclude on reimbursement policy for different types of cardiac ultrasounds.
The scope for cardiac ultrasound procedures is based on terms and conditions stipulated under an individual’s insurance plan, as there are various types of procedures like electrocardiography, transthoracic echocardiography, and 3D echocardiography. Insurance organizations have various guidelines that are used to set reimbursement rates. They can deny insurance based on predisposing factors. At times, insurance denial may be on the grounds that a specialist and insurance agency have varying treatment rationalities.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Cardiovascular Ultrasound market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Cardiovascular Ultrasound market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USDby 2027|
|CAGR of 7.2% From 2021 to 2027|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Cardiovascular Ultrasound market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America held the largest revenue share of more than 30% in 2020 owing to the improved infrastructure in healthcare facilities and the high adoption of CVUS in preventive medicine.
In the U.S., the payments for Medicare are decided on various factors including relative value units, conversion factors, and geographic practice cost indices. The Medicare comes with new regulations, which decide the reimbursement policy. The supportive reimbursement policy and regulatory framework are expected to help propel the market growth in this region over the forecast period.
However, Asia Pacific is expected to be the fastest-growing regional market at a CAGR of more than 8% over the forecast period. This growth can be credited to the increasing prevalence of chronic conditions in the region.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
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.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Middle East & Africa (MEA)
Highlights of the Report:
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Cardiovascular Ultrasound 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 conclusions.
Secondary resources referred to by analysts during the production of the Cardiovascular Ultrasound market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Cardiovascular Ultrasound markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Cardiovascular Ultrasound market Study: