The global echocardiography devices market size was estimated to be USD 2.79 billion in 2023 and is expected to reach at USD 7.1 billion by 2033 with a CAGR of 8.93% during the forecast period 2023-2033. Increasing prevalence of heart related disorders, growing demand for non-invasive procedures, rising investment in research & development activities, growing technological advancements, surge in demand for AI integration, new point-of-care devices, & pocket-sized cardiac ultrasound devices, increasing demand for cardiac diagnostic procedures, and rising approval of AI-based technologies by regulatory bodies are some of the key factors boosting the market growth.
Rising approval of AI-based technologies by regulatory bodies is predicted to boost the market growth during the forecast period. For instance, in October 2020, GE Healthcare Company has unveiled the approval of the Vivid Ultra Edition, an AI-Powered Cardiovascular Ultrasound System. This cutting-edge device incorporates a 4D TTE Pediatric probe (6VDc) and delivers effective 2D and 4D imaging capabilities for a wide spectrum of pediatric patients, spanning from neonates to teenagers.
By Device, Cart-based was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the increasing launch of cart-based echo devices. For instance, in February 2022, FUJIFILM Sonosite, Inc., a global leader in point-of-care ultrasound (POCUS) solutions, has expanded its advanced POCUS portfolio by introducing the Sonosite LX system. This premium system showcases the company's largest clinical image and includes a monitor that extends, rotates, and tilts, facilitating improved real-time collaboration among healthcare providers. Additionally, Handheld is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of point-of-care diagnostics and increasing partnerships & collaborations within market players.
By Test, Transthoracic echocardiography was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the rising demand for minimally invasive procedures and increasing launch of technologically advanced devices. For instance, in December 2021, Royal Philips, a prominent player in health technology worldwide, has enriched its ultrasound product range by introducing the next-generation nSIGHT Plus imaging architecture and the innovative X5-1c Transthoracic Transducer. These advancements deliver remarkable cardiac imaging performance, setting new standards in the field. Additionally, Stress echocardiography is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of coronary artery disease (CAD) and rising technological advancements.
By Technology, Doppler imaging was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the increasing demand for clear pictures in less time, rising technologically advanced systems, growing demand for non-invasive method, and surge in introduction of advanced technologies by major market players. For instance, in February 2022 - Koninklijke Philips N.V. integrated Pulse Wave Doppler technology into Lumify, their portable ultrasound device. This enhancement is intended to broaden the system's capabilities for hemodynamic assessment and measurement. Additionally, 3D & 4D is predicted to grow at fastest CAGR during the forecast period owing to the cost-effectiveness, growing demand for high imaging quality, rising new product launches.
By End-user, Hospitals & ambulatory surgical centres was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the rising prevalence of cardiovascular diseases, growing number of patients visits at the hospitals for echocardiography procedures, and increasing partnerships within market players for the launch of advanced products. For instance, in June 2022, Clarius Mobile Health and ImaCor Inc. have joined forces to introduce a handheld transesophageal cardiac ultrasound scanner for use in intensive care units. This collaboration combines ImaCor's Zura handheld hemodynamic ultrasound device with Clarius's wireless ultrasound technology, the Clarius Ultrasound App. Additionally, Diagnostic centres is predicted to grow at fastest CAGR during the forecast period owing to the surge in establishment of diagnostic centres across the globe, growing healthcare infrastructure, and rising launch of innovative products.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of coronary heart diseases, rising aging population, increasing adoption of advanced devices, surge in healthcare expenditure, growing technological advancements, and rising launch of advanced devices. For instance, in September 2022, Boston Imaging, which serves as the U.S. headquarters for Samsung's digital radiography and ultrasound business, has unveiled the V7, an advanced ultrasound system offering a diverse set of clinical applications to improve the experience for both patients and users. The V7 has recently obtained 510(k) clearance from the U.S. Food and Drug Administration, making it ready for commercial use. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of cardiovascular diseases, surge in awareness of early diagnosis & treatment, increasing development of technologically advanced products, and growing workshops initiatives by leading market players. For instance, in June 2023, Philips has revealed the launch of ELiTE, an offline echocardiography training program developed in collaboration with Narayana Institute of Cardiac Sciences (NICS), an Indian institution specializing in cardiac care.
Rising approval of AI-based technologies by regulatory bodies is predicted to boost the market growth during the forecast period. For instance, in October 2020, GE Healthcare Company has unveiled the approval of the Vivid Ultra Edition, an AI-Powered Cardiovascular Ultrasound System. This cutting-edge device incorporates a 4D TTE Pediatric probe (6VDc) and delivers effective 2D and 4D imaging capabilities for a wide spectrum of pediatric patients, spanning from neonates to teenagers.
By Device, Cart-based was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the increasing launch of cart-based echo devices. For instance, in February 2022, FUJIFILM Sonosite, Inc., a global leader in point-of-care ultrasound (POCUS) solutions, has expanded its advanced POCUS portfolio by introducing the Sonosite LX system. This premium system showcases the company's largest clinical image and includes a monitor that extends, rotates, and tilts, facilitating improved real-time collaboration among healthcare providers. Additionally, Handheld is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of point-of-care diagnostics and increasing partnerships & collaborations within market players.
By Test, Transthoracic echocardiography was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the rising demand for minimally invasive procedures and increasing launch of technologically advanced devices. For instance, in December 2021, Royal Philips, a prominent player in health technology worldwide, has enriched its ultrasound product range by introducing the next-generation nSIGHT Plus imaging architecture and the innovative X5-1c Transthoracic Transducer. These advancements deliver remarkable cardiac imaging performance, setting new standards in the field. Additionally, Stress echocardiography is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of coronary artery disease (CAD) and rising technological advancements.
By Technology, Doppler imaging was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the increasing demand for clear pictures in less time, rising technologically advanced systems, growing demand for non-invasive method, and surge in introduction of advanced technologies by major market players. For instance, in February 2022 - Koninklijke Philips N.V. integrated Pulse Wave Doppler technology into Lumify, their portable ultrasound device. This enhancement is intended to broaden the system's capabilities for hemodynamic assessment and measurement. Additionally, 3D & 4D is predicted to grow at fastest CAGR during the forecast period owing to the cost-effectiveness, growing demand for high imaging quality, rising new product launches.
By End-user, Hospitals & ambulatory surgical centres was the highest revenue-grossing segment in the global echocardiography devices market in 2022 owing to the rising prevalence of cardiovascular diseases, growing number of patients visits at the hospitals for echocardiography procedures, and increasing partnerships within market players for the launch of advanced products. For instance, in June 2022, Clarius Mobile Health and ImaCor Inc. have joined forces to introduce a handheld transesophageal cardiac ultrasound scanner for use in intensive care units. This collaboration combines ImaCor's Zura handheld hemodynamic ultrasound device with Clarius's wireless ultrasound technology, the Clarius Ultrasound App. Additionally, Diagnostic centres is predicted to grow at fastest CAGR during the forecast period owing to the surge in establishment of diagnostic centres across the globe, growing healthcare infrastructure, and rising launch of innovative products.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of coronary heart diseases, rising aging population, increasing adoption of advanced devices, surge in healthcare expenditure, growing technological advancements, and rising launch of advanced devices. For instance, in September 2022, Boston Imaging, which serves as the U.S. headquarters for Samsung's digital radiography and ultrasound business, has unveiled the V7, an advanced ultrasound system offering a diverse set of clinical applications to improve the experience for both patients and users. The V7 has recently obtained 510(k) clearance from the U.S. Food and Drug Administration, making it ready for commercial use. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of cardiovascular diseases, surge in awareness of early diagnosis & treatment, increasing development of technologically advanced products, and growing workshops initiatives by leading market players. For instance, in June 2023, Philips has revealed the launch of ELiTE, an offline echocardiography training program developed in collaboration with Narayana Institute of Cardiac Sciences (NICS), an Indian institution specializing in cardiac care.
Segmentation: Echocardiography Devices Market Report 2022 - 2033
Echocardiography Devices Market Analysis & Forecast by Device 2022 - 2033 (Revenue USD Bn)
- Handheld
- Cart-based
Echocardiography Devices Market Analysis & Forecast by Test 2022 - 2033 (Revenue USD Bn)
- Transthoracic echocardiography
- Stress echocardiography
- Transoesophageal Echocardiography
- Others
Echocardiography Devices Market Analysis & Forecast by Technology 2022 - 2033 (Revenue USD Bn)
- 2D
- 3D & 4D
- Doppler Imaging
Echocardiography Devices Market Analysis & Forecast by End-user 2022 - 2033 (Revenue USD Bn)
- Hospitals & Ambulatory Surgical Centres
- Diagnostic Centres
- Others
Echocardiography Devices Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Echocardiography Devices Market: Device Estimates & Trend Analysis
8. Echocardiography Devices Market: Test Estimates & Trend Analysis
9. Echocardiography Devices Market: Technology Estimates & Trend Analysis
10. Echocardiography Devices Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Echocardiography Devices Market
13. Europe Global Echocardiography Devices Market
14. Asia Pacific Global Echocardiography Devices Market
15. Latin America Global Echocardiography Devices Market
16. MEA Global Echocardiography Devices Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Samsung Electronics Co. Ltd.
- Fujifilm Holdings Corporation
- General Electric Company
- Siemens Healthcare Private Limited
- Canon Medical Systems Corporation
- Koninklijke Philips N.V.
- Esaote S.p.A
- Bay Labs Inc.
- Electronics Co. Ltd.
- TELEMED Medical Systems
- Bracco Imaging S.p.A
- ContextVision AB
- Hitachi Medical Corporation
- Shenzhen Mindray Bio-Medical
- Digirad Corporation
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 145 |
Published | August 2023 |
Forecast Period | 2022 - 2033 |
Estimated Market Value ( USD | $ 2.79 Billion |
Forecasted Market Value ( USD | $ 7.1 Billion |
Compound Annual Growth Rate | 8.9% |
Regions Covered | Global |
No. of Companies Mentioned | 15 |