Echocardiography Market - Forecasts from 2023 to 2028

The global echocardiography market was valued at US$1.591 billion in 2021

The echocardiography market is anticipated to rise at a steady pace during the projected period. High-frequency reflected sound is used in the non-surgical medical procedure of echocardiography to determine how well the heart is working. During the procedure, ultrasonic sound waves are guided at a high, inaudible frequency using a transducer. The main factors boosting the echocardiography market's growth are technological advancements, the advantages of echocardiography over invasive cardiac diagnostic techniques, and an increase in the prevalence of cardiovascular illnesses.

Growth drivers for the echocardiography market

Rising demand for medical treatments

Global cardiovascular disease prevalence is on the rise, which is anticipated to affect company prospects. The demand for IVUS and ICE devices is expected to increase as people become more aware of minimally invasive medical treatments. The acceptance of ICE as an alternative to traditional technology is influenced by product improvements and the demonstrated efficacy of innovative technologies. The echocardiography market growth is anticipated to be driven in the next years by rising healthcare spending and the growth of medical facilities. Advanced imaging methods are widely used in emerging economies, which is predicted to boost echocardiography market data.

Advantages of echocardiographic devices

The expansion of the echocardiography market is projected to be fueled by several benefits echocardiographic devices have over other cardiac diagnostic techniques. Long hospital stays and several adverse effects, including bleeding, blood clots, artery damage, heart attacks, and others, are associated with cardiac catheterization. Nuclear cardiac stress testing, magnetic resonance imaging (MRI), cardiac ultrasound, and coronary computed tomography angiography (CCTA) are further methods of heart diagnostics. After electrocardiography and chest X-ray, echocardiography is a non-invasive technique used in cardiovascular diagnostic procedures. 

Growing prevalence of cardiac diseases

The increasing frequency of heart disorders, the expanding elderly population, and technical improvements in interventional cardiology equipment are the key drivers of the intracardiac echocardiography market growth. In addition, the prevalence of sedentary lifestyles among the populace is increasing the burden of heart ailments, which spurs market expansion. According to data released by the British Heart Foundation in August 2022, over 7.6 million individuals in the UK had a heart or circulatory ailment in 2021. The necessity for early detection and imaging techniques resulted from the rising frequency of cardiovascular disorders, which fueled the echocardiography market growth.

Technological advancements to upsurge the market

The market is anticipated to continue growing during the projected period because of technological advancements and the expanding use of imaging techniques for electrophysiology. For instance, in July 2021, the Mayo Clinic employed a fourth-generation 4D intracardiac echo (ICE) technology to direct heart treatments in patients. Additionally, doctors may use the technology to conduct treatments on patients without giving them general anesthesia.

During the projected period, the echocardiography market is anticipated to increase because of the rising incidence of different cardiac and circulatory problems among the world's population and the rising need for electrophysiological operations.

The transthoracic echocardiography test is anticipated to hold a significant market share

The transthoracic echocardiography test is anticipated to acquire a sizable proportion of market revenue over the anticipated period in the test-type sector of the echocardiography devices market. The most often recommended echocardiography test by physicians is transthoracic echocardiography (TTE). It can offer thorough details regarding the structure and operation of the heart, assisting with diagnosis and directing treatment. TTE provides a clear picture of total heart health, including monitoring any cardiac conditions and seeing how the heart beats. Additionally, TTE has several advantages in intensive care units due to its simplicity of use, real-time information delivery, noninvasive nature, and comparatively low cost when compared to alternatives. As a result, the test type holds a larger market share in the overall echocardiography market.

Growing usage in the healthcare sector

The healthcare sector had the largest growth on the worldwide market due to increasing investments in global healthcare infrastructure. Healthcare organizations, both domestically and internationally, have prioritized access to healthcare at the top of their lists. Through their collective efforts, these organizations have succeeded in raising public and industry awareness of the healthcare sector, propelling the echocardiography market growth. For instance, Japan became one of the few nations to embrace Universal Health Coverage (UHC) in December 2022. The fact that all Japanese residents have access to essential medical services makes Japan's health insurance system already among the finest in the world.

North America is anticipated to have one of the significant growth in echocardiography market

The rising prevalence of cardiac illnesses is anticipated to fuel the expansion of the intracardiac echocardiography market in the area due to the growing emphasis on patient care and need, which is backed by the region's well-developed infrastructure and technologically sophisticated healthcare system.  

Additionally, it is anticipated that the growing elderly population in this area would fuel market expansion. A rise in the number of elderly people, who are more likely to acquire cardiovascular problems, is anticipated to increase demand for minimally invasive cardiac treatments like intracardiac echocardiography and boost the echocardiography market in this area.

Key manufacturers are focusing on product innovation

As businesses concentrate on creating portable, small, and transportable ECG devices that may be utilized by mobile healthcare practitioners, new possibilities are opening up. Rapid diagnosis is made possible by portable ECG equipment, especially for treating life-threatening medical conditions while on the go.

To improve interoperability, ECG manufacturers have begun working with ECG management, EMR vendors, and CVIS providers. Interoperability has grown in importance across the majority of patient monitoring sectors. To become more competitive in the market, companies are concentrating on creating wearable and mobile ECG equipment. Throughout the projected period, these variables are anticipated to fuel the echocardiography market expansion.

Market Developments

• In September 2022, the VeriSight Pro, a Philips catheter for real-time 3D intracardiac echocardiography, was employed at Baptist Health's Miami Cardiac and Vascular Institute. With structural heart disease, the technology provides improved 2D and 3D live imaging guidance for a variety of cardiac treatments.
• In April 2022, for controlled access and delivery of cardiovascular catheters and guidewires to the heart chambers, Franklin Mountain Medical's proprietary UltraNav Transseptal Catheter system has been approved by the Food and Drug Administration.
• In February 2022, Lumify, a portable ultrasound instrument, now features Pulse Wave Doppler technology from Koninklijke Philips N.V. The addition intends to increase the system's capability for hemodynamic measurement and assessment.

Segmentation:

By Test

• Transthoracic Echocardiogram Tests
• Stress Echocardiogram Tests
• Others

By Product

• Cart/ Trolley-based Echocardiography Devices
• Handheld/ Portable Echocardiography Devices

By Technology

• 2D Echocardiography Devices
• 3D/4D Echocardiography Devices
• Doppler Echocardiography Devices

By End-User

• Hospitals
• Diagnostic Centers
• Clinics
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others