PUBLISHER: Allied Market Research | PRODUCT CODE: 1414734
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414734
The Cardiovascular Ultrasound Market is likely to experience a significant growth rate of 5.8% from 2023-2032 owing to increasing market demand from life science and medical devices & supplies sector - Allied Market Research
Ultrasound imaging is a type of medical examination. It supports medical professionals in the identification and management of a range of illnesses. In basic terms, cardiovascular ultrasound is a non-invasive method used for diagnosis of cardiac diseases. In the procedure, a transducer is used to guide high-frequency ultrasonic waves during this operation. The inside organs are then reflected on a computer screen by the transducer, which is then placed atop the chest to pass through ultrasonic waves.
The cardiovascular ultrasound market growth is driven by rise in prevalence of cardiovascular diseases, such as
1) heart attacks and strokes. Cardiovascular ultrasound is a key diagnostic tool for assessing heart health and detecting various cardiac conditions. In addition, ongoing advancements in ultrasound technology, including 3D and 4D imaging, improved resolution, and enhanced portability, have contributed to the increased adoption of cardiovascular ultrasound systems. These technological improvements enhance diagnostic capabilities and provide more detailed and accurate information. Thus, technological advancement in healthcare sector is anticipated to boost the growth of the market.
Moreover, the aging population is more susceptible to cardiovascular diseases. As the global population ages, there is a higher demand for diagnostic tools, including cardiovascular ultrasound, to monitor and manage cardiac health. For instance, according to Journal of American Heart Association, in January 2023, it is estimated that 70% of people over 70 years old will develop cardiovascular diseases. Thus, rise in geriatric population is expected to boost the demand for diagnostic procedures and fuels the growth of cardiovascular ultrasound market.
Additionally, cardiovascular ultrasound is a non-invasive imaging technique, which makes it more patient-friendly compared to invasive procedures. The preference for non-invasive diagnostic methods has driven the demand for cardiovascular ultrasound. Therefore, increase in number of non-invasive diagnostic procedure and rise in awareness among population regarding early diagnosis is anticipated to boost the growth of market.
On the other hand, advanced cardiovascular ultrasound machines can be expensive to purchase and maintain. The high initial costs may pose a barrier to adoption, especially in regions with limited healthcare budgets or in smaller healthcare facilities. Thus, high cost of cardiovascular ultrasound machines is anticipated to hinder the growth of market.
The cardiovascular ultrasound market is segmented into type, technology, end user, and region. By type, the market is classified into transthoracic echocardiogram, transesophageal echocardiogram, stress echocardiogram, and others. Others includes fetal echocardiography and intracardiac echocardiography. Depending on technology, the market is categorized into 2D, 3D & 4D, and others. Others includes doppler ultrasound and strain imaging. Based on display type, the market is segmented into color and black & white. As per end user, the market is divided into hospital, cardiac centers, and others. Others include diagnostic center and cathaterization lab.
Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Major key players that operate in the global cardiovascular ultrasound market are: Canon Medical Systems Corporation, Esaote SpA, GE Healthcare, Koninklijke Philips, Siemens Healthineers, Hitachi, Samsung Healthcare, Whale Imaging, FujiFilm, and Mindray. Key players operating in the market have adopted product approval, product launch, acquisition, and agreement as their key strategies to expand their cardiovascular ultrasound market share.