PUBLISHER: The Business Research Company | PRODUCT CODE: 1426384
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426384
Cardiovascular ultrasound, a noninvasive diagnostic method, utilizes high-frequency sound waves to generate images of the heart and its associated blood vessels. This imaging approach provides medical practitioners with a detailed view of the heart's chambers, valves, walls, and blood vessels, facilitating a comprehensive assessment of its structure and performance.
The primary types of cardiovascular ultrasounds include transthoracic echocardiography, transesophageal echocardiography, fetal echocardiography, and others. Transthoracic echocardiography (TTE) is a non-invasive diagnostic procedure employing ultrasonic waves to create images of the heart and its connected blood arteries. Various technologies, such as 2D, 3D or 4D, and Doppler, are utilized, with display options including black or white (b/w) and color. End users of cardiovascular ultrasound include hospitals, diagnostic centers, ambulatory care centers, and others.
The cardiovascular ultrasound market research report is one of a series of new reports from The Business Research Company that provides cardiovascular ultrasound market statistics, including cardiovascular ultrasound industry global market size, regional shares, competitors with a cardiovascular ultrasound market share, detailed cardiovascular ultrasound market segments, market trends and opportunities, and any further data you may need to thrive in the cardiovascular ultrasound industry. This cardiovascular ultrasound market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cardiovascular ultrasound market size has grown strongly in recent years. It will grow from $2.3 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period of cardiovascular ultrasound can be attributed to factors such as the rise in cardiovascular diseases, an aging population, the appeal of patient-friendly imaging, the non-invasiveness and safety of the procedure, increased awareness and education, and favorable reimbursement policies.
The cardiovascular ultrasound market size is expected to see strong growth in the next few years. It will grow to $3.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The forecasted growth in cardiovascular ultrasound is anticipated due to a focus on preventive healthcare, the global aging population, and initiatives related to value-based healthcare. Major trends in the forecast period include advancements in imaging technology, integration of artificial intelligence (AI), expansion of point-of-care ultrasound (POCUS), adoption of 3D/4D transesophageal echocardiography, increased use of telemedicine and remote monitoring, and advancements in data management and connectivity.
An uptick in the number of diagnostic imaging centers is anticipated to fuel the expansion of the cardiovascular ultrasound market in the foreseeable future. These specialized healthcare facilities equipped with advanced medical imaging technologies play a pivotal role in diagnosing and monitoring various medical conditions, particularly cardiovascular diseases. Utilizing cardiovascular ultrasound, also known as echocardiography, these centers produce real-time images of the heart and its associated blood vessels, enabling healthcare practitioners to evaluate cardiac function and detect a range of cardiovascular conditions and irregularities. For instance, as of April 2022, the Department of Health and Social Care in the UK reported a functioning count of 73 community diagnostic centers, conducting an additional 30,000 tests per week. With projections indicating an expected surge to 160 centers by 2025, marking a significant growth of 119.18%, the escalating presence of diagnostic imaging centers is poised to propel the cardiovascular ultrasound market.
The growing prevalence of cardiovascular disease stands as a key driver for the expansion of the cardiovascular ultrasound market in the coming years. Cardiovascular diseases encompass a spectrum of conditions affecting the heart or blood vessels and pose significant health risks. Cardiovascular ultrasound, also referred to as echocardiography, plays a crucial role in the diagnosis, assessment, and management of these diseases. For instance, data from the Centers for Disease Control and Prevention (CDC) in May 2023 indicates that over 695,000 individuals in the US succumbed to heart disease, accounting for one in every five deaths. Moreover, statistics from the Office for National Statistics in the UK in March 2022 revealed a rise in heart attack-related deaths from 19,440 in 2020 to 20,061 in 2021. Consequently, the increasing prevalence of cardiovascular diseases serves as a driving force behind the growth trajectory of the cardiovascular ultrasound market.
The escalating cost of ultrasound machines stands as a formidable impediment to the further expansion of the cardiovascular ultrasound market in the upcoming years. These machines come with substantial price tags, posing financial challenges for healthcare providers and facilities. The considerable expenses involved in procuring and maintaining cutting-edge cardiovascular ultrasound equipment pose significant barriers for healthcare institutions, particularly in resource-constrained settings. Such hurdles inhibit market growth due to the substantial investment required from healthcare facilities. For instance, data from October 2021 provided by National Ultrasound, Inc. showcased a wide price range for new ultrasound machines, varying between $20,000 to $200,000 or more for high-end models. Moreover, used ultrasound machines exhibit a price range of $5,000 to $40,000, while refurbished machines with advanced features span from $28,000 to $70,000. Hence, the prohibitive cost of ultrasound machines is anticipated to limit the expansion of the cardiovascular ultrasound market.
Prominent companies in the cardiovascular ultrasound market are dedicated to advancing handheld ultrasound imaging systems, exemplified by innovations such as the Vscan Air SL, to deliver reliable services to customers. The Vscan Air SL handheld ultrasound imaging system represents a portable device that employs ultrasound waves to generate images of internal body structures when connected to a tablet or smartphone. Notably, in August 2023, GE HealthCare Technologies Inc., a key player in medical technology, introduced the Vscan Air SL. This portable and wireless ultrasound imaging system facilitates rapid cardiac and vascular assessments, expediting diagnosis and treatment decisions. The system's integration of SignalMax and XDclear imaging performance technologies enables high penetration, resolution, and sensitivity levels using single crystal transducer technology. The latest SL version features a sector-phased array transducer, enabling swift cardiac evaluations. Additionally, the Vscan Air app, compatible with Android and iOS smartphones, ensures clinicians can readily employ Vscan Air for every patient assessment.
In March 2022, Observe Medical ASA, a Norwegian-based developer and manufacturer of MedTech products, successfully acquired Biim Ultrasound AS for an undisclosed amount. This strategic acquisition positions Observe to enhance and broaden its distribution network in the United States, facilitating the global commercialization of its platform rooted in the Nordic region. Biim Ultrasound AS, based in Norway, specializes in the manufacture of medical ultrasound equipment designed for pediatrics and cardiovascular diseases.
Major companies operating in the cardiovascular ultrasound market report are GE HealthCare Technologies Inc., Koninklijke Philips N.V., Siemens Healthineers AG, Hitachi Medical Corp., Samsung Medison Co. Ltd., Mindray Medical International Limited, Chison Wuxi Xiangsheng Medical Technology Co. Ltd., Fujifilm Sonosite Inc., Canon Medical Systems Corporation, Clarius Mobile Health, Dawei Medical (Jiangsu) Corp. Ltd., Esaote SpA, Fujifilm Holdings Corporation, Shenzhen Lanmage Medical Technology Co. Ltd., Leltek Inc., Telemed Ultrasound Medical Systems, Viatom Technology Co, Wuhan Zoncare Bio-medical Electronics Co. Ltd., Viatom Technology Co, Teratech Corporation, Shenzhen Bestman Instrument Co. Ltd., Biim Ultrasound AS, Leltek Inc., Dawei Medical (Jiangsu) Corp. Ltd., Wuhan Zoncare Bio-medical Electronics Co. Ltd., Shenzhen WELLD Medical Electronics Co. Ltd.
North America was the largest region in the cardiovascular ultrasound market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the cardiovascular ultrasound market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cardiovascular ultrasound market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cardiovascular ultrasound market consists of revenues earned by entities by providing services such as diagnosis, consultation, telemedicine services, and vascular imaging services. The market value includes the value of related goods sold by the service provider or included within the service offering. The cardiovascular ultrasound market also includes sales of cardiac ultrasound machines, ultrasound probes, and Holter monitoring systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cardiovascular Ultrasound Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiovascular ultrasound market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiovascular ultrasound? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cardiovascular ultrasound market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.