Echocardiography Global Market Report 2024

Echocardiography, a non-invasive medical imaging method, utilizes high-frequency sound waves, or ultrasound, to generate detailed images depicting the structure, size, and function of the heart. Widely employed by healthcare professionals, particularly cardiologists, this technique aids in evaluating the heart's health and performance.

The primary categories of echocardiography tests include transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and others. Transthoracic echocardiography (TTE) is a medical imaging approach utilizing ultrasound to create comprehensive images of the heart and its adjacent structures. The technologies involved encompass 2D, 3D, and 4D imaging, as well as Doppler imaging, catering to various end users such as hospitals, diagnostic centers, clinics, and others.

The echocardiography market research report is one of a series of new reports from The Business Research Company that provides echocardiography market statistics, including echocardiography industry global market size, regional shares, competitors with echocardiography market share, detailed echocardiography market segments, market trends, and opportunities, and any further data you may need to thrive in the echocardiography industry. This echocardiography market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The echocardiography market size has grown strongly in recent years. It will grow from $1.65 billion in 2023 to $1.78 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The historical period's growth can be ascribed to factors such as increasing environmental awareness, government incentives, escalating fuel costs, and trends in urbanization.

The echocardiography market size is expected to see strong growth in the next few years. It will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to factors such as infrastructure development, regulatory policies, consumer awareness, and acceptance, as well as advancements in battery technology and economic factors. Key trends in the forecast period encompass the emergence of high-speed electric trains, the adoption of swappable battery technology, the introduction of electric boats and watercraft, the implementation of dynamic wireless charging, and the development of electric autonomous vehicles.

The anticipated growth in the echocardiography market is expected to be driven by the increasing prevalence of cardiovascular illnesses. Cardiovascular illnesses, or cardiovascular diseases (CVDs), encompass a range of disorders affecting the heart and blood vessels. Echocardiography, utilizing ultrasound technology, plays a crucial role in diagnosing and managing these conditions by creating detailed images of the heart's structure, chambers, valves, and blood flow patterns. For instance, data from the Centers for Disease Control and Prevention (CDC) in May 2023 revealed that approximately 805,000 people in the United States experience a heart attack annually. Heart disease accounted for over 695,000 deaths in the United States in 2021, representing 1 out of every 5 deaths, with one person succumbing to cardiovascular disease every 33 seconds. Consequently, the increasing incidence of cardiovascular illnesses is a key driver propelling the echocardiography market's growth.

The growth of the echocardiography market is also expected to be fueled by the rise in healthcare spending. Healthcare spending denotes the total financial resources allocated to the healthcare sector within a specific region, country, or organization. A surge in healthcare spending allows healthcare systems to invest in the training of qualified echocardiography technicians and cardiologists, leading to elevated standards of care, enhanced diagnostic accuracy, and improved patient experiences. As of March 2023, data from the American Medical Association indicated that health spending in the United States increased by 2.7% in 2021, reaching $4.3 trillion or $12,914 per capita. Therefore, the upward trajectory in healthcare spending serves as a driving force for the growth of the echocardiography market.

The growth of the echocardiography market is expected to face constraints due to the scarcity of skilled professionals. Skilled professionals refer to individuals with specialized knowledge, training, or experience in a specific field, enabling them to execute intricate tasks. The demand for proficient sonographers or healthcare professionals adept at interpreting echocardiograms may pose challenges in meeting the growing diagnostic requirements, potentially affecting accessibility and efficiency in cardiac imaging services. For instance, data from Oracle in January 2023 highlighted that over 6.5 million healthcare professionals are projected to permanently leave their positions by 2026, with only 1.9 million estimated to replace them, resulting in a national industry shortage exceeding 4 million workers. Consequently, the limited availability of skilled professionals is impeding the growth of the echocardiography market.

Major players in the echocardiography market are innovating technologies, such as VeriSight Pro, to establish a competitive advantage. VeriSight Pro is designed to reduce the reliance on general anesthesia, streamline workflows, enhance efficiency, and expand treatment options. For example, in July 2021, Koninklijke Philips N.V., a health technology company based in the Netherlands, introduced VeriSight Pro, a new real-time 3D intracardiac echocardiography catheter. This technology provides advanced 2D and 3D live image guidance for various procedures in structural heart disease and electrophysiology. It enables interventionalists to navigate procedures seamlessly, deliver superior care, and optimize cath lab performance. VeriSight Pro, functioning as a real-time 3D intracardiac echocardiography (ICE) catheter, has the potential to elevate the standard of care for structural heart disease and electrophysiology procedures.

In September 2021, Ultromics Ltd., a UK-based company specializing in artificial intelligence in echocardiography, joined forces with Janssen Pharmaceuticals to identify patients with cardiac involvement in amyloidosis from routine echocardiograms. Through this collaboration, both companies aim to collaborate with data science and oncology scientists at Janssen Research and Development to create an AI tool facilitating the screening of patients at risk for potential amyloid build-up, an abnormal protein, in the heart. Janssen Pharmaceuticals is a pharmaceutical company based in Belgium, engaged in innovative medical research and the production of pharmaceutical products.

Major companies operating in the echocardiography market report are Samsung Electronics Co. Ltd., General Electric Company, Ecare Medical Technology, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Koninklijke Philips N.V., Boston Scientific Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., St. Jude Medical Inc., Carestream Health, Bracco S.p.A., Toshiba Medical Systems, Canon Medical Systems Corporation, Esaote SpA, Biosense Webster Inc., BMV Technology Co. Ltd., Hitachi Medical Corporation, MIDAS Software Solutions PTY Ltd., Digirad Corporation, ContextVision AB, CHISON Medical Technologies Co. Ltd., Xuzhou Kaixin Electronic Instrument Co. Ltd., Alpinion Medical Deutschland GmbH, Promed Technology Co. Ltd., Caption Health Inc., Shenzhen Ricso Technology Co. Ltd., MediMatic Private Limited, Sonostar Technologies Co. Ltd., Jaken Medical Inc., DiA Imaging Analysis Ltd.

North America was the largest region in the echocardiography market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the echocardiography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the echocardiography market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The echocardiography market consists of revenues earned by entities by providing specialized assessments, preoperative assessments, and cardiac stress testing services. The market value includes the value of related goods sold by the service provider or included within the service offering. The echocardiography market also includes sales of transducers, ultrasound devices, contrast agents, catheters, echocardiography workstations, and stress echocardiography systems that are used in providing echocardiography services. 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.

Echocardiography 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 echocardiography 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.

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Where is the largest and fastest growing market for echocardiography ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The echocardiography 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.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Test Type: Transthoracic Echocardiography, Transesophageal Echocardiography; Stress Echocardiography; Other Test Types
• 2) By Technology: 2D, 3D And 4D; Doppler Imaging
• 3) By End-User: Hospitals, Diagnostic Centers; Clinics; Other End-Users
• Companies Mentioned: Samsung Electronics Co. Ltd.; General Electric Company; Ecare Medical Technology; Siemens Healthcare GmbH; Fujifilm Holdings Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.