CARDIOVASCULAR ULTRASOUND MARKET ANALYSIS

Cardiovascular ultrasound is categorizes under four categories based on test type, including transthoracic echocardiogram, transesophageal echocardiogram, stress echocardiogram, and others which includes echocardiograms such as fetal and intracardiac echocardiograms. Transesophageal echocardiogram segment is estimated to account for the largest market share in 2022 and expected to retain its dominance over the forecast period. Transthoracic echocardiogram is a type of cardiovascular ultrasound test in which a technician obtains views of the heart by moving a small instrument called a transducer to different locations on the chest or abdominal wall.

The global cardiovascular ultrasound market is estimated to be valued at US$ 1,541.75 million in 2022 and expected to reach US$ 2,362.24 million by 2030, witnessing a CAGR of 5.5% over the forecast period (2022-2030).

Figure 1. Global Cardiovascular Ultrasound Market Share (%), By Region, 2022

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The rising prevalence of cardiovascular disease cases is expected to drive the growth of the global cardiovascular ultrasound market.

The rising prevalence of cardiovascular diseases such as coronary disease, heart attack, etc. will increase the demand for cardiovascular ultrasound as it uses sound waves to produce images of the heart for the assessment of the overall health of the heart. This is expected to drive the growth of the global cardiovascular ultrasound market. According to the American College of Cardiology Foundation, in 2019, there were approximately 1.05 million people suffering from coronary diseases in the U.S. Moreover, according to the Centers for Disease Control and prevention (CDC) report 2020, around 805,000 Americans have a heart attack every year.

According to the European Heart Network 2017 report, each year, cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). Moreover, according to the same source, CVD accounts for 45% of all deaths in Europe and 37% of all deaths in the EU.

Figure 2. Global Cardiovascular ultrasound Market Share (%) Analysis, By Test Type, 2022

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Increasing launch and development of technologically advanced cardiovascular ultrasound is expected to drive the growth of the global cardiovascular ultrasound market.

Key players operating in the market are focusing on the development and launch of technologically advanced cardiovascular ultrasound in order to expand their product portfolio and presence in the global market.

For instance, in February 2022, Philips, a global leader in health technology, announced that it expanded its ultrasound portfolio with advanced hemodynamic assessment and measurement capabilities on its handheld point-of-care ultrasound – Lumify. With the addition of Pulse Wave Doppler, it is used in various applications including cardiology, vascular, abdominal, urology, obstetrics, and gynecology.

Global Cardiovascular ultrasound Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 outbreak in December 2019, the disease has spread to over 100 countries across the globe. The coronavirus (COVID 19) pandemic and consequent lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Supply chain and manufacturing activities have been disrupted globally, due to lockdowns implemented by governments, restricted movement, and other COVID-19 safety precautions. However, demand for cardiovascular ultrasound is expected to increase during the pandemic, owing to the association of cardiovascular diseases with COVID-19.

According to the article published in the National Center for Biotechnology Information (NCBI) in March 2021, even though novel coronavirus majorly affects the upper respiratory tract, it also leads to several conditions at a systemic level. Existing co-morbid condition such as a cardiovascular disease becomes more complicated during the course of COVID-19 infection. COVID-19 can cause cardiovascular conditions such as arrhythmia, myocarditis, cardiac injury, etc. Cardiovascular ultrasound aids in the diagnosis and prognosis of cardiovascular conditions, which is expected to drive growth of the cardiovascular ultrasound market during the pandemic.

Moreover, according to an article published by the Cardiovascular Ultrasound journal, an open access journal in January 2022, it was found that pulmonary artery pressure (PAP) is positively related to lung ultrasound score (LUS) in COVID-19 pneumonia patients, thus echocardiography (cardiovascular ultrasound) results can be used in combination with lung ultrasound for improved assessment of prognosis and recovery status of COVID-19 pneumonia patients.

Global Cardiovascular ultrasound Market: Restraint

Limitations such as limited ultrasound frequencies, low resolution, small screen size, and others associated with the use of handheld echocardiography may act as a restraint for the growth of the cardiovascular ultrasound market. For instance, according to an article published by the Circulation journal, a peer-reviewed medical journal in November 2017, handheld echocardiography has certain limitations such as availability of small screen, low resolution images, limited ultrasound frequencies, and image optimization, limited valve assessment, and others.

Key Players

Major players operating in the global cardiovascular ultrasound market include GE Healthcare (General Electric Company), Koninklijke Philips N.V., FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, Samsung Medison Co., Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., ESAOTE SPA, and Canon Medical Systems, USA.