The Global Cardiovascular Ultrasound Market, by Test type (Transthoracic Echocardiogram, Transesophageal Echocardiogram, Stress Echocardiogram, and Others), by Technology (2D, 3D & 4D, and Doppler Imaging), by Modality (Portable and Standalone), by End User (Hospitals, Ambulatory Care Centers, and Others), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) is estimated to be valued at US$ 1,541.75 Million in 2022 and projected to exhibit a CAGR of 5.5% during the forecast period (2022-2030).
Increasing approval for novel technologically advanced devices is expected to drive the segment growth over the forecast period. 2D echo is a non-invasive investigation used to evaluate the functioning and assess the sections of heart. It creates images of various parts of the heart using sound vibrations, making it easier to check for damages, blockages, and blood flow rate. For instance, in September 2021, Us2.ai, a Singapore-based medtech firm, received the U.S. Food and Drug Administration (FDA) clearance for Us2.v1, an automated clinical workflow solution that recognizes and analyzes 2-dimensional and Doppler echo images for comprehensive cardiac ultrasound measurements needed for the diagnosis, prediction, and prognosis of heart disease.
Global Cardiovascular Ultrasound Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has affected various industries globally. Key players operating in the global cardiovascular ultrasound market are facing major challenges on various fronts due to the COVID-19 pandemic. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported globally, as of May 25, 2022, are approximately 524,339,768 confirmed cases with 6,281,260 deaths.
According to data published by the Organization for Economic Co-operation and Development (OECD) in November 2020, COVID-19 has posed major challenges to the healthcare infrastructure in the Middle East & North Africa region. Some countries such as Lebanon, Morocco and Tunisia, have been severely impacted with regards to the overall management of the COVID-19 crisis. Moreover, OECD states that countries such as Iran, Syria, Iraq, the Palestinian Authority, Yemen and Libya, faced the lack of hospital beds and low COVID-19 testing capacities.
Furthermore, according to an article published by the Elsevier Public Health Emergency Collection journal in November 2020, it is estimated that hospitals and healthcare systems in America are subjected a financial impact of US$ 202.6 billion during the pandemic.
Browse 44 Market Data Tables and 32 Figures spread through 198 Pages and in-depth TOC on “Global Cardiovascular Ultrasound Market” - Forecast to 2030, Global Cardiovascular Ultrasound Market, by Test type (Transthoracic Echocardiogram, Transesophageal Echocardiogram, Stress Echocardiogram, and Others), by Technology (2D, 3D & 4D, and Doppler Imaging), by Modality (Portable and Standalone), by End User (Hospitals, Ambulatory Care Centers, and Others), and by Region (North America, Europe, Asia Pacific, Middle East, Africa, and Latin America) - Forecast to 2030
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Key players in the market are focusing on increasing launch of novel ultrasound devices is expected to drive the market growth over the forecast period. For instance, in May 2021, CAE Healthcare, a technology company, launched CAE Vimedix 3.2, an advanced software technology that offers improved fidelity, ultrasonography realism, 3D/4D ultrasound, and multiplanar reconstruction (MPR) across the entire CAE Vimedix simulation platform. CAE Vimedix 3.2 enables remote ultrasound learning across multiple disciplines — cardiology, emergency medicine, ICU, and Ob/Gyn.
Key Takeaways of the Global Cardiovascular Ultrasound Market:
- The global cardiovascular ultrasound market is expected to exhibit a CAGR of 5.5% during the forecast period, owing to increasing prevalence of cardiac arrhythmias. For instance, according to the article published by Scripps Health, a U.S.-based health system organization offering prevention, diagnosis, and treatment of disease, approximately one in 18 people, or 5 percent of the U.S. population has arrhythmia.
- Among test type, transthoracic echocardiogram is expected to dominate the global cardiovascular ultrasound market in the forecast period, owing to increasing novel product launches are expected to drive the segment growth over the forecast period. For instance, in December 2021, Philips introduced next-generation nSIGHT Plus imaging architecture and new X5-1c transthoracic transducer that drive breakthrough cardiac imaging performance.
- Among Technology, Doppler Imaging is estimated to account for the largest share in 2022 and is expected to retain its dominance over the forecast period. Key players and research institutes conduct workshops on Doppler echocardiography in order to show case its application and increase its adoption in disease diagnosis. For instance, in March 2019, Radcliffe Cardiology, a dynamic, digitally-focused producer and publisher of Cardiovascular, Renal and Metabolic (CVRM) content for physicians worldwide, conducted a workshop on 2D and Doppler echocardiography in Vail, Colorado, U.S. It covered topics such as the use of the Doppler method for hemodynamics & cardiac function and its application in hemodynamics, including in valvular heart disease.
- 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.
