The Global Cardiovascular Ultrasound Market size is expected to reach $2.6 billion by 2027, rising at a market growth of 10.4% CAGR during the forecast period. Cardiovascular ultrasound refers to a non-invasive medical procedure that is utilized to diagnose the functioning of the heart using high-frequency reflected sound. In the procedure, a transducer (like a microphone) is utilized to transfer ultrasound waves at a high inaudible frequency. At the time when the transducer is situated on the chest at particular locations and angles, the ultrasonic sound waves infiltrate through the skin and other body tissues to the heart tissues and get displayed by the heart structures. These sound waves are then eventually transferred to a computer, developing moving pictures of the heart walls and valves.
Factors such as technological developments, surging cardiovascular diseases (CVDs), and the benefits of echocardiography over invasive cardiac diagnostic procedures are acting as catalysts for the growth of the cardiovascular ultrasound market. Additionally, this technology is broadly adopted among the patients due to its non-invasive nature, thereby reduces the stay at hospitals. This factor further boosts the growth of the global cardiovascular ultrasound market. Though, the economic impact on adopting the latest technologies and inadequate reimbursement conditions is expected to hamper the growth of the global market. Technological developments resulting in cardiac-based technologies like tissue improvements, lateral gain control, sophisticated dynamic flow, stress echo, and tissue Doppler would offer lucrative growth opportunities for the players operating in the global cardiovascular ultrasound market during the forecast period.
The outbreak of the COVID-19 pandemic hindered the growth of the global cardiovascular ultrasound market because outpatient imaging services were negatively affected. Cardiovascular ultrasound (CVUS) is a crucial device to determine cardiovascular functions in COVID-19 patients since any conditions associated with the cardiac system increase the possibility of mortality. In addition, one of the major drivers of cardiovascular ultrasound has been the cardiac damage after the COVID-19 recovery.
As per the research by Mount Sinai Hospital of New York, around 66% of the COVID-19 recovered patients were witnessed to have a cardiac structural abnormality. In gauging the state of these patients, cardiovascular ultrasound plays a major role. This would fuel the demand for the latest and sophisticated CVUS systems during the forecasting period. Various countries across the world have varied reimbursement norms regarding various forms of ultrasounds.
There are various supportive norms regarding cardiovascular ultrasound formulated by numerous governments across the globe that would create new growth avenues for the global cardiovascular ultrasound market over the forecast years. Many insurance companies are including cardiovascular diseases in their insurance plan. Therefore, favorable reimbursement policies under the insurance plan about cardiovascular diseases are anticipated to fuel the growth of the global cardiovascular ultrasound market in the upcoming years.
The surge in the occurrence of cardiovascular diseases has boosted the demand & growth of the cardiovascular ultrasound market. Cardiovascular imaging ultrasound systems like echocardiography and sonograms are broadly installed for the diagnosis and monitoring of cardiovascular diseases such as coronary artery disease, congenital heart disease, peripheral artery disease, atherosclerosis, arrhythmia, and among others. The rise in the cases of cardiovascular disease is expected to fuel the demand for cardiovascular ultrasound systems in the upcoming years.
Healthcare facilities with low-budget are unable to deploy cardiovascular ultrasound machines due to their high initial cost. This could act as a significant obstacle to the growth of the global cardiovascular ultrasound market. In addition, poverty levels in many under-developed, as well as developing countries, have reached to an undesirable level. People who fall below the poverty line and suffering from different kinds of cardiovascular diseases find it difficult to manage the cost of cardiovascular ultrasound, thereby hampering the further growth of the cardiovascular ultrasound market.
Based on Display, the market is segmented into Color Display and B/W Display. The Color Display market dominated the Global Cardiovascular Ultrasound Market by Display 2020, growing at a CAGR of 11.2 % during the forecast period. The B/W Display market is expected to witness a CAGR of 5.2% during (2021 - 2027).
Based on Technology, the market is segmented into Doppler, 2D and 3D/4D. The 3D & 4D technology segment would showcase the highest growth rate during the forecast period. It is owing to the superior image resolution offered by this technology. 3D ultrasound imaging has the capability that can give real-time imaging of the anatomical structure. For guiding interventional procedures, real-time 3D ultrasound offers various kinds of benefits.
Based on Type, the market is segmented into Transthoracic echocardiography, Transesophageal echocardiography, Fetal echocardiography and Others. The transthoracic echocardiography segment obtained the maximum revenue share of the cardiovascular ultrasound market in 2020. The fetal echocardiography segment would display the fastest growth rate during the forecasting period. A fetal echocardiogram is one of the crucial pregnancy tests, which is usually conducted in the second trimester to know whether all four chambers of the heart are made in the fetus.
Based on End Use, the market is segmented into Hospital, Diagnostic centers, Ambulatory care centers and Others. Many large-scale hospitals have their own medical imaging units. On the other hand, medical imaging facilities require timely maintenance and heavy initial cost, huge space, and efficient professionals. These aspects expand the financial pressure on hospitals in the management of such units. Therefore, hospitals are more inclined to form a partnership with diagnostic centers for medical imaging units. This facilitates cost-saving, particularly in small- and mid-sized hospitals.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 1.1 Billion |
| Market size forecast in 2027 | USD 2.6 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 10.4% from 2021 to 2027 |
| Number of Pages | 266 |
| Number of Tables | 454 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Display, Technology, Type, End Use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The APAC would exhibit the fastest growth rate during the forecasting period. Factor such as the surge in the occurrence of chronic conditions in the region is responsible for the growth of this region.
Free Valuable Insights: Global Cardiovascular Ultrasound Market size to reach USD 2.6 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Samsung Electronics Co., Ltd. is the major forerunners in the Cardiovascular Ultrasound Market. Companies such as General Electric (GE) Co., Koninklijke Philips N.V., FUJIFILM Sonosite, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., Siemens AG (Siemens Healthineers), Samsung Electronics Co., Ltd. (Samsung Group) (Samsung Medison Co., Ltd.), Mindray Medical International Limited, Chison Medical Technologies Co., Ltd., FUJIFILM Sonosite, Inc. (Fujifilm Holdings Corporation), Canon, Inc. (Canon Medical Systems Corporation) and Esaote SpA.
By Display
By Technology
By Type
By End Use
By Geography
The Cardiovascular Ultrasound market size is projected to reach USD 2.6 billion by 2027.
High occurrence of cardiovascular diseases are driving the market in coming years, however, high cost of cardiovascular ultrasound systems limited the growth of the market.
General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., Siemens AG (Siemens Healthineers), Samsung Electronics Co., Ltd. (Samsung Group) (Samsung Medison Co., Ltd.), Mindray Medical International Limited, Chison Medical Technologies Co., Ltd., FUJIFILM Sonosite, Inc. (Fujifilm Holdings Corporation), Canon, Inc. (Canon Medical Systems Corporation) and Esaote SpA.
Yes, One of the major drivers of cardiovascular ultrasound has been the cardiac damage after the COVID-19 recovery.
The Doppler segment procured the highest revenue share of the global market in 2020. Doppler system has witnessed massive demand as they offer sharp images in a shorter time.
North America garnered the maximum revenue share of the cardiovascular ultrasound market in 2020. This is because of the advanced infrastructure in healthcare units and the huge acceptance of CVUS in preventive medicine.
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