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Cardiac Ultrasound Systems Market

Cardiac Ultrasound Systems Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Medical Devices | Author Name: Sayali

Global cardiac ultrasound systems market has been estimated at US$1.4 Bn in 2021 and is likely to observe a healthy growth outlook over the next few years.

Increasing CVD Prevalence, and Favouarble Reimbursement Framework Boost Cardiac Ultrasound Systems Market Growth

Increased uptake of the preventative approach and thus the preventive medicine, coupled with the rising incidence of cardiovascular diseases (CVDs) is anticipated to fuel the expansion of cardiac ultrasound systems market. One of the main causes of death in the US is cardiovascular disease, such as coronary heart disease, heart attack, and stroke. The risk of CVDs has grown as a result of lifestyle changes. According to the 2022 American Heart Association (AHA) study, there were roughly 244.1 million ischemic heart disease (IHD) sufferers worldwide in 2020, with the highest prevalence rates in North Africa and the Middle East, Central and South Asia, and Eastern Europe. The unwavering prevalence of cardiovascular illnesses is also anticipated to boost demand across cardiac ultrasound systems market. Another significant driver for global cardiac ultrasound systems market is the favourable healthcare reimbursement policies prevalent in industrialized nations, including established programs. For cardiac ultrasounds, the reimbursement that will be provided on a case-by-case basis is decided using the Hospital Outpatient Prospective Payment Services (HOPPS) pay mechanism in the U.S. HOPPS was created by the Centers for Medicare Aid and Services (CMS) for several outpatient procedures.

Cardiac Ultrasound Systems Market Remains Influenced by Rising AI Integration

Growing incorporation of Artificial Intelligence (Al) to automate time-consuming processes like quantification and selecting the best picture slice from a 3D dataset is another factor that is predicted to fuel the growth of cardiac ultrasound systems market. AI is now present in many high-end ultrasound systems and will likely be present in most new systems going forward. The ability to diagnose some heart diseases has been greatly enhanced because of technological developments like artificial intelligence. In October 2020, GE Healthcare received approval from the US Food and Drug Administration for its ultra edition package of vivid cardiovascular ultrasound systems, which includes new AI-enabled features that allow clinicians to consistently perform faster, repeatable exams.

Cardiac Ultrasound Systems Market: COVID-19 Impact

COVID-19 changed practically every element of the healthcare sector and had an inconceivable impact on the world. The cardiac ultrasound systems market likewise had a nuanced and unheard-of impact from the pandemic. For the triage, monitoring, and diagnostics of COVID-19 patients, healthcare personnel used ultrasound, primarily for point-of-care (POC) applications. According to the March 2021 study titled "Application of Point-of-care Cardiac Ultrasonography in COVID-19 Infection: Lessons Learned from the Early Experience', point-of-care heart ultrasonography (PoCCUS) may be employed for longitudinal monitoring of patients infected with COVID-19 due to the high prevalence of acute cardiac damage in patients with COVID-19 infection. Research showing how cardiovascular ultrasound devices are used in COVID-19 patients is anticipated to positively assist the market's expansion.

Soaring Demand for Cardiovascular Ultrasonography to Push Prospects of Cardiac Ultrasound Systems Market

The need for cardiovascular ultrasound, which employs sound waves to produce images of the heart for assessing the heart's general health, will rise in response to the increasing prevalence of cardiovascular disorders such as coronary disease, heart attacks, etc. This is anticipated to fuel the global cardiac ultrasound systems market to rise. The number of individuals with cardiovascular diseases has increased due to the main problems of hypertension and cholesterol. The cardiac ultrasound devices market has been witnessing growth in sales and demand for cardiovascular ultrasonography. The number of patients with cardiovascular illnesses has increased due to the growing senior population. Cardiovascular ultrasonography sales and demand have increased due to the rise in chronic diseases among people.

Increased R&D Around Cardiovascular Treatment to Support Cardiac Ultrasound Systems Market Growth

Rising investment in research & development, particularly in developed and developing nations, will further open up attractive market expansion potential for a cardiovascular ultrasound. The growth of cardiac ultrasound systems market is also being boosted by research and development activities related to improvements in medical imaging technologies. In addition, the rising acceptance of cutting-edge technologies and an increase in the number of emerging markets will provide more favorable conditions for the expansion of the cardiovascular ultrasound system market throughout the projected period. In the future, the market's growth rate will be further accelerated by factors such as the expanding ultrasound application area for clinical conditions, rising internet penetration rate, an increase in mergers and acquisitions, and rising per capita health care spending.

Frequent Product Recalls, and Lack of Skilled Workforce Continues to Challenge Cardiac Ultrasound Systems Market Expansion

The cardiac ultrasound devices market is experiencing tremendous growth due to innovations in artificial imaging. However, recent recalls of these products are hurting the reputation of the major businesses selling ultrasound equipment. In May 2020, the US FDA issued a class 2 product recall for Koninklijke Philips N.V.'s S83t compact. The recall was prompted by the transesophageal transducer's faulty auto-cool function, which increased the possibility of patient harm during ultrasound examinations. This is anticipated to limit the growth potential of cardiac ultrasound systems market over the projected period, along with the lack of trained technicians in nations like Australia, the United Kingdom, and Canada. For instance, several studies have estimated the UK's sonographer vacancy rate to be between 12% and 18%, with the inability to recruit qualified candidates being one of the major causes.

Doppler Technology Dominant in Cardiac Ultrasound Systems Market with Desirable Non-invasive Characteristics

The most popular system is Doppler because it produces clear images faster and accounts for the highest revenue share in cardiac ultrasound systems market during the forecast period. The technique is becoming increasingly popular with the increasing penetration of technologically advanced systems in emerging nations like China and India. Doppler echocardiography uses minimally invasive techniques to monitor heart blood flow. Additionally, it is anticipated that workshops on Doppler echocardiography will increase its use. In March 2019, a workshop on 2D and Doppler echocardiography was held in Vail by Radcliffe Cardiology. It addressed issues including the Doppler method's use in hemodynamics and cardiac function and its applications in those fields, including valvular heart disease. Therefore, it is anticipated that improvements in Doppler technology to improve cardiac imaging will accelerate the segment's growth.

With Increased Cases of Chronic Cardiac Diseases, Hospitals Record the Maximum Demand in Cardiac Ultrasound Systems Market

In the forecast period, the hospital sector had the highest revenue share. Numerous mid to large-sized hospitals include medical imaging technology in their facilities because it is a significant source of outpatient earnings. The vast majority of big hospitals have their imaging centers. The extensive usage of ultrasound equipment in medical settings and the rise in patients seeking treatment for various lifestyle-related ailments are two factors that have contributed to the segment's growth in cardiac ultrasound systems market. The availability of portable systems is anticipated to increase the demand for ultrasound equipment in outpatient and inpatient settings. However, maintaining medical imaging facilities requires significant financial outlays, a lot of room, and qualified personnel. These elements make administering these facilities more expensive for hospitals. Therefore, hospitals prefer to collaborate with diagnostic centers for medical imaging facilities. Especially in small- and mid-sized hospitals, this aids in cost-saving.

Technologically Sophisticated Healthcare Infrastructure Secures Top Spot for North America’s Cardiac Ultrasound Systems Market

North America is predicted to reign supreme in cardiac ultrasound systems market on the back of the increasing use of ultrasonography in general diagnostics, and the rise in chronic lifestyle conditions. It is anticipated that the rising demand for technologically improved medical equipment will drive market expansion in the area. The market here is largely being pushed by the increasing number of coronary heart problems, such as cardiomyopathy and stroke, which are responsible for the majority of fatalities from cardiac causes worldwide. Every 40 seconds, an American may get a heart attack, according to data updated in 2021 by the Centers for Disease Control in the United States (CDC). The market in the United States will be driven by greater demand for cardiovascular ultrasound equipment for better diagnosis.

Top industry companies, including General Electric, Siemens, and Samsung Medison Co., are present in the nation, encouraging the regular launch of new products and increased market income. Additionally, GE Healthcare's ultra-edition package of vivid cardiovascular ultrasound systems received 510k clearance from the US Food and Drug Administration in October 2020. This package includes new artificial intelligence (AI) features that enable clinicians to consistently perform faster, repeatable exams. North America’s cardiac ultrasound systems market is also anticipated to benefit from supported awareness campaigns for diseases. The North American region is therefore anticipated to have profitable expansion throughout the forecast period due to the aforementioned causes.

The cardiac ultrasound systems market in Asia Pacific will most likely see the fastest growth throughout the forecast period. The rising incidence of chronic diseases in the area is to blame for this growth. Given that India has one of the world's fastest-growing economies and the government is investing in expanding the healthcare sector, the country is predicted to present attractive prospects for industry players. For instance, the state government would cover the cost of surgery for children with heart problems through a program launched by the Government of Assam Health and Family Welfare. Such activities would positively impact market growth, increase per capita income, and expand access to high-quality healthcare facilities. Additionally, market actors are establishing their presence in the area by employing various strategies. In June 2020, the Japanese healthcare regulator authorized Philips to release the ultrasound solution for corresponding handheld devices. Growth is anticipated to be fueled by Southeast Asian nations like China, Japan, and India, whose economies are rapidly growing and healthcare systems are strengthening.

Global Cardiac Ultrasound Systems Market: Competitive Landscape

In May 2022, Royal Philips, a global pioneer in health technology, announced the international introduction of EchoNavigator 4.0 [1] at EuroPCR (17 - 20 May 2022, Paris, France), the new release of its innovative image-guided therapy solution for the treatment of structural heart disease. Users of Philips' EPIQ CVXi interventional cardiology ultrasound device now have more control over live fusion imaging on the company's Image Guided Therapy System - Azurion - platform thanks to EchoNavigator 4.0. In May 2022, FUJIFILM VisualSonics Inc., a global pioneer in ultra-high frequency ultrasound and photoacoustic imaging systems, introduced Vevo® F2, the world's first ultra-high to low frequency (71MHz-1MHz) ultrasound and photoacoustic imaging system for preclinical usage. The Vevo F2 has HD image processing technology and a fully redesigned signal flow from the transducer to the display screen. This improves image clarity and results in faster frame rates when combined with multi-line processing than previous-generation platforms.

A few of the players in the cardiac ultrasound systems market include GE Healthcare (U.S.), Philips Healthcare (The Netherlands), Siemens Healthcare (Germany), Hitachi Medical Corporation (Japan), and Toshiba Medical Systems Corporation (Japan).

Global Cardiac Ultrasound Systems Market is Segmented as Below:

By Test Type

  • Transthoracic Echocardiogram
  • Transesophageal Echocardiogram
  • Stress Echocardiogram
  • Other Echocardiograms (Fetal and Intracardiac Echocardiograms)

By Technology

  • 2D
  • 3D & 4D
  • Doppler Imaging

By Device Display

  • Color Display
  • Black & White (B/W) Display

By End User

  • Hospitals/Cardiology Centers
  • Ambulatory/Home Care
  • Other End Users (Research Institutes, Medical Device and Pharmaceutical Companies)

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Cardiac Ultrasound Systems Market

  • Cardiac Ultrasound Systems Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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