Selbyville, Delaware, Aug. 16, 2021 (GLOBE NEWSWIRE) -- According to latest report “Intracardiac Echocardiography and Intravascular Ultrasound Market by Application (Electrophysiology Procedures, Left Atrial Appendage Closure, Septal Defects), End-use (Hospitals, Catheterization Laboratories), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of intracardiac echocardiography and intravascular ultrasound will cross $1 billion by 2027. Development of image-based therapeutic treatment coupled with enhanced image quality delivered by intracardiac modalities will boost the overall market demand.
Growing prevalence of cardiovascular disorders (CVDs) globally is anticipated to substantially increase in the upcoming years. Hypertension, smoking, alcohol consumption, and consumption of high-carbohydrate food is further impacting the risk of CVDs. Therefore, owing to increasing patient pool, the demand for efficient imaging devices is projected to increase rapidly. Moreover, rising expenditure on cardiac health coupled with investment in development of advanced systems will stimulate the market growth during the forecast period.
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Increasing preference for minimally invasive surgeries such as peripheral vascular interventions, and transcatheter procedures will augment the market expansion. Further, technological advancements in ICE and IVUS devices coupled with rise in adoption of these devices for several cardiac procedures is expected to influence the industry growth. Players operating in market are involved in development of technologically advanced devices.
Left atrial appendage closure segment in the intracardiac echocardiography and intravascular ultrasound market was valued at USD 100 million in 2020. Growing geriatric population across the globe that is prone to atrial fibrillation, leading to acceptance of left atrial appendage closure (LAAC) procedures. Hence, increasing awareness and volume of LAAC procedures will also create demand for intracardiac imaging modalities such as ICE and IVUS devices for better placement of devices and guidance. Thus, ICE catheter is being progressively adopted in left atrial appendage closure procedures due to greater manoeuvrability.
Catheterization laboratories segment is estimated to register 6.6% growth rate through 2027. The U.S. is showcasing increase in standalone cath labs owing to reimbursement scenario and shorter procedural time. Additionally, catheterization laboratories across the emerging countries are witnessing infrastructure development, that will further impel the demand for ICE and IVUS devices in the coming years.
North America intracardiac echocardiography and intravascular ultrasound market is poised to attain a CAGR of over 4.8% by 2027 on account of the growing prevalence of cardiac rhythm disorders coupled with increasing number of minimally invasive procedures. According to the American Heart Association, around 8.5 million people in America are affected by peripheral artery disease (PAD). Thus, these patients represent a major factor propelling the demand for procedures in catheterization laboratories, that will accelerate the usage of IVUS and ICE imaging modalities in the future.
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Major companies operating in the intracardiac echocardiography and intravascular ultrasound market include Abbott Laboratories, Boston Scientific Corporation, Siemens Healthcare GmbH and Koninklijke Philips N.V. Industry leaders are implementing various strategies such as new product launches and acquisition & merger to gain competitive advantage for business expansion. The providers are constantly adopting new techniques to offer advanced devices.
Table of Contents (ToC) of the report:
Chapter 3 Intracardiac Echocardiography and Intravascular Ultrasound Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By application
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Pricing analysis
3.7 Adoption of ICE and IVUS
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
