Pune, India, March 30, 2023 (GLOBE NEWSWIRE) -- The global echocardiography market size was valued at USD 1.59 billion in 2021 and USD 1.71 billion in 2022 and is expected to reach USD 2.83 billion by 2029 with a CAGR of 7.5% during the forecast period. Various advantages of echocardiography over other cardiac diagnostic procedures are expected to propel the market course in a growing direction. The increasing adoption of these devices in hospitals and diagnostic centres is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Echocardiography Market, 2022-2029.”
Key Industry Development
- February 2022- Koninklijke Philips N.V. added Pulse Wave Doppler technology to Lumify, a handheld ultrasound device. The addition aims to expand the hemodynamic assessment and measurement capabilities of the system.
Get a Free Sample Research PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/echocardiography-market-105044
Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.5% |
| 2029 Value Projection | USD 2.83 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 1.59 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 151 |
Key Takeaways
- The global market stood at USD 1.59 billion in 2021 and is projected to reach USD 2.83 billion by 2029.
- The growing prevalence of cardiovascular diseases is driving the demand for echocardiography services and equipment in the global market.
- Technological advancements in echocardiography devices, such as 3D and 4D imaging, are expected to boost the market growth.
- Portable and handheld echocardiography devices are gaining popularity due to their ease of use and convenience, particularly in remote and underserved areas.
- North America and Europe are currently the largest markets for echocardiography, but the Asia Pacific region is expected to experience significant growth in the coming years.
Drivers and Restraints
Various Advantages of Echocardiographic Devices to Drive Market Development
Various advantages of echocardiographic devices compared to other cardiac diagnostic procedures are anticipated to drive the echocardiography market growth. Cardiac catheterization requires long hospital stays and various side effects such as bleeding, blood clots, artery damage, heart attack, and others. Other types of cardiac diagnosis include a nuclear cardiac stress test, Magnetic Resonance Imaging (MRI), cardiac ultrasound, and Coronary Computed Tomography Angiogram (CCTA). Echocardiography is non-invasive and it is used in cardiovascular diagnostic tests after electrocardiography and chest X-ray.
However, limitations such as it has been proven more harmful which is expected to impede market growth.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/echocardiography-market-105044
Segments
Cart Based to Lead the Segment Due to the Presence of Proper Ultrasound Devices
Based on device type, the market is bifurcated into cart based and handheld. Cart based segment is anticipated to lead due to the presence of well-established cart based cardiac ultrasound devices and the increasing focus of market players on the launch of new products.
Transthoracic Echocardiography to Lead the Segment Due to High Revenue
Based on test type, the market is segmented into transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and others. The transthoracic echocardiography segment had the highest revenue due to advantages associated with these devices such as the ability to acquire the whole LV volume in one heartbeat.
2D to Lead the Segment Due to Increasing Product Launches
Based on technology, the market is segmented into 2D, 3D & 4D, and doppler imaging. The 2D segment is anticipated to lead due to increasing product launches and the comparatively lower cost of these systems.
Hospitals & ASCs to Lead the Segment Due to Increasing Admissions
Based on the end-user, the market is segmented into hospitals & ASCs, diagnostics centers and others. The hospitals & ASCs segment is anticipated to lead due to the rising incidence of cardiovascular diseases leading to an increasing number of hospital and ASC admissions for echocardiograms.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Quick Buy: https://www.fortunebusinessinsights.com/checkout-page/105044
Country Insights
North America to Lead Market Share Due to Increasing Cases of Heart Diseases
North America is expected to have a high echocardiography market share due to increasing cases of heart diseases, the geriatric population, and the presence of major market players. According to the article published by MDPI, 8.0 to 12.0 billion of the population suffered from Peripheral Artery Disease (PAD) in the U.S., with a total prevalence of 3.0%10.0%.
Europe is accounted for a significant share in the year 2021, owing to improved healthcare facilities, higher adoption of these devices, and the development of technologically advanced and efficient products.
Asia Pacific is set to expand at the fastest CAGR in the projected years due to the increasing prevalence of cardiovascular diseases and rising awareness about early diagnosis and treatment of the disease.
Competitive Landscape
Approvals of Advanced Systems by the Key Players to Improve Market Growth
General Electric Company, Koninklijke Philips N.V., and Canon Medical Systems Corporation (Canon Inc.) are some of the main players in the market. General Electric Company dominated the market in 2021. Other players operating in the market such as FUJIFILM Holdings Corporation, Boston Scientific Corporation, and Siemens Healthineers AG have been focusing on R&D activities for the launch of new and technologically advanced products for strengthening their position in the market. In October 2020, General Electric Company announced the approval of Vivid Ultra Edition, AI-Powered Cardiovascular Ultrasound System. The device consists of 4D TTE Pediatric probe (6VDc) and offers excellent 2D and 4D imaging for a range of pediatric patients from neonates to teenagers.
To Get This Report Customized, Visit: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/echocardiography-market-105044
List of Key Players Profiled in the Report
- FUJIFILM Holdings Corporation (Japan)
- Koninklijke Philips N.V. (Netherlands)
- Boston Scientific Corporation (U.S.)
- Canon Medical Systems Corporation (Canon Inc.) (Japan)
- ESAOTE SPA (Italy)
- CHISON Medical Technologies Co., Ltd (China)
- SAMSUNG ELECTRONICS Co., Ltd. (Korea)
- Siemens Healthineers AG (Germany)
- General Electric Company (U.S.)
Table Of Content
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
-
- Prevalence of Cardiovascular Diseases, By Key Countries, 2021
- Technological Advancements in Echocardiography Market
- New Product Launches, By Key Players
- Key Industry Developments- Mergers, Partnerships, Acquisitions, etc.
- Impact of COVID-19 on the Market
- Global Echocardiography Market Analysis, Insights and Forecast, 2018-2029
- By Device Type
- Cart Based
- Handheld
- By Test Type
- Transthoracic Echocardiography
- Transoesophageal Echocardiography
- Stress Echocardiography
- Others
- By Technology
- 2D
- 3D and 4D
- Doppler Imaging
- By End-user
- Hospitals & ASCs
- Diagnostic Center
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Device Type
Toc Continued…!
Request a Complete TOC: https://www.fortunebusinessinsights.com/toc/echocardiography-market-105044
FAQ’s
How big is the Echocardiography Market?
The global market stood at USD 1.59 billion in 2021 and is projected to reach USD 2.83 billion by 2029.
Which companies dominate the Echocardiography Market?
General Electric Company, Koninklijke Philips N.V., and Canon Medical Systems Corporation (Canon Inc.) are the top players in the market.
Explore Our Trending Reports of Fortune Business Insight’s Healthcare Market:
Urinary Catheter Market Size stood at USD 2.56 Billion in 2018 and is projected to reach USD 4.18 Billion by 2026, exhibiting a CAGR of 6.3% during the forecast period.
Ocular Implants Market is projected to reach USD 7.94 billion by 2026, to grow at a CAGR of 5.7% during the forecast period.
Medical Carts Market was USD 661.6 million in 2018 and is projected to reach USD 1,512.8 million by 2026.
Smart Contact Lenses Market is projected to grow with a CAGR of 38.9% in the forecast period (2019-2026).
Hemostats Market Demand Anticipated introduction of more advanced hemostats in the market, coupled with significant unmet clinical need, is fueling the demand for market.
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth.
Our experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
