Wilmington, Delaware, United States, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global intracardiac echocardiography market is projected to flourish at a CAGR of 5.3% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 979.5 million is anticipated for the market in 2031. As of 2023, the market for intracardiac echocardiography is expected to close at US$ 652.9 million.
The increasing prevalence of cardiac conditions such as arrhythmias, valvular disorders, and structural heart defects is driving the demand for intracardiac echocardiography.
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Competitive Landscape
The intracardiac echocardiography market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global intracardiac echocardiography market report.
Siemens Healthineers, Koninklijke Philips N.V., Abbott, Johnson & Johnson (Medical Device Business Services, Inc.), Boston Scientific Corporation, GE HealthCare, Stereotaxis, Inc., Shifamed, LLC, and Stryker Corporation are key players in the intracardiac echocardiography market.
- In September 2022 - Royal Philips, announced that Baptist Health’s Miami Cardiac & Vascular Institute has successfully started treating patients with Verisight Pro, Philips’ real-time 3D Intracardiac Echocardiography (ICE) catheter, during minimally-invasive image-guided procedures for structural heart disease.
- In June 2021 - Siemens Healthineers, announced that it has received CE Mark for the AcuNav Volume ICE (Intracardiac Echocardiography) catheter, which is a therapy-enabling imaging guide that provides real-time, wide-angle visualization of heart anatomy during Structural Heart and Electrophysiology procedures. AcuNav Volume ICE is the market’s first Volume ICE catheter, developed based on 20 years of innovation history in ICE
The increasing application of intracardiac echocardiography systems is for finding intracardiac structures, which is thus used in other procedures like myocardial biopsy and paravalvular leak closure, is anticipated to boost the market demand.
The growing geriatric population and technological improvements in interventional cardiology devices are all driving the intracardiac echocardiography market forward.
The increasing demand for intracardiac echocardiography systems for the treatment of interatrial septal abnormalities and also aid in electrophysiological procedures, is anticipated to drive the market growth. The growing improvements in healthcare infrastructure and investments in medical technologies could lead to the adoption of ICE systems in various developing nations
Key Takeaways from the Market Study
- As of 2022, intracardiac echocardiography market was valued at US$ 620.7million
- By type, the phased-array ICE type segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on application, the electrophysiology application segment accounts for the highest market share
- Based on end-user, the hospital segment is expected to generate high revenue during the forecast period.
Intracardiac Echocardiography Market: Key Trends and Opportunistic Frontiers
- Rising awareness about cardiovascular diseases and the availability of advanced diagnostic tools may lead to the adoption of ICE systems for better patient care, contributing to market growth.
- The rise in population, increase in healthcare investment, and surge in demand for advanced cardiac imaging technologies are boosting demand for intracardiac echocardiography.
- The increasing technological advancements in interventional cardiology have transformed ice imaging capabilities from 2d echo to 3d echo and further to 4d. Increased research & development in interventional cardiology is augmenting the intracardiac echocardiography market revenue.
- Market players in the intracardiac echocardiography market are launching new products in developing countries like India to increase their intracardiac echocardiography market share.
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Intracardiac Echocardiography Market – Regional Analysis
- North America is anticipated to hold the largest share in intracardiac echocardiography from 2023 to 2031. Growth in the prevalence of cardiovascular diseases, such as atrial fibrillation and structural heart diseases, drives the demand for advanced imaging technologies like ICE in the region. The increasing investment in healthcare infrastructure is fueling the market dynamics for the region.
- Asia Pacific is expected to dominate the intracardiac echocardiography market during the forecast period owing to the rise in geriatric population. The surge in the adoption of advanced medical technologies and the increase in healthcare expenditure in countries like China and India support the adoption of advanced medical technologies, including intracardiac imaging systems, and are expected to fuel market growth in the region.
Intracardiac Echocardiography Market – Key Segments
Type
- Radial or Rotating ICE
- Phased-array ICE
Application
- Electrophysiology
- Left Atrial Appendage Closure
- Transcatheter Aortic Valve Implantation
- Atrial Septal Defect
- Others (MitraClip Implantation and Mitral Valvuloplasty, etc.)
End-user
- Hospitals
- Ambulatory Surgical Centers
- Others (Clinics and Cardiac Centers, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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