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 is expected to offer lucrative growth opportunities for the players operating in the global cardiovascular ultrasound market during the forecast period.
COVID-19 Impact Analysis
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 is expected to 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.
Market Growth Factors:
Supportive norms are set to boost the market growth
There are various supportive norms regarding cardiovascular ultrasound formulated by numerous governments across the globe that is expected to 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.
High occurrence of cardiovascular diseases
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.
Market Restraining Factor:
High cost of cardiovascular ultrasound systems
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.
Display Outlook
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).
Technology Outlook
Based on Technology, the market is segmented into Doppler, 2D and 3D/4D. The 3D & 4D technology segment is expected to 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.
Type Outlook
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 is expected to 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.
End Use Outlook
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.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The APAC is expected to 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.
Cardinal Matrix - Cardiovascular Ultrasound Market Competition Analysis
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.
Recent Strategies Deployed in Cardiovascular Ultrasound Market
Partnerships, Collaborations, and Agreements:
- Mar-2021: Royal Philips came into partnership with DiA Imaging Analysis Ltd., a leading provider of AI-powered applications for an ultrasound. This partnership aimed to deliver automated solutions to clinicians at the point-of-care and support Philips’ mission to integrate AI partners into the Radiology workflow ecosystem, from the modality to interpretation.
Product Launches and Product Expansions:
- May-2021: Esaote launched the new MyLab X9 ultrasound system. This system provides the top level of image quality and data processing capability, utilizing the new technological solutions to explore the latest frontiers of ultrasound imaging.
- May-2021: Mindray unveiled its new Cardiology ultrasound solutions. These solutions consist of HiFR V-Flow, TEE imaging, real-time IMT, Wall Shear Stress (WSS). In addition, these technologies enable truly precise visualization that arms clinicians with more evidence for diagnostic certainty.
- Mar-2021: GE Healthcare launched Venue Fit, a streamlined and compact point-of-care ultrasound (POCUS) system along with an industry-first AI portfolio for cardiac imaging on the Venue and Venue Go. This product is the smallest system in GE Healthcare’s Venue portfolio, which features intuitive scanning tools, an easy-to-clean touchscreen, and a small footprint developed to fit in small spaces mostly found in point-of-care settings.
- Mar-2021: General Electric unveiled Vscan Air, its new wireless, hand-held ultrasound device. This device is utilized by trained healthcare providers to rapidly analyze blood flow, gallbladder disease and assess & supervise Covid-19 via a lung exam.
- Oct-2020: Samsung Medison launched a new ultrasound system HERA W10 and prototype of a chair-type ultrasound system HERA I10. This system is a new premium platform that stands for Hyper-aperture Enhanced Reconstruction Architecture, including Samsung's latest Crystal Architecture to deliver improved technology and offerings with a new level of image quality.
- Sep-2020: GE Healthcare introduced Vivid Ultra Edition, a new cardiovascular ultrasound package based on artificial intelligence (AI). This launch showcased GE's integration of AI into echocardiography scanning and is accessible across the whole vivid cardiovascular ultrasound portfolio.
- Aug-2020: GE introduced new innovations to Vscan Extend system. These advances include the LVivo EF app from DiA Imaging Analysis for AI-based automated ejection fraction analysis. This AI app creates left ventricular (LV) ejection fraction (EF) fast and reproducible utilizing a hand-held point of care ultrasound system that can be operated by inexperienced sonographers too.
- Aug-2020: Royal Philips introduced the new addition to its portfolio of dedicated cardiovascular ultrasound solutions, Affiniti CVx for boosted productivity. The system enhancements support cardiology departments in providing better care to more patients with enhanced efficiency and throughput.
- Jul-2020: FUJIFILM Sonosite introduced a new Sonosite PX ultrasound system. This system is the new generation in Sonosite POCUS, with the improved image clarity ever seen in a Sonosite system, a portfolio of workflow efficiency features, and an adaptable form factor.
- Jan-2020: Healthineers introduced the ACUSON Redwood Ultrasound System. The system is developed with the company’s latest platform architecture and includes improved applications for more clinical confidence, AI-powered tools for smart workflows, and shared services cardiology features utilized by various hospital departments.
Geographical Expansions:
- Jul-2020: Royal Philips launched its Lumify with Reacts handheld tele-ultrasound solution in Japan. Philips ultrasound portfolio reinforces the efficient and effective delivery of care over a wide variety of clinical specialties that include cardiology, radiology, point-of-care, and obstetrics/gynecology.
Approvals and Trials:
- Apr-2021: Canon Medical Systems USA got US FDA 510(k) clearance for its Deep Learning Spectral CT. Accessible on the company’s Aquilion ONE / PRISM Edition CT system, healthcare providers could get whole-heart spectral images in one beat due to the system’s 16 cm wide area detector, 0.275 second whole-heart acquisition with rapid kVp switching, and Deep Learning Spectral Reconstruction.
- Oct-2020: GE Healthcare received the U.S. FDA 510k clearance for its Ultra Edition package on Vivid cardiovascular ultrasound systems. These systems offer the latest features based on artificial intelligence (AI), which helps clinicians to get faster, more repeatable exams constantly.
- May-2020: Philips Healthcare got 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market a broad variety of its ultrasound solutions for the management of COVID-19 associated lung and cardiac complications. Following this clearance, Philips can offer detailed, practical guidance to assist clinicians in utilizing its systems & software for patients affected by COVID-19.
Scope of the Study
Market Segments Covered in the Report:
By Display
- Color Display and
- B/W Display
By Technology
- Doppler
- 2D and
- 3D/4D
By Type
- Transthoracic echocardiography
- Transesophageal echocardiography
- Fetal echocardiography and
- Others
By End Use
- Hospital
- Diagnostic centers
- Ambulatory care centers and
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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)
- Esaote SpA
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- Exhaustive coverage
- The highest number of market tables and figures
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Table of Contents
Companies Mentioned
- 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)
- Esaote SpA
Methodology
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