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Intracardiac Echocardiography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 141 Pages
  • February 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 5529493

The Intracardiac Echocardiography Market was valued at USD 624.36 million in 2021 and is expected to grow with a CAGR of 6.098% over the forecast period.

The COVID-19 pandemic led to disruption in not only the research and development activities of other therapies and drugs for medical conditions other than COVID-19 but also impacted the treatment procedures and supply chain of the pharmaceuticals and medical devices around the world which impacted the studied market, and the overall market has experienced a moderate impact on the growth. The Nature Reviews Cardiology Journal’s article titled ‘COVID-19 and cardiovascular disease: from basic mechanisms to clinical perspectives’ published in July 2020 reported that the presence of underlying cardiovascular comorbidities in patients with COVID-19 is associated with high mortality. The same source also reported that arrhythmias and sudden cardiac arrest are common manifestations of COVID-19. Thus, the widespread COVID-19 infection and arrhythmia boost the growth of the intracardiac echocardiography market.

The major factors for the growth of the intracardiac echocardiography market include the growing prevalence of cardiac diseases, rising geriatric population and technological advancements in interventional cardiology devices. Additionally, burden of the cardiac diseases is rising with the prevailing sedentary lifestyle in the population is also boosting the growth of market. According to the Australian Government, Australia Institute of Health and Welfare article titled ‘Heart, stroke and vascular disease - Australian facts’ updated in September 2021 reported that in the year 2019, cardiovascular diseases was the underlying cause of death in Australia and accounts 42,300 deaths which is nearly 25% of all deaths in Australia. Such high burden of deaths generates need for the early diagnosis and imaging technique and thus drives the growth of market.Furthermore, the technologically advancement in field like integration of intracardiac echocardiography with IVUS system, the increasing capabilities of Intracardiac echocardiography from 2-D echo to 3-D and 4-D echo imaging capabilities also boosts the growth of market.

However, the factors such as high cost of the intracardiac echocardiography, inadequate reimbursement of it and also the lack of awareness in developing and underdeveloped countries about this imaging modality may hinder the growth of intracardiac echocardiography market over the forecast period.

Key Market Trends

Electrophysiology Holds Significant Share in the Global Intracardiac Echocardiography Market

Electrophysiology (EP) is a test performed to assess the heart's electrical system or activity and is used to diagnose abnormal heartbeats or arrhythmia. EP is performed by inserting catheters and then wire electrodes, which measure electrical activity, through blood vessels that enter the heart.

In electrophysiology procedures, the intracardiac echocardiography (ICE) allows integration of real-time images with electroanatomic maps, that has a role in the assessment of arrhythmogenic substrate, and it is particularly useful for mapping structures that are not visualized by fluoroscopies. Therefore, ICE are being preferred over other diagnostic methods and thus, with the increasing prevalence of arrhythmia in population around the world, the demand of electrophysiology procedures is expected to increase over the years and the studied segment is expected to grow significantly.

For instance, according to the research study published in January 2020, titled “Global epidemiology of atrial fibrillation: An increasing epidemic and public health challenge”, atrial fibrillation is the most frequent diagnosed cardiac arrhythmia and about 3.046 million new cases of atrial fibrillations were reported, globally.

Also, as per the above-mentioned source the atrial fibrillation is going to be one of the largest epidemics and public health challenge as the incidence and prevalence of atrial fibrillation have increased over the last 20 years and will continue to increase over the next 30 years. This high incidence and prevalence of atrial fibrillation is expected to boost the growth in the electrophysiology segment over the years.

Furthermore, the technological innovations along with launch of advanced products for electrophysiology procedures, the segment is further expected to grow over the years. For instance, in July 2021, Philips has added a 3D intracardiac echocardiography (ICE) catheter, VeriSight Pro to its portfolio. Thus, owing to the above-mentioned factors, the electrophysiology segment in the intracardiac echocardiography market is expected to grow over the forecast period of the study.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

With the rising focus on patient care and need, supported by the well-developed infrastructure and technologically advanced healthcare system, the increasing burden of cardiac diseases and rising geriatric population is expected to drive the growth of the intracardiac echocardiography market in the region.

Additionally, according to the American Heart Association, statistics published in January 2019, reports that nearly half of the Americans have some kind of cardiovascular disease which includes hypertension, coronary heart diseases etc. As the intracardiac echocardiography for proper diagnosis and treatment of cardiac diseases, the prevalence of cardiac diseases is expected to boost the growth of the market.

Furthermore, the technological advancement in the field and research studies are also boosting the growth of the market. For Instance, Frontiers in Cardiovascular Medicines Journal’s article titled ‘Advances in IVUS/OCT and Future Clinical Perspective of Novel Hybrid Catheter System in Coronary Imaging’ published in July 2020. the study conducted by researchers of Canada and other countries reported the hybrid Intravascular ultrasound (IVUS)– optical coherence tomography (OCT) systems have the potential to assess plaque morphology and percutaneous coronary intervention (PCI) results. Such researches help in technological advancement in the field.

The International Journal of Stroke article titled ‘National trends in hospital admission, case fatality, and sex differences in atrial fibrillation-related strokes’ published in October 2019 reported that Atrial fibrillation is present in an increasing proportion of people hospitalized in Canada with ischemic stroke and disproportionately affects older women.

Thus, owing to the aforementioned factors, intracardiac echocardiography market in North America Region is expected to show growth over the forecast period.

Competitive Landscape

The market is moderately competitive and its is expected to grow in the forecast period due to the product launches by the key market players in market. The major players of the market are Biomerics, Boston Scientific Corporation, Conavi Medical, Infraredx Inc., Koninklijke Philips N.V., Siemens Healthcare GmbH, and Stryker Corporation, hold the substantial market share in the market.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Cardiac Diseases and Rising Geriatric Population
4.2.2 Technological Advancements in Interventional Cardiology
4.3 Market Restraints
4.3.1 High Cost and Inadequate Reimbursement
4.3.2 Lack of Awareness in Developing and Underdeveloped Countries
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Application
5.1.1 Electrophysiology
5.1.2 Left Atrial Appendage Closure
5.1.3 Transcatheter Aortic Valve Implantation
5.1.4 MitraClip Implantation and Mitral Valvuloplasty
5.1.5 Other Applications
5.2 By End Users
5.2.1 Hospitals
5.2.2 Diagnostic Centers
5.2.3 Other End Users
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Conavi Medical
6.1.4 Infraredx Inc.
6.1.5 Koninklijke Philips NV
6.1.6 Siemens Healthcare GmbH
6.1.7 Shifamed LLC (NuVera Medical)
6.1.8 Canon Medical Systems Corporation
6.1.9 GE Healthcare
6.1.10 Stereotaxis Inc.
6.1.11 Johnson & Johnson Services, Inc.
6.1.12 B. Braun Melsungen AG

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Boston Scientific Corporation
  • Conavi Medical
  • Infraredx Inc.
  • Koninklijke Philips NV
  • Siemens Healthcare GmbH
  • Shifamed LLC (NuVera Medical)
  • Canon Medical Systems Corporation
  • GE Healthcare
  • Stereotaxis Inc.
  • Johnson & Johnson Services, Inc.
  • B. Braun Melsungen AG