PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514906
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514906
Echocardiography Devices Market size was valued at USD 1,786.54 million in 2023, expanding at a CAGR of 7.4% from 2024 to 2032.
An echocardiogram is a type of ultrasound that provides an image of the heart. It is a valuable tool for doctors to identify various heart conditions, including heart attacks, blood clots, and heart valve disease. Echocardiograms are simple, noninvasive procedures that do not require extensive preparation. The device emits high-frequency sound waves, which are then captured by a transducer and converted into electrical impulses. These impulses are transformed into moving images of the heart by the echocardiography machine. Additionally, both still images and two-dimensional or three-dimensional images can be obtained.
Echocardiography Devices Market- Market Dynamics
The rising incidence of cardiovascular disease is expected to propel market demand
The rise in cardiovascular diseases worldwide has led to an increased need for diagnostic procedures to detect and track these conditions. Echocardiography is a crucial tool for cardiologists, providing a non-invasive and efficient way to diagnose a range of heart diseases. According to the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death globally. In 2019, approximately 17.9 million individuals died from CVDs, representing 32% of all global fatalities. Of these deaths, 85% were due to heart attacks and strokes. Furthermore, ongoing advancements in echocardiography technology, including 3D/4D imaging, contrast-enhanced imaging, and portable devices, present opportunities for manufacturers to create innovative products with enhanced diagnostic capabilities. However, limited reimbursement policies may impede the market's growth.
Echocardiography Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.4% over the forecast period (2024-2032)
Based on Test Type segmentation, Transthoracic Echocardiography was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Two-dimensional echocardiography (b-mode echocardiography)was the leading type in 2023
Based on End-User segmentation, Hospitals/Cardiology Centers was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Echocardiography Devices Market is segmented based on Test Type, Technology, Display, End-User, and Region.
The market is segmented into three divisions according to Test Type: Transthoracic Echocardiography, Transesophageal Echocardiography, Stress Echocardiography, and other types. Transthoracic Echocardiography holds the largest share in the market. This non-invasive procedure involves placing a transducer (ultrasound probe) on the chest or abdomen to capture dynamic images of the heart. Its widespread use is attributed to its ease of use and efficiency.
The market is segmented into three divisions according to Technology: Two-dimensional echocardiography (b-mode echocardiography), Three-dimensional echocardiography, 4D echocardiography, and Doppler Imaging. Two-dimensional echocardiography (b-mode echocardiography) holds the largest share in the market. It is the most commonly utilized form, offering immediate cross-sectional images of the heart.
The market is segmented into two categories according to Display type: Color Display and Black and White (B/W) Display. Color displays offer improved diagnostic capabilities, especially for complex and detailed imaging requirements, whereas B/W displays present a more economical option for fundamental diagnostic procedures.
The market is categorized into two segments based on End-User: Hospitals/Cardiology Centers, Ambulatory/Home Care, and Others. The market is predominantly dominated by Hospitals/Cardiology Centers. Echocardiography devices hold significant importance in hospitals and cardiology centers as they offer essential tools for the diagnosis and monitoring of diverse heart conditions.
Echocardiography Devices Market- Geographical Insights
The market dominance of North America can be attributed to the rising demand for advanced diagnostic imaging technologies. North America boasts a sophisticated healthcare infrastructure, with cutting-edge hospitals, clinics, and diagnostic centers equipped with state-of-the-art imaging technologies. The presence of such advanced healthcare facilities promotes the adoption of advanced diagnostic imaging techniques like echocardiography. By the end of 2022, the United States is expected to spend USD 4.5 trillion on healthcare, making it the top country in terms of healthcare spending globally. Recent data and reports on healthcare in the United States suggest that the country's total spending in 2021 will reach USD 4.3 trillion, which is equivalent to 18.5% of its GDP. Following North America, Europe emerges as the second largest region for market growth, driven by the integration of artificial intelligence (AI) and machine learning.
The competitive landscape of the Echocardiography Devices Market is characterized by fierce competition among key players, leading to a continuous drive for innovation. Companies are heavily investing in research and development to bring forth new features such as advanced imaging algorithms, improved portability, and seamless integration with electronic health records. To maintain a competitive edge, companies are incorporating the latest technological advancements into their echocardiography devices, including enhancements in imaging resolution, 3D/4D imaging capabilities, and image analysis powered by artificial intelligence. Key players are actively seeking to expand their market presence in emerging markets and untapped regions through strategic partnerships, distribution agreements, and tailored product development to cater to the specific requirements of diverse regions.
On February 9, 2023, GE HealthCare (Nasdaq: GEHC), a prominent global precision care innovator, disclosed its plans to purchase Caption Health, Inc., a privately held artificial intelligence (AI) healthcare pioneer specializing in developing clinical applications for early disease detection. Caption Health utilizes AI technology to support performing ultrasound scans.
GLOBAL ECHOCARDIOGRAPHY DEVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
GE Healthcare
Hill-Rom
Nihon Kohden
Philips Healthcare
Schiller
Spacelabs Healthcare
Cardinal Health
Tenko International
Fukuda Denshi
AMEDTEC Medizintechnik Aue
Others