Intracardiac Echocardiography Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Intracardiac Echocardiography Devices Market By Application (Electrophysiology, Left Atrial Appendage Closure, Transcatheter Aortic Valve Implantation, Mitraclip Implantation And Mitral Valvuloplasty, And Others), By End-User (Hospitals, Diagnostic Centers, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of cardiac diseases and the growing technological advancements in interventional cardiology across the globe

The global intracardiac echocardiography devices market is estimated to grow at a CAGR of 5.33% during the forecast period from 2024 to 2030. The demand for intracardiac echocardiography devices is primarily being boosted by the increasing prevalence of arrhythmia, atrial septal defects, and other cardiovascular diseases. Further, the rising figures of elderly patients, rising demand for minimally invasive approaches, increasing lifestyle disorders, and technological innovations pertaining to cardiac-related devices, among others are thereby contributing to the overall growth of the intracardiac echocardiography devices market during the forecast period from 2024-2030.

Intracardiac Echocardiography Devices Market Dynamics:

The intracardiac echocardiography devices market is witnessing a growth in product demand owing to various factors, one of the key factors being the rising figures of various cardiac diseases such as arrhythmias, valvular disorders, structural heart defects, and others.

For instance, according to the British Heart Foundation 2023, the most common cardiovascular conditions are coronary (ischaemic) heart disease with a prevalence estimated at 200 million, peripheral arterial (vascular) disease with 110 million cases, stroke with 100 million people, and atrial fibrillation with 60 million cases, in 2019, globally.

Moreover, as per the same source, more than 1.5 million people in the UK have been diagnosed with atrial fibrillation, but a significant number of them are not treated effectively. It is estimated that there are at least 270,000 people aged over 65 with undiagnosed (or silent) atrial fibrillation in the UK.

The source also stated that around 1.3 million people in England have been diagnosed with atrial fibrillation. It is estimated that there are at least 230,000 people aged over 65 with undiagnosed (or silent) atrial fibrillation in England.

From the above-mentioned sources, it can be concluded that the prevalence of atrial fibrillation or arrhythmia and other cardiovascular diseases is increasing across the globe which will increase the demand for intracardiac echocardiography (ICE) devices as these devices are used during catheter ablation of atrial fibrillation (AF) provides real-time information to guide transseptal access, for monitoring the ablation and recognition of pericardial bleed.

Additionally, the use of intracardiac echocardiography products in surgical operations is anticipated to fuel market expansion. The first minimally invasive cardiac procedure, for example, was carried out in July 2021 utilizing its real-time 3D intracardiac echocardiography (ICE) device. Over the course of the projection period, the market's growth is anticipated to be driven by the use of intracardiac echocardiography methods.

Therefore, the above-mentioned factors are contributing to the growth of the intracardiac echocardiography devices market during the forecast period from 2024-2030.

However, procedure-related risks, stringent regulatory procedures, and others may restrict the intracardiac echocardiography devices market growth.

Intracardiac Echocardiography Devices Market Segment Analysis:

Intracardiac Echocardiography Devices Market by Application (Electrophysiology, Left Atrial Appendage Closure, Transcatheter Aortic Valve Implantation, Mitraclip Implantation and Mitral Valvuloplasty, and Others), End-User (Hospitals, Diagnostic Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World)

In the application segment of the intracardiac echocardiography devices market, the electrophysiology category is expected to amass a significant revenue share in the year 2023. This was primarily owing to the benefits that various electrophysiology offers.

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 wire electrodes, which measure electrical activity through blood vessels that enter the heart.

Intracardiac echocardiography (ICE) facilitates the integration of electroanatomic maps and real-time pictures in electrophysiology procedures, which plays a role in evaluating arrhythmogenic substrate.

It is especially helpful for mapping features that fluoroscopies are unable to visualize. ICE is therefore favored over alternative diagnostic techniques. The need for electrophysiological operations is predicted to rise over time, and the studied segment is expected to grow dramatically, because of the increasing prevalence of arrhythmia in populations globally.

The market is anticipated to expand during the course of the projected period due to both technological advancements and the growing use of imaging techniques for electrophysiology. For example, the Mayo Clinic guided cardiac surgeries in patients in July 2021 using a next-generation 4D intracardiac echo (ICE) technology. Additionally, doctors can perform treatments on patients without giving them general anesthesia with the use of technology.

Thus, the above-mentioned factors are likely to propel the demand for electrophysiology, thereby contributing to the growth of the intracardiac echocardiography devices market during the forecast period from 2024-2030.

North America is expected to dominate the overall Intracardiac Echocardiography Devices Market:

Among all the regions, North America is estimated to account for the largest shareof the intracardiac echocardiography devices market in the year 2023. This domination is due to the increasing application of intracardiac echocardiography devices in the treatment or management of cardiovascular diseases, the rising focus on patient care and need, supported by the well-developed infrastructure and technologically advanced healthcare system, the well-defined regulatory framework for the approval and commercialization of medical devices, among others will propel the market of intracardiac echocardiography devices in North America.

For instance, as per the study conducted by the Centre for Disease Control and Prevention (CDC) in 2022, it was stated that more than 454,000 hospitalizations with AFib as the primary diagnosis happen each year in the United States.

Furthermore, the growing elderly population is anticipated to fuel market expansion in this area. For example, according to Statistics Canada statistics released in August 2022, 1,879,862 people in Canada were 70 to 74 years old, whereas 878,672 people were 80 to 84 years old. It is anticipated that the aging population's increased susceptibility to cardiovascular illnesses will fuel demand for less invasive cardiac procedures like intracardiac echocardiography, propelling the market's expansion in this area.

Further, in April 2022, Franklin Mountain Medical received the Food and Drug Administration's clearance of its patented UltraNav Transseptal Catheter system for controlled access and delivery of cardiovascular catheters and guidewires to heart chambers. This visualization allows the delivery of catheters, including intracardiac echocardiography catheters for the intended treatment.

Thus, all the above-mentioned factors will lead to an increase in the North America intracardiac echocardiography devices market growth during the forecasting period of 2024-2030.

Intracardiac Echocardiography Devices Market Key Players:

Some of the key market players operating in the intracardiac echocardiography devices market include Stryker, Boston Scientific Corporation, NuVera Medical, Inc., Abbot, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., Siemens Healthcare Private Limited, Conavi Medical, Infraredex Inc., Stereotaxis Inc., GE Healthcare, and others.

Recent Developmental Activities in the Intracardiac Echocardiography Devices Market:

In March 2022, Seimens Healthineers launched the next-generation AcuNav Volume four-dimensional (4D) intracardiac echocardiography (ICE) catheter in the United States.

In July 2021, the first minimally invasive heart procedure using its real-time 3D intracardiac echocardiography (ICE) catheter was conducted.

In January 2021, Seimens Medical Solutions USA, Inc., received approval from the United States Food and Drug Administration for the ACUSON AcuNav volume intracardiac echocardiography catheter for legal marketing and usage.

Key Takeaways from the Intracardiac Echocardiography Devices Market Report Study

Market size analysis for current intracardiac echocardiography devices market size (2023), and market forecast for 5 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global intracardiac echocardiography devices market.

Various opportunities available for the other competitors in the intracardiac echocardiography devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current intracardiac echocardiography devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for intracardiac echocardiography devices market growth in the coming future?

Target Audience who can be benefited from this Intracardiac Echocardiography Devices Market Report Study

Intracardiac echocardiography device product providers

Research organizations and consulting companies

Intracardiac echocardiography devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in intracardiac echocardiography devices

Various End-users who want to know more about the intracardiac echocardiography devices market and the latest technological developments in the intracardiac echocardiography devices market.

Frequently Asked Questions for the Intracardiac Echocardiography Devices Market:

1. What are intracardiac echocardiography devices?

Intracardiac echocardiography (ICE) devices are medical devices that offer a unique imaging modality capable of providing high-resolution real-time visualization of cardiac structures, incessant monitoring of catheter location within the heart, and early detection of procedural complications, including pericardial effusion or thrombus formation.

2. What is the market for global intracardiac echocardiography devices?

The global intracardiac echocardiography devices market is estimated to grow at a CAGR of 5.33% during the forecast period from 2024 to 2030.

3. What are the drivers for the global intracardiac echocardiography devices market?

The demand for intracardiac echocardiography devices is primarily being heightened by the increasing prevalence of cardiac conditions such as arrhythmias, valvular disorders, structural heart defects, and others, 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, growing geriatric population, technological improvements in interventional cardiology devices, increasing demand for intracardiac echocardiography systems for the treatment of interatrial septal abnormalities and also aid in electrophysiological procedures, among others are thereby contribute to the overall growth of the intracardiac echocardiography devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global intracardiac echocardiography devices market?

Some of the key market players operating in the intracardiac echocardiography devices market include Stryker, Boston Scientific Corporation, NuVera Medical, Inc., Abbot, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., Siemens Healthcare Private Limited, Conavi Medical, Infraredex Inc., Stereotaxis Inc., GE Healthcare, and others.

5. Which region has the highest share in the intracardiac echocardiography devices market?

North America is expected to dominate the overall intracardiac echocardiography devices market during the forecast period from 2024-2030. Factors such as the increasing prevalence of cardiac diseases, increasing preference for minimally invasive techniques, rising geriatric population base, and adoption of advanced technologies of intracardiac echocardiography devices, rising launches and approvals, among others will positively impact the North American intracardiac echocardiography devices market.