In-depth insights into echocardiography market

The medical procedure known as echocardiography uses sound waves to produce an electrocardiogram, a live image of the heart (ECG). Through this test, doctors can keep an eye on the patient’s heart’s health and learn how it works. Even in unborn newborns, this test or technique is frequently used to diagnose heart disease, particularly a heart attack. ECG can also diagnose heart defects. The most popular and painless method of echocardiography is transthoracic echocardiography.

The market worth of echocardiography in 2021 was USD 1.39 billion and will be worth USD 2.36 billion by 2030, growing at a 6.0% CAGR during the forecast period.

The main factors boosting the market’s growth are technological advancements, the advantages of echocardiography over invasive cardiac diagnostic techniques, and an increase in the prevalence of cardiovascular illnesses.

Market Dynamics

Drivers

A significant factor boosting the expansion of the worldwide echocardiography market over the forecast period is the rising prevalence of cardiovascular illnesses globally. Active manufacturers in the market will continue focusing on developing novel and revolutionary echocardiography systems. An additional aspect that will boost the expansion of global echocardiography is the growing preference for noninvasive diagnostic techniques. Due to the fact that an echocardiogram test is painless and safe because it does not include radiation, the worldwide echocardiography market will increase over the coming years.

Restraints

Unfavourable reimbursement scenarios and the economic effect of adopting new technologies will hamper the market growth of electrocardiography.

Opportunities

During the forecast period, a focus on preventative care will be essential for driving the market growth. Additionally, market trends like learning from bmc, cme, and cmc echocardiograms present a ton of growth prospects for the industry.

During the forecast period, more opportunities for the worldwide industry will also be created by the rising adoption of modern technology and the expanding number of new markets.

Market Segmentation

By Type, transthoracic echocardiography led the overall market in 2020 with a revenue share of more than 55%. On the other hand, the fetal echocardiography segment will expand at the fastest pace of 7.3%. Additionally, intracardiac echocardiography will grow at a robust 6.08% CAGR.

By Technology, Doppler is the most widely used system because it delivers clear images faster and contributed to almost 46% of all sales in 2020. The technique is gaining popularity as technologically superior systems become more common in developing countries like China and India. Doppler echocardiography is a noninvasive technique for assessing heart blood flow. Doppler echocardiography workshops are also likely to boost interest in the procedure.

By Delivery Display insights, the market is segmented into colour display and black and white ultrasound systems. The colour system led most of the market, with the largest revenue share of 88% in 2020. Color systems are frequently preferred over B/W systems due to the sharpness of the images they produce. Color cardiovascular ultrasonography also facilitates erroneous diagnosis. Additionally, Hitachi provides a number of color systems that are accessible everywhere. These factors will cause the colour systems category to expand at the fastest rate of around 7% during the forecast period.

By End-user, the market is segmented into diagnostics centers, ambulatory care facilities, hospitals, and others. With the largest revenue share of 42.0%, the hospital’s segment ruled the entire market in 2020. Additionally, many mid to large-sized hospitals have medical imaging equipment installed on their grounds because medical imaging is a key source of outpatient revenue.

Regional Insights

North America maintained the largest revenue share of more than 29% in 2020 due to improved healthcare infrastructure and the broad adoption of CVUS in preventive medicine. However, the Asia Pacific region will probably experience the strongest growth rate, with a CAGR of more than 7% throughout the projection period. The region’s increasing prevalence of chronic diseases is to blame. The European market is expected to grow at a CAGR of 10%, while the market in the United States will grow at a CAGR of 6.1%. In terms of manufacturing devices, Philips Medical Systems and Card Guard Group are well-represented in the UK.

Key Players

• GE Healthcare
• Toshiba Medical Systems
• Koninklijke Philips
• Siemens Healthcare
• Bay Labs
• Bracco Imaging
• Biosense Webster
• Carestream Health
• Boston Scientific
• ALPINION MEDICAL SYSTEMS
• Digirad
• Ecare Medical Technology
• CHISON
• ContextVision

The market worth of electrocardiography in 2021 was USD 1.39 billion and will be worth USD 2.36 billion by 2030, growing at a 6.0% CAGR during the forecast period. Factors boosting market growth for electrocardiography are the increasing rate of cardiovascular disorders, technological developments, the growing geriatric population, and the rise in medical tourism. Significant business developments, such as alliances, mergers, acquisitions, and collaborations, will drive the global echocardiography market. The demand for treatment and increased awareness of early diagnosis will propel the worldwide echocardiography market.