Cardiovascular Ultrasound Industry Overview
The global cardiovascular ultrasound market size is expected to reach USD 2.33 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.7% over the forecast period. Rising investment in the Medtech industry, increasing R&D activities, and high prevalence of cardiovascular diseases are the key factors driving market growth.
Cardiovascular Ultrasound Market Segmentation
Grand View Research has segmented the global cardiovascular ultrasound market report on the basis of type, technology, display, end-use, and region:
Based on the Type Insights, the market is segmented into Transthoracic Echocardiography, Transesophageal Echocardiography, Fetal Echocardiography, Others.
- The transthoracic echocardiography segment led the global market in 2020. The segment accounted for more than 55% of the overall revenue share in 2020. On the other hand, the fetal echocardiography segment is expected to witness the fastest CAGR of 7.3% during the forecast period.
- A fetal echocardiogram is one of the pregnancy tests, which is performed in the second trimester to check whether all four chambers of the heart are developed in the fetus. It allows visualizing the structure of the unborn child’s heart. Increasing levels of awareness about fetus health are driving the growth of this segment.
Based on the Technology Insights, the market is segmented into 2D, 3D/4D, Doppler.
- Doppler is the most preferred system as they provide sharp images in a shorter time and the segment accounted for the maximum revenue share of over 46% in 2020. The technique is gaining prominence in developing countries, such as India and China, owing to the increasing penetration of technologically advanced systems in these countries.
- Doppler echocardiography helps measure blood flow within the heart without using any invasive methods. In addition, workshops conducted for Doppler echocardiography are expected to boost its adoption.
- For instance, in March 2019, Radcliffe Cardiology conducted a workshop on 2D and Doppler echocardiography in Vail.
Based on the Display Insights, the market is segmented into B/W, Color.
- The color systems segment accounted for the highest revenue share of more than 88% in 2020. This is because color systems are mostly preferred over B/W due to the clarity of images offered by these systems.
- Color cardiovascular ultrasound helps in better diagnosis. Hitachi has a series of color systems, which are available across the globe.
- Due to all these factors, the color systems segment is also anticipated to register the fastest CAGR of around 7% over the forecast period. B/W systems can be used with 2D, 3D/4D, and Doppler ultrasound devices. Many leading companies, such as Siemens Healthcare and Philips Healthcare, have B/W devices.
Based on the End-use Insights, the market is segmented into Hospital, Diagnostic Centers, Ambulatory Care Centers, Others.
- The hospitals segment accounted for the largest revenue share of more than 42.0% in 2020. Medical imaging acts as a major source of outpatient profit, therefore various mid-to-large-sized hospitals install medical imaging equipment within their premises.
- The majority of large-scale hospitals have their own medical imaging facilities. However, medical imaging facilities are high-maintenance and require heavy investments, large space, and skilled professionals. These factors increase the financial burden on hospitals in managing such facilities.
Cardiovascular Ultrasound Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Key market players are undertaking various business strategies, such as forming strategic alliances, to expand their geographical reach and enhance product portfolios of CVUS systems. For instance, in October 2020, Royal Philips launched Ultrasound 3300 in India.
Some prominent players in the global cardiovascular ultrasound market include
- GE Healthcare
- Koninklijke Philips
- Siemens Healthineers AG
- Hitachi Medical Corp.
- Samsung Medison Co. Ltd.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray)
- Chison Wuxi Xiangsheng Medical Technology Co., Ltd.
- Fujifilm Sonosite, Inc.
Order a free sample PDF of the Cardiovascular Ultrasound Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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