Cardiovascular Ultrasound Market Trends
Cardiovascular ultrasound or imaging allows healthcare professionals to monitor changes in heart structure to detect the presence of any abnormality or medical conditions such as diabetes, hypertension or other cardiovascular diseases. The global cardiovascular ultrasound market is estimated to strike a CAGR of 6.3% over the forecast period of 2017-2023, predicts Market Research Future (MRFR). After extensively analyzing the market MRFR expects the global cardiovascular ultrasound market to attain a valuation of USD 1.72 Bn by the end of 2023 which stood at USD 1.45 Bn in 2016.
Cardiovascular diseases continue to be among the top reasons for hospitalization and deaths across the globe. Surging prevalence of heart diseases requires early detection of such diseases to allow physicians to provide timely treatment. The global Cardiovascular Ultrasound Market Trends is expanding against the backdrop of an alarming increase in the incidence rate of heart diseases. Cardiovascular ultrasound techniques such as echocardiography, angiography, nuclear cardiac imaging, computed tomography, cardiac positron emission tomography (cardiac PET) and cardiac magnetic resonance imaging (cardiac MRI) are extensively used for the determination of any abnormalities. Not only are these methods effective but also non-invasive which has led to increased adoption of these methods.
Increasing patient pool suffering from diabetes is also a key factor in enhancing the growth of the market. Diabetic people are at a higher risk of developing cardiac diseases and induce greater demand within the market. Improving reimbursement scenario further creates a conducive environment for the growth of the market.
The governments in various countries, especially the emerging nations are incurring heavy expenditure on the development of healthcare infrastructure and are heavily investing in such healthcare technology which boosts the market growth.
Introduction of promising technologies such as coronary computed tomography (CT) angiography and others are also facilitating market growth. Moreover, medical device manufacturers are investing substantially in R&D activities. Various novel devices have received approval from regulatory bodies such as the FDA, and many more are in the pipeline. This is likely to augment the growth of the market over the forecast period.
Cardiovascular ultrasound or imaging devices are subject to strict monitoring by the FDA and other regulatory bodies which can constrain the market growth over the forecast period. Moreover, cardiovascular ultrasound tools are expensive and diagnostic tests result in burgeoning healthcare costs which can impede the growth of the market in price-sensitive regions.
Competitive Landscape
Philips Healthcare (The Netherlands), Toshiba Medical Systems Corporation (Japan), Siemens Healthcare (Germany), Hitachi Medical Corporation (Japan), and GE Healthcare (U.S.) are the key players in the global cardiovascular ultrasound market.
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Segmentation
The global cardiovascular ultrasound market has been segmented based on type of imaging, imaging technology, and end user.
By type of imaging, the global cardiovascular ultrasound market has been segmented into transthoracic, trans esophageal, echocardiograms, stress, and abdominal vasculature ultrasound imaging.
By imaging technology, the global cardiovascular ultrasound market has been segmented into 2D, 3D and Color Doppler.
By end user, the global cardiovascular ultrasound market has been segmented into hospitals and clinics, diagnostic centers and others.
Regional Analysis
By region, the global cardiovascular ultrasound market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America is the largest market for cardiovascular ultrasound market. High prevalence of cardiovascular diseases and robust healthcare infrastructure supports the growth of the market in the region. Moreover, high healthcare expenditure, favorable reimbursement policies, and the presence of various medical device manufacturers in the region also acts as a plus for the growth of the market.
APAC is expected to be the fastest growing market for cardiovascular ultrasound market. Surging prevalence of cardiovascular diseases and the presence of a massive patient pool are factors driving growth within the APAC market. In addition, diabetes is also a common prevalent condition in the region which exposes patients at greater risk of acquiring heart diseases. High expenditure on healthcare infrastructure and government support for the same us fostering the growth of the market in the region.
Industry Updates
July 2018- The U.S. FDA cleared a new device for transesophageal echocardiogram, TEECAD System. The device has been developed by Visura Technologies, a medical device company which allows viewing the upper airway and esophagus. The device is equipped with a single-use disposable camera which can capture high-resolution ultrasound images of the heart valves and atria.
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