Cardiovascular Ultrasound Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3057
Cardiovascular Ultrasound Market size is projected to experience significant growth from 2018 to 2024.
Growing incidences of cardiovascular diseases is a key driver that will boost global cardiovascular ultrasound market growth in the forecast period. According to World Health Organization (WHO), around 17.9 million people died from cardiovascular diseases in 2016 that is 31% of global deaths. Out of these, heart attack was accounted for 85% of deaths. Changing lifestyle and dietary habits will further surge the cardiovascular ultrasound industry growth.
Technological advancements leading to the development of sophisticated cardiovascular ultrasound is predicted to facilitate easy diagnosis of cardiac diseases. Recent and technologically advanced cardiovascular devices are designed to give more clarity for diagnosis. For instance, Esaote company launched new crystalline imaging technology that enhance efficiency by improving image clarity. Such technological advancement will upsurge the demand of cardiovascular ultrasound devices.
However, cardiovascular Ultrasound devices are costly and small sized hospitals or clinics in developing and underdeveloped countries cannot afford these devices that is predicted to restrain industry growth. Moreover, stringent regulatory and reimbursement scenario in developing region will impede industry growth to some extent.
Stress echocardiogram product segment is projected to show significant growth throughout the forecast timeframe. The rapid growth is attributable to the advantages associated with the device such as ability to give rapid results and provide quality images of heart under stressful conditions.
Hospital segment held the considerable market share in 2017 and is expected to witness robust growth over forecast timeframe. High affordability for costly devices such as cardiovascular ultrasound compared to small clines as well as availability of developed infrastructure and skilled professionals are some of the factors attributable to the higher share of hospital end user segment.
U.S. cardiovascular ultrasound market held considerable revenue share in 2017 due to high incidence of heart attack and strokes. Prevalence of risk factors such as obesity and diabetes are further expected to increase cardiac disease prevalence in the country. Increasing disease prevalence and availability of technologically advanced products will surge the U.S. industry growth.
Indian cardiovascular ultrasound market is expected to be one of the fastest growing market in the world. People with Diabatic conditions are prone to heart diseases and according to World Health Organization (WHO), Diabetic patients in India are increasing rapidly. Moreover, it is projected that it will reach to 101.2 million in next 15 years. Increasing prevalence of risk factors such as diabetes and consequent increase in cardiac patient pool will generate high demand for cardiovascular ultrasound devices.
Some of the major industry players in the cardiovascular ultrasound market include Siemens Healthcare, GE Healthcare, Hitachi Medical Corporation, Kalamed Medical Systems, Esaote SpA, Toshiba Medical Systems Corporation, Mindray Bio-Medical Electronics, Philips healthcare. Industry players focus on mergers, acquisitions and innovative product launch as their main strategies to expand existing product portfolio and capture high market share.
Cardiovascular Ultrasound Market by Test type, 2013-2024 (USD Million)
- Stress echocardiogram
- Trans esophageal cardiogram
- Three-dimensional echocardiography
- Fetal echocardiography
Cardiovascular Ultrasound Market by Technology, 2013-2024 (USD Million)
Cardiovascular Ultrasound Market by color display, 2013-2024 (USD Million)
- Color display
- Black and white display
Cardiovascular Ultrasound Market by end-use, 2013-2024 (USD Million)
- Cardiology clinics
- Ambulatory surgical centers
- Home settings
- Research institute
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- GE Healthcare
- Toshiba Medical Systems Corporation
- Philips healthcare
- Hitachi Medical Corporation
- Siemens Healthcare
- Kalamed Medical Systems
- Esaote SpA
- Mindray Medical International Limited
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