Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market Size By Application (Electrophysiology Procedures, Left Atrial Appendage Closure, Septal Defects), By End-use (Hospitals, Catheterization Laboratories), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2028

Industry Overview

Intracardiac Echocardiography and Intravascular Ultrasound Market size exceeded USD 810 million in 2021 and is expected to register around 5% CAGR through 2028. Increasing preference for minimally invasive cardiac procedures is anticipated to strengthen the industry growth potential. Higher disease prevalence represents broader patient pool impelling the demand for procedures in Cath labs, thereby boosting the adoption of IVUS and ICE imaging modalities.
 

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Furthermore, the market will foresee lucrative growth opportunities with continued innovations by market players to cater increasing procedural volume. Thus, the aforementioned factors present numerous growth opportunities and enhance the ICE and IVUS market demand.
 

The product demand for ICE and IVUS has experienced growth in 2021 with continuation of elective or non-emergent procedures. Resource management with planning has helped the market players to efficiently manage product distribution post COVID-19. Although, some countries are continuously witnessing increase in COVID-19, preventive strategies, maximized vaccination coverage and expansion of healthcare resources has minimized the intensity of negative impact on market sales in 2021.  Thus, the abovementioned factors favoured market growth during 2021 and the market is anticipated to foresee tremendous growth in the demand for ICE and IVUS technologies in future.
 

Intracardiac echocardiography (ICE) is considered as advanced imaging system, enabling physicians in high-resolution conception of cardiac tissues, real-time monitoring of catheter positioning and early identification of procedural difficulties. Whereas intravascular ultrasound (IVUS) makes use of transducer/probe to create sound waves and yield pictures of the internal structure of blood vessels.
 

Development of novel imaging modalities will influence the global demand for ICE and IVUS

Technological advancements are anticipated to strengthen the industry growth potential. The market growth is highly attributable to novel product launches. For instance, several industry players are currently focusing on the development of devices that can support both ICE and IVUS used in peripheral artery and coronary artery interventions for the visualization of stent positioning. Further, these advancements have transformed ICE imaging capabilities from 2D echo to 3D and further to 4D echo. As processing speed and computing power increases, ICE systems can process large volume of data to reconstruct the images in real time. Thus, with continued product innovations, the intracardiac echocardiography and intravascular ultrasound market will foresee tremendous growth opportunities.
 

Proven efficiency and high success in septal defects treatment with ICE technology will augment the industry statistics

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Based on application segment, the intracardiac echocardiography and intravascular ultrasound market is segmented into electrophysiology procedures, left atrial appendage closure, septal defects and others. The septal defects segment surpassed USD 45 million in 2021. Product innovations and proven efficacy of novel devices is influencing the adoption of ICE technology as alternative to conventional technology i.e., transoesophageal echocardiography used to treat septal defect disorders. Moreover, ventricular septal defects and atrial septal defects are congenital disorders that might cause problems in the future. With advanced echocardiography using the ICE systems, treatment and visibility of septal structure can be improved. Thus, with continuous developments providing the ease in procedure, the segment will hold significant market share in coming years.
 

Facility expansion with high adoption rate of ICE and IVUS technologies will drive patient preference for catheterization laboratories

The intracardiac echocardiography and intravascular ultrasound market based on end-use is segregated into hospitals, catherization laboratories, and others. The catherization laboratories segment held around 20% revenue share in 2021. Improving healthcare infrastructure and spending on expansion of cardiac catheterization laboratories in developing countries is estimated to stimulate the segmental growth rate. Additionally, penetration of market players with advanced ICE and IVUS devices in developed countries along with spending on cutting-edge technologies will augment the product adoption rate in facilities.
 

Large patient population will benefit the adoption of ICE and IVUS in the North America

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North America was accounted for nearly 30% share of overall ICE and IVUS revenue in 2021. Rapid adoption of efficient imaging modalities in catheterization laboratories and faster expansion of specialty cardiac centers are expected to impel the regional market outlook. Moreover, increasing prevalence of cardiac rhythm disorders with preference for minimally invasive procedures is projected to enhance the regional industry statistics. As per the data published by the American College of Cardiology in 2021, each year peripheral artery disease (PAD) affects more than 8.5 million individuals in America. Hence, larger patient population benefits the adoption of ICE and IVUS in North America region during the forecast period.
 

Product launches and strategic partnerships will assist the companies in the business expansion

Notable market players in the intracardiac echocardiography and intravascular ultrasound market include Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson Services Inc. (Biosense Webster Inc.), NIPRO (Infraredx, Inc.), CONAVI MEDICAL, Siemens Healthineers AG, and Koninklijke Philips N.V. These players are actively involved in product launches and partnerships to sustain their market competitiveness.
 

Some of the recent industry developments:

• In July 2021, Philips introduced its new real-time 3D intracardiac echocardiography (ICE) catheter, VeriSight Pro. This product launch benefits the business growth of the company and helps to increase its market share in global market.
   
• In February 2020, Conavi Medical Inc. with Japan Lifeline announced the product clearance for Novasight Hybrid intravascular imaging system, by the Ministry of Health, Labor and Welfare (MHLW) in Japanese market. This has strengthened its market footprint in the Asia.
   

The intracardiac echocardiography and intravascular ultrasound market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:

By Application, 2017-2028 (USD Million)

• Electrophysiology Procedures
• Left Atrial Appendage Closure
• Septal Defects
• Others

By End-use, 2017-2028 (USD Million)

• Hospitals
• Catherization Laboratories
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Others
• Asia Pacific
  • Japan
  • China
  • India
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Others