Intracardiac Echocardiography and Intravascular Ultrasound Market worth over $1bn by 2027
Published Date: August 12, 2021 Authors: Sumant Ugalmugale, Rupali Swain
Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market size is set to surpass USD 1 billion by 2027, according to a new research report by Global Market Insights Inc.
Growing prevalence of cardiovascular diseases (CVD) will drive the demand for advanced imaging modalities to reduce procedural complications and enhance outcomes. According to the World Health Organization, CVDs represented 32% of all global mortalities in 2019. Rise in number of CVD-associated mortalities has offered demand for advanced diagnostic tools to provide early detection and treatment. ICE and IVUS enhances professional’s ability to understand complex cardiac structures to offer better diagnosis.
Growing development of infrastructure and cardiology department in developing economies will create the ICE and IVUS market growth opportunities. However, emergence of COVID-19 has negatively impacted the market expansion as non-urgent procedures including electrophysiology were deferred during the initial period. However, with decline in infections and continual of procedures, the industry will witness substantial recovery in the coming years.
Growing demand for guided interventional procedures will foster the demand for ICE and IVUS
Increase in CVDs and other heart conditions will stimulate visit to diagnostic facilities for early disease detection. Cardiac procedures using IVUS assist in detection of blockages inside the vessels. These modalities assist in minimally invasive procedures along with better manoeuvrability and provide detailed insights into heart conditions. High-resolution, real-time visualization and lack of need for anaesthesia are added benefits. Such guided procedures will foresee robust demand, thereby increasing the adoption of ICE and IVUS devices.
Browse key industry insights spread across 100 pages with 113 market data tables & 11 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Increasing pervasiveness of septal defects and procedural success will increase product usage
Septal defects segment is projected to observe 7.3% growth rate through 2027. Atrial septal defects and ventricular septal defects are congenital conditions that can cause problems in later life. It is estimated that around 56 per 100,000 live births are prevalent to this condition. With improved echocardiography, treatment and visualization of septal structure can be enhanced. Transoesophageal echocardiography (TEE) is now being replaced by intracardiac echocardiography (ICE) as a primary imaging technique to guide device closure for atrial septal defects.
Reduced complexity and shorter stay will increase device acceptance and patient preference for catheterization laboratories
Catheterization laboratories segment held for 18% of the ICE and IVUS market share in 2020. Rise in awareness, rising geriatric population and prevalence of cardiac diseases has accelerated companies to invent less invasive procedure tools. Intracardiac echocardiography and intravascular ultrasound assisted procedures can be performed in the catheterization laboratories with the reduced or no need of general anaesthesia. Faster procedure time, shorter patient stay duration and expanding catheterization facilities will present lucrative opportunities to the industry during the forecast timeline.
Increased disease burden in the European region will augment the market demand
Europe ICE and IVUS market is poised to attain a CAGR of over 5.7% by 2027. Growing awareness about advanced diagnostic procedures will increase the market value for the ICE and IVAC. In addition, increasing number of cardiac centers and ablation centers in certain European countries further boosts the demand for ICE and IVUS. Furthermore, presence of established companies including Philips in the region will offer robust potential to the industry.
Boston Scientific Corp, Infraredx Inc., Abbott, Koninklijke Philips N.V. (Royal Philips), Terumo Corporation, and Siemens Healthineers are some of the are the top manufactures operating in the market. These companies are adopting entry and expansion strategies in various geographies to broaden their market footprint.
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