|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global cardiovascular ultrasound systems market was expected to register a CAGR of 5.9% over the forecast period.
The COVID-19 has a profound impact on the cardiovascular imaging system in 2020. The factor negatively impacting the studied market is the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients.
However, patients with underlying heart disease are at higher risk of severe illness for COVID-19. In Such Patients, diagnostic ultrasound can and is being used to diagnose COVID-19 in patients. Ultrasound of the heart, which can be performed at the bedside, has become a key tool for clinicians while treating and monitoring COVID-19 patients. The risk of contamination and nosocomial spreading associated with the usage of the standard diagnostic tools such as stethoscope and radiology imaging systems in the management of COVID -19 contributed to the rising demand for pocket-sized cardiovascular ultrasound systems changing the dynamics of these market spaces.
The major factors for the growth of the cardiovascular ultrasound system market include – the increasing incidence of cardiovascular diseases (CVDs), rise in technological advancements, and advantages of echocardiography over invasive cardiac diagnostic procedures.
Cardiovascular diseases (CVD) remain a substantial cause of morbidity and mortality in the developed world and are becoming an increasingly important cause of death in developing countries. As per the 2020 updates of the World Health Organization, ischemic heart disease, responsible for 16% of the world’s total deaths. Since 2000, the largest increase in deaths has been for ischemic heart disease, rising by more than 2 million to 8.9 million deaths in 2019. Consequently, the increase in the number of cardiovascular diseases has increased the demand for the cardiovascular ultrasound system for diagnosis.
Technological advancement such as artificial intelligence has a significant positive impact on cardiology with improved capabilities to diagnose certain heart conditions. For instance, in October 2020, GE Healthcare received the US FDA 510k clearance for its ultra edition package of vivid cardiovascular ultrasound systems, which includes new features based on artificial intelligence (AI) that enable clinicians to acquire faster, more repeatable exams consistently.
However, factors, like unfavorable reimbursement scenarios and the economic impact of adopting new technologies, are likely to impede the studied market growth over the forecast period.
Scope of the Report
As per the scope of this report, cardiovascular ultrasound systems use the ultrasound imaging technique to provide images of the heart. The cardiovascular ultrasound system market is segmented by test type (transthoracic echocardiogram, transesophageal echocardiogram, stress echocardiogram, and other test types), technology(2D, 3D, and 4D, and Doppler imaging), device display (color display, black and white (b/w) display), end user (hospitals, ambulatory centers, other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above-mentioned segments.
|By Test Type|
|Other Test Types|
|3D and 4D|
|By Device Display|
|Black and White (B/W) Display|
|By End User|
|Other End Users|
Key Market Trends
The 2D Ultrasound Imaging Segment is Expected to be Fastest Growing Segment Over the Forecast Period
The COVID-19 impacted the production of 2D cardiovascular ultrasound systems in 2020. Furthermore, the delay of elective procedures due to COVID-19-related measures adversely affected the cardiovascular medical devices market, especially in the year 2020. While some cardiovascular procedures are considered urgent, others have been postponed and delayed since the beginning of the global pandemic. Hence, lifestyle changes and medication can be temporarily prescribed instead of cardiovascular procedures for some patients. Another factor negatively impacting the verticle is the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients.
2D ultrasound imaging is also known as B-mode echography or sonography. It displays a 2D map of B-mode data and is currently the most common form of cardiac ultrasound imaging used worldwide. It uses multiple transducers. It enables the generation of multiple images of the field or frames every second on the screen, giving an illusion of movement. It is primarily used to measure cardiac chamber dimensions, assess valvular structure and function, and improve the accuracy of interpretation of Doppler modalities.
2D ultrasound is one of the most common forms of technology used. However, it has disadvantages, like low resolution, distortion of ultrasound wave resulting in inaccurate images, view of the internal bone structure, and regional placement.
Moreover, technological advancements, like Doppler imaging and 3D/4D ultrasound imaging, are expected to affect the global 2D imaging market during the forecast period. For instance, in October 2020, Royal Philips launched the Ultrasound 3300, a new innovative ultrasound series tailored for general Imaging and cardiovascular imaging procedures. Such product advancement will boost vertical growth over the coming years.
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North America is Expected to Dominate the Market Over the Forecast Period
North America is anticipated to lead the market owing to the high adoption of ultrasound modality in general diagnostics and the rising prevalence of lifestyle-associated chronic diseases. The high demand for technologically advanced medical devices is expected to propel market growth in the region.
According to the American Heart Association Research Report 2018, Heart disease accounts for 1 in 7 deaths in the United States. Coronary Heart Disease is the leading cause (43.8%) of deaths attributable to cardiovascular disease in the United States, followed by stroke (16.8%), heart failure (9.0%), high blood pressure (9.4%), diseases of the arteries (3.1%), and other cardiovascular diseases (17.9%). aThis scenario leads to a higher demand for cardiovascular ultrasound systems for better diagnosis, which will drive the market in the United States.
Furthermore, supportive awareness initiatives for disease awareness are projected to support the market for cardiovascular devices in North America. For instance, in 2020, Mexico joined the HEARTS initiative to strengthen primary healthcare for CVD. Promoted by the Pan American Health Organization/ World Health Organization (PAHO/WHO), the initiative aims to improve the prevention and control of hypertension at the primary care level.
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The market studied is moderately consolidated, owing to the presence of many small and large market players. Some market players are Canon Medical Systems, Chison, Esaote SpA, GE Healthcare, Hitachi Medical Corporation, Koninklijke Philips NV, KPI Healthcare Inc., Samsung Healthcare, Siemens Healthcare, and Whale Imaging. Regional and service portfolio expansions and mergers and acquisitions are key strategic undertakings adopted by these players.
- In October 2020, GE Healthcare received the FDA clearance for Vivid Ultra Edition, an AI-powered designed to shorten diagnostic exam time and improve measurement consistency.
- In August 2020, Philips launched its new Affiniti CVx and 7.0 for EPIQ CVx cardiovascular ultrasound solutions, which include improvements to enhance confidence in diagnosis and procedures and improve the user experience.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Cardiovascular Diseases (CVDs)
4.2.2 Rise in Technological Advancements
4.2.3 Advantages of Echocardiography over Invasive Cardiac Diagnostic Procedures
4.3 Market Restraints
4.3.1 Unfavorable Reimbursement Scenario
4.3.2 Economic Impact of Adopting New Technologies
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Test Type
5.1.1 Transthoracic Echocardiogram
5.1.2 Transesophageal Echocardiogram
5.1.3 Stress Echocardiogram
5.1.4 Other Test Types
5.2 By Technology
5.2.2 3D and 4D
5.2.3 Doppler Imaging
5.3 By Device Display
5.3.1 Color Display
5.3.2 Black and White (B/W) Display
5.4 By End User
5.4.2 Ambulatory Centers
5.4.3 Other End Users
5.5.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.5.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.5.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Canon Medical Systems
6.1.3 Clarius Mobile Health
6.1.4 Esaote SpA
6.1.5 GE Healthcare
6.1.6 Hitachi Medical Corporation
6.1.7 Kalamed Medical System
6.1.8 Koninklijke Philips NV
6.1.9 KPI Healthcare Inc.
6.1.10 Medisono LLC
6.1.11 Samsung Healthcare
6.1.12 Shenzhen Biocare Bio-Medical Equipment Co. Ltd
6.1.13 Siemens Healthcare GmbH
6.1.14 Whale Imaging
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Cardiovascular Ultrasound System Market market is studied from 2018 - 2026.
What is the growth rate of Global Cardiovascular Ultrasound System Market?
The Global Cardiovascular Ultrasound System Market is growing at a CAGR of 5.9% over the next 5 years.
Which region has highest growth rate in Global Cardiovascular Ultrasound System Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Cardiovascular Ultrasound System Market?
North America holds highest share in 2020.
Who are the key players in Global Cardiovascular Ultrasound System Market?
Canon Medical Systems Corporation, Esaote SpA, GE Healthcare, Koninklijke Philips NV, Siemens Healthcare GmbH are the major companies operating in Global Cardiovascular Ultrasound System Market.