Echocardiography Market: Introduction
According to the report, the global echocardiography market was valued over US$ 1.4 Bn in 2019. The market is projected to expand at a moderate CAGR from 2020 to 2030. Echocardiography is a medical test that utilizes sound waves to create a live image of the heart known as electrocardiogram (ECG). This test enables doctors to monitor the condition of the heart of the patient and understand its function. This test or procedure is widely used to diagnose any heart condition, especially a heart attack, even in unborn babies. ECG is also utilized to diagnose heart defects. Transthoracic echocardiography is a highly preferred and painless type of echocardiography. North America dominated the global echocardiography market in 2019, followed by Europe and Asia Pacific. North America is the leading market for cardiovascular devices, including echocardiography devices, primarily due to high awareness about available medical treatments, significant infrastructure investment supporting medical treatments, and adoption of new and innovative products.
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Technological Advancements to Drive Global Market
Recent technological advancements, specifically focusing on tissue Doppler imaging, strain imaging, contrast echocardiography, 3D echocardiography, point-of-care echocardiography, 3D volumetric flow assessments, and elastography offer significant opportunities to the global market during the forecast period. Moreover, ultrasound imaging is rapidly changing the domain of cardiac imaging. Advantages offered by ultrasound imaging include real-time imaging, imaging at patient bedside, cost-effectiveness, and ionizing-radiation-free imaging. Technological advancements are estimated to propel the global echocardiography market during forecast period. For instance, in August 2018, Philips introduced the EPIQ CVx cardiovascular ultrasound system. Built on the powerful EPIQ ultrasound platform, EPIQ CVx is specifically designed to increase diagnostic confidence and simplify workflow for clinicians, providing them more time to interact with their patients and reduce the need for repeat scans. In February 2018, GE Healthcare launched its new generation of high-end radiology ultrasound system, the LOGIQ E10. This fully digital system enable healthcare professionals to perform more than 1,000 ultrasound-guided interventional procedures in a year. Advancements and innovations are estimated to boost the global echocardiography market over the next few years.
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Echocardiography Market: Prominent Regions
In terms of region, the global echocardiography market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global echocardiography market in 2019, followed by Europe and Asia Pacific. As per research, increase in geriatric population resulting in rise in prevalence of atrial fibrillation and other cardiac diseases is a major factor driving the North America echocardiography market. Atrial fibrillation (AF) is a common cardiac arrhythmia, which increases the risk of stroke by up to five times. Moreover, about 1 in 4 people in Canada over the age of 40 suffers from atrial fibrillation in his/her lifetime. Furthermore, the death rate of atrial fibrillation related strokes is twice as high as that from strokes unrelated to atrial fibrillation. All these factors fuel the echocardiography market in North America.
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The echocardiography market in Europe is anticipated to expand at a considerable CAGR from 2020 to 2030. The expansion of the echocardiography market in the region can be ascribed to increase in incidence of cardiovascular diseases. Cardiovascular diseases (CVD) was the second major cause of death in the U.K. in recent years. An article published in BMJ stated that the burden of CVD declined in the U.K. from 1990 to 2013. CVD death rates in England declined by 52%, while those due to coronary heart disease (CHD) and stroke decreased by 60% and 46%, respectively. In Western Europe, Ireland, Germany, Sweden, and Luxembourg accounted for a higher death rate as compared to that in the U.K. These factors are estimated to fuel the echocardiography market in Europe during the forecast period.
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Product Launch and Innovation by Key Players to Drive Global Market
The global echocardiography market is consolidated in terms of number of players. The market is dominated by key players with innovative product offerings, robust and strong geographic presence, and adoption of technological advancements in the market. Key players include General Electric Company, Koninklijke Philips N.V., Siemens Healthcare Private Limited, Canon Medical Systems Corporation, Esaote S.p.A, Samsung Electronics Co., Ltd., Fujifilm Holdings Corporation, Hitachi Medical Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Bay Labs, Inc., Bracco Imaging S.p.A, ContextVision AB, Digirad Corporation, and TELEMED Medical Systems.
In January 2019, Leverage Philips IntelliSpace Enterprise Edition provided the New York-Presbyterian Hospital with access to Philips’ full suite of informatics solutions across cardiology, analytics, and radiology to help improve efficiencies and quality of care. In December 2019, Esaote introduced the new HyperDoppler software in cardiology. It is Esaote’s new advanced research tool for the investigation of intracardial flows. In addition to the conventional echocardiographic examination, HyperDoppler is expected to help achieve a better understanding of cardiac physiological or pathological states.
In March 2018, Siemens Healthineers launched Acuson Juniper, a new ultrasound system with better applications and high imaging performance. In the same month, the company launched another product, which is a new version of the mobile C-arm with customary image intensifier and flat-panel detector technology.
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