Echocardiography Market - Global Industry Analysis, Market Size, Opportunities and Forecast 2021 - 2030

Echocardiography is a test that uses sound waves to produce live images of your heart. The image is called an echocardiogram. The images can help them get information about blood clots in the heart chambers, fluid in the sac around the heart, problems with the aorta, problems with the pumping function or relaxing function of the heart, etc.

Market Dynamics

Increasing number of patients in hospitals related to heart problems, rapid technological advancements in imaging techniques, and rising demand from hospitals for advanced medical products are major factors expected to drive the growth of global echocardiography market. Changing lifestyle pattern and consumption of unhealthy food is increasing health problems among consumers. According to American Heart Association, Inc., the prevalence of obesity was 39.6 percent in U.S. adults and 18.5 percent of youth, and severe obesity affected 7.7 percent of adults and 5.6 percent of youth. According to the 2017 report, out of 121.5 million adults in the U.S. 48% have cardiovascular disease. Heart disease was the number one cause of death in the U.S. and stroke was number five, the same ranking as in 2016. Governments of developed and developing countries are spending high on the development of present healthcare infrastructure, with the focus to deliver enhanced care to patients. Major players are investing high in product development, their focus on the introduction of innovative solutions in order to attract new customers is expected to augment the growth of the echocardiography market.

In 2020, U.S. Food and Drug Administration authorized marketing of software “Caption Guidance” made by Teratech Corporation. The product will assist medical professionals in the acquisition of cardiac ultrasound or echocardiography images. The product is indicated to use ultrasound examination of the heart, known as two-dimensional transthoracic echocardiography (2D-TTE), for adult patients, specifically in the acquisition of standard views of the heart from different angles.

In 2018, Koninklijke Philips, a global electronic & medical device company launched “EPIQ CVx”, a cardiovascular ultrasound system. The product is built on the powerful EPIQ ultrasound platform. EPIQ CVx is specifically designed to increase diagnostic confidence and simplify workflow for clinicians, giving them more time to interact with their patients and reducing the need for repeat scans. The product launch helped the company to enhance the business revenue.

In 2016, American Society of Echocardiography (ASE), launched “Transesophageal Echocardiography (TEE)” in structural heart disease (SHD). The product not only illustrates the utility of real-time two- and three-dimensional TEE in interventional echocardiography but also demonstrates the procedure-specific imaging needs in SHD. The product helped the institution in increasing the business prospect.

Factors such as high cost of devices and unfavorable reimbursement scenario are expected to hamper the growth of global echocardiography market. In addition, stringent government regulations related to product approval is expected to challenge the growth of target market. However, increasing investment by major players for product development and introduction of cost-effective solutions are factors expected to create new opportunities for players operating in the echocardiography market over the forecast period. In addition, rise in strategic partnership activities between regional and international players is expected to support the revenue transaction of the target market.

Segment Analysis by Region

The market in North America is expected to account for major revenue share in the global echocardiography market due to high patient pool suffering from heart associated diseases. In addition, presence of large number of players operating in the country, along with focus on strategic merger & acquisition activities are factors expected to support the echocardiography market growth.

The market in Asia Pacific is expected to witness faster growth due to the echocardiography market to changing government regulations related to healthcare sector. Government approach towards strengthening the regional manufacturing capabilities through favorable business policy offerings is increasing. This is resulting in emergence of small and mid-size enterprises with innovative solutions. These are major factors expected to augment the growth of regional market.

Competitive Landscape      

The global echocardiography market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Report coverage

Echocardiography Market Segment Analysis, 2019

The global echocardiography market is segmented into type, technology, and end use. The type segment is bifurcated into transthoracic echocardiogram, transesophageal echocardiogram, stress echocardiogram, and others. Among type the transesophageal echocardiogram segment is expected to account for noticeable revenue share in the global echocardiography market. The end-use segment is divided into hospitals/cardiology centers, ambulatory/home care, and others. Among the end use hospitals/cardiology centers segment is expected to account for major revenue share in the target market.

The players profiled in the report are General Electric Company, Philips Healthcare, Siemens Healthcare, Absolute Medical Services, Inc., Toshiba Medical Systems Corporation, Samsung Electronics Co., Ltd., Fujifilm Holdings Corporation, Esaote S.P.A., and Chison Medical Imaging Co., Ltd.

Market Segmentation

Market By Type

Transthoracic Echocardiogram
Transesophageal Echocardiogram
Stress Echocardiogram
Others

Market By Technology

2D
3D and 4D
Doppler Imaging

Market By End Use

Hospitals/Cardiology Centers
Ambulatory/Home Care
Others

Market By Geography

North America
•    U.S.
•    Canada

Europe
•    U.K.
•    Germany
•    France
•    Spain
•    Rest of Europe

Asia-Pacific
•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Rest of Asia-Pacific

Latin America
•    Brazil 
•    Mexico
•    Rest of Latin America

Middle East & Africa
•    GCC
•    South Africa
•    Rest of Middle East & Africa