The global intravascular ultrasound (IVUS) devices market is expected to grow at a CAGR of around 4.6% from 2021 to 2028 and expected to reach the market value of around US$ 838.4 Mn by 2028.
Intravascular Ultrasound (IVUS) is a diagnostic technique that allows a real-time internal picture of coronary artery by providing a visual image of the artery and the atheroma within the arterial wall; IVUS can also determine the degree of constriction or thickening (stenosis) of an artery. This is done with the help of catheter which is connected to the ultrasound equipment, allowing the device to show the blood vessels and any alterations around the surrounding blood column. On the tip of the catheter is attached an ultrasound transducer or probe which emits sound waves for image creation. The probe also receives and returns the echo information and forwards images to a computer. IVUS is also known as intravascular echocardiography. It involves both echocardiography and cardiac catheterization procedures and can be used to determine the efficacy of stents or balloon angioplasty. Rise in chronic diseases has led to the heightened demand for efficient diagnostic tools for cardiovascular applications such as heart stroke, myocardial infarction, angina among others are resulting in higher adoption of IVUS devices. The IVUS devices market is expected to grow at a significant pace with substantial growth rates during the forecast period.
The expansion of the intravascular ultrasound devices market is being driven by an increase in R&D efforts, as well as an increase in the prevalence of chronic diseases. Top market participants are implementing new and improved digital technologies and pushing toward the integration of new ultrasound equipment developments. This partnership is expected to improve the market by introducing high-resolution imaging technologies. Improving the picture output quality can improve illness diagnosis accuracy in the early stages. This is a significant step forward in the early detection of a variety of life-threatening disorders, including cardiovascular problems. Adapting various imaging technologies to provide cost-effective medical imaging equipment and solutions in developing economies is projected to drive market expansion. Demand for innovative medical equipment is being driven by the development of healthcare infrastructure in emerging economies, as well as a rise in individual disposable income and a larger patient pool.
The increasing number of product failures will likely act as a market restraining factor for the growth of the intravascular ultrasound (IVUS) market. The high cost and maintenance of intravascular ultrasound are also restraining the market growth.
Segment Analysis by Region
The global intravascular ultrasound device market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Due to increased use of advanced technologies, better health coverage, and a high prevalence of coronary artery disease, North America is likely to have a large market share. High treatment efficacy standards and reimbursement scenario are expected to augment the market in North American region. Due to the growing senior population, Europe holds the second greatest market share. Growing patient pool and pharmaceutical industries, as well as rising frequencies of cardiovascular disorders in the region, Asia-Pacific is predicted to expand at the fastest rate throughout the forecast period.
Covid-19 Impact on Global Intravascular Ultrasound [IVUS] Devices Market:
Around 40% of COVID-19 healed patients suffer cardiovascular problems, according to the American College of Cardiology (ACC). Covid-19 has a big impact on the market for intravascular ultrasound equipment. Despite a decline in overall mortality, the market for short and long-term cardiovascular problems is likely to grow in the future years. Patients with hypertension, diabetes, cardiovascular disease, and other illnesses are more vulnerable to the new coronavirus than healthy people. Ultrasound is one of the imaging methods that requires a lot of interaction between the patient and the healthcare provider. If these operations are not performed safely, the risk of COVID-19 infection among physicians and patients in healthcare facilities may increase. Manufacturers of intravascular ultrasonography (IVUS) devices and healthcare facilities are becoming more aware of the importance of following particular sanitization recommendations for IVUS devices. These advances are expected to have an impact on the market for intravascular ultrasound (IVUS) devices.
The global intravascular ultrasound (IVUS) devices market is highly competitive due to presence of large number of players and innovative product introductions in market. In addition, business expansion activities through mergers and acquisitions are factors expected to further increase the competition. Market key players include GE Healthcare, Hitachi Ltd, Siemens Healthineers, Boston Scientific Corporation, Volcano Corporation, Infraredx, Silicon Valley Medical Instruments, Avinger Inc., Philips, Canon Medical Systems Corporation, and Toshiba.
Intravascular Ultrasound [IVUS] Devices Market Segment Analysis, 2021
The global intravascular ultrasound device market is segmented as Product, End-User, Application and Region. The product is further sub segmented into consoles and catheters. The end-user is sub segmented as hospitals, diagnostic centers and academics and research institutes. The application is further bifurcated as coronary diagnostic market, coronary intervention market, coronary research market and non-coronary/peripheral applications market.
Market By Product
Market By Application
Coronary Diagnostic Market
Coronary Intervention Market
Coronary Research Market
Non-coronary / Peripheral Applications Market
Market By End-User
Academic and Research Institutes
The global Intravascular Ultrasound [IVUS] Devices Market in 2028 is expected to be above US$ 839.4 Mn.
The CAGR of the global Intravascular Ultrasound [IVUS] Devices Market from 2021-2028 is 4.6%
Increase in R&D investment is the major factor expected to drive the global market.
In End-User, Hospital segment is expected to grow faster.
In the global market the APAC region is expected to grow faster.
Boston Scientific, Philips Healthcare, Volcano Therapeutics, GE Healthcare, Siemen Healthcare, Infraredx, Silicon Valley Medical Instruments, Canon Medical Systems Corporation, and Toshiba.
North America is expected account for major market revenue share in global market.