Cardiovascular Echocardiography Market Trends and Size - 2030

[Research Report] The cardiovascular echocardiography market size is projected to reach US$ 200.00 billion by 2030 from US$ 143.72 billion in 2022; the market is estimated to record a CAGR of 4.2% during 2022–2030.

Market Insights and Analyst View:

Cardiovascular echocardiography is a type of medical imaging to examine the heart. It uses sound waves to create visual images of the heart. This testing procedure is usually performed on patients with suspected or known heart diseases. Apart from revealing the size and shape of the chambers and valves, the test also estimates the heart functioning by calculating the cardiac output, ejection fraction, and diastolic function. The cardiovascular echocardiogram can also detect cardiomyopathies. The injuries from the earlier heart attack can be clearly visualized using echocardiographs. Transthoracic, transesophageal, and stress cardiac ultrasound are among the various cardiac ultrasound tests performed for diagnostic purposes. The rising burden of cardiovascular diseases and the growing geriatric population are projected to create ample opportunities for cardiovascular echocardiography market growth.

Growth Drivers:

During the examination and evaluation of heart attack, chest pain, coronary artery disease, blood clots, and other heart-related disorders, doctors recommend invasive treatments that involve blood tests and cardiac catheterization. Cardiac catheterization necessitates a prolonged hospital stay and causes certain side effects such as bleeding, blood clots, artery damage, and other complications. For these reasons, doctors typically limit the use of this procedure for cardiac diagnosis and instead resort to using nuclear cardiac stress test, magnetic resonance imaging, cardiac ultrasound, and coronary computed tomography angiogram, as these procedures are performed noninvasively.

Echocardiography is the most commonly used cardiovascular diagnostic test after electrocardiography and chest X-ray. It is a noninvasive diagnostic procedure that reveals information regarding cardiac functioning and hemodynamics. Due to the fact that there are minimum or no risks involved with echocardiograms as compared to other diagnostic procedures that use radiation to produce results, wide adoption of these devices in hospitals and diagnostic centers is witnessed. Furthermore, patients with a history of heart failure benefit from routine monitoring with these heart disease diagnostics. It also helps monitor the disease and the effectiveness of treatment or surgery. Echocardiograms are also utilized in regular nursing of patients undergoing cancer treatment who are at risk of cardiotoxicity.

The advantages associated with the usage of echocardiographic devices compared to other cardiac diagnostic procedures fuel its adoption, thereby driving the cardiovascular echocardiography market growth.

The cardiovascular echocardiography market trends include the incorporation of AI and other innovative technologies in echocardiography devices.

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Cardiovascular Echocardiography Market: Strategic Insights

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Report Segmentation and Scope:

The cardiovascular echocardiography market analysis has been carried out by considering the following segments: type, technology, end user, and geography. Based on type, the market is segmented into transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and fetal echocardiography. In terms of technology, the market is classified into 2D echocardiogram, 3D echocardiogram, and Doppler. Based on end user, the market is categorized into hospitals, ambulatory surgery centers, and diagnostic labs. The scope of the cardiovascular echocardiography market report covers North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

The cardiovascular echocardiography market, by type, is categorized into transthoracic echocardiography, stress echocardiography, transesophageal echocardiography, and fetal echocardiography. The transthoracic echocardiography segment held a significant market share in 2022. It is anticipated to record the highest CAGR in the market during 2022–2030.

Based on technology, the market is categorized into 2D echocardiogram, 3D echocardiogram, and Doppler. The 3D echocardiogram segment held a significant cardiovascular echocardiography market share in 2022 and is estimated to register the highest CAGR during 2022–2030.

Based on end user, the market is segmented into hospitals, ambulatory surgery centers, and diagnostic labs. The hospitals segment held a significant cardiovascular echocardiography market share in 2022 and is expected to register the highest CAGR during 2022–2030.

Cardiovascular Echocardiography Market Regional Insights

The regional trends and factors influencing the Cardiovascular Echocardiography Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cardiovascular Echocardiography Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Cardiovascular Echocardiography Market Report Scope

Cardiovascular Echocardiography Market Players Density: Understanding Its Impact on Business Dynamics

The Cardiovascular Echocardiography Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Cardiovascular Echocardiography Market are:

1. Apex Heart and Vascular
2. Ultra-X Imaging
3. Metropolitan Heart Vascular Institute
4. Ultromics Limited
5. Corewell Health

Disclaimer: The companies listed above are not ranked in any particular order.

Regional Analysis:

Geographically, the cardiovascular echocardiography market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America captured a significant share of the market. In 2022, the US dominated the market in this region. The market growth in North America is attributed to growing heart disease incidences, increasing geriatric population, and the presence of key market players in the region.

Heart disease is a leading cause of death in the US. As per the Centers for Disease Control and Prevention (CDC), around 805,000 people have a heart attack in the US every year. In addition, coronary heart disease is the most common type of heart disease, which resulted in the death of 360,900 people in 2019. According to the CDC, it is estimated that 12.1 million people in the US will have atrial fibrillation in 2030. Similarly, according to the Canadian Chronic Disease Surveillance System, about 1 in 12 (2.6 million) Canadian adults aged 20 and above live with diagnosed heart disease in the country. According to Statistics Canada, 67,399 individuals succumbed to death due to heart disease or stroke in 2020. Thus, the growing number of cardiovascular diseases affects a sizable population size. This leads to a greater demand for diagnostic tools, such as cardiovascular echocardiography, to assess and monitor cardiovascular health, thereby propelling the cardiovascular echocardiography market in the region.

Competitive Landscape and Key Companies:

The cardiovascular echocardiography market forecast can help stakeholders plan their growth strategies. Apex Heart and Vascular, Ultra-X Imaging, Metropolitan Heart Vascular Institute, Ultromics Limited, Corewell Health, Centinela Hospital Medical Center, Schoolcraft Memorial Hospital, University of Utah Health, Goshen Heart & Vascular Center, and Harefield Hospital are among the prominent players profiled in the cardiovascular echocardiography market report. These companies focus on introducing new high-tech products, advancements in existing products, and geographic expansions to meet the growing consumer demand worldwide.