The cardiac ultrasound systems market is estimated to secure a valuation of USD 1.43 billion in 2023. The overall sales of cardiac ultrasound systems are projected to reach USD 2.33 billion with a CAGR of 5% by 2033.
How are Technological Advancements Influencing Cardiac Ultrasound Systems Sales?
Modern healthcare machines are integrated with artificial intelligence and 4D imaging technologies. These technologies are becoming part of cardiac ultrasound systems, which can now provide excellent 3D images and accurately identify the chief cause of concern during the examination. These machines are made lightweight, portable, and user-friendly to reduce the effort required for operation.
Incorporating wireless mobile connectivity technology with hand-held cardiac ultrasound systems is a game changer in diagnostics. It connects with a mobile or tablet and provides real-time visualization during diagnosis. It also reduces queuing time and facilitates real-time monitoring in hospitals and clinics.
Future Market Insights predicts that modern cardiac ultrasound systems are estimated to completely replace conventional systems due to their high convenience and efficiency. These factors are estimated to boost the sales of cardiac ultrasound systems over the assessment period.
The introduction of diagnostic machine automation and increasing demand for minimally invasive devices are forecast to augment the market growth. The growth can be attributed to faster recovery, reduced stay in the hospital, and attractive design of cardiac ultrasound systems.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Adoption of high-end cardiac ultrasound systems among healthcare providers is fairly limited owing to its high cost. The systems equipped with new and advanced technologies like 4D imaging, Artificial Intelligence, and the Internet of Things are pricier and thus unaffordable for small hospitals and diagnostic centers, especially in developing countries.
Premium machines cost between USD 120,000 to USD 130,000, and governments of emerging economies cannot provide sufficient grants to purchase such expensive equipment. It has limited the sales of cardiac ultrasound systems in regions like the Asia Pacific and Latin America.
Lack of awareness among patients regarding cardiac ultrasound systems and stringent regulations is estimated to negatively affect the market growth over the forecast period. The Food and Drugs Administration (FDA) has defined strict regulations to mitigate any harmful side effects that might happen to the human body. These factors and the lack of skilled laborers and expert operators are estimated to further restrain the market growth over the forecast period.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 5% |
| Market Valuation (2023) | USD 1.43 billion |
| Market Valuation (2033) | USD 2.33 billion |
As per Future Market Insights (FMI), the global market grew at a steady CAGR of 5% between 2018 and 2022. The market captured a valuation of USD 1.36 billion in 2022.
Rising cases of heart failure worldwide, along with increasing demand for non-invasive diagnostic methods, have been fuelling the demand for cardiac ultrasound devices. Rapid technological advancements in the field of cardiology and imaging system, along with mounting cases of cardiovascular ailments, are key factors driving growth. Cardiac ultrasound systems sales are estimated to increase at 5% CAGR through 2033.
The growth uptick in cardiac ultrasound systems can be attributed to the increasing prevalence of lifestyle disorders like diabetes and hypertension, which ultimately lead to heart diseases.
The Centers for Disease Control and Prevention states that more than 6 million Americans die from heart failure every year. A similar trend can also be observed in the United Kingdom, China, and India. The high risk of infection and increasing surgery costs prompt patients to look for non-invasive diagnostic systems like cardiac ultrasound. Top manufacturers are developing modern devices with better imaging systems to cater to the increasing demand for cardiac ultrasound systems.
Top market players are incorporating cutting-edge technologies like artificial intelligence (AI) and the Internet of Things (IoT) to counter the rising demand and reduce the mortality rate. The COVID-19 pandemic fueled the demand for cardiac ultrasound devices in hospitals and clinics.
Principal Consultant
Based on product type, the global market is segmented into cart/trolley cardiac ultrasound devices and compact/ handheld ultrasound scanners. FMI predicts that handheld ultrasound scanners exhibit higher growth; however, cart cardiac ultrasound devices account for the maximum market share over the forecast period.
As handheld cardiac ultrasound scanners assist in identifying and analyzing the areas of concern for effective diagnosis and detecting and inspecting blockage in the heart, it is gaining traction among specialists for treating geriatric people suffering from heart diseases.
With rapid technological advancement, modern cardiac ultrasound systems are coming with built-in 3D and 4D imaging technology, which assist in creating accurate visualization of the heart while making it easy to operate. Various non-radiologists increasingly use handheld ultrasound scanners to aid in clinical examinations or practical procedures.
The overall market for handheld ultrasound systems is expected to reach a market value of over USD 2,300 million by the end of 2033, growing at a CAGR of 6.5% during the forecast period.
Future Market Insights opines that the hospital segment is estimated to account for the maximum global market share due to the easy accessibility of cardiac ultrasound devices for surgical operations and the availability of expert professionals for operating those cardiac devices.
Ambulatory surgical centers are gaining traction and are expected to exhibit a high growth rate during the forecast period. The uptick can be attributed to the increasing number of emergency surgical procedures in free-standing ambulatory surgical centers. Faster outcomes and minimal hospital stay time offered by surgeries performed in ambulatory surgical centers have encouraged the manufacturers to enter this new segment.
The United States is expected to dominate the North American cardiac ultrasound systems market owing to increased cardiovascular disease (CVD) cases and modern healthcare infrastructure. The North American market is forecast to grow at 4.70% CAGR by 2033.
The United States is the global leader in healthcare, and the rising prevalence of heart failure has increased the demand for cardiac ultrasound devices. Emory Healthcare surveyed that around 5 million people in the United States live with congestive heart failure. The survey also highlights that heart conditions are responsible for more than 11 million physician visits and 875,000 hospitalizations among the elder population every year. It is prompting scientists to develop advanced cardiac ultrasound systems.
The presence of top market players like General Electric, Siemens, and Samsung Medison Co. in the country has consistently introduced new products, thus, boosting the market revenue.
Growing consumer inclination towards non-invasive, compact, and portable devices is estimated to also augment the market growth in the United States. Number of heart surgeries has increased significantly due to increasing cases of CVD. The shortage of skilled professionals and cardiologists has increased the demand for more modern devices.
According to the Human Resources and Services Administration, around 17 people die while waiting for a heart transplant daily. To reduce these numbers, experts are opting for cardiac ultrasound devices, resulting in increasing demand for these devices. Growing demand for non-invasive cardiac devices like cardiac ultrasound systems in the United States is estimated to bolster the market growth over the assessment period.
India is forecast to offer lucrative opportunities for market players as the country is one of the fast-growing economies in the world, and the government is investing in expanding its healthcare sector. For instance, the Government of Assam Health and Family Welfare started an initiative in which the state government is estimated to bear the surgery cost for children with heart disease. Such initiatives, rising per capita income and increasing access to quality healthcare facilities, are estimated to positively influence market growth.
In India, coronary heart disease (CHD) and cardiovascular ailment cases have escalated over the past few years, resulting in increased demand for cardiac ultrasound systems. Favorable reimbursement policies and growing insurance coverage are estimated to boost growth nationwide.
The rise in CVD cases can be attributed to the increasing number of diabetes and other lifestyle diseases in India. According to International Diabetes Federation, more than 77 million people have diabetes in India, making it one of the top countries with the highest diabetic population. Diabetes is a root cause of major heart diseases, with 20% of the Indian population succumbing to heart disease.
In its 2020 report, AHA Journal highlighted that around 33% of reported deaths in India are due to coronary heart diseases and heart failures, while a simultaneous uptick in heart failure is observed, especially in the younger population.
The growing burden of heart failure in India and the high demand for non-invasive diagnostic procedures are estimated to boost the demand for cardiac ultrasound systems in the country.
The United Kingdom possesses some of Europe's best and most modern healthcare and medical infrastructure and facilities. Increasing technological advancement in echocardiography and rising incidence of CHD-induced heart failure drive the region's demand for cardiac ultrasound devices.
British Heart Foundation reported that more than 266,000 individuals died due to coronary heart disease in the United Kingdom in 2018. They also predicted that increasing cases of lifestyle disorders like diabetes and hypertension in the country are estimated to increase the death toll in upcoming years.
Growing government initiatives to spread awareness regarding the dangers of CVDs and the side effects of alcohol abuse and bad dietary habits are estimated to drive market growth in the country. Awareness campaigns like "Sudden Cardiac Awareness Month" and "Restart-a-Heart Day" is estimated to positively influence the adoption of echocardiography devices in the United Kingdom.
Increasing investments in integrating advanced technologies like 4D imaging and automation are estimated to create incremental opportunities for the cardiac ultrasound devices market in the country. The rising popularity of minimally invasive devices among patients for the treatment of heart failure is estimated to aggrandize the demand for these systems across the United Kingdom.
According to the Federal Statistical Office, healthcare expenditure in Germany rose by 4% between 2017 and 2018. Germany also spent around 11.7% of its gross domestic product (GDP) on healthcare in 2018. The growing potential patient pool, advanced healthcare infrastructure, and presence of top market players are expected to thrust the market growth in the country.
The rising diagnostics rate and the availability of trained medical experts and cardiologists are estimated to assist Germany in dominating the market. Increasing cases of heart failure and a spike in mortality rate due to CHDs are estimated to boost the adoption of echocardiograms in German hospitals.
Companies are investing in developing cardiac ultrasound systems integrated with hi-tech imaging technology to cater to the growing demand. Based on the factors above, Germany's cardiac ultrasound systems market is forecast to register healthy growth over the assessment period.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Future Market Insights identifies GE Company, Fujifilm, Holdings Corporation, Siemens AG, Koninklijke Philips N.V., Toshiba Medical System Corp., Hitachi Medical Corp., and Esaote SpA as the top market players operating in the global market.
Continuous innovation and development in cardiac ultrasound systems have created cut-throat competition among leading market players. Market players prioritize new product launches and gain approvals from Food and Drugs Administration (FDA) to stay relevant in this highly competitive market.
Other Essential Players in the Global Market are:
Recent Developments in the Global Market are:
For instance, GE Healthcare received 510k U.S. FDA clearance for its ultra edition “Vivid” cardiovascular ultrasound systems in October 2020. This new system is artificial intelligence AI-powered and specifically designed to reduce diagnostic time and enhance measurement consistency. The new AI based features allow clinicians to consistently conduct repeated exams at a faster rate.
In March 2018, Canon Medical System USA launched an upgraded version of Aplio i900 cardiovascular ultrasound system which features superior imaging clarity and helps cardiologists in diagnosing conditions quickly and effectively.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Product Type, End User, Region |
| Key Companies Profiled | Hitachi, Ltd.; Analogic Corporation; Toshiba Corporation; Esaote SpA; Samsung Medison Co. Ltd; FUJIFILM Holdings Corporation; Mindray Medical International Ltd.; GE Healthcare |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is expected to reach USD 1.43 billion in 2023.
The cardiac ultrasound systems market recorded a 5% CAGR from 2018 to 2022.
Increase in cardiovascular disease prevalence and technological advancements.
Navigating stringent regulatory approvals and addressing interoperability issues.
Prominent adoption of cardiac ultrasound systems is observed in the United States, Germany, and Japan.
Explore Healthcare Insights
View Reports
Cardiac Ultrasound Systems Market
