Cardiac Ultrasound Systems Market by Product (Cardiac system, Ultrasound system), End User (Hospitals And Clinics, Diagnostic Imaging And Surgical Centers, Ambulatory Surgical Centers) & Region - Forecast to 2021-2031
Cardiac Ultrasound Systems Market - Analysis, Outlook, Growth, Trends, Forecasts
- September 2021
- 159 pages
Cardiac Ultrasound Systems Market Snapshot
The cardiac ultrasound systems market sales will total US$ 1.3 Bn by 2021. Demand outlook remains steady as the market is forecast to register 5% CAGR between 2021 and 2031, as per Future Market Insights (FMI).
Despite challenges posed by COVID-19 outbreak, revenue generation in the cardiac ultrasound systems market was up by 5.90% year over year in 2021. Rising popularity of portable devices among healthcare specialists along with rise in online sales will create opportunities for market growth.
Key Points Covered in Cardiac Ultrasound Systems Market Study
- Market estimates and forecast 2021 – 2031
- Key drivers and restrains impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competitive Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact On Cardiac ultrasound systems Market
- Recommendation on Key Winning Strategies
2016 – 2020 Cardiac Ultrasound Systems Market Growth in Comparison to 2021 – 2031 Forecasts
Rising cases of heart failures around the world along with increasing demand for non-invasive diagnostic methods have been fuelling the demand for cardiac ultrasound devices. As per FMI, the cardiac ultrasound systems market registered steady growth at 6.0% CAGR during the historical period of 2016 and 2020.
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 will increase at 5% CAGR through 2031.
Growth uptick in cardiac ultrasound systems can be attributed to increasing prevalence of lifestyle disorders like diabetes and hypertension, which ultimately lead to heart diseases.
The Center of Disease Control and Prevention states that more than 6 million Americans die from heart failure every year. Similar trend can also be observed in the U.K., China, and India. High risk of infection and increasing cost of surgery are prompting patients to look for non invasive diagnostic systems like cardiac ultrasound. To cater the increasing demand for cardiac ultrasound systems, top manufacturers are developing modern devices with better imaging system.
Top market players are incorporating cutting-edge technologies like artificial intelligence (AI) and internet of things (IoT) to counter the rising demand and reduce the mortality rate. COVID-19 pandemic fueled the demand for cardiac ultrasound devices in hospitals and clinics. As per FMI, market witnessed a year-on-year (Y-o-Y) growth at 5.90% CAGR, topping US$ 1355.9 Mn in 2021.
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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 quality 3D image and accurately identify the chief cause of concern during examination. These machines are being made light weight, portable, and user friendly to reduce effort required for operation.
Incorporation of wireless mobile connectivity technology with hand held cardiac ultrasound systems is proving to be a game changer in diagnostics as it connects with mobile or tablet and provides real time visualization during diagnosis. This also reduces queuing time and facilitates in real time monitoring in hospitals and clinics.
Future Market Insights predicts that modern cardiac ultrasound systems will completely replace the conventional systems due to their high convenience and efficiency. These factors will boost the sales of cardiac ultrasound systems over the assessment period.
Introduction of automation in diagnostic machines along with increasing demand for minimal invasive devices is forecast to augment the market growth. The growth can be attributed to faster recovery, reduced stay in hospital, and attractive design of cardiac ultrasound systems.
What Are the Factors Restraining the Cardiac Ultrasound Systems Market Growth?
Adoption of high end cardiac ultrasound system among healthcare providers is fairly limited owing to its high cost. The systems that are equipped with new and advance technologies like 4D imaging, AI, and IoT are every pricier and thus unaffordable for small hospitals and diagnostic centers especially in developing countries.
Premium machines cost between US$ 120,000 to US$ 130,000 and governments of emerging economies cannot provide sufficient grant to purchase such expensive equipment. This has limited the sales of cardiac ultrasound systems in regions like Asia Pacific and Latin America.
Lack of awareness among patients regarding cardiac ultrasound systems along with stringent regulations will negatively affecting 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 along with lack of skilled labors and expert operators will further restrain the market growth over the forecast period.
Why is Demand for Cardiac Ultrasound Systems increasing in the U.S.?
The U.S. is expected to dominate the North America cardiac ultrasound systems market owing to increasing cases of cardiovascular diseases (CVD) and presence of modern healthcare infrastructure. North America market is forecast to grow at 4.70% CAGR from 2021 to 2031.
The U.S. is the global leader in terms of healthcare and rising prevalence of heart failure has increased the demand for cardiac ultrasound devices. Emory Healthcare surveyed that around 5 million people are living with congestive heart failure in U.S. the survey also highlights that heart conditions are responsible for more than 11 million physician visits and 875,000 hospitalizations among elder population every year. This is prompting scientists towards developing advance cardiac ultrasound system.
Presence of top market players like General Electric, Siemens, and Samsung Medison Co. in the country has led to consistent introduction of new products and thus, boosted the market revenue.
Growing consumer inclination towards non-invasive, compact, and portable devices will also augment the market growth in the U.S. Number of heart surgeries has increased significantly due to increasing cases of CVD. Shortage of skilled professionals and cardiologists has resulted in increasing demand for more modern devices.
As per the Human Resources and Services Administration, around 17 people die while waiting for heart transplant every day. To reduce these numbers, experts are opting for cardiac ultrasound devices, which are resulting in increasing demand for these devices.
Growing demand for non invasive cardiac devices like cardiac ultrasound systems in U.S. will bolster the market growth over the assessment period.
How Big Is The Cardiac Ultrasound Systems Market In India?
India is forecast to offer lucrative opportunities for market players as the country is one of the fastest growing economies in the world and government is investing towards expanding their healthcare sector. For instance, Government of Assam Health and Family Welfare started an initiative in which the state government will bear the surgery cost for children with heart disease. Such initiatives along with rising per capita income and increasing access to quality healthcare facilities will positively influence the market growth.
In India, coronary heart disease (CHD) and cardiovascular ailment cases has escalated over the past few years and has resulted in increased demand for cardiac ultrasound systems. Favorable reimbursement policies and growing insurance coverage will boost the growth across the country.
Rise in CVD cases can be attributed to increasing number of diabetes and other lifestyle diseases in India. According to International Diabetes Federation, more than 77 million people are suffering from diabetes in India, making it one of the top countries with highest diabetic population. Diabetes being a root cause for major heart diseases, with 20% of Indian population getting succumbed to heart disease.
AHA Journal in its 2020 report highlighted that around 33% of reported deaths in India are due to coronary heart diseases and heart failures, while simultaneous uptick in heart failure is observed especially in younger population.
Growing burden of heart failure in India along with high demand for non invasive diagnostic procedures will boost the demand for cardiac ultrasound systems in the country.
Why is the U.K. Considered Most Attractive Market in Europe?
U.K. possesses some of the best and modern healthcare and medical infrastructure and facilities across Europe. Increasing technological advancement in the field of echocardiography and rising incidence of CHD induced heart failure is driving the demand for cardiac ultrasound devices in the region.
British Heart Foundation reported that more than 266,000 individuals died due to coronary heart disease in U.K. in 2018. They also predicted that increasing cases of lifestyle disorders like diabetes and hypertension in the country will increase the death toll in upcoming years.
Growing government initiatives to spread the awareness regarding dangers of CVDs and side effects of alcohol abuse and bad dietary habits will drive the market growth in the country. Awareness campaigns like “Sudden Cardiac Awareness Month” and “Restart-a-Heart Day” will positively influence the adoption of echocardiography devices in U.K.
Increasing investments for integration of advance technologies like 4D imaging and automation will create incremental opportunities for the cardiac ultrasound devices market in the country. Rising popularity of minimally invasive devices among patients for the treatment of heart failure will aggrandize the demand for these systems across U.K.
What Forces are Driving Cardiac ultrasound systems Market Growth in Germany?
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. Growing potential patient pool, advanced healthcare infrastructure, and presence of top market players are expected to thrust the cardiac ultrasound systems market growth in the country.
Rising diagnostics rate along with availability of trained medical experts and cardiologists will assist Germany in dominating the cardiac ultrasound systems market. Increasing cases of heart failure and spike in mortality rate due to CHDs will boost the adoption of echocardiograms in German hospitals.
Companies are investing towards development of cardiac ultrasound systems integrated with hi-tech imaging technology to cater the growing demand. Based on the aforementioned factors, cardiac ultrasound systems market in Germany is forecast to register healthy growth over the assessment period.
Which Product Type Is More Preferred in Cardiac Ultrasound Systems Market?
Based on product type, the cardiac ultrasound systems market is segmented into cart/trolley cardiac ultrasound devices and compact/handheld ultrasound scanners. FMI predicts that handheld ultrasound scanner will exhibit highest growth; however cart cardiac ultrasound devices will account for maximum market share over the forecast period.
As handheld cardiac ultrasound scanners assists in identifying and analyzing the areas of concern for effective diagnosis along with 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 heart while making it easy to operate. Hand-held ultrasound scanners are witnessing an increase in use by the various non-radiologists to aid in clinical examinations or practical procedures.
The overall market for hand-held ultrasound systems is expected to reach a market value of over US$ 2,300 Mn by the end of 2031, growing at a CAGR of 6.5% during the forecast period.
Which End User will Dominate Cardiac Ultrasound Systems Market?
Future Market Insights opines that hospital segment will account for maximum global market share due to easy accessibility of cardiac ultrasounds devices for surgical operations along with availability of expert professionals for operating those cardiac devices.
Ambulatory surgical centers are gaining traction and are expected to exhibit high growth rate during the forecast period. Growth uptick can be attributed to increasing number of emergency surgical procedure occurring 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.
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 cardiac ultrasound systems market. They account for maximum market share in 2021.
Continuous innovation and development in cardiac ultrasound systems have created cut-throat competition among leading market players. Market players are prioritizing new product launches and gaining approvals from Food and Drugs Administration (FDA) to stay relevant in this highly competitive market.
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 the diagnostic time and enhance measurement consistency. The new AI based features allows clinicians to consistently conduct repeated exams at faster rate.
In March 2018, Canon Medical System USA launched upgraded version of Aplio i900 cardiovascular ultrasound system which features superior imaging clarity and helps cardiologists in diagnosing the conditions quickly and effectively.
Cardiac Ultrasound Systems Market – Report Scope
2021 – 2031
Historical Data Available for
2018 – 2028
US$ Mn for Value & Units for Volume
Key Regions Covered
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Key Countries Covered
U.S., Canada, Brazil, Mexico, Argentina, Rest of Latin America, EU-5, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Denmark, Finland, Iceland, Norway, Sweden), Poland, Russia, Rest of Europe, China, India, Japan, GCC Countries, South Africa, Israel, Turkey, Iran, Rest of Middle East & Africa, Australia, New Zealand, South Korea, the Philippines, Malaysia, and Thailand
Key Segments Covered
By Product Type, By End User Type, And By Region
Key Companies Profiled
Hitachi, Ltd., Analogic Corporation, Toshiba Corporation, Esaote SpA, Samsung Medison Co. Ltd, FUJIFILM Holdings Corporation, Mindray Medical International Ltd., and GE Healthcare
Market Overview, Market Background, Market Forecast, Segmental Analysis, Regional Profiling and Competition Analysis
Customization & Pricing
Available upon Request
Key Segments Covered In Cardiac Ultrasound Systems Market Study:
- Cardiac system
- Ultrasound system
- Cart/Trolley Cardiac Ultrasound Devices
- Compact/Handheld Ultrasound Scanners
By End User:
- Hospitals And Clinics
- Diagnostic Imaging And Surgical Centers
- Ambulatory Surgical Centers
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)