The anticipated size of the intracardiac echocardiography market in 2022 was USD 660.6 million and is estimated to be USD 698.9 million in 2023.
The growth of the intracardiac echocardiography market is due to the growth in the prevalence of cardiac diseases, leading to rising in the geriatric population, and technological advancements in interventional cardiology devices.
According to Future Market Insights (FMI) analysis, the intracardiac echocardiography market is estimated to expand at a CAGR of 5.8% between 2023 and 2033, totaling around USD 1,228.2 million by 2033.
Sales of intracardiac echocardiography systems are expected to rise as it is especially beneficial for mapping components that are not visible with fluoroscopies. Demand for intracardiac echocardiography systems is rising as ICE is being favored over other diagnostic approaches and the rising frequency of arrhythmia in the global population.
The increasing prevalence of cardiovascular diseases across the globe is also projected to contribute to the growth of the intracardiac echocardiography market share. Some of the key intracardiac echocardiography market trends promoting the demand for intracardiac echocardiography systems include:
This is anticipated to boost the growth of the intracardiac echocardiography market share. However, one of the primary restraints of the intracardiac echocardiography market is the additional catheter cost, which can be negated by improvising turnaround times and reducing personnel costs.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 660.6 million |
| Projected Forecast Value (2023) | USD 698.9 million |
| Projected Forecast Value (2033) | USD 1,228.2 million |
| Growth rate | 5.8% CAGR |
| Forecast period | 2023 to 2033 |
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The global intracardiac echocardiography market expanded at a CAGR of 6.1% between 2018 and 2022. The market is predicted to exhibit a CAGR of 5.8% between 2023 and 2033.
Boost in the geriatric population with the increase in usage of intracardiac echocardiography is anticipated to lead a contribution to the growth of the market over the forecasted period. The burden of cardiac diseases hence rises with the prevalence of the sedentary lifestyle of the population, thus boosting the market's growth.
Growth in Geriatric Population with the Rise in Technological Improvements
The rising prevalence of cardiac diseases, the growing geriatric population, and technological improvements in interventional cardiology devices are all driving the intracardiac echocardiography market forward.
Sales of intracardiac echocardiography systems are rising as it is one of the popular imaging technologies being used to guide percutaneous interventional procedures. Further, the demand for intracardiac echocardiography systems is anticipated to rise as they are being widely used for the treatment of interatrial septal abnormalities and also aid in electrophysiological procedures.
Demand for intracardiac echocardiography systems is anticipated to rise as they are being used for finding intracardiac structures, which is thus used in other procedures like myocardial biopsy and paravalvular leak closure.
Heightening the Sales of Intracardiac Echocardiography Systems
Rising demand for intracardiac echocardiography systems is further anticipated to heighten the sales of intracardiac echocardiography systems. The key driver of the intracardiac echocardiography market is the treatment of atrial septal defects that eliminates the need for general anesthesia.
Factors augmenting the sales of intracardiac echocardiography systems are the production of images that are clear and crisp, with shorter procedure time, reduced hospital stays, and radiation doses.
The accuracy and efficiency of intracardiac echocardiography are one of the primary factors in the growth of the intracardiac echocardiography market.
Driving the Sales of Intracardiac Echocardiography Systems
The portability and compactness of intracardiac echocardiography are anticipated to drive the sales of intracardiac echocardiography systems and aid market growth. Additionally, an increase in several minimally invasive cardiac procedures and a high adoption rate of intracardiac echocardiography are also factors that are anticipated to boost the demand for intracardiac echocardiography systems and overall market growth.
Lack of Awareness and Inadequate Reimbursement Hamper the Growth
Lack of awareness regarding intracardiac echocardiography imaging devices and inadequate reimbursement may hamper the growth of the intracardiac echocardiography market during the forecast period.
Improvements in New Products Led North America’s Market
Due to new product improvements and increased awareness of the product through medical conferences, North America is expected to lead the intracardiac echocardiography market. North America holds a value share of 34.5% and the United States is a part of this region, which holds a significant share of 28.3% in this market.
The Availability of Innovative and Developmental Activities
Europe is predicted to be the second-most significant market for intracardiac echocardiography with a value share of 29.2% due to high-end financing and support for innovative and development activities and an emphasis on having high consolidation and a significant research base. This factor is anticipated to increase the sales of the intracardiac echocardiography system in the region. The United Kingdom considerably expands at a CAGR of 5.20% in this region.
Rise in Population with a Simultaneous Rise in Healthcare Spending
Increased population growth increased healthcare spending, and enormous growth in research and development in both the East and South Asian markets due to lifestyle changes.
China expands at a CAGR of 6.60%, likewise, India is forecasted at a CAGR of 6.90% leading to the growing demand for intracardiac echocardiography systems at a notable rate. Such reasons are expected to propel the global intracardiac echocardiography market forward over the forecast period.
Electrophysiology is likely to drive the demand in the market
Demand for electrophysiology rises as it helps in evaluating the electrical activity of the heart, considering it to be the first step in the diagnosis of arrhythmia or determining if there is a change in the heart’s rhythm. Electrophysiology, thus has a market share of 31%.
Hospitals are considered to be the Leading End Users in Intracardiac Echocardiography Market
The surge in the number of hospitalized patients owes to an increase in the presence of cardiac diseases holding a market share of 38%. Growth of the hospital segment can be considered to have an increase in usage of the intracardiac echocardiography market.
Some of the prominent players working in the global market are-
Some of the notable developments in the intracardiac echocardiography market are-
The new additions to Abbott's Diversity in Clinical Trials initiative build on the partnerships, scholarships, and the focus on diversified participants in the company's clinical trials during the initiative's first year.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 5.8% from 2023 to 2033 |
| Market value in 2023 | USD 698.9 million |
| Market value in 2033 | USD 1,228.2 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Indication, By End-user, By Balloon Type, By Catheter Type, By Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Abbott; Koninklijke Philips N.V.;InfraredxTM, Inc.; Boston Scientific Corporation; Kaixin; Medtronic; Terumo Medical Corporation; B. Braun Melsungen AG; Johnson & Johnson; C. R. Bard, Inc |
| Customisation Scope | Available on Request |
The market is valued at USD 698.9 million in 2023.
Abbott, Koninklijke Philips N.V., and InfraredxTM, Inc. are key market players.
From 2018 to 2022, the market registered a CAGR of 6.1%.
Increasing technological innovations to boost the market prospects.
The United States hold a market share of 28.3% in 2023.
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Intracardiac Echocardiography Market
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