Rise in prevalence of cardiovascular diseases, technological advancement in the healthcare sector, increase in awareness among people regarding early diagnosis, and presence of large market players of cardiovascular ultrasound system are anticipated to drive the growth of the global cardiovascular ultrasound market.
PORTLAND, Ore., Dec. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Cardiovascular Ultrasound Market by Type (Transthoracic Echocardiogram, Transesophageal Echocardiogram, Stress Echocardiogram, and Others), Technology (2D, 3D & 4D, and Others), Display Type (Color and Black & White), and End User (Hospital, Cardiac Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global cardiovascular ultrasound market was valued for $2.4 Billion in 2022, and is projected to reach $4.2 Billion by 2032, registering a CAGR of 5.8% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of chronic cardiovascular diseases such as coronary artery disease, cardiac arrythmias, and others is anticipated to boost the growth of market. However, high cost of echocardiography is anticipated to hinder the growth of market. On the contrary, technological advancement in the healthcare sector is expected to witness growth during the forecast period.
Report coverage & details:
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Report Coverage |
Details |
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Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size In 2022 |
$2.4 Billion |
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Market Size In 2032 |
$4.2 Billion |
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CAGR |
5.80 % |
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No. Of Pages in Report |
464 |
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Segments Covered |
Type, Technology, Display Type, End User, And Region. |
|
Drivers |
Rise In Prevalence of Cardiovascular Diseases |
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Presence Of Large Market Players of Cardiovascular Ultrasound System |
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Increase In Number of Geriatric Populations |
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Opportunities |
Rise In Adoption of Number of Strategies by Market Players Of Cardiovascular Ultrasound System |
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Restraints |
High Cost of Cardiovascular Ultrasound System |
The transthoracic echocardiogram segment to maintain its leadership status throughout the forecast period.
Based on type, the transthoracic echocardiogram segment held the highest market share in 2022, accounting for more than half of the global cardiovascular ultrasound market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the high presence of market players who manufacture transthoracic echocardiogram system. However, the transesophageal echocardiogram segment is projected to manifest significant growth with a CAGR of 6.7% from 2023 to 2032, owing to the increase in adoption of transesophageal echocardiogram by healthcare providers for early diagnosis of disease.
The 2D segment to maintain its leadership status throughout the forecast period.
Based on technology, the 2D segment held the highest market share in 2022, accounting for more than half of the global cardiovascular ultrasound market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of 2D echocardiogram by healthcare providers. However, the 3D and 4D segment is projected to manifest a significant CAGR of 6.4% from 2023 to 2032, owing to technological advancement in the healthcare sector.
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The color segment to maintain its leadership status throughout the forecast period.
Based on display type, the color segment held the highest market share in 2022, accounting for more than four-fifths of the global cardiovascular ultrasound market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to clear visualization of cardiac images. However, the same segment is projected to manifest a significant CAGR of 5.9% from 2023 to 2032, owing to high technological advancement throughout the forecast period.
The hospitals segment to maintain its leadership status throughout the forecast period.
Based on end user, the hospitals segment held the highest market share in 2022, accounting for more than half of the global cardiovascular ultrasound market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in prevalence of cardiovascular diseases. However, the cardiac centers segment is projected to manifest a significant CAGR of 6.4% from 2023 to 2032.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global cardiovascular ultrasound market revenue. This is attributed to high presence of cardiovascular ultrasound drug manufacturers in North America and rising prevalence of chronic disease such as cancer and chronic pain. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.6% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to rising number of geriatric populations, as geriatric population is more susceptible to cardiovascular diseases and increase in awareness among the people regarding cardiovascular ultrasound.
Leading Market Players:
- Canon Medical Systems Corporation
- Esaote SpA
- GE Healthcare
- Koninklijke Philips
- Siemens Healthineers
- Hitachi
- Samsung Healthcare
- Whale Imaging
- FujiFilm
- Mindray
The report provides a detailed analysis of these key players of the global cardiovascular ultrasound market. These players have adopted different strategies such as new product development and business expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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