Award-winning consulting firm Fact.MR’s report on the global echocardiography market for the period 2021-2031 forecasts a strong growth trajectory, with this industry expected to surpass a valuation of US$ 2 billion by 2031-end. Demand for Echocardiography is projected to grow with a 4% CAGR over the forecast period. Key technological advancements in imaging technologies have acted as a significant growth accelerator.
The market accrued significant gains in the past, being valued at just over US$ 1 billion in 2019. Prominent healthcare providers are primarily reliant on advancements such as machine learning, artificial intelligence, and wireless connectivity to penetrate key regions. Markets across Asia Pacific, especially China and India, are expected to generate key revenue streams.
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Several ongoing studies are attempting to verify the efficacy of advanced echocardiography systems. For instance, in February 2021, Cardiologs, a global leader in artificial intelligence (AI) cardiology diagnostics, announced the publication of its clinical study in conjunction with the American College of Cardiology Clinical Electrophysiology, advocating that its AI-based ECG analysis solution significantly reduces the rate of false positive atrial fibrillation (AFib) detection in remote cardiac monitoring of patients with implantable loop recorders (ILRs).
Key Take aways from Market Study
- By test, transthoracic echocardiogram is poised to retain its dominance through 2031
- Car-/ trolley-based echocardiography devices to remain widely deployed, and demand for portable/handheld devices to surge
- By technology, 3D/4D echocardiography devices to experience significant uptake
- The U.S. to pivot market growth across North America
- Over two out of five deaths in China occur due to cardiovascular ailments, rendering it an attractive investment destination
- High coronary heart disease prevalence rate to fuel market growth across the U.K.
“Rising prevalence of cardiovascular ailments is compelling patients to opt for advanced surgical procedures, prompting key manufacturers to invest in technologically advanced echocardiography devices, generating potential revenue streams,” remarks a Fact.MR analyst.
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Key Market Segments Covered
- Test
- Transthoracic EchocardiogramTests
- Stress EchocardiogramTests
- Transesophageal EchocardiogramTests
- Others
- Product
- Cart-/Trolley-based Echocardiography Devices
- Handheld/Portable Echocardiography Devices
- Technology
- 2D Echocardiography Devices
- 3D/4D Echocardiography Devices
- Doppler Echocardiography Devices
- End User
- Hospitals
- Diagnostic Centers
- Clinics
- Others
- Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
- North America
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Competitive Landscape
Prominent echocardiography stakeholders include Canon Medical Systems Corporation, Easote S.p.A., Bay Labs Inc., Bracco Imaging S.p.A., Digirad Corporation, GE Healthcare, Fujifilm Holdings Corporation, and Samsung Electronics Co. Ltd. among others.
- Canon Medical Systems Corporation offers the Aplio i900 ultrasound imaging system, providing enhanced image quality by reducing clutter, strengthening signal and improving visualization. It provides tissue enhancement to deliver images with smooth clarity, while its Flex-M technology allows users to automatically adjust M-mode traces from live or stored 2D images.
- In 2019, Bay Labs Inc. revealed new data on echocardiography guidance software which was presented at the American Society for Echocardiography’s (ASE) 30th Annual Scientific Sessions. At the event, the company published its findings on the evaluation of a deep-learning model designed to aid novice scanners in diagnostic quality echocardiograms.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the echocardiography market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of test (transthoracic echocardiogram, stress echocardiogram, transesophageal echocardiogram and others), product (cart- /trolley-based echocardiography devices, and handheld/portable echocardiography devices), technology (2D, 3D/4D, and doppler), and end user (hospitals, diagnostic centers, clinics, and others), across major five regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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