The introduction of mobile connectivity in handheld wireless cardiac ultrasound systems and patients’ growing preference for real-time imaging solutions supported the 5.9% year-over-year growth of the cardiac ultrasound systems market in 2021. According to Future Market Insights (FMI), the global market for cardiac ultrasound systems saw a 6% increase in revenue between 2016 and 2020. Sales are expected to grow between 2021 and 2031 at a CAGR of 5.0%.
A recent turning point that has changed the performance of cardiac ultrasound systems is patients’ growing preference for connected ultrasound systems for real-time diagnosis.
According to the World Health Organization (WHO), more than 17 million people worldwide pass away from cardiovascular diseases each year. Rapid technological advancements to make the current cardiac ultrasound devices more compact and user-friendly will positively influence the market growth throughout the forecast period, as will an increase in referrals to cardiologists due to complications.
Due to increased efforts to build stronger distribution channels and manufacturers shifting to emerging nations to achieve a high return on investments, the market for cardiac ultrasound systems is expected to see positive growth prospects shortly.
In the coming years, a rise in the number of specializations in imaging and radiological technology as well as a sharp increase in the number of independent imaging centers will spur revenue growth.
Due to the rising popularity of bedside ultrasonography among people, portable cardiac ultrasound systems are predicted to experience impressive market penetration in the coming years.
Sales of cardiac ultrasound systems are being hampered, particularly in developing economies, by a lack of favorable insurance and reimbursement policies as well as high equipment costs.
The absence of sufficient government grants and the high upfront costs associated with installing contemporary cardiac ultrasound systems will restrain market expansion.
Key Takeaways from FMI’s Cardiac ultrasound systems Market Study
- North American cardiac ultrasound systems market will exhibit steady growth at 4.70% CAGR through 2031, driven by increasing demand for portable and attractive cardiac devices among cardiologists in U.S. and Canada.
- European cardiac ultrasound systems market led by Germany, France, and Italy is forecast to grow at 5.30% CAGR during the forecast period. The rise in growth can be attributed to increasing government spending on healthcare and the presence of top manufacturers in the region.
- Increasing cases of cardiovascular and lifestyle diseases in India will drive the demand for cardiac ultrasound systems in the country.
- In 2021, Japan and South Korea are estimated to account for 20% and less than 4% share respectively of the Asia Pacific cardiac ultrasound system market. The rising geriatric population and increasing popularity of online sales are key growth drivers in these countries.
- By product type, hand-held ultrasound systems sales are projected to surpass the market valuation of US$ 2,300 Mn at a CAGR of 6.5% in 2021. Integration of 4D imaging technology and the internet of things (IoT) will drive the market growth of this segment.
Who is Winning?
The cardiac ultrasound systems market’s major trends are analyzed by Future Market Insights, which also covers the tactics used by market participants to improve their positions. According to estimates, GE Company, Fujifilm, Holdings Corporation, Siemens AG, Koninklijke Philips N.V., Toshiba Medical System Corp., Hitachi Medical Corp., and Esaote SpA will hold the majority of market share in 2021 and will thus dominate the market for cardiac ultrasound systems.
Leading market players are concentrating on strategic alliances, mergers, and acquisitions to increase the scope of their product lines. According to FMI, smaller players are focusing on bolstering their value chain to take significant market share.
Manufacturers are concentrating on new product development to meet the growing patient population with cardiovascular diseases and the high demand for non-invasive diagnostics.
The new ACUSON redwood ultrasound system was introduced by Siemens Healthineers India in Gandhinagar in 2020. This cutting-edge system accurately finds lesions and traits. It has tools powered by artificial intelligence (AI) installed to lighten the load of exams and increase productivity.
2018 saw the release of new cardiac ultrasound products from Philips called “EPIQ CVx” with anatomical intelligence and applications for diagnostic, pediatric, and interventional echocardiography. Faster data processing, high-quality imaging, automated quantification, and customized exam tools are all features of EPIQ CVx, which were developed to help cardiologists provide better care.
Prominent Players :
- Hitachi, Ltd.
- Analogic Corporation
- Toshiba Corporation
- Esaote SpA
- Samsung Medison Co. Ltd
- FUJIFILM Holdings Corporation
- Mindray Medical International Ltd.
- GE Healthcare
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
- the Asia Pacific
- the Middle East and Africa (MEA)