Cardiovascular Ultrasound Market Research, 2032
The global cardiovascular ultrasound market size was valued at $2.4 billion in 2022, and is projected to reach $4.2 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032. The cardiac ultrasound, or echocardiogram, uses high-frequency sound waves to create images of the heart. These images allow doctors to visualize the chambers, valves, walls, and blood vessels. Thus, rise in prevalence of cardiovascular diseases is expected to fuel the demand for ultrasound echocardiogram. Therefore, this factor is anticipated to fuel the growth of market. For instance, according to American Heart Association, globally, it was estimated that in 2020, 244.1 million people were living with ischemic heart disease (IHD), and it was more prevalent in males than in females (141.0 and 103.1 million people, respectively).
Key Takeaways:
- By type, the transthoracic echocardiogram segment dominated the cardiovascular ultrasound market share in 2022.
- By technology, the 2D segment dominated the cardiovascular ultrasound market share in 2022.
- By display type, the color segment dominated the market in 2022.
- By end user, the hospitals segment dominated the market in 2022.
- By region, North America dominated the market in 2022 and is expected to grow during the forecast period.
Cardiovascular ultrasound, also known as echocardiography, is a medical imaging technique that uses sound waves to create detailed images of the heart and its surrounding blood vessels. This non-invasive procedure allows healthcare professionals to visualize the structure and function of the heart, providing valuable information for the diagnosis and management of various cardiovascular conditions. Cardiovascular ultrasound is widely used in assessing the size, shape, and function of the heart chambers, valves, and walls. It is also used in identifying conditions such as heart valve disorders, congenital heart defects, cardiomyopathies, and other structural abnormalities. Also, it evaluates blood flow patterns and detects abnormalities such as regurgitation, stenosis, or blood clots.
Market Dynamics
The cardiovascular ultrasound market growth is driven by an increase in prevalence of cardiac disease, rise in geriatric population, and presence of large market players who manufacture cardiovascular ultrasounds. Moreover, fetal echocardiography is prenatal diagnosis of congenital heart disease (CHD). This allows the baby to have faster access to medical and surgical intervention after birth. In some cases, prenatal diagnosis has been shown to improve overall outcomes in babies with complex heart disease. Thus, rise in prevalence of congenital heart disease is anticipated to fuel the demand for cardiovascular ultrasound and fuel the growth of the market. For instance, according to Center for Disease Control and Prevention (CDC), it was reported that, congenital heart disease affects about 40,000 births per year in the U.S.
In addition, rise in the geriatric populations is anticipated to increase the prevalence of cardiac diseases. Thus, this factor is expected to fuel the demand for echocardiography or cardiovascular ultrasound and boost the growth of cardiovascular ultrasound market. This is attributed to the fact that the geriatric population is highly susceptible to cardiac diseases due to a variety of factors such as lack of physical activity, frailty, obesity, and other diseases such as diabetes and arteriosclerosis. Aging is associated with a natural decrease in the elasticity of arteries, which further leads to blockages in the coronary arteries.
In addition, alarming increase in prevalence of comorbidities such as high blood pressure, high cholesterol, and diabetes, which can further increase their risk of developing cardiac diseases. Therefore, rise in aging population coupled with sedentary lifestyle increases the risk of developing heart diseases. For instance, according to the British Heart Foundation, Heart, and circulatory disease statistics, in 2023, it was reported that around 25,971 population of age group 65 to 74 years, 48,619 population of age group 75 to 84 years, and 71,455 population of age group above 85 are suffering from heart and circulatory diseases in the UK. Thus, rise in number of geriatric populations boosts the demand for diagnosis of cardiovascular diseases, thereby driving the growth of the market.
On the other hand, high cost of cardiovascular ultrasound or echocardiogram is anticipated to hinder the growth of market. For instance, in large hospital facilities such as Community Memorial Hospital the cost of echocardiogram is $4,443. In addition, the cost of echocardiogram in large hospitals in U.S. such as Mayo Clinic Hospital and Cleveland Clinic Florida is $1,831, and $2,273, respectively. In addition, lack of awareness among rural areas and developing countries such as India, China, South Africa, and others is anticipated to hamper the demand for cardiovascular ultrasound and expected to hinder the growth of market.
Segmental Overview
The cardiovascular ultrasound market size is segmented into type, technology, end user, and region. By type, the market is classified into transthoracic echocardiogram, transesophageal echocardiogram, stress echocardiogram, and others. Others includes fetal echocardiography and intracardiac echocardiography. As per technology, the market is categorized into 2D, 3D & 4D, and others. Others includes doppler ultrasound and strain imaging. By display type, the market is segmented into color and black & white. Depending on end user, the market is divided into hospital, cardiac centers, and others. Others include diagnostic center and cathaterization lab.
Region-wise, the cardiovascular ultrasound market opportunity is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
By Type
The market is segmented into transthoracic echocardiogram, transesophageal echocardiogram, stress echocardiogram, and others. Others includes fetal echocardiography and intracardiac echocardiography. The transthoracic echocardiogram segment dominated the market in 2022 and is expected to continue this trend during the forecast period, owing to increase in adoption of non-invasive diagnostic procedure and increase in prevalence of cardiovascular diseases.
By Technology
The market is categorized into 2D, 3D & 4D, and others. Others includes doppler ultrasound and strain imaging. The 2D segment dominated the market in 2022 and is expected to continue this trend during the forecast period, owing to high adoption of 2D cardiovascular ultrasound technology for diagnosis of cardiac diseases and increase in prevalence of cardiovascular diseases.
By Display Type
The market is segmented into color and black & white. The color segment dominated the market in 2022 and is expected to continue this trend during the forecast period, owing to high demand for accurate diagnosis and clear visualization of heart in the color images.
By End User
The market is divided into hospital, cardiac centers, and others. Others include diagnostic center and cathaterization lab. The hospitals segment dominated the market in 2022 and is expected to continue this trend during the forecast period, owing to increase in prevalence of cardiovascular diseases and rise in number of cardiovascular ultrasound procedures in hospitals.
By Region
The North America cardiovascular ultrasound market forecast is expected to grow during the forecast period, owing to increase in adoption of key strategies such as product launch, new product development, and presence of large market players which is anticipated to boost the growth of market. For instance, in May 2023, Esaote, one of the worlds leading manufacturers of medical diagnostic systems (specifically, ultrasound, dedicated MRI and Medical IT systems) took part in the Congress held by the European Association of Cardiovascular Imaging in Barcelona. It unveiled MyLabTMOmega eXP, a new portable ultrasound system featuring advanced cardio tools and AI-powered automation.
Moreover, alarming surge in prevalence of cardiovascular diseases such as coronary artery disease, arrhythmias, heart valve disease, and other structural heart defects is anticipated to fuel the demand for cardiovascular ultrasound procedures, thereby boosting the growth of the market. For instance, according to the Centers for Disease Control and Prevention (CDC), it was reported that around 20.1 million adults ages 20 years and older have coronary artery disease (CAD).
Moreover, the geriatric population is more susceptible to cardiovascular surgery because of aging. For instance, according to the U.S. Census Bureau, more than 56 million adults aged 65 and over in the U.S and by 2030, it is projected to reach 73.1 million older adults. According to the American Heart Association (AHA), in 2020, it was reported that around 75% of the U.S. population between the age of 60 to 79 years, and 86% of the U.S. population above the age of 80 are diagnosed with cardiovascular disease. Thus, rise in geriatric population is anticipated to drive the growth of the market.
However, the Asia-Pacific cardiovascular ultrasound industry is expected to grow during the forecast period, owing to rise in number of populations suffering from cardiovascular diseases. For instance, according to Harvard T.H. Chan, school of public health, it was reported that, India and China comes under top ten countries with the highest cardiovascular diseases mortality rates. Moreover, according to the report published in The Lancet Southeast Asia, in February 2023, the age-standardized death rate for CVD in India (282 deaths/100,000 (264 - 293) was higher compared with global levels.
Moreover, rise in number geriatric population, increase in awareness among the people regarding early diagnosis, and growth in initiatives taken by government to develop healthcare infrastructure is expected to fuel the demand for cardiovascular ultrasound system. Thus, this factor is anticipated to boost the growth of market.
Competition Analysis
Some of the major market players that operate in the global cardiovascular ultrasound industry include Canon Medical Systems Corporation, Esaote SpA, GE Healthcare, Koninklijke Philips, Siemens Healthineers, Hitachi, Samsung Healthcare, Whale Imaging, FujiFilm, and Mindray.
Recent Product Launch in the Cardiovascular Ultrasound Market
In May 2023, Esaote, one of the world's leading manufacturers of medical diagnostic systems (specifically, ultrasound, dedicated MRI and Medical IT systems) took part in the Congress held by the European Association of Cardiovascular Imaging in Barcelona. It unveiled MyLabTMOmega eXP, a new portable ultrasound system featuring advanced cardio tools and AI-powered automation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardiovascular ultrasound market analysis from 2022 to 2032 to identify the prevailing cardiovascular ultrasound market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cardiovascular ultrasound market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cardiovascular ultrasound market trends, key players, market segments, application areas, and market growth strategies.
Cardiovascular Ultrasound Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 4.2 billion |
 Growth Rate | CAGR of 5.8% |
 Forecast period | 2022 - 2032 |
 Report Pages | 464 |
 By Type |
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 By Technology |
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 By Display Type |
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 By End User |
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 By Region |
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 Key Market Players | Hitachi, Canon Inc., Koninklijke Philips N.V, Siemens Healthineers AG, GE Healthcare, Samsung Healthcare, FUJIFILM Corporation, Whale Imaging, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, ESAOTE SPA |
Analyst Review
An echocardiogram (echo) is a graphic outline of the heart’s movement. During an echo test, the healthcare provider uses ultrasound (high-frequency sound waves) from a hand-held wand placed on the chest to take pictures of heart’s valves and chambers. This helps the provider evaluate the pumping action of the heart.
Increase in adoption of key strategies such as product launch, new product development, and presence of large market players is anticipated to boost the growth of market. For instance, in May 2023, Esaote, one of the world’s leading manufacturers of medical diagnostic systems (specifically, ultrasound, dedicated MRI and Medical IT systems) took part in the Congress held by the European Association of Cardiovascular Imaging in Barcelona. It unveiled MyLabTMOmega eXP, a new portable ultrasound system, featuring advanced cardio tools and AI-powered automation.
The top companies that hold the market share incardiovascular ultrasound market are Canon Medical Systems Corporation, Esaote SpA, GE Healthcare, Koninklijke Philips and Siemens Healthineers.
Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in expenditure by government organization to develop the healthcare sector, increase in the prevalence of cardiac diseases and increase in the number of geriatric populations.
The key trends in the cardiovascular ultrasound market are presence of large market players who manufactures cardiovascular ultrasound systems and rise in number of population suffering from cardiac diseases.
The base year for the report is 2022.
10 cardiovascular ultrasound system companies are profiled in the report
The total market value of cardiovascular ultrasound market is $2,369.27 million in 2022 .
The forecast period in the report is from 2023 to 2032
High cost of cardiovascular ultrasound procedures is restraining factor for cardiovascular ultrasound market.
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