Echocardiography devices are medical imaging systems that use ultrasound waves to take pictures of the heart to diagnose cardiovascular diseases. These devices provide real-time moving images of the heart without exposing patients to radiation. Different types of echocardiography devices available in the market include transthoracic echocardiography, transesophageal echocardiography, stress echocardiography systems and fetal & intracardiac echocardiography devices. The two-dimensional (2D) echocardiography is the most commonly used technique that produces high-resolution images of the heart structure and valves in motion. Echocardiography has become the primary non-invasive tool for cardiovascular diagnosis and prognosis assessment. The rising burden of heart diseases worldwide is majorly driving the demand for cardiac diagnostic tests using echocardiography devices.
The Global Echocardiography Devices Market is estimated to be valued at US$ 7.5 billion in 2030 and is expected to exhibit a CAGR of 6.0% over the forecast period 2025-2030.
Key Takeaways
Key players operating in the Echocardiography Devices are GE Healthcare, Philips Healthcare, Siemens Healthcare, Toshiba Medical Systems and Hitachi Medical Corporation.
Some of the key opportunities in the echocardiography devices market include development of portable compact devices, emerging markets in Asia Pacific and Latin America, and adoption of artificial intelligence and robotics in echocardiography.
Major players are expanding their global presence through strategic acquisitions and agreements. For instance, in 2022, Philips acquired cardiac diagnostic company BioTelemetry to strengthen its patient monitoring portfolio and global market share.
Market Drivers
The rising prevalence of cardiovascular diseases is a key driver propelling the growth of the echocardiography devices market. According to World Health Organization (WHO), cardiovascular diseases account for over 17 million deaths annually, which is estimated to grow to over 23.6 million by 2030. Moreover, increasing geriatric population which is more vulnerable to heart diseases, growing healthcare expenditures, and technological advancements leading to miniaturization and portability of echocardiography devices are some of the other important factors fueling the demand for cardiac ultrasound imaging systems globally.
PEST Analysis
Political: The echocardiography devices market is regulated by various government agencies that ensure the delivery of high-quality healthcare services. Regulations related to the approval and reimbursement of medical devices affect market growth.
Economic: The economic performance of countries and regions determines the funding available for healthcare and adoption of advanced medical technologies. Changes in healthcare budgets and insurance coverage influence procurement of echocardiography devices.
Social: Growth in lifestyle diseases, awareness about cardiac care, and expanding geriatric population drives the demand for echocardiography procedures. Social trends such as remote monitoring and home healthcare also impact this market.
Technological: New technological advancements are enabling the development of portable echocardiography devices, AI-assisted analysis, and integration of echocardiography with other imaging modalities. This is expanding the capabilities of echocardiography and its clinical applications.
Geographical Regions
North America dominates the echocardiography devices market in terms of value, owing to the high adoption of advanced cardiac diagnostics and favorable reimbursement scenario in the US and Canada. The region accounted for over 40% market share in 2021. Within the region, the US healthcare sector invests heavily in cutting-edge medical technologies. This makes the country a major end-user of echocardiography devices.
Fastest Growing Regional Market
The Asia Pacific region is poised to witness the highest growth in the echocardiography devices market during the forecast period. This growth can be attributed to rising healthcare expenditure, growing geriatric population, increasing incidence of cardiovascular diseases, and improving access to diagnostic services in highly populated countries such as China and India. Furthermore, technological advancements are enhancing the delivery of echocardiography in rural and remote areas, thus supporting region’s market expansion.
What Are The Key Data Covered In This Echocardiography Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Echocardiography ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the Echocardiography and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Echocardiography Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Echocardiography vendors
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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