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Echocardiography or a cardiac echo test is an ultrasound of the heart to help the doctor monitor the heart and valve functioning. The sound waves generate moving pictures of the heart, which helps in studying the size and shape of the heart. The different types of tests are used for different diagnosis. The transthoracic echocardiography is the most standard test carried at the test centers. Medical device companies are currently focusing on launching advanced features and technology to ensure high-quality echocardiography. For instance, in February 2020, the U.S FDA gave marketing authorization for Caption Guidance software developed by Caption Health Inc to use the echocardiography devices. Such innovations in the market are anticipated to increase the global market value during the forecast period.
The major factor driving the global echocardiography market is the increase in the prevalence of heart-related disorders in patients of all aged types. According to the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death in the U.S and is, therefore, the major factor contributing to the growth of the market.
However, the higher cost associated with the device is likely to cause a hindrance in the growth of the market.
Key Market Driver -
Growing Prevalence of Heart Disorders to Propel Echocardiography
Key Market Restraint -
High Cost of the Portable Devices to Limit Adoption
By device type, the global echocardiography market is segmented into cart/trolley-based and handheld/portable. Based on test type, the global market is classified as transthoracic echocardiography, transoesophageal echocardiography, stress echocardiography, and others (fetal and intracardiac). The market is segmented into 2D, 3D & 4D, and Doppler imaging based on technology. The market is classified as hospitals, diagnostic/cardiology centers, ambulatory surgery centre/home care, and others based on end-user.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global echocardiography market report includes General Electric Company, Boston Scientific, Siemens Healthcare, Koninklijke Philips, Absolute Medical Services, Inc., Telemed Medical Systems, Toshiba Medical Systems Corporation, Samsung Electronics Co., Ltd., Fujifilm Holdings Corporation, Esaote S.P.A., Chison Medical Imaging Co., Ltd., The Bracco Group, and other prominent players.
The global echocardiography market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2019, owing to a higher prevalence of heart disorders in the U.S. For instance, according to the American Heart Association (AHA), heart diseases are the leading cause of death in the U.S. This has led to an increase in patient visits at the nearby hospital or clinics, leading to the region's echocardiography market's growth. Moreover, the launch of sophisticated devices is another factor contributing to the growth of the market. Europe held the second position in the global market due to the regular CE approvals and increasing adoption of the region's products contributing to growth. Additionally, Asia Pacific is anticipated to have a higher CAGR during the forecast period due to the increased cardiovascular disease patient pool in the region and higher penetration of the advanced devices in the region. Latin America, and Middle East & Africa are likely to experience a slower growth in the market owing to lesser adoption and awareness of the advanced devices in the region.
By Device Type
By Test Type
By Distribution Channel
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