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The echocardiography market size was valued at USD 1.59 billion in 2021 and is projected to grow from USD 1.71 billion in 2022 to USD 2.83 billion by 2029, exhibiting a CAGR of 7.5% during 2022-2029. North America dominated the global market with a share of 25.78% in 2021.
Based on our analysis, the global echocardiography market exhibited a decline of 8.3% in 2020 as compared to 2019. Echocardiography, also called an echo or cardiac ultrasound, uses sound waves to generate pictures of the heart to detect the presence of any cardiovascular disease. This device is used to identify blood clots and study the working of the heart's chambers and valves. Different cardiac ultrasound tests are transthoracic, transesophageal, and stress cardiac ultrasound used for various diagnostic procedures. The most commonly used diagnostic test for detecting cardiac disorders is transthoracic cardiac ultrasound due to its non-invasive nature.
The global echocardiography market growth is because of the rising prevalence of heart related disorders, demand for non-invasive procedures, and high efficiency associated with an echocardiogram.
The Decrease in Demand for Echocardiography Devices Led to the Decline in its Market Growth during the COVID-19 Outbreak
During COVID-19, the market experienced a decline in its growth. Fewer patients visiting the clinics and hospitals for cardiovascular disease diagnosis and treatment and the postponement of non-emergency procedures were responsible for the decline. The global market experienced a decline of -8.3% in 2020 as compared to the past year. During this period, non-COVID-19-related diagnostic procedures were considered low-priority, which caused a significant decrease in the testing volume of cardiovascular disorders.
Furthermore, less demand of these devices led to a decline in the revenue generated by market players through these products.
However, the market experienced a significant recovery in 2021 due to the release of lockdown restriction, mass vaccination, and increased cases of heart diseases.
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Incorporation of AI and Other Advanced Technologies in Echocardiography Devices to Aid Market Growth
Echocardiography is one of the most important and crucial diagnostic tests for the clinical diagnosis of cardiovascular diseases. There has been a steady R&D in these devices to make it function better and get the best out of the diagnostic test. Major players are constantly investing in R&D to launch new products with the latest technology in the market. The development of virtual reality technology helps in editing echocardiogram images in 3D view, used by the physicians to pre-plan any procedures using this technology. Thus, demand for AI integration, new point-of-care devices, and pocket-sized cardiac ultrasound devices, is increasing among healthcare professionals.
Furthermore, in July 2021, Philips Healthcare came up with the company's novel real-time 3D Intracardiac Echocardiography (ICE) catheter. It is a minimally invasive heart operative device. This probe is passed through the patient’s throat and into their esophagus till it is positioned next to the heart. This procedure is carried out with general anesthesia.
Rising Burden of Heart Related Disorders to Fuel the Demand for Echocardiography
The burden of heart related disorders such as heart arrhythmias, heart valve disease, heart failure, and pericardial disease has been rising at a significant speed.
This is directly proportional to the urban standard of living. This is also coupled with other factors such as lack of physical activity, having a diet present with high saturated fat, trans fat, and cholesterol. Increase in sedentary lifestyle, which includes the consumption of tobacco and alcohol also tends to elevate the risk of heart disease.
More than half of all the deaths across Europe are due to cardiovascular disease. For instance, as per an article by Springer Nature Limited, in 2021, more than 60.0 million potential years of life are estimated to be lost to CVD in Europe every year.
Unhealthy lifestyles such cigarette smoking and diet rich in unsaturated fat, and cholesterol increase the risk for heart related disorders.
The market is expected to experience a significant growth rate due to such a high prevalence of heart diseases during the forecast period.
Advantages over Other Cardiac Diagnostic Procedures are Fueling the Adoption of these Devices Globally
During the examination and evaluation of chest pain, blood clot, heart attack, coronary artery disease, and other heart-related disorders doctors can recommend blood tests and cardiac catheterization. These are invasive procedures. Cardiac catheterization requires longer hospital stay and there are certain side effects such as bleeding, blood clots, artery damage, heart attack, and others associated with the procedure. Due to these reasons, doctors tend to limit the use of this procedure for cardiac diagnosis.
Other types of cardiac diagnosis include nuclear cardiac stress test, Magnetic Resonance Imaging (MRI), cardiac ultrasound, and Coronary Computed Tomography Angiogram (CCTA). Echocardiography is a non-invasive diagnostic procedure providing information regarding the cardiac functioning and hemodynamics. It is the most frequently used cardiovascular diagnostic test after electrocardiography and chest X-ray.
Recently, the adoption of these devices in hospitals and diagnostic centers has increased. This is attributed to the fact that there are minimal or no risks involved with echocardiograms as compared to other diagnostic procedures that use radiation to produce results.
Moreover, patients with a history of heart failure also benefit from regular monitoring with these heart disease diagnostics. Echocardiograms are also used in regular nursing of patients undergoing cancer treatment in which there is a risk of cardiotoxicity.
Such advantages and applications associated with the use of echo devices has been fueling its adoption and is expected to positively impact the market’s growth during the forecast period.
Certain Challenges Linked with the Use of Echocardiography Devices can Limit its Adoption
Echocardiogram are more effective and less harmful as compared to other cardiac diagnostic procedures. This is responsible for the market’s growth. However, the high cost of echo devices acts as a limiting factor for the growth of the market.
Moreover, there are certain limitations associated with handheld cardiac ultrasound devices. Although they are smaller in size, they have limited and smaller screen size which might impact the diagnosis. The resolution is lower with limited ultrasound frequencies and the image optimization is poor. They are also limited to 2D images.
Therefore, high cost and size of these devices might limit its adoption in the coming years.
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Launch of Cart Based Echo Devices is Responsible for the Segment’s Dominance in the Market
On the basis of device type, the market is bifurcated into cart based and handheld.
The cart based segment accounted for the major shares in 2021. Moreover, the segment is expected to mature at a substantial CAGR during the forecast period. The segment’s significant share is due to the strong sales of the cart based cardiac ultrasound devices and new product launches.
Furthermore, the handheld segment is anticipated to grow at a strong CAGR during 2022-2030. The high growth of the handheld segment is attributed to the increased adoption of point of care diagnostics and growing partnerships among key players.
Various Advantages Associated with Transthoracic Echo Devices Fuel the growth of the Segment
As per the test type, the market is segmented into transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and others.
The transthoracic echocardiography segment accounted for the dominant market in 2021 and is expected to grow substantially in the coming years. The advantages associated with these devices such as the ability to acquire the whole LV volume in one heartbeat, simultaneous evaluation of multiple segments from a single data set, and ability to assess the morphology and physiology of the heart in a non-invasive manner.
Furthermore, the stress echocardiography segment is anticipated to rise at the fastest CAGR during the forecast timeframe. It is most commonly used to diagnose a decline in blood flow to the heart from narrowing in the coronary arteries. Therefore, the increasing prevalence of Coronary Artery Disease (CAD) is driving the growth of the segment.
Increased 2D Echo Devices Launch by Market Players to Fuel Segment’s Growth
In terms of technology, the market is categorized into 2D, 3D & 4D, and doppler imaging.
The 2D segment accounted for a major share of the market in 2021. The dominant share of the segment is attributed to increasing product launches and the comparatively lower cost of these systems.
The 3D & 4D segment is estimated to increase at a significant growth rate during the forecast period. The growth of this segment is because of the features associated with this technology such as high image quality, realistic anatomical images along with the ability to provide volume measurement and visualization of septal defects.
Increasing Patients Visits at the Hospitals for Echocardiography Procedures is Fueling Segment’s Growth
On the basis end-user, the market is categorized into hospital & ASCs, diagnostics center, and others. The hospital & ASCs segment generated highest revenue in 2021. The growth of this segment is due to the rising incidence of cardiovascular diseases leading to a rising number of hospital & ASC admissions for echocardiogram.
The diagnostic centers segment is estimated to mature at a significant growth rate in the forecast period. The increasing establishment of diagnostic centers across the world is driving the growth of this segment.
North America Echocardiography Market Size, 2021 (USD Billion)
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North America market accounted for the major market share in 2021 with a revenue of USD 0.41 billion. The progress of the market in the region is because of the rising prevalence of coronary and peripheral heart diseases, increasing geriatric population, and strong presence of major market players in the region.
The market in Europe generated significant market revenue in 2021 and is expected to experience considerable growth in the coming years. The growth in the Europe market is because of the improved healthcare facilities, higher adoption of these devices, and the development of technologically advanced and efficient products.
The Asia Pacific market is anticipated to expand at the fastest growth rate in the upcoming years. The high growth of the market in the region is because of the increasing prevalence of cardiovascular diseases and rising awareness of early diagnosis and treatment of the disease.
Companies with Strong Product Portfolio to Account for Major Market Share
General Electric Company, Koninklijke Philips N.V., and Canon Medical Systems Corporation (Canon Inc.) are the major players in the market and accounted for considerable global market share in 2021.
Koninklijke Philips N.V. and General Electric Company held major shares of the market in 2021. General Electric Company generated highest revenue of the market in 2021. This was because the company strongly focuses on launch of new products.
Similarly, BD held a substantial share of the market in 2021. This was due to the company’s strong brand presence with diverse product offerings in cardiovascular ultrasound equipment. Moreover, the company’s strong global presence in over 75 countries is also responsible for the company’s significant position in the market.
Other market players operating in the market such as FUJIFILM Holdings Corporation, Boston Scientific Corporation, and Siemens Healthineers AG are focusing on R&D activities to launch new and technologically advanced products to strengthen their position in the market.
An Infographic Representation of Echocardiography Market
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This research report provides a detailed competitive landscape. It includes the prevalence of heart diseases and key industry developments such as collaborations, acquisitions, and partnerships. Additionally, it focuses on key points such as new product launches, mergers & acquisitions in the market. Moreover, the report covers regional analysis of various segments, company profiles of major market players, market drivers, and the impact of COVID-19 on the market. The report consists of quantitative and qualitative insights that contribute to the market's growth.
Value (USD Billion)
By Device Type, Test Type, Technology, End-user, and Region
By Device Type
By Test Type
Fortune Business Insights says that the global market stood at USD 1.59 billion in 2021 and is projected to reach USD 2.83 billion by 2029.
The market is expected to exhibit a CAGR of 7.5% during the forecast period (2022-2029).
The cart based segment is set to lead the market by device type.
The key factors driving the market are rising prevalence of heart disease and advantages of echocardiography over other cardiac diagnostic procedures.
General Electric Company, Koninklijke Philips N.V., and Canon Medical Systems Corporation (Canon Inc.) are the top players in the market.
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