U.S. Handheld Echocardiography Devices Market Size, Share & COVID-19 Impact Analysis, By Test Type (Transthoracic Echocardiography and Others), By Technology (2D and Doppler Imaging), By End-user (Hospitals & ASCs, Diagnostic Centers, and Others), and Forecast, 2023-2030

The U.S. handheld echocardiography devices market size was valued at USD 21.6 million in 2022 and is projected to grow from USD 23.9 million in 2023 to USD 52.6 million by 2030, exhibiting a CAGR of 11.9% during the forecast period.

Echocardiogram is a non-invasive and rapid procedure for diagnosing heart diseases such as chest pain, valve stenosis, and others. Cart-based and portable echocardiography systems are widely used in hospitals and radiology centers. With the emergence of handheld devices, the echocardiography probe can be directly connected to a mobile phone or tablet, and the cardiac images can be visualized. Compared to cart-based echocardiography, these handheld devices are more portable and have user-friendly controls.

The increasing prevalence of cardiovascular diseases has increased the demand for effective and rapid diagnosis, thereby fueling the market growth. For instance, according to the data published by CDC in 2022, about 805,000 people in the U.S. suffer from heart attack every year. Such high mortality has led to increased awareness among the general population, regarding routine screening, and early diagnosis. This, combined with introduction of innovative handheld devices by market players, is driving the adoption of these systems in cardiology clinics.

Moreover, the market is expected to grow significantly due to increasing awareness about the device and increasing initiatives to train new nurses to use echocardiography devices.

For instance, as per the data published by BioMed Central Ltd in 2021, in the U.S., around 60.0% of medical schools incorporated the training for the use of Point-of-Care Ultrasound (POCUS) into their curriculum in 2014. In 2021, this percentage was experiencing significant growth as many more schools had already incorporated or planned to implement POCUS in the curriculum.

COVID-19 IMPACT

COVID-19 Pandemic Negatively Impacted the Market Due to Supply Chain Disruption

The outbreak of COVID-19 slowed the growth of the market during 2020. The slow growth was due to fewer patient visits to hospitals and other settings for imaging and diagnosis. Moreover, echocardiogram tests conducted in the diagnostic centers were stopped during the early outbreak of COVID-19 in 2020. The market players experienced a decline in the revenue generated by their echocardiography portfolio due to low demand. For instance, GE Healthcare generated a revenue of USD 2,630.0 million in 2020 from its ultrasound portfolio, experiencing a decline of -6.1% from the prior year.

Non-emergency regular screening and diagnostic tests were postponed to reduce patient follow in these end-user settings. The workforce was also shifted to control the spread of the virus.

The number of echocardiograms conducted in diagnostic imaging centers experienced a significant decline. However, this decline in the total number of echocardiogram tests conducted was partially offset by the increased use of echocardiography in the Intensive Care Unit (ICU) to detect any heart diseases in COVID-19-impacted patients.

For instance, as per the data published by National Centre for Biotechnology Information (NCBI) in 2022, 677 COVID-19 patients were admitted to the ICU, and an echocardiogram was conducted on all of these patients. Out of the above mentioned patients, results were abnormal for one-third. Therefore, the chances of COVID-19 patients getting impacted by some heart disease increased the demand for echocardiography in the emergency care settings of hospitals.

During the COVID-19 pandemic, handheld devices proved more effective than conventional echocardiography. Clinical advantages of handheld devices over their counterparts fueled the U.S. handheld echocardiography devices market growth.

Moreover, the market experienced significant growth post-pandemic due to increased number of patients visiting hospitals and clinics for echocardiograms. For instance, GE Healthcare experienced significant growth of 20.6% and 7.9% in its revenue generated through the ultrasound product portfolio in 2021 and 2022, respectively.   

LATEST TRENDS

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Adoption of Artificial Intelligence (AI) has been Increasing to Enhance the Handheld Echocardiography Functionality 

There is a lack of skilled technicians for performing echocardiograms. This scarcity is more severe when handheld echocardiography devices are taken into consideration. The limited availability of a skilled workforce for these devices is a significant barrier to adopting these devices.

Artificial Intelligence (AI) solutions can help train new users to handle and use echocardiography probes. AI solution providers such as Caption Health, UltraSight, and DESKi can help nurses perform echocardiograms through handheld devices. For instance, DESKi, through its AI-driven software, Heart Focus provides real-time guidance to its nurses.

Moreover, AI in ultrasound technology has been developed to process the image using multiple imaging modes, including 2D ultrasound and color Doppler, along with a few disease-related factors to detect valvular heart disease, cardiomyopathy, coronary atherosclerotic heart disease, and diagnosis of intracardiac masses. This was achieved by deep learning of machine learning in echocardiograms. The increased adoption of AI in handheld ultrasound has enhanced the devices’ efficiency.

DRIVING FACTORS

Growing Prevalence of Heart Disease to Fuel the Demand for Echocardiography

The prevalence of cardiovascular diseases has been increasing at a significant rate in the U.S. The increased prevalence of heart disease is directly proportional to the urban standard of living. This is also coupled with other factors such as lack of physical activity and a diet with high saturated fat, trans fat, and cholesterol. Increasing number of people adopting sedentary lifestyles is among the leading causes of chronic conditions including risk of cardiovascular diseases. According to the Centers for Disease Control and Prevention (CDC), around 47.0% of Americans have at least one of the three major risk factors for heart disease. These three major risk factors include high blood pressure, high cholesterol, and smoking.

The increased prevalence of heart diseases has increased the demand for early diagnosis. Handheld devices provide rapid results and are proven effective in regular screening for heart related problems. Therefore, the increasing prevalence of heart diseases has fueled the adoption of these devices. 

Increasing Adoption of Handheld Devices in Emergency Departments has been Fueling its Adoption

Various tests, such as nuclear cardiac stress test, Magnetic Resonance Imaging (MRI), echocardiography, and Coronary Computed Tomography Angiogram (CCTA), are routinely adopted for cardiac assessment. These tests help assess cardiac functioning and hemodynamics of patients. These devices have imparted major applications in emergency care settings as they assist in rapid and accurate diagnosis.

The use of handheld echocardiography devices increased after the COVID-19 outbreak in emergency care settings owing to its advantages such as portability and cost-effectiveness over conventional echocardiography. Furthermore, a handheld echocardiogram is also used to monitor certain diseases and the effectiveness of treatment or surgery. Moreover, echocardiograms are very useful in regularly monitoring patients undergoing cancer treatment with a risk of cardiotoxicity.

The use of these systems in emergency care and for point-of-care applications has increased recently. Therefore, the increasing number of patients admitted to emergency care settings has also fueled the devices’ adoption. For instance, as per the data published by CDC, in 2020, there were 131 million emergency department visits in the U.S.

The increasing adoption of these devices in emergency departments in the country has been fueling the market growth.

RESTRAINING FACTORS

Limitations Associated with the Use of Handheld Devices to Limit its Adoption 

Advantages associated with the use of handheld echocardiography devices, such as easy usability and convenient handling, among others, have been fueling the market’s growth. However, certain limitations associated with the use of echocardiography are limiting its adoption.

The currently available handheld devices, such as Lumify and Vscan Air, lack the technical capabilities of 3D imaging and 4D imaging. These devices provide 2D and Doppler imaging only. The images generated through these devices can help identify the disease or the problem but needs to be confirmed with another echocardiogram through conventional echocardiography. The handheld devices offer comparatively lower resolution for imaging, which restricts its use to screening purposes only. 

For instance, as per the research study published by National Center for Biotechnology Information (NCBI) in 2022, echocardiograms conducted through handheld devices are not accurate and insufficient to replace conventional echocardiography.

Limitations associated with the current technologies available in these devices tend to limit the market growth.

SEGMENTATION

By Test Type Analysis

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Increasing Prevalence of Coronary Heart Diseases to Fuel the Demand for these Devices for Transthoracic Echocardiogram

Based on test type, the market is classified into transthoracic echocardiography and others. The transthoracic echocardiography segment accounted for a major share in 2022. The segment's growth is attributed to the increasing prevalence of heart diseases, such as coronary artery disease, which can be detected through transthoracic echocardiograms.

For instance, according to the Centers for Disease Control and Prevention (CDC), in 2020, about 20.1 million adults aged 20 and older had Coronary Artery Disease (CAD). Additionally, in the U.S., about 697,000 people died from heart disease.

Moreover, applications of handheld echocardiography devices have been increasing in point-of-care testing. Furthermore, with the increasing use of mechanical support devices, use of echocardiography has also been increasing, as it helps to enhance the functionality of the mechanical support devices. For instance, point‐of‐care transthoracic echocardiography can help optimize Left Ventricular Assist Device (LVAD). This factor is also responsible for the segment’s growth during the forecast period.

The others segment is expected to grow at a substantial rate. The increasing emphasis of market players on launching devices with technological advancements products for wider applications will fuel the segment’s growth in the forecast period.

By Technology Analysis

New Product Launches to Fuel 2D Segment Growth

Based on technology, the market is segmented into 2D and Doppler imaging. The 2D segment grabbed a significant portion of the market. The growth of the segment is attributed to the new product launches and the increasing prevalence of heart diseases in the country.

For instance, according to an article by Jobson Medical Information LLC in 2020, 30.3 million U.S. adults were diagnosed with cardiovascular disorders in 2018.

Doppler imaging is expected to grow at a significant CAGR during the forecast period. The segment's growth is attributed to the advantages of Doppler imaging over 2D imaging such as better imaging quality and high accuracy. Moreover, the increasing use of these devices in hospital emergency care settings has also been fueling the segment’s growth.

By End-user Analysis

Increasing Number of Hospitals in the Country to Drive the Segment’s Growth

Based on end-user, the market is segmented into hospitals & ASCs, diagnostic centers, and others. Hospitals & ASCs dominated the market in 2022. The increasing number of hospitals in the U.S. and the growing demand for rapid screening among the U.S. population are fueling the adoption of handheld devices in these end-user settings.

In November 2021, according to American Hospital Association (ASA), out of the total 6,090 U.S. hospitals, most of them had Intensive Care Units (ICUs) and cardiac intensive care units. The increasing adoption of advanced treatment and diagnostics, including handheld echocardiography devices has been fueling the segment’s growth.

The others segment includes research institutes, cardiology clinics, and emergency care settings. The increasing prevalence of cardiovascular diseases and the rising demand for early diagnosis to get effective on-time treatment have fueled the segment’s growth. Moreover, the application of handheld devices has emerged in fetal echocardiography. Handheld echocardiography devices can help in the early diagnosis of heart-related disorders in the fetus. This factor has increased the devices’ adoption at gynecology clinics.

KEY INDUSTRY PLAYERS

Launch of Technologically Advanced Devices Responsible for the Company’s Dominance

Koninklijke Philips N.V., Butterfly Network, Inc., and GE Healthcare are the key players in the market, accounting for significant U.S. handheld echocardiography devices market share.

Koninklijke Philips N.V. witnesses strong growth in the market due to its focus on launching technologically advanced products. For instance, in February 2022, Koninklijke Philips N.V. announced its advancement in hemodynamic assessment and measurement capabilities in its handheld point-of-care ultrasound, Lumify.

Butterfly Network, Inc. also accounted for a significant market share in 2022. The company's growth in the market is attributed to its strategic initiatives for enhancing its product’s efficiency. For instance, in August 2021, Butterfly Network, Inc. and Caption Health entered into an exclusive partnership to enhance cardiac assessment by improving the ease of image capture and image interpretation in various care settings.

Companies, such as CHISON Medical Technologies Co., Ltd., Clarius, and others, have increased their focus on R&D to enhance their product and offerings. In January 2023, Clarius introduced an ultrasound system, Clarius Power Fan HD3, that enables all-day scanning, a first for handheld ultrasound devices.

LIST OF KEY COMPANIES PROFILED:

• Koninklijke Philips N.V. (Netherlands)


• General Electric Company (U.S.)


• Clarius (Canada)


• EchoNous Inc. (U.S.)


• CHISON Medical Technologies Co., Ltd. (China)


• Butterfly Network, Inc. (U.S.)


• ImaCor (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• April 2023 - Clarius announced it to be the only handheld ultrasound company offering advanced features in its products such as AI-powered voice control feature in all handheld ultrasound systems.


• April 2023 – Clarius in partnership with 3rd Rock Ultrasound Course announced the availability of a new comprehensive eLearning bundle for medical schools in North America.


• December 2021 – Koninklijke Philips N.V. acquired Vesper Medical Inc., a medical technology company that improved its expertise in diagnostic and therapeutic devices through image-guided therapy.


• September 2021 – UltraSight, in collaboration with GE Healthcare, conducted a cardiac study on the Axiom 'Rakia' space mission that portrayed the ease of using handheld echocardiography devices globally.


• March 2021 – GE Healthcare unveiled Vscan Air, a pocket-sized ultrasound that provides crystal clear image quality.

REPORT COVERAGE

An Infographic Representation of U.S. Handheld Echocardiography Devices Market

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The market research report provides a detailed competitive landscape. It also includes key insights, such as top industry developments covering partnerships, mergers, and acquisitions. Additionally, it focuses on key points such as new solution launches in the market. Furthermore, the report covers regional analysis of different segments, profiles of key market players, market trends, and the impact of COVID-19 on the market. The report consists of quantitative and qualitative insights that have contributed to the market's growth.

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