Echocardiography Market (Test Type: Transthoracic Echocardiogram, Stress Echocardiogram, Transesophageal Echocardiogram, and Others; Product Type: Cart/Trolley-based Echocardiography Devices and Handheld/Portable Echocardiography Devices; Technology: 2D, 3D/4D, and Doppler; and End User: Hospitals, Diagnostic Centers, Clinics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Limiting Imaging Time Helps Prevent Exposure of Heart Patients to COVID-19
The COVID-19 pandemic has led to a multi-dimensional strain on echocardiography laboratories and echocardiography service providers. Healthcare professionals and their greater community are found to thoroughly scrutinize how care is delivered in hospitals and clinics. Companies in the echocardiography market are boosting their efforts to create awareness about insights from the past when pandemics, such as SARS, had grappled the global healthcare community.
Patients with heart diseases are at a high risk of falling prey to the novel coronavirus infection. Hence, stakeholders in the echocardiography market are increasing efforts to maintain robust supply of echocardiography devices to prevent compromise on patient care and diagnosis. Stakeholders and healthcare associations are educating clinicians to limit the exposure time of imager devices and increase the use of point-of-care (POC) devices.
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ML Research Holds Promising Potentials for Automated Echo Analysis, Interpretation Systems
The echocardiography market is projected to cross a revenue of US$ 2.2 Bn by 2030. A plethora of algorithms are being proposed to analyze medical ultrasound data using signal processing and machine learning (ML) techniques. However, there is a need to develop robust systems suitable for efficient use in clinical settings of point-of-care testing. Thus, med-tech companies in the echocardiography market are bolstering their R&D activities to advance in the field of automatic echo analysis.
It has been found that machine learning algorithms are being used by med-tech companies to develop automated echo analysis and interpretation systems.
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Point-of-care Ultrasound Accelerates Cardiac Scanning with Auto Labeling, Guiding
Over the past few years, cardiac ultrasound vendors in the echocardiography market have introduced several new products to accelerate the flow of cardiac imaging. Artificial intelligence (AI) is becoming a fast growing phenomenon in the field of echocardiography, which is helping to automate the functions of devices and systems. EchoNous— a software development company is gaining recognition for its Kosmos system, which delivers point-of-care ultrasound (POCUS) by uniting AI with handheld ultrasound that empowers physicians to act quickly.
Companies in the echocardiography market are teaming up with software companies to develop AI apps that are capable of calculating ejection fraction in seconds. These apps are accelerating medical diagnosis, as they support physicians through cardiac scanning with auto labeling, guiding, and grading.
Advancements in Pulse Doppler Help Deliver High Resolution Heart Images
The concept of handheld ultrasound is growing popular in the echocardiography market. Echocardiography is emerging as a substantial competitive threat to diagnostic nuclear cardiology. On the other hand, advancements in pulse Doppler are enabling reliable probes that could be inserted into the esophagus to improve the resolution of heart images. Companies in the echocardiography market are increasing their R&D in acoustic quantification of techniques that help detect and monitor the boundary between the inner edge of the myocardium and blood pool.
Healthcare companies are taking additional efforts to increase accuracy of echocardiography outcomes that can determine the amount of blood supplied to different regions of the heart walls.
Miniature Probes to Displace Angiography for Coronary Artery Disease Diagnosis
Companies in the echocardiography market are innovating in miniature probes that can be inserted into the heart through the coronary vasculature. Analysts at the Transparency Market Research (TMR) are deep diving into insights given by clinicians who predict that intraluminal ultrasound imaging using miniature probes will eventually displace angiography as the gold standard for coronary artery disease diagnosis.
Med-tech companies in the echocardiography market are attempting to use ultrasound signal to characterize tissues through which, the signal has passed. Such innovations hold promising potentials to identify tumors and distinguish between scar tissue and ischemic myocardium. Echocardiography is posing as a direct competitor to nuclear cardiology, owing to the former’s detailed assessments of movement in segments of the left and right ventricles of the heart.
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Echocardiography innovations involving automation, AI, and point-of-care ultrasound are paving the way for quality patient care during the post COVID-19 landscape. The echocardiography market is predicted to advance at a modest CAGR of ~4% during the forecast period, as AI and ML techniques need to overcome challenging regulatory body approval processes. Hence, med-tech companies should dive into large trials to provide robust evidence of ML and AI’s prognostic value in echocardiographic assessment before commercialization in clinical settings. As such, virtual face-to-face training for clinicians and their team hold promising potentials for market expansion in the upcoming years.
Echocardiography Market: Overview
- The global echocardiography market was valued over US$ 1.4 Bn in 2019. The market is projected to expand at a moderate CAGR from 2020 to 2030.
- Technological advancements, rise in prevalence of cardiovascular diseases across the world, increase in geriatric population, and surge in medical tourism in developing countries are anticipated to boost the global echocardiography market during the forecast period
- Key players offering technological advanced product portfolios and their strong geographic presence is likely to propel the global echocardiography market. Major industry events, including partnerships, mergers & acquisitions, and collaborations are estimated to fuel the echocardiography market across the globe. Rise in awareness about early diagnosis and demand for treatment are anticipated to drive the global echocardiography market.
- Echocardiography is a procedure that generates an electrocardiogram, also known as ECG or EKG. This is a highly common procedure used to study cardiovascular disease, and interpret the cardiac rhythm, detecting an infarction, myocardial infection, and other abnormalities in the heart. An electrocardiogram is preferred as it is a painless test to monitor heart health and its issues. An ECG machine is considered to be a standard equipment that is widely utilized in operating rooms and ambulances.
- In other terms, electrocardiography is considered to be a quick and simple procedure that amplifies the heart’s electrical impulses, which are recorded. Electrocardiography is used to detect issues such as inadequate blood flow and abnormal rhythms. The procedure includes placing electrodes on the person’s arms, legs, and chest, which further measure the magnitude of electrical currents during each heartbeat.
Echocardiography Market: Segmentation
- The global echocardiography market has been segmented based on test type, product type, technology, end user, and region
- In terms of type, the global echocardiography market has been segregated into transthoracic echocardiogram, stress echocardiogram, transesophageal echocardiogram, and others. The others segment includes intravascular ultrasound and dobutamine stress echocardiogram. The transthoracic echocardiogram segment accounted for a prominent share of the market in 2019, as it is a highly common noninvasive type of echocardiogram, which uses high frequency sound waves (ultrasound) to create a moving picture of the heart through the chest wall; consequently, it is widely preferred for patients.
- In terms of product type, the global echocardiography market has been classified into handheld/portable echocardiography devices and cart/trolley-based echocardiography devices. The cart/trolley-based echocardiography devices segment dominated the global echocardiography market in 2019, owing to an increase in the demand for technologically advanced echocardiography by multi-specialty and super-specialty hospitals.
- Based on technology, the global echocardiography market has been categorized into 2D, 3D/4D, and Doppler. The Doppler segment accounted for a major share of the market in 2019, attributable to its various advantages such as it is non-invasive, generally painless, does not use harmful radiations, and can easily indicate the presence of a clot in the veins.
- Based on end user, the global echocardiography market has been classified into hospitals, diagnostic centers, clinics, and others. The hospitals segment accounted for a notable share of the market in 2019, attributable to the frequent use of echocardiography devices across hospitals, as echocardiography is a highly common diagnostic tool used in cardiac care units in hospitals.
Echocardiography Market: Regional Segmentation
- In terms of region, the global echocardiography market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global echocardiography market in 2019. This is ascribed to high awareness about available medical treatments, significant infrastructure investment supporting medical treatments, and adoption of new and innovative products. Moreover, favorable government support for healthcare infrastructure and research & development of echocardiography are other key factors driving the market in the region.
- The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. Presence of untapped opportunities and increase in awareness about disease conditions in Asia Pacific, along with the large population suffering from cardiovascular diseases in India and China contribute to the expansion of the market. Risk of cardiovascular disease in South Asia, India, China, and Australia is higher than that in Europe and North America, due to overweight/obesity, smoking, lifestyle habits, and increased blood sugar level in these countries and sub-region.
Echocardiography Market: Major Players
- Key players operating in the global echocardiography market include
- General Electric Company
- Koninklijke Philips N.V.
- Siemens Healthcare Private Limited
- Canon Medical Systems Corporation
- Esaote S.p.A
- Samsung Electronics Co., Ltd.
- Fujifilm Holdings Corporation
- Hitachi Medical Corporation
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Bay Labs, Inc.
- Bracco Imaging S.p.A
- ContextVision AB
- Digirad Corporation
- TELEMED Medical Systems
- These players focus on adopting various strategies to expand product offerings and strengthen geographic presence across the globe. Technological advancements, mergers & acquisitions, expansion of product portfolio, growing research & development, and focus of companies in expanding their potential business are likely to boost their presence across the globe.
Echocardiography Market – Scope of the Report
TMR’s report on the global echocardiography market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the overall revenue of the global echocardiography market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global echocardiography market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global echocardiography market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global echocardiography market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global echocardiography market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global echocardiography market. The next section of the global echocardiography market report highlights the USPs, which include technological advancements, key industry events (mergers, acquisitions, strategic partnerships, etc.), top 3 players operating in the market space, and COVID-19 pandemic impact on the global echocardiography market.
The report delves into the competition landscape of the global echocardiography market. Key players operating in the global echocardiography market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global echocardiography market report.
Key Questions Answered in Echocardiography Market Report
- What are the sales/revenue generated by echocardiography manufacturers across all regions during the forecast period?
- What are the key trends in the global echocardiography market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2030 and which segment will expand at the highest CAGR during the forecast period?
- Market ranking of different companies operating in the global market in 2019.
Echocardiography Market – Research Objectives and Research Approach
The comprehensive report on the global echocardiography market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global echocardiography market. It is followed by market introduction, market dynamics, and an overview of the global echocardiography market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global echocardiography market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key product manufacturers has been mapped to ascertain the size of the global echocardiography market in terms of value. The forecast presented here assesses the total revenue generated in the global echocardiography market. In order to provide an accurate forecast, we initiated by sizing up the current echocardiography market with the help of the parent market.
The report analyzes the global echocardiography market in terms of test type, product type, technology, end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global echocardiography market.
Echocardiography Market – Segmentation