Echocardiography Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026

Echocardiography is a heart test that uses sound waves to capture pictures of the heart. It is also called as an echo test or heart ultrasound. It is usually prescribed for symptoms of heart problems. Echocardiography is required for heart murmurs, heart attacks, acute chest pains, congenital heart defects and rheumatic fever. The test is also useful to check for an enlarged heart, weak heart muscles, blood clots, valve defects, and problems with heart structure. Large number of pipeline products, increase in incidences of heart disorders, rise in geriatric population, surge in percentage of obesity and type 2 diabetes, high heart attack rate among the youth, increase in incidences of coronary artery diseases, favorable reimbursement procedures, and rise in use of monitoring devices are some major factors that are anticipated to propel the global echocardiography market by 2026. High set-up and maintenance costs is a major factor, which is expected to restrain the market during the forecast period. True 3-D echo visualization, integrates artificial intelligence in cardiology, point-of-care ultrasound, and improvement in image quality are some recent trends in the global echocardiography market. 

The global echocardiography market can be segmented based on test type, product type, technology, and end-user. In terms of test type, the echocardiography market can be divided into transthoracic, stress, transesophageal, and others (fetal and three-dimensional). Transthoracic echocardiography is extensively used. It involves placing of a device called the transducer on the chest. Stress echo is done to check the motion of the heart walls under stress. Transesophageal echocardiography is used when more precise images of the heart are required. Fetal echo is used to check defects in an unborn baby’s heart. Three-dimensional echo is used generate 3D images of the heart for a detailed inspection. The stress echocardiography segment is expected to account for a dominant share of the echocardiography market during forecast period, as it is utilized as a part of the stress test. Based on product type, the global echocardiography market can be divided into cart/trolley-based echocardiography devices and handheld/portable echocardiography devices. The cart/trolley-based echocardiography devices segment constituted a large share of the market in 2017. The segment is projected to expand at a considerable pace during the forecast period due to strict government regulations regarding portable devices in developing countries. In terms of technology, the echocardiography market can be divided into 2D, 3D & 4D, and Doppler. The 3D & 4D segment dominated the market in 2017, as it is able to precisely inspect the heart and capture good quality images. The segment is expected to continue to dominate the echocardiography market during the forecast period. Based on end-user, the market can be segregated into hospitals, clinics, diagnostic centers, and others. The hospitals segment held a large share of the global echocardiography market in 2017 due to increase in patient preference for multispecialty hospitals. The segment is anticipated to expand at considerable CAGR during the forecast period. 

In terms of region, the global echocardiography market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The U.S. accounted for a major share of the market in the region. This can be attributed to the rise in incidences of heart disorders and improved health infrastructure in the country. According to the American Heart Association, nearly 92.1 million adults in the U.S. are living with some form of cardiovascular disease or the after-effects of stroke. Heart diseases account for one in seven deaths in the US.  However, the market in Asia Pacific is projected to expand at substantial CAGR during the forecast period. The expansion of the market in Asia Pacific can be attributed to the rise in the number of heart diseases cases, growth in aging population, and technological advancements in developing economies. 

Key players operating in the global echocardiography market include General Electric Company, Koninklijke Philips N.V., Siemens Healthcare Private Limited, Canon Medical Systems Corporation, Bay Labs, Inc., Biosense Webster, Inc., Boston Scientific Corporation, Bracco Imaging S.p.A., Carestream Health, CHISON, ContextVision AB, Digirad Corporation, Ecare Medical Technology, Esaote SpA, Fujifilm, Hitachi Ltd, MediMatic Srl, Mobisante, Samsung Medison Co. Ltd, MIDAS Information Technology Co.Ltd, Abbott, and TELEMED Medical Systems.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

• Customer Experience Maps
• Insights and Tools based on data-driven research
• Actionable Results to meet all the business priorities
• Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

• North America
• Asia Pacific
• Europe
• Latin America
• The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.