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.

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The regional analysis covers:

• North America (U.S. and Canada)
• Latin America (Mexico, Brazil, Peru, Chile, and others)
• Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
• Eastern Europe (Poland and Russia)
• Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
• Middle East and Africa (GCC, Southern Africa, and North Africa)

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