By 2021, the cardiac ultrasound systems market will be worth $1.3 billion. According to Future Market Insights, the market is expected to grow at a 5% CAGR between 2021 and 2031. (FMI).
Despite the challenges posed by the COVID-19 outbreak, revenue in the cardiac ultrasound systems market increased by 5.90% year on year in 2021. The growing popularity of portable devices among healthcare professionals, combined with an increase in online sales, will create opportunities for market growth.
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A recent milestone, shaping the performance of cardiac ultrasound systems landscape, is patients’ growing preference for connected ultrasound systems for real-time diagnosis.
According to the World Health Organization (WHO), more than 17 million people worldwide die from cardiovascular diseases each year. Increased referrals to cardiologists due to complications, as well as rapid technological advancements to make existing cardiac ultrasound devices more compact and user-friendly, will drive market growth over the forecast period.
The global cardiac ultrasound systems landscape is expected to see positive growth in the near future as a result of increased efforts to develop stronger distribution channels and manufacturers shifting to emerging markets to achieve high return on investment.
Surge in number of specializations in imaging and radiological technology along with dramatically growing number of independent imaging centers will provide impetus to revenue growth in upcoming years.
Portable cardiac ultrasound systems are expected to exhibit remarkable market penetration in recent years, due to growing popularity of bedside ultrasonography among people.
Lack of favorable reimbursement and insurance policies along with high cost of equipment are impeding the sales of cardiac ultrasound systems, especially in developing economies.
Lack of adequate grants from government and requirement of high capital investments for installation of modern cardiac ultrasound systems will further hinder the market growth.
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Key Takeaways from FMI’s Cardiac ultrasound systems Market Study
- North America cardiac ultrasound systems market will exhibit steady growth at 4.70% CAGR through 2031, driven by increasing demand for portable and attractive cardiac devices among cardiologists in U.S. and Canada.
- European cardiac ultrasound systems market led by Germany, France, and Italy is forecast to grow at 5.30% CAGR during the forecast period. Rise in growth can be attributed to increasing government spending on healthcare and presence of top manufacturers in the region.
- Increasing cases of cardiovascular and lifestyle diseases in India will drive the demand for cardiac ultrasound systems in the country.
- In 2021, Japan and South Korea are estimated to account for 20% and less than 4% share respectively of the Asia Pacific cardiac ultrasound system market. Rising geriatric population and increasing popularity of online sales are key growth drivers in these countries.
- By product type, hand-held ultrasound systems sales are projected to surpass the market valuation of US$ 2,300 Mn at a CAGR of 6.5% in 2021. Integration of 4D imaging technology and internet of things (IoT) will drive the market growth of this segment.
“Continuous development to increase efficiency of healthcare devices will influence the demand for cardiac ultrasound systems across the globe. Increasing demand for lightweight and portable cardiac ultrasound systems from mobile clinics will boost the market in the upcoming years,” says the FMI analyst.
Who is Winning?
Future Market Insights presents analysis on the key trends affecting the cardiac ultrasound systems market and discusses the strategies adopted by market players to strengthen their position. It estimated that the cardiac ultrasound systems market is dominated by GE Company, Fujifilm, Holdings Corporation, Siemens AG, Koninklijke Philips N.V., Toshiba Medical System Corp., Hitachi Medical Corp., and Esaote SpA as they hold majority of market share in 2021.
Leading market players are focusing on strategic merger, acquisitions, and partnerships to expand their product portfolio. Smaller players are concentrating on strengthening their value chain to gain significant market share, says FMI.
In order to cater growing the patient pool with cardiovascular diseases and high demand for non invasive diagnostics, manufacturers are focusing on new product development.
In 2020, Siemens Healthineers India launched new ACUSON redwood ultrasound system at Gandhinagar. This advanced system precisely detects lesions and characteristics. It is installed with artificial intelligence (AI) powered tools to reduce the exam burden and improve efficiency.
In 2018, Philips introduced new cardiac ultrasound solutions “EPIQ CVx” equipped with anatomical intelligence which offers customized applications for diagnostic, pediatric and interventional echocardiography. EPIQ CVx has faster data processing, high quality imaging, and automated quantification and tailored exam tools developed to assist cardiologists in delivering better care.
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Prominent Players:
- Hitachi, Ltd.
- Analogic Corporation
- Toshiba Corporation
- Esaote SpA
- Samsung Medison Co. Ltd
- FUJIFILM Holdings Corporation
- Mindray Medical International Ltd.
- GE Healthcare
Key Segments Covered In Cardiac Ultrasound Systems Market Study:
By Product:
- Cardiac system
- Ultrasound system
- Cart/Trolley Cardiac Ultrasound Devices
- Compact/Handheld Ultrasound Scanners
By End User:
- Hospitals And Clinics
- Diagnostic Imaging And Surgical Centers
- Ambulatory Surgical Centers
- Others
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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