The cardiac ultrasound systems market exhibited year-on-year growth of 5.9% in 2021, backed by introduction of mobile connectivity in handheld wireless cardiac ultrasound systems and growing preference for real-time imaging solutions among patients. Future Market Insights (FMI) states that cardiac ultrasound systems market revenue grew by 6% between 2016 and 2020. It is predicted that sales will increase at a CAGR of 5.0% between 2021 and 2031.
Growing preference for connected ultrasound systems for real-time diagnosis among patients marks a recent milestone, shaping the performance of cardiac ultrasound systems landscape.
The World Health Organization (WHO) reports that more than 17 million people die from cardiovascular disorders globally each year. Rise in referrals to cardiologists due to complications and rapid technological advancements to make the existing cardiac ultrasound devices more compact and user-friendly will positively influence the market growth throughout the forecast period.
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The global cardiac ultrasound systems landscape is slated for positive growth prospects in the near future due to increasing efforts to develop stronger distribution channel and manufacturers switching to emerging countries to attain high return of investments.
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.
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.
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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.
Prominent players operating in the cardiac ultrasound systems market are:-
- Hitachi, Ltd.
- Analogic Corporation
- Toshiba Corporation
- Esaote SpA
- Samsung Medison Co. Ltd
- FUJIFILM Holdings Corporation
- Mindray Medical International Ltd.
- GE Healthcare