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Echocardiography Market Value Projection to Expand by to 2022-2030 Analysis, Global Industry Size

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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.

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.

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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 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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Analysts’ Viewpoint

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.

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 – Segmentation

Test Type

  • Transthoracic Echocardiogram
  • Stress Echocardiogram
  • Transesophageal Echocardiogram
  • Others

Product Type

  • Cart/Trolley-based Echocardiography Devices
  • Handheld/Portable Echocardiography Devices
  • Technology
  • 2D
  • 3D/4D
  • Doppler

End User

  • Hospitals
  • Diagnostic Centers
  • Clinics
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

TABLE OF CONTENT

1. Preface

1.1. Market Definition and Scope

1.2. Market Segmentation

1.3. Key Research Objectives

1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary: Global Echocardiography Market

4. Market Overview

4.1. Introduction

4.1.1. Market Definition

4.1.2. Industry Evolution / Developments

4.2. Overview

4.3. Market Dynamics

4.3.1. Drivers

4.3.2. Restraints

4.3.3. Opportunities

4.4. Global Echocardiography Market Analysis and Forecast, 2018–2030

4.4.1. Market Revenue Projections (US$ Bn)

5. Key Insights

5.1. Technological Advancements

5.2. Key Mergers & Acquisitions

5.3. Top 3 Players Operating in the Market Space

5.4. COVID-19 Pandemic Impact on Global Echocardiography Market

6. Global Echocardiography Market Analysis and Forecast, by Test Type

6.1. Introduction & Definition

6.2. Key Findings / Developments

6.3. Global Echocardiography Market Value (US$ Bn) Forecast, by Test Type, 2018–2030

6.3.1. Transthoracic Echocardiogram

6.3.2. Stress Echocardiogram

6.3.3. Transesophageal Echocardiogram

6.3.4. Others

6.4. Market Attractiveness Analysis, by  Test Type

7. Global Echocardiography Market Analysis and Forecast, by Product Type

7.1. Introduction & Definition

7.2. Key Findings / Developments

7.3. Global Echocardiography Market Value (US$ Bn) Forecast, by Product Type, 2018–2030

7.3.1. Cart/trolley-based Echocardiography Devices

7.3.2. Handheld/portable Echocardiography Devices

7.4. Global Echocardiography Market Attractiveness Analysis, by Product Type

8. Global Echocardiography Market Analysis and Forecast, by Technology

8.1. Introduction & Definition

8.2. Key Findings / Developments

8.3. Global Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

8.3.1. 2D

8.3.2. 3D & 4D

8.3.3. Doppler

8.4. Global Echocardiography Market Attractiveness Analysis, by Technology

9. Global Echocardiography Market Analysis and Forecast, by End-user

9.1. Introduction & Definition

9.2. Key Findings / Developments

9.3. Global Echocardiography Market Value (US$ Bn) Forecast, by End-user, 2018–2030

9.3.1. Hospitals

9.3.2. Diagnostic Centers

9.3.3. Clinics

9.3.4. Others

9.4. Global Echocardiography Market Attractiveness Analysis, by End-user

10. Global Echocardiography Market Analysis and Forecast, by Region

10.1. Key Findings

10.2. Global Echocardiography Market Value (US$ Bn) Forecast, by Region

10.2.1. North America

10.2.2. Europe

10.2.3. Asia Pacific

10.2.4. Latin America

10.2.5. Middle East & Africa

10.3. Global Echocardiography Market Attractiveness Analysis, by Region

11. North America Echocardiography Market Analysis and Forecast

11.1.  Introduction

11.1.1. Key Findings

11.2. North America Echocardiography Market Value (US$ Bn) Forecast, by Test Type, 2018–2030

11.2.1. Transthoracic Echocardiogram

11.2.2. Stress Echocardiogram

11.2.3. Transesophageal Echocardiogram

11.2.4. Others

11.3. North America Echocardiography Market Value (US$ Bn) Forecast, by Product Type, 2018–2030

11.3.1. Cart/trolley-based Echocardiography Devices

11.3.2. Handheld/portable Echocardiography Devices

11.4. North America Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

11.4.1. 2D

11.4.2. 3D & 4D

11.4.3. Doppler

11.5. North America Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

11.5.1. Hospitals

11.5.2. Diagnostic Centers

11.5.3. Clinics

11.5.4. Others

11.6. North America Echocardiography Market Value (US$ Bn) Forecast, by Country, 2018–2030

11.6.1. U.S.

11.6.2. Canada

11.7. North America Echocardiography Market Attractiveness Analysis

11.7.1. By Test Type

11.7.2. By Product Type

11.7.3. By Technology

11.7.4. By End-user

11.7.5. By Country

12. Europe Echocardiography Market Analysis and Forecast

12.1. Introduction

12.1.1. Key Findings

12.2. Europe Echocardiography Market Value (US$ Bn) Forecast, by Test Type, 2018–2030

12.2.1. Transthoracic Echocardiogram

12.2.2. Stress Echocardiogram

12.2.3. Transesophageal Echocardiogram

12.2.4. Others

12.3. Europe Echocardiography Market Value (US$ Bn) Forecast, by Product Type, 2018–2030

12.3.1. Cart/trolley-based Echocardiography Devices

12.3.2. Handheld/portable Echocardiography Devices

12.4. Europe Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

12.4.1. 2D

12.4.2. 3D & 4D

12.4.3. Doppler

12.5. Europe Echocardiography Market Value (US$ Bn) Forecast, by End-user, 2018–2030

12.5.1. Hospitals

12.5.2. Diagnostic Centers

12.5.3. Clinics

12.5.4. Others

12.6. Europe Echocardiography Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

12.6.1. Germany

12.6.2. U.K.

12.6.3. France

12.6.4. Spain

12.6.5. Italy

12.6.6. Rest of Europe

12.7. Europe Echocardiography Market Attractiveness Analysis

12.7.1. By Test Type

12.7.2. By Product Type

12.7.3. By Technology

12.7.4. By End-user

12.7.5. By Country/Sub-region

13. Asia Pacific Echocardiography Market Analysis and Forecast

13.1. Introduction

13.1.1. Key Findings

13.2. Asia Pacific Echocardiography Market Value (US$ Bn) Forecast, by Test Type, 2018–2030

13.2.1. Transthoracic Echocardiogram

13.2.2. Stress Echocardiogram

13.2.3. Transesophageal Echocardiogram

13.2.4. Others

13.3. Asia Pacific Echocardiography Market Value (US$ Bn) Forecast, by Product Type, 2018–2030

13.3.1. Cart/trolley-based Echocardiography Devices

13.3.2. Handheld/portable Echocardiography Devices

13.4. Asia Pacific Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

13.4.1. 2D

13.4.2. 3D & 4D

13.4.3. Doppler

13.5. Asia Pacific Echocardiography Market Value (US$ Bn) Forecast, by End-user, 2018–2030

13.5.1. Hospitals

13.5.2. Diagnostic Centers

13.5.3. Clinics

13.5.4. Others

13.6. Asia Pacific Echocardiography Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

13.6.1. China

13.6.2. Japan

13.6.3. India

13.6.4. Australia & New Zealand

13.6.5. Rest of Asia Pacific

13.7. Asia Pacific Echocardiography Market Attractiveness Analysis

13.7.1. By Test Type

13.7.2. By Product Type

13.7.3. By Technology

13.7.4. By End-user

13.7.5. By Country/Sub-region

14. Latin America Echocardiography Market Analysis and Forecast

14.1. Introduction

14.1.1. Key Findings

14.2. Latin America Echocardiography Market Value (US$ Bn) Forecast, by  Test Type, 2018–2030

14.2.1. Transthoracic Echocardiogram

14.2.2. Stress Echocardiogram

14.2.3. Transesophageal Echocardiogram

14.2.4. Others

14.3. Latin America Echocardiography Market Value (US$ Bn) Forecast, by Product Type, 2018–2030

14.3.1. Cart/trolley-based Echocardiography Devices

14.3.2. Handheld/portable Echocardiography Devices

14.4. Latin America Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

14.4.1. 2D

14.4.2. 3D & 4D

14.4.3. Doppler

14.5. Latin America  Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

14.5.1. Hospitals

14.5.2. Diagnostic Centers

14.5.3. Clinics

14.5.4. Others

14.6. Latin America Echocardiography Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

14.6.1. Brazil

14.6.2. Mexico

14.6.3. Rest of Latin America

14.7. Latin America Echocardiography Market Attractiveness Analysis

14.7.1. By Test Type

14.7.2. By Product Type

14.7.3. By Technology

14.7.4. By End-user

14.7.5. By Country/Sub-region

15. Middle East & Africa Echocardiography Market Analysis and Forecast

15.1. Introduction

15.1.1. Key Findings

15.2. Middle East & Africa Echocardiography Market Value (US$ Bn) Forecast, by  Test Type, 2018–2030

15.2.1. Transthoracic Echocardiogram

15.2.2. Stress Echocardiogram

15.2.3. Transesophageal Echocardiogram

15.2.4. Others

15.3. Middle East & Africa Echocardiography Market Value (US$ Bn) Forecast, by Product Type, 2018–2030

15.3.1. Cart/trolley-based Echocardiography Devices

15.3.2. Handheld/portable Echocardiography Devices

15.4. Middle East & Africa Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

15.4.1. 2D

15.4.2. 3D & 4D

15.4.3. Doppler

15.5. Middle East & Africa Echocardiography Market Value (US$ Bn) Forecast, by Technology, 2018–2030

15.5.1. Hospitals

15.5.2. Diagnostic Centers

15.5.3. Clinics

15.5.4. Others

15.6. Middle East & Africa Echocardiography Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

15.6.1. GCC Countries

15.6.2. South Africa

15.6.3. Rest of Middle East & Africa

15.7. Middle East & Africa Echocardiography Market Attractiveness Analysis

15.7.1. By Test Type

15.7.2. By Product Type

15.7.3. By Technology

15.7.4. By End-user

15.7.5. By Country/Sub-region

16. Competitive Landscape

16.1. Market Player – Competition Matrix (by tier and size of companies)

16.2. Company Profiles

16.2.1. GE Healthcare (Cart/trolley-based Echocardiography Devices Electric Company)

16.2.1.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.1.2. Financial Overview

16.2.1.3. Product Portfolio

16.2.1.4. Strategic Overview

16.2.1.5. SWOT Analysis

16.2.2. Koninklijke Philips N.V.

16.2.2.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.2.2. Financial Overview

16.2.2.3. Product Portfolio

16.2.2.4. Strategic Overview

16.2.2.5. SWOT Analysis

16.2.3. Siemens Healthcare Private Limited

16.2.3.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.3.2. Financial Overview

16.2.3.3. Product Portfolio

16.2.3.4. Strategic Overview

16.2.3.5. SWOT Analysis

16.2.4. Canon Medical Systems Corporation

16.2.4.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.4.2. Financial Overview

16.2.4.3. Product Portfolio

16.2.4.4. Strategic Overview

16.2.4.5. SWOT Analysis

16.2.5. Esaote S.p.A

16.2.5.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.5.2. Product Portfolio

16.2.5.3. Strategic Overview

16.2.5.4. SWOT Analysis

16.2.6. Samsung Electronics Co., Ltd.

16.2.6.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.6.2. Financial Overview

16.2.6.3. Product Portfolio

16.2.6.4. Strategic Overview

16.2.6.5. SWOT Analysis

16.2.7. Fujifilm Holdings Corporation

16.2.7.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.7.2. Financial Overview

16.2.7.3. Product Portfolio

16.2.7.4. Strategic Overview

16.2.7.5. SWOT Analysis

16.2.8. Hitachi Medical Corporation

16.2.8.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.8.2. Financial Overview

16.2.8.3. Product Portfolio

16.2.8.4. Strategic Overview

16.2.8.5. SWOT Analysis

16.2.9. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

16.2.9.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.9.2. Product Portfolio

16.2.9.3. Strategic Overview

16.2.9.4. SWOT Analysis

16.2.10. Bay Labs, Inc.

16.2.10.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.10.2. Product Portfolio

16.2.10.3. Strategic Overview

16.2.10.4. SWOT Analysis

16.2.11. Bracco Imaging S.p.A.

16.2.11.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.11.2. Product Portfolio

16.2.11.3. Strategic Overview

16.2.11.4. SWOT Analysis

16.2.12. ContextVision AB

16.2.12.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.12.2. Financial Overview

16.2.12.3. Product Portfolio

16.2.12.4. Strategic Overview

16.2.12.5. SWOT Analysis

16.2.13. Digirad Corporation

16.2.13.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.13.2. Product Portfolio

16.2.13.3. Strategic Overview

16.2.13.4. SWOT Analysis

16.2.14. TELEMED Medical Systems

16.2.14.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.14.2. Product Portfolio

16.2.14.3. Strategic Overview

16.2.14.4. SWOT Analysis

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