The cardiovascular echocardiography market size is projected to reach US$ 200.00 billion by 2030 from US$ 143.72 billion in 2022; the market is estimated to record a CAGR of 4.2% during 2022–2030.
Market Insights and Analyst View:
Cardiovascular echocardiography is a type of medical imaging to examine the heart. It uses sound waves to create visual images of the heart. This testing procedure is usually performed on patients with suspected or known heart diseases. Apart from revealing the size and shape of the chambers and valves, the test also estimates the heart functioning by calculating the cardiac output, ejection fraction, and diastolic function. The cardiovascular echocardiogram can also detect cardiomyopathies. The injuries from the earlier heart attack can be clearly visualized using echocardiographs. Transthoracic, transesophageal, and stress cardiac ultrasound are among the various cardiac ultrasound tests performed for diagnostic purposes. The rising burden of cardiovascular diseases and the growing geriatric population are projected to create ample opportunities for cardiovascular echocardiography market growth.
Growth Drivers:
During the examination and evaluation of heart attack, chest pain, coronary artery disease, blood clots, and other heart-related disorders, doctors recommend invasive treatments that involve blood tests and cardiac catheterization. Cardiac catheterization necessitates a prolonged hospital stay and causes certain side effects such as bleeding, blood clots, artery damage, and other complications. For these reasons, doctors typically limit the use of this procedure for cardiac diagnosis and instead resort to using nuclear cardiac stress test, magnetic resonance imaging, cardiac ultrasound, and coronary computed tomography angiogram, as these procedures are performed noninvasively.
Echocardiography is the most commonly used cardiovascular diagnostic test after electrocardiography and chest X-ray. It is a noninvasive diagnostic procedure that reveals information regarding cardiac functioning and hemodynamics. Due to the fact that there are minimum or no risks involved with echocardiograms as compared to other diagnostic procedures that use radiation to produce results, wide adoption of these devices in hospitals and diagnostic centers is witnessed. Furthermore, patients with a history of heart failure benefit from routine monitoring with these heart disease diagnostics. It also helps monitor the disease and the effectiveness of treatment or surgery. Echocardiograms are also utilized in regular nursing of patients undergoing cancer treatment who are at risk of cardiotoxicity.
The advantages associated with the usage of echocardiographic devices compared to other cardiac diagnostic procedures fuel its adoption, thereby driving the cardiovascular echocardiography market growth.
The cardiovascular echocardiography market trends include the incorporation of AI and other innovative technologies in echocardiography devices.
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Cardiovascular Echocardiography Market: Strategic Insights
Market Size Value in US$ 143.72 billion in 2022 Market Size Value by US$ 200.00 billion by 2030 Growth rate CAGR of 4.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Cardiovascular Echocardiography Market: Strategic Insights
| Market Size Value in | US$ 143.72 billion in 2022 |
| Market Size Value by | US$ 200.00 billion by 2030 |
| Growth rate | CAGR of 4.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Report Segmentation and Scope:
The cardiovascular echocardiography market analysis has been carried out by considering the following segments: type, technology, end user, and geography. Based on type, the market is segmented into transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and fetal echocardiography. In terms of technology, the market is classified into 2D echocardiogram, 3D echocardiogram, and Doppler. Based on end user, the market is categorized into hospitals, ambulatory surgery centers, and diagnostic labs. The scope of the cardiovascular echocardiography market report covers North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
The cardiovascular echocardiography market, by type, is categorized into transthoracic echocardiography, stress echocardiography, transesophageal echocardiography, and fetal echocardiography. The transthoracic echocardiography segment held a significant market share in 2022. It is anticipated to record the highest CAGR in the market during 2022–2030.
Cardiovascular Echocardiography Market, by Type – 2022 and 2030
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Based on technology, the market is categorized into 2D echocardiogram, 3D echocardiogram, and Doppler. The 3D echocardiogram segment held a significant cardiovascular echocardiography market share in 2022 and is estimated to register the highest CAGR during 2022–2030.
Based on end user, the market is segmented into hospitals, ambulatory surgery centers, and diagnostic labs. The hospitals segment held a significant cardiovascular echocardiography market share in 2022 and is expected to register the highest CAGR during 2022–2030.
Regional Analysis:
Geographically, the cardiovascular echocardiography market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America captured a significant share of the market. In 2022, the US dominated the market in this region. The market growth in North America is attributed to growing heart disease incidences, increasing geriatric population, and the presence of key market players in the region.
Heart disease is a leading cause of death in the US. As per the Centers for Disease Control and Prevention (CDC), around 805,000 people have a heart attack in the US every year. In addition, coronary heart disease is the most common type of heart disease, which resulted in the death of 360,900 people in 2019. According to the CDC, it is estimated that 12.1 million people in the US will have atrial fibrillation in 2030. Similarly, according to the Canadian Chronic Disease Surveillance System, about 1 in 12 (2.6 million) Canadian adults aged 20 and above live with diagnosed heart disease in the country. According to Statistics Canada, 67,399 individuals succumbed to death due to heart disease or stroke in 2020. Thus, the growing number of cardiovascular diseases affects a sizable population size. This leads to a greater demand for diagnostic tools, such as cardiovascular echocardiography, to assess and monitor cardiovascular health, thereby propelling the cardiovascular echocardiography market in the region.
Competitive Landscape and Key Companies:
The cardiovascular echocardiography market forecast can help stakeholders plan their growth strategies. Apex Heart and Vascular, Ultra-X Imaging, Metropolitan Heart Vascular Institute, Ultromics Limited, Corewell Health, Centinela Hospital Medical Center, Schoolcraft Memorial Hospital, University of Utah Health, Goshen Heart & Vascular Center, and Harefield Hospital are among the prominent players profiled in the cardiovascular echocardiography market report. These companies focus on introducing new high-tech products, advancements in existing products, and geographic expansions to meet the growing consumer demand worldwide.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Technology, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Echocardiography is an extensive medical procedure using sound waves to produce real-time images of the heart. The image is called an echocardiogram. It enables the physician to keep an eye on the heart's and valves' functioning. The echocardiographs are a useful tool for visualizing the wounds from the prior heart attack. Transthoracic, transesophageal, and stress cardiac echocardiography are among the different cardiac echocardiography examinations that are utilized for different diagnostic procedures.
The cardiovascular echocardiography market majorly consists of the players, including Apex Heart and Vascular, Ultra-X Imaging, Metropolitan Heart Vascular Institute, Ultromics Limited, Corewell Health, Centinela Hospital Medical Center, Schoolcraft Memorial Hospital, University of Utah Health, Goshen Heart & Vascular Center, and Harefield Hospital.
The factors driving the growth of the cardiovascular echocardiography market include the rising burden of cardiovascular diseases and the advantages of echocardiographic devices over other cardiac diagnostic procedures. However, challenges associated with the use of echocardiography devices hampers the growth of the cardiovascular echocardiography market.
The global cardiovascular echocardiography market is segmented based on type, technology, and end user. The cardiovascular echocardiography market, by type, is categorized into transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and fetal echocardiography. The transthoracic echocardiography segment held a significant market share in 2022 and is anticipated to record the highest CAGR in the market during 2022–2030.
The cardiovascular echocardiography market was valued at US$ 143.72 billion in 2022.
The cardiovascular echocardiography market is expected to be valued at US$ 200.00 billion in 2030.
The List of Companies - Cardiovascular Echocardiography Market
- Apex Heart and Vascular
- Ultra-X Imaging
- Metropolitan Heart Vascular Institute
- Ultromics Limited
- Corewell Health
- Centinela Hospital Medical Center
- Schoolcraft Memorial Hospital
- University of Utah Health
- Goshen Heart & Vascular Center
- Harefield Hospital
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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