Global Cardiovascular Ultrasound System Market Size (2024 - 2029)

The cardiovascular ultrasound system market is projected to experience growth over the forecast period, driven by an increasing incidence of cardiovascular diseases and technological advancements. The market's expansion is supported by the rising demand for disease diagnostics and monitoring, particularly in the context of the COVID-19 pandemic, which highlighted the utility of ultrasound for point-of-care applications. Despite these growth drivers, challenges such as unfavorable reimbursement scenarios and the economic impact of adopting new technologies may hinder market expansion.

Market Size of Global Cardiovascular Ultrasound System Industry

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Cardiovascular Ultrasound System Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 1.44 Billion
Market Size (2029) USD 1.89 Billion
CAGR (2024 - 2029) 5.41 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Cardiovascular Ultrasound System Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Cardiovascular Ultrasound System Market Analysis

The Global Cardiovascular Ultrasound System Market size is estimated at USD 1.44 billion in 2024, and is expected to reach USD 1.89 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).

COVID-19 had an unimaginable impact on the world and altered almost every aspect of the healthcare industry. The pandemic also had a complex and unprecedented effect on the ultrasound market. Healthcare providers deployed the potential of ultrasound diagnosis, primarily for point-of-care (POC) applications, for the triage, monitoring, and diagnosis of COVID-19 patients. As per the study published in March 2021, titled 'Application of Point-of-care Cardiac Ultrasonography in COVID-19 Infection: Lessons Learned from the Early Experience', since there is a high prevalence of acute cardiac injury in patients with COVID-19 infection, point-of-care cardiac ultrasound (PoCCUS) may be used for longitudinal monitoring of patients infected with COVID-19. Such studies demonstrating the application of cardiovascular ultrasound systems in COVID-19 patients are expected to positively support the growth of the market.

The major factors supporting the growth of the cardiovascular ultrasound system market include the increasing incidence of cardiovascular diseases (CVDs), technological advancements, and the advantages of echocardiography over invasive cardiac diagnostic procedures.

According to the June 2021 update of the World Health Organization (WHO), cardiovascular diseases are the leading cause of death around the world, and about three-quarters of deaths from CVDs are recorded in low- and middle-income countries and thus, due to the high mortality due to the CVDs, the demand for disease diagnostics and monitoring is increasing which is expected to fuel growth in the cardiovascular ultrasound system market. Further, according to the 2022 American Heart Association (AHA) report, approximately 244.1 million people were living with ischemic heart disease (IHD) around the world, and North Africa and the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of IHD in the world in 2020. This burden of cardiovascular diseases is further expected to increase due to the high prevalence of associated risk factors such as hypertension, obesity, smoking, diabetes, and others, along with the sedentary lifestyle; thus, the use of ultrasound in disease diagnostics, monitoring, and treatment is expected to increase which will drive growth in the cardiovascular ultrasound system market over the forecast period.

Technological advancements such as artificial intelligence have a significant positive impact on cardiology with improved ability to diagnose certain heart conditions. For instance, in October 2020, GE Healthcare received the United States Food and Drug Administration clearance for its ultra edition package of vivid cardiovascular ultrasound systems, which includes new features based on artificial intelligence (AI) that enable clinicians to acquire faster, more repeatable exams consistently.

However, unfavorable reimbursement scenarios and the economic impact of adopting new technologies are likely to impede the studied market growth over the forecast period.

Cardiovascular Ultrasound System Industry Segmentation

As per the scope of this report, cardiovascular ultrasound systems use the ultrasound imaging technique to provide images of the heart. The cardiovascular ultrasound system market is segmented by test type (transthoracic echocardiogram, transesophageal echocardiogram, stress echocardiogram, and other test types), technology (2D, 3D, and 4D, and Doppler imaging), device display (color display and black and white (b/w) display), end user (hospitals, ambulatory centers, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above-mentioned segments.

By Test Type
Transthoracic Echocardiogram
Transesophageal Echocardiogram
Stress Echocardiogram
Other Test Types
By Technology
2D
3D and 4D
Doppler Imaging
By Device Display
Color Display
Black and White (B/W) Display
By End User
Hospitals
Ambulatory Centers
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America
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Global Cardiovascular Ultrasound System Market Size Summary

The cardiovascular ultrasound market is poised for significant growth, driven by the increasing prevalence of cardiovascular diseases and advancements in ultrasound technology. The market is expected to expand steadily over the forecast period, supported by the rising demand for non-invasive diagnostic procedures like echocardiography, which offers advantages over traditional invasive methods. The COVID-19 pandemic has further highlighted the importance of ultrasound systems, particularly for point-of-care applications, as they were utilized for monitoring and diagnosing COVID-19 patients with acute cardiac injuries. This has led to a broader acceptance and application of cardiovascular ultrasound systems, contributing to market growth. Technological innovations, such as the integration of artificial intelligence, are enhancing the capabilities of ultrasound systems, enabling faster and more accurate diagnoses, which is expected to bolster market expansion.

North America is anticipated to lead the cardiovascular ultrasound market, driven by the high adoption of advanced ultrasound modalities and the increasing prevalence of lifestyle-related chronic diseases. The region's demand for technologically sophisticated medical devices is expected to propel market growth. The burden of coronary heart diseases, such as stroke and cardiomyopathy, underscores the need for effective diagnostic tools, further driving the market. The presence of key market players and strategic initiatives, such as product launches and regulatory approvals, are also contributing to the market's development. Despite challenges like unfavorable reimbursement scenarios, the market remains moderately consolidated, with major players focusing on regional expansions and technological advancements to maintain their competitive edge.

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Global Cardiovascular Ultrasound System Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Incidence of Cardiovascular Diseases (CVDs)

      2. 1.2.2 Rise in Technological Advancements

      3. 1.2.3 Advantages of Echocardiography over Invasive Cardiac Diagnostic Procedures

    3. 1.3 Market Restraints

      1. 1.3.1 Unfavorable Reimbursement Scenario

      2. 1.3.2 Economic Impact of Adopting New Technologies

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Test Type

      1. 2.1.1 Transthoracic Echocardiogram

      2. 2.1.2 Transesophageal Echocardiogram

      3. 2.1.3 Stress Echocardiogram

      4. 2.1.4 Other Test Types

    2. 2.2 By Technology

      1. 2.2.1 2D

      2. 2.2.2 3D and 4D

      3. 2.2.3 Doppler Imaging

    3. 2.3 By Device Display

      1. 2.3.1 Color Display

      2. 2.3.2 Black and White (B/W) Display

    4. 2.4 By End User

      1. 2.4.1 Hospitals

      2. 2.4.2 Ambulatory Centers

      3. 2.4.3 Other End Users

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Mexico

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 United Kingdom

        3. 2.5.2.3 France

        4. 2.5.2.4 Italy

        5. 2.5.2.5 Spain

        6. 2.5.2.6 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 Japan

        3. 2.5.3.3 India

        4. 2.5.3.4 Australia

        5. 2.5.3.5 South Korea

        6. 2.5.3.6 Rest of Asia-Pacific

      4. 2.5.4 Middle-East and Africa

        1. 2.5.4.1 GCC

        2. 2.5.4.2 South Africa

        3. 2.5.4.3 Rest of Middle-East and Africa

      5. 2.5.5 South America

        1. 2.5.5.1 Brazil

        2. 2.5.5.2 Argentina

        3. 2.5.5.3 Rest of South America

Global Cardiovascular Ultrasound System Market Size FAQs

The Global Cardiovascular Ultrasound System Market size is expected to reach USD 1.44 billion in 2024 and grow at a CAGR of 5.41% to reach USD 1.89 billion by 2029.

In 2024, the Global Cardiovascular Ultrasound System Market size is expected to reach USD 1.44 billion.

Cardiovascular Ultrasound Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)