Cardiovascular Ultrasound System - Market Insights, Competitive Landscape, and Market Forecast - 2030

Cardiovascular Ultrasound System - Market Insights, Competitive Landscape, and Market Forecast - 2030

Cardiovascular Ultrasound System Market By Product Type (Cart/Trolley Based And Compact/Handheld Ultrasound Devices), By Technology (2d-Ultrasound, 3d-Ultrasound, 4d-Ultrasound, And Doppler), By Display (Color And Black&White), By End-User (Hospital, Cardiology Centres, Ambulatory Surgical Centers, And Others), and by geography is expected to grow at a steady CAGR forecast till 2030 owing to the rise in the geriatric population and the increasing incidence of cardiovascular diseases

The global cardiovascular ultrasound system market was valued at USD 1.61 billion in 2023, growing at a CAGR of 4.79% during the forecast period from 2024 to 2030 to reach USD 2.11 billion by 2030. The cardiovascular ultrasound system market is witnessing positive growth owing to various factors such as the rise in the geriatric population, the increasing incidence of cardiovascular diseases, the increase in sedentary lifestyles, and the rising regulatory approvals for the cardiovascular ultrasound system. Therefore, the market for cardiovascular ultrasound systems is expected to grow during the forecast period from 2024 to 2030.

Cardiovascular Ultrasound System Market Dynamics:

One of the main drivers of the cardiovascular ultrasound system market is the rise in the geriatric population suffering from cardiovascular disease, as per World Health Organization (WHO) data published in October 2022, it was estimated that between the years 2015-2050 the number of individuals aged 60 years and more will be doubled from 12-22% and will reach 2.1 billion by 2050. Additionally, by the year 2030, one out of every six individuals in the world will age 60 years or beyond. As per the above-mentioned source, the number of individuals aged 80 years or more is expected to get triple between the years 2020 and 2050 to reach 426 million population. As age increases chances of suffering from cardiovascular diseases such as heart attack, congenital heart disease, coronary artery disease, aorta disease, and others also increase. Therefore, the rising geriatric population increases the demand for cardiovascular ultrasound system, and this surge the cardiovascular ultrasound system overall market growth during the forecast period (2024-2030).

Moreover, another key factor that is responsible for the growth of the cardiovascular ultrasound system market is the increasing incidence of cardiovascular diseases. For instance, according to the British Heart Foundation in the year 2019, in North America, cardiovascular diseases affected 4,103,135 people, 1,089,947 people were diagnosed with coronary artery disease, and 498,551 suffered from a stroke. Moreover, as per the above-referenced source, in the year 2019, in Asia, there were 32,376,834 people diagnosed with cardiovascular diseases, from which 12,543,833 individuals were affected by coronary artery disease, and 8,111,044 population was suffered from a stroke. Thus, the cardiovascular ultrasound system is used to evaluate the structure, and function of the heart & associated vessels, and also provides images that are used to identify heart diseases. Therefore, these cardiovascular ultrasound systems can be used to diagnose cardiovascular diseases and will increase the demand for cardiovascular ultrasound systems, which could drive the cardiovascular ultrasound system's overall market growth during the forecast period (2024-2030).

However, the high cost of the cardiovascular ultrasound system and the lack of trained professionals to operate the cardiovascular ultrasound system can hamper the global cardiovascular ultrasound system market growth.

The ongoing Coronavirus (COVID-19) pandemic has significantly impacted the market for cardiovascular ultrasound systems as hospital admissions were limited due to lockdown restrictions, lack of staff and postponement of various diagnosis and treatment procedures made a huge impact on patient admissions in hospitals but COVID-19 also increased the level of stress in people which could result in high blood pressure or hypertension this can lead to heart attack or heart diseases as well as people with high blood pressure or cardiovascular diseases might be at greater risk for severe illness and death associated with COVID-19. Therefore, the COVID pandemic had significantly impacted the cardiovascular ultrasound systems market as the device used for the diagnosis of cardiovascular diseases in COVID patients. However, with masses being vaccinated, lockdown relaxation, resumption in hospital visits, and availability of staff for performing diagnosis procedures, the cardiovascular ultrasound system market has picked momentum again and is expected to further grow during the forecast period.

Cardiovascular Ultrasound System Market Segment Analysis:

Cardiovascular Ultrasound System Market by Product Type (Cart/Trolley Based and Compact/Handheld Ultrasound device), Technology (2D-Ultrasound, 3D-Ultrasound, 4D-Ultrasound, and Doppler), Display (Color and Black&White), End-User (Hospital, Cardiology Centers, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the by-product type segment of the cardiovascular ultrasound system market, the handheld ultrasound devices sub-segment is expected to have a significant revenue share in the year 2023. The key benefits associated with it are, that the use of handheld ultrasound systems has greatly reduced the time it takes to examine patients at the bedside compared to the traditional approach. They are compact, easy to carry & convenient, and can be kept in a bag, briefcase & other compact places, further software upgrades offering artificial intelligence & other upgrades increases the functionality of these devices, which are less complex and have cloud-based storage potential.

Therefore, the benefits associated with handheld cardiovascular ultrasound devices can increase the demand for cardiovascular ultrasound systems, which could drive the growth of the overall cardiovascular ultrasound system market during the forecast period. However, technological advancements in handheld ultrasound devices will also boost the global market growth for cardiovascular ultrasound systems.

Moreover, in November 2020, Clarius, a pioneer in miniaturizing ultrasound, announced that its Clarius PA HD hand-held, wireless ultrasound scanner is available for high-resolution cardiac imaging with the release of the Clarius Ultrasound App 7.3 for iOS and Android smart devices. Clarius PA HD ultrasound accelerates disinfection and allows clinicians to swiftly screen and monitor COVID-19 (SARS-CoV-2) patients because of its small size and lack of cables to clean.

Therefore, the interplay of the factors mentioned above will boost the cardiovascular ultrasound system demand in the market, which could drive the growth of the overall global cardiovascular ultrasound system market during the forecast period.

North America is expected to dominate the overall Cardiovascular Ultrasound System Market:

Among all the regions, North America is expected to dominate the global cardiovascular ultrasound system market in the year 2023 and is expected to do the same during the forecast period from 2024-2030. Factors such as the increase in sedentary lifestyles and the rising regulatory approvals for cardiovascular ultrasound systems are expected to increase the demand for cardiovascular ultrasound systems in the North America market.

As per the latest data published by the Centers for Disease Control and Prevention (CDC), in January 2020, 17.3% of people in Colorado were found to be physically inactive and 47.7% population was physically inactive in Puerto Rico of United States. Moreover, as per the latest statistics available from various research sources, in the year 2020, more than 15% of adults were physically inactive in America. Therefore, due to lack of physical activity, the risk of developing various diseases such as cardiovascular diseases which include heart attack, congenital heart disease, coronary artery disease, aorta disease, and others also increases over time. For the diagnosis of such cardiovascular diseases, ultrasound systems could be used which would help to maintain heart health. Thus, an increase in a sedentary lifestyle can increase the risk of developing cardiac-related diseases which could drive the demand for cardiovascular ultrasound systems, thereby, propelling the growth of the cardiovascular ultrasound system market.

Additionally, the rising regulatory approvals for cardiovascular ultrasound systems coupled with the rising prevalence of cardiac disease in the North America region can uplift the demand for cardiovascular ultrasound systems, which can boost the overall North America ultrasound cardiovascular system market. For instance, in October 2020, GE Healthcare, a manufacturer and distributor of diagnostic imaging devices and radiopharmaceuticals for imaging modalities used in medical imaging procedures, announced U.S. FDA 510k clearance for its ultra-edition Vivid cardiovascular ultrasound system in the United States, which contain new capabilities based on artificial intelligence (AI) that enable doctors to get quicker, more reproducible tests regularly.

Furthermore, in February 2022, Philips, a global leader in health technology, announced the FDA clearance for the United States and the launch of its point-of-care hand-held ultrasound for cardiovascular and other applications. The hand-held ultrasound system (Lumify) now has Pulse Wave Doppler which can quantify blood flow in cardiology and other applications.

Hence, due to the interplay of all the factors mentioned above, ultrasound cardiovascular system demand will increase, and this would provide a conducive growth environment for the North American region in the cardiovascular ultrasound system market.

Cardiovascular Ultrasound System Market Key Players:

Some of the key market players operating in the cardiovascular ultrasound system market include Koninklijke Philips N.V., Hitachi Ltd, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS CORPORATION, General Electric Company, ESAOTE SPA, SAMSUNGHEALTHCARE, Shenzhen Mindray Bio-Medical Electronics Co Ltd, FUJIFILM Healthcare Europe, Whale Imaging, Trivitron Healthcare, ATYS MEDICAL, Boston Scientific Corporation, CHISON Medical Technologies Co. Ltd, Narang Medical Limited, Clarius, Dawei Medical, FUJIFILM Sonosite Inc, Vave Health Inc, and among others.

Recent Developmental Activities in the Cardiovascular Ultrasound System:

In September 2022, Samsung Medison, a global medical equipment company and an affiliate of Samsung Electronics, introduced V8, a brand new, high-end ultrasound system that offers improved image quality, usability, and convenience for all medical professionals. The advanced functions from premium ultrasound systems dedicated to specific departments such as obstetrics, radiology, orthopedics, and cardiology have been implemented.

In May 2020, Royal Philips, a global leader in health technology, announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market a broad variety of its ultrasound solutions for the treatment of COVID-19-related lung and cardiac complications.

In June 2019, Esaote, a leader in the biomedical equipment sector, launched MyLab™X7 compact console system, a new cardiovascular ultrasound line in Portland, it is a high-end portable system that offers advanced cutting-edge clinical tools, optimized image quality, a remarkably simple workflow, and improved ergonomics for better, quicker, and more reliable decisions.

Key Takeaways from the Cardiovascular Ultrasound System Market Report Study

Market size analysis for the current cardiovascular ultrasound system market (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the cardiovascular ultrasound system market

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the global cardiovascular ultrasound system

Various opportunities are available for the other competitor in the cardiovascular ultrasound system market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current cardiovascular ultrasound system market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for cardiovascular ultrasound system market growth in the coming future?

Target Audience who can be benefited from this Cardiovascular Ultrasound System Market Report Study

Cardiovascular ultrasound system providers

Research organizations and consulting companies

Cardiovascular ultrasound system-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and traders dealing in the cardiovascular ultrasound system

Various end-users who want to know more about the cardiovascular ultrasound system market and the latest technological developments in the cardiovascular ultrasound system

Frequently Asked Questions for Cardiovascular Ultrasound System:

1. What is Cardiovascular Ultrasound System?

Cardiovascular ultrasounds, or echocardiograms, use ultrasound imaging to provide a picture of the heart. It is non-invasive and helps to diagnose and manage life-threatening cardiovascular diseases such as heart attack, congenital heart disease, coronary artery disease, and other diseases.

2. What is the market for Global Cardiovascular Ultrasound System?

The global cardiovascular ultrasound system market was valued at USD 1.61 billion in 2023, growing at a CAGR of 4.79% during the forecast period from 2024 to 2030 to reach USD 2.11 billion by 2030.

3. What are the drivers for the Global Cardiovascular Ultrasound System Market?

The cardiovascular ultrasound system market is witnessing positive market growth owing to the factors such as the rise in the geriatric population, the increasing incidence of cardiovascular diseases, the increase in sedentary lifestyles, and the rising regulatory approvals for cardiovascular ultrasound system

4. Who are the key players operating in the Cardiovascular Ultrasound System Market?

Some of the key market players operating in the cardiovascular ultrasound system market include Koninklijke Philips N.V., Hitachi Ltd, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS CORPORATION, General Electric Company, ESAOTE SPA, SAMSUNGHEALTHCARE, Shenzhen Mindray Bio-Medical Electronics Co Ltd, FUJIFILM Healthcare Europe, Whale Imaging, Trivitron Healthcare, ATYS MEDICAL, Boston Scientific Corporation, CHISON Medical Technologies Co. Ltd, Narang Medical Limited, Clarius, Dawei Medical, FUJIFILM Sonosite Inc, Vave Health Inc, and among others.

5. Which region has the highest share in Cardiovascular Ultrasound System Market?

North America is expected to dominate the global cardiovascular ultrasound system market. Factors contributing to the growth are the increase in sedentary lifestyle and the rising regulatory approvals for cardiovascular ultrasound system, which contributes to the growth of the cardiovascular ultrasound system market in the North America region.