Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market Analysis And Forecast To 2031: By Application (Electrophysiology Procedures, Left Atrial Appendage Closure, Septal Defects), By End-use (Hospitals, Catheterization Laboratories

Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market Analysis And Forecast To 2031: By Application (Electrophysiology Procedures, Left Atrial Appendage Closure, Septal Defects), By End-use (Hospitals, Catheterization Laboratories), And Region

The global intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) market was valued at USD 804.2 Million in 2021 and it is anticipated to grow up to USD 1,275.4 Million by 2031, at a CAGR of 4.7% during the forecast period.

Intracardiac echocardiography (ICE) is considered as advanced imaging system, enabling physicians in high-resolution conception of cardiac tissues, real-time monitoring of catheter positioning and early identification of procedural difficulties. Whereas intravascular ultrasound (IVUS) makes use of transducer/probe to create sound waves and yield pictures of the internal structure of blood vessels.

Market Trends and Drivers

Technological advancements are anticipated to strengthen the industry growth potential. The market growth is highly attributable to novel product launches. For instance, several industry players are currently focusing on the development of devices that can support both ICE and IVUS used in peripheral artery and coronary artery interventions for the visualization of stent positioning. Further, these advancements have transformed ICE imaging capabilities from 2D echo to 3D and further to 4D echo. As processing speed and computing power increases, ICE systems can process large volume of data to reconstruct the images in real time. Thus, with continued product innovations, the intracardiac echocardiography and intravascular ultrasound market will foresee tremendous growth opportunities.

Market Restraints and Challenges

The key restraints in the Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) market are the lack of skilled operators and the high cost of the devices. The lack of skilled operators is a result of the lack of training opportunities and the lack of awareness of the benefits of ICE and IVUS. The high cost of the devices is a result of the high cost of the technology and the lack of insurance reimbursement.

Global Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market Segmental Overview

The report analyses the global intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) market based on application, end-user, and region

Global Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market by Application

Based on application segment, the intracardiac echocardiography and intravascular ultrasound market is segmented into electrophysiology procedures, left atrial appendage closure, septal defects and others. The septal defects segment accounted for significant market share in 2021. Product innovations and proven efficacy of novel devices is influencing the adoption of ICE technology as alternative to conventional technology i.e., transoesophageal echocardiography used to treat septal defect disorders. Moreover, ventricular septal defects and atrial septal defects are congenital disorders that might cause problems in the future. With advanced echocardiography using the ICE systems, treatment and visibility of septal structure can be improved. Thus, with continuous developments providing the ease in procedure, the segment will hold significant market share in coming years.

Global Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market by End-user

The intracardiac echocardiography and intravascular ultrasound market based on end-use is segregated into hospitals, catherization laboratories, and others. The catherization laboratories segment held lucrative revenue share in 2021. Improving healthcare infrastructure and spending on expansion of cardiac catheterization laboratories in developing countries is estimated to stimulate the segmental growth rate. Additionally, penetration of market players with advanced ICE and IVUS devices in developed countries along with spending on cutting-edge technologies will augment the product adoption rate in facilities.

Geographical Analysis of Global Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2021, North America held more than significant market share. Rapid adoption of efficient imaging modalities in catheterization laboratories and faster expansion of specialty cardiac centers are expected to impel the regional market outlook. Moreover, increasing prevalence of cardiac rhythm disorders with preference for minimally invasive procedures is projected to enhance the regional industry statistics. As per the data published by the American College of Cardiology in 2021, each year peripheral artery disease (PAD) affects more than 8.5 million individuals in America. Hence, larger patient population benefits the adoption of ICE and IVUS in North America region during the forecast period.

Major Players in the Global Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market

The key players in the market

COVID-19 Impact

The COVID-19 pandemic emerged as a global health crisis and inflicted notable disease burden & financial adversities on several sectors of the global economy. Multiple sectors including the healthcare industry have foreseen significant transitions during the first half of 2020. This has resulted in delay or postponing several medical procedures. However, despite these developments, the COVID-19 pandemic had a positive impact on the intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) market growth.

Some countries are continuously witnessing increase in COVID-19, preventive strategies, maximized vaccination coverage and expansion of healthcare resources has minimized the intensity of negative impact on market sales in 2021. Thus, the abovementioned factors favoured market growth during 2021 and the market is anticipated to foresee tremendous growth in the demand for ICE and IVUS technologies in future.

Recent Developments

• In July 2021, Philips introduced its new real-time 3D intracardiac echocardiography (ICE) catheter, VeriSight Pro. This product launch benefits the business growth of the company and helps to increase its market share in global market.
• In February 2020, Conavi Medical Inc. with Japan Lifeline announced the product clearance for Novasight Hybrid intravascular imaging system, by the Ministry of Health, Labor and Welfare (MHLW) in Japanese market. This has strengthened its market footprint in the Asia.
• In December 2020, Hitachi acquired Kurt and Kurt, a medical diagnostic system provider to extend its businesses in Turkey.

Frequently Asked Questions

Q1. How big is the intracardiac echocardiography and intravascular ultrasound market?Ans. The global Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market size was USD 804.2 Million in 2021 and is anticipated to reach USD 1,275.4 Million in 2031, growing at a rate of 4.7% from 2022 to 2031.Q2. What is the Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market growth rate?Ans. The growth rate of the Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market is 4.7%Q3. Which rgion holds a major market share for the intracardiac echocardiography and intravascular ultrasound market?Ans. North America holds a major market share of the Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market in 2021.Q4. Which segment accounted for the largest Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market share?Ans. By end-use, the hospitals segment accounted for the largest Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market share.Q5. Who are the key players in the intracardiac echocardiography and intravascular ultrasound market?Ans. The global Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market report includes players such as Q6. What are the factors driving the Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market growth?Ans. The major factors driving the growth of the market are increasing preference of minimally invasive cardiac surgery procedures coupled with technological advancements and introduction of innovative devices.Q7. What are the key growth strategies of Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market players?Ans. The key growth strategies of Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market during the forecast period.

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