Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market Size By Application (Electrophysiology Procedures, Left Atrial Appendage Closure, Septal Defects), By End-use (Hospitals, Catheterization Laboratories), Industry Analysis Repor

Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market Size By Application (Electrophysiology Procedures, Left Atrial Appendage Closure, Septal Defects), By End-use (Hospitals, Catheterization Laboratories), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2028

The intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) market is projected to expand significantly by 2028 owing to burgeoning incidences of cardiac diseases around the world.

The intracardiac echocardiography (ICE) method does not require general anesthesia and is better tolerated by patients, making it the most preferred form of real-time imaging solution. It is an innovative imaging modality that allows for continuous monitoring of catheter location within the heart, high-resolution real-time visual analysis of cardiac structures, and early detection of procedural complications. Rising patient preference for minimally invasive procedures has augmented market growth over the past few years.

Furthermore, industry participants have been engaging in profitable strategies to tap into emerging trends in the market, thereby strengthening the global business outlook. For instance, in October 2021, Boston Scientific Corporation, a global medical devices manufacturer, announced the acquisition of Baylis Medical Company Inc., a leading medical devices company. The deal enabled Boston Scientific to broaden its structural heart and electrophysiology product portfolios.

The intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) market has been segmented on the basis of end-use, application, and region. From the application point of view, the market has further been categorized into left atrial appendage closure, septal defects, electrophysiology procedures, and others.

The others sub-segment is expected to witness robust growth by 2028, progressing at a CAGR of more than 4.9% through the assessment period owing to growing product uptake to prevent procedural complications. Widespread adoption of advanced imaging modalities to cater to escalating demand for minimally invasive procedures is likely to drive segmental expansion in the coming time period. Moreover, intravascular ultrasound and intracardiac echocardiography provide real-time visualization in complex interventional procedures, which is also set to fuel market development.

In terms of end-use, the intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) market has been bifurcated into catheterization laboratories, hospitals, and others. In 2021, the others sub-segment accounted for a revenue share of nearly 12.3% and is slated to showcase sturdy growth over 2022-2028. Increase in funding activities is leading to the expansion of specialty facilities, such as ablation and cardiac centers, which is estimated to boost product uptake. Additionally, rising patient preference for ICE and IVUS services is projected to support segmental development over the forthcoming years.

On the regional front, the Latin America intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) market is poised to expand steadily at a CAGR of more than 3.9% over the review period on account of surging demand for innovative imaging modalities to cater to the growing diseases burden. Ongoing business expansion strategies by leading players in emerging countries across LATAM, coupled with the developing healthcare infrastructure, are speculated to further bolster regional market growth.