The global cardiovascular ultrasound market size was valued at USD 2.69 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.96% from 2023 to 2030. As per the WHO studies, cardiovascular disease was the leading cause of death worldwide, accounting for an estimated 17.9 million deaths in 2019. This global burden of disease has led to an increased demand for diagnostic tools, such as cardiovascular ultrasound, to detect and monitor cardiovascular disease.
The COVID- 19 had a moderate impact on the cardiovascular ultrasound market the pandemic has led to a decrease in non-urgent medical procedures, including cardiovascular ultrasound exams. This is due to several factors, such as healthcare facility closures, reduced availability of healthcare personnel, and the need to prioritize resources for the patients.
However, the pandemic has led to an increased demand for telemedicine and remote monitoring, which has increased the need for portable and handheld ultrasound devices. Furthermore, the pandemic has highlighted the importance of non-invasive diagnostic tools, such as cardiovascular ultrasound, in the diagnosis and management of COVID-19-related cardiovascular complications. Several studies have shown that COVID-19 patients may experience cardiovascular complications, such as myocarditis and thromboembolism, which can be detected and monitored using cardiovascular ultrasound.
According to data from the (CMS), the number of Medicare beneficiaries receiving cardiovascular ultrasound services has been steadily increasing over the past decade. For instance, in 2010, there were approximately 2.4 million cardiovascular ultrasound services provided to Medicare beneficiaries. By 2019, that number had increased to over 3.4 million.
Additionally, advancements in technology, such as 3D and 4D imaging, are improving the accuracy and efficiency of cardiovascular ultrasound exams, making it an attractive option for healthcare providers globally. The non-invasive nature of cardiovascular ultrasound is also a factor in its increasing popularity, as it is a safer and more comfortable option for patients compared to invasive procedures.
On the basis of type, the global market has been segmented into transthoracic echocardiography, transesophageal echocardiography, fetal echocardiography, and others. The transthoracic echocardiography segment led the global market in 2022. The segment accounted for more than 55% of the overall revenue share in 2022. On the other hand, the fetal echocardiography segment is expected to witness the fastest CAGR of 4.68% during the forecast period.
A fetal echocardiogram is one of the pregnancy tests, which is performed in the second trimester to check whether all four chambers of the heart are developed in the fetus. It allows visualizing the structure of the unborn child’s heart. Increasing levels of awareness about fetus health are driving the growth of this segment.
Based on technology, the market is segmented into 2D, 3D/4D, and Doppler ultrasound systems. Doppler is the most preferred system as they provide sharp images in a shorter time and the segment accounted for the maximum revenue share of over 42.5% in 2022. The technique is gaining prominence in developing countries, such as India and China, owing to the increasing penetration of technologically advanced systems in these countries.
Doppler echocardiography helps measure blood flow within the heart without using any invasive methods. In addition, workshops conducted for Doppler echocardiography are expected to boost its adoption. For instance, in March 2019, Radcliffe Cardiology conducted a workshop on 2D and Doppler echocardiography in Vail. It covered topics, such as the use of the Doppler method for hemodynamics & cardiac function and its application in hemodynamics, including in valvular heart disease. Therefore, advancements in Doppler technology to enhance cardiac imaging are expected to boost the overall segment growth.
On the basis of display, the market is segmented into Black and White (B/W) and color ultrasound systems. The color systems segment accounted for the highest revenue share of more than 88% in 2022. This is because color systems are mostly preferred over B/W due to the clarity of images offered by these systems. In addition, color cardiovascular ultrasound helps in better diagnosis. Hitachi has a series of color systems, which are available across the globe.
Due to all these factors, the color systems segment is also anticipated to register the fastest CAGR of around 5.31% over the forecast period. B/W systems can be used with 2D, 3D/4D, and Doppler ultrasound devices. Many leading companies, such as Siemens Healthcare and Philips Healthcare, have B/W devices. These devices are used in health centers with budget constraints to shift to the color mode.
Based on end-use, the market is segmented into hospitals, ambulatory care centers, diagnostic centers, and others. The hospitals’ segment accounted for the highest revenue share of more than 45.8% in 2022. Owning to an increase in healthcare expenditure and increasing cardiovascular patients across the globe. Ambulatory care centers are expected to grow at the fastest CAGR of 5.94%.
The majority of large-scale hospitals have their own medical imaging facilities. However, medical imaging facilities are high-maintenance and require heavy investments, large space, and skilled professionals. These factors increase the financial burden on hospitals in managing such facilities. Hence, hospitals prefer partnering with diagnostic centers for medical imaging facilities. This helps in cost-saving, especially in small- and mid-sized hospitals.
North America dominated the global market and accounted for a revenue share of 29.1% in 2022. This is attributed to cardiovascular disease which is one of the leading causes of death in the region, with conditions such as coronary artery disease, hypertension, and heart failure affecting a significant proportion of the population. This has led to a greater demand for diagnostic tools, such as cardiovascular ultrasound, to assess and monitor cardiovascular health.
The Asia Pacific region is expected to grow at the fastest CAGR of 5.37% owning to advancements in technology that have made cardiovascular ultrasound machines more accurate, efficient, and accessible. Additionally, economic growth in the region has led to an expansion of the middle class and increased healthcare spending. This has led to greater demand for advanced medical technologies, including cardiovascular ultrasound.
To expand their global reach and improve their product portfolios for CVUS systems, major market participants are implementing a variety of business tactics, such as creating strategic alliances. Some of the prominent players operating in cardiovascular ultrasound market include:
GE Healthcare
Koninklijke Philips
Siemens Healthineers AG
Hitachi Medical Corp.
Samsung Medison Co. Ltd.
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray)
Chison Wuxi Xiangsheng Medical Technology Co., Ltd.
Fujifilm Sonosite, Inc.
Report Attribute |
Details |
Market size value in 2023 |
USD 2.85 billion |
Revenue forecast in 2030 |
USD 4.01 billion |
Growth rate |
CAGR of 4.96% from 2023 to 2030 |
Base year for estimation |
2022 |
Actual estimates/Historic data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Report updated |
April 2023 |
Quantitative units |
Revenue in USD & CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors & trends |
Segments covered |
Type, technology, display, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; and MEA |
Country scope |
U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; South Korea; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait |
Key companies profiled |
GE Healthcare; Koninklijke Philips; Siemens Healthineers AG; Hitachi Medical Corp.; Samsung Medison Co. Ltd.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray); Chison Wuxi Xiangsheng Medical Technology Co., Ltd.; Fujifilm Sonosite, Inc. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030 of the global cardiovascular ultrasound market report on the basis of type, technology, display, end-use, and region:
Type Outlook (Revenue, USD Million, 2018 - 2030)
Transthoracic Echocardiography
Transesophageal Echocardiography
Fetal Echocardiography
Others
Technology Outlook (Revenue, USD Million, 2018 - 2030)
2D
3D/4D
Doppler
Display Outlook (Revenue, USD Million, 2018 - 2030)
B/W
Color
End-use Outlook (Revenue, USD Million, 2018 - 2030)
Hospital
Diagnostic Centers
Ambulatory Care Centers
Other
Regional Outlook (USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Denmark
Sweden
Norway
Asia Pacific
China
Japan
India
South Korea
Australia
Thailand
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
b. The global CEUS market size was estimated at USD 1.8 billion in 2020 and is expected to reach USD 2.06 billion in 2021.
b. The global CEUS market is expected to grow at a compound annual growth rate of 4.0% from 2021 to 2028 to reach USD 2.71 billion by 2028.
b. North America dominated the CEUS market with a share of 29.1% in 2020. This is attributable to the high adoption of preventive medicine and improved infrastructure in healthcare facilities.
b. Some key players operating in the CEUS market include Philips; GE Healthcare, Inc.; Hitachi; Fujifilm Medical Systems; Siemens Healthcare; and Canon Medical Systems Corporation.
b. Key factors that are driving the CEUS market growth include the increasing prevalence of cardiovascular disease across the globe along with a rise in the penetration of preventive medicine.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
ESOMAR & Great Work to Place Certified
ISO 9001:2015 & 27001:2022 Certified
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.
"The quality of research they have done for us has been excellent."
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.