Cardiovascular Ultrasound Market Size, Share & Trends Analysis Report By Technology (Doppler, 3/4D), By Display (Color, B/W), By End-use (Hospitals, Ambulatory Care Centers), By Type, And Segment Forecasts, 2021 - 2028

Report Overview

The global cardiovascular ultrasound market size was valued at USD 1.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. A rise in penetration of preventive medicine and increasing prevalence of Cardiovascular Diseases (CVDs) are expected to propel the market growth. The COVID-19 pandemic hampered the global market growth as outpatient imaging services were adversely affected. Cardiovascular diseases, such as coronary heart disease, heart attack, and stroke, are among the major causes of death in the U.S. Changing lifestyle has increased predisposition to CVDs. For instance, according to the CDC, in 2017, 28.2 million adults were diagnosed with heart disease in the U.S. Ultrasound technology is used to check abnormalities in the functioning of the heart, such as pumping capacity of the heart, functioning of valves, and plaque in the heart.

These devices act as important diagnostic equipment that can help in decreasing the incidence of heart attack and stroke by providing an early diagnosis. Therefore, the growing prevalence of heart problems is anticipated to drive the market over the forecast period. Cardiovascular ultrasound (CVUS) played an important tool to assess cardiovascular functions in the COVID-19 patients since any conditions related to the cardiac system increased the risk of mortality. Cardiac damage post-COVID-19 recovery is one of the major factors expected to drive the market growth.

According to an international study by New York’s Mount Sinai Hospital, two-thirds of the COVID-19 recovered patients were observed to have a cardiac structural abnormality. Cardiovascular ultrasound is being extensively used in assessing these patients. This is expected to boost the demand for new and advanced CVUS systems during the forecast period. There are different reimbursement policies related to ultrasound, globally. The U.S. used HOPPS pay technique to conclude on reimbursement policy for different types of cardiac ultrasounds.

The scope for cardiac ultrasound procedures is based on terms and conditions stipulated under an individual’s insurance plan, as there are various types of procedures like electrocardiography, transthoracic echocardiography, and 3D echocardiography. Insurance organizations have various guidelines that are used to set reimbursement rates. They can deny insurance based on predisposing factors. At times, insurance denial may be on the grounds that a specialist and insurance agency have varying treatment rationalities.

Type Insights

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 2020. The segment accounted for more than 55% of the overall revenue share in 2020. On the other hand, the fetal echocardiography segment is expected to witness the fastest CAGR of 7.3% 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.

Technology Insights

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 46% in 2020. 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.

Display Insights

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 2020. 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 7% 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.

End-use Insights

On the basis of end use, the market is segmented into hospitals, ambulatory care centers, diagnostic centers, and others. The hospitals segment accounted for the largest revenue share of more than 42.0% in 2020. Medical imaging acts as a major source of outpatient profit, therefore various mid-to-large-sized hospitals install medical imaging equipment within their premises.

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.

Regional Insights

On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America held the largest revenue share of more than 29% in 2020 owing to the improved infrastructure in healthcare facilities and the high adoption of CVUS in preventive medicine.

In the U.S., the payments for Medicare are decided on various factors including relative value units, conversion factors, and geographic practice cost indices. The Medicare comes with new regulations, which decide the reimbursement policy. The supportive reimbursement policy and regulatory framework are expected to help propel the market growth in this region over the forecast period.

However, Asia Pacific is expected to be the fastest-growing regional market at a CAGR of more than 7% over the forecast period. This growth can be credited to the increasing prevalence of chronic conditions in the region.

Key Companies & Market Share Insights

Key market players are undertaking various business strategies, such as forming strategic alliances, to expand their geographical reach and enhance product portfolios of CVUS systems. For instance, in October 2020, Royal Philips launched Ultrasound 3300 in India. The product can be used for a wide range of applications including OB/GYN, cardiovascular imaging, and general imaging. Some of the key companies operating in the global cardiovascular ultrasound market are:

• 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.

Cardiovascular Ultrasound Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global cardiovascular ultrasound market report on the basis of type, technology, display, end-use, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Transthoracic Echocardiography

  • Transesophageal Echocardiography

  • Fetal Echocardiography

  • Others

• Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • 2D

  • 3D/4D

  • Doppler

• Display Outlook (Revenue, USD Million, 2016 - 2028)

  • B/W

  • Color

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospital

  • Diagnostic Centers

  • Ambulatory Care Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE