Intravascular Ultrasound Market Size, Share & Trends Analysis Report By Modality (iMAP, Virtual Histology), By Product (Consoles, Accessories), By End-use (Hospitals, Diagnostic Imaging Centers), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global intravascular ultrasound market size was valued at USD 771.9 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. The rising demand for effective diagnostic cardiovascular imaging techniques due to a rise in the incidence of cardiovascular diseases (CVDs) is one of the high impact-rendering factors resulting in greater adoption of intravascular ultrasound (IVUS) devices. According to the WHO, CVD is the leading cause of death worldwide, which accounts for about 17.9 million deaths per year. Furthermore, the rising demand for minimally invasive surgical procedures and new product launches is anticipated to boost the overall industry growth.

For instance, in December 2021, Philips expanded its ultrasound portfolio with new robust imaging capabilities and features for cardiology. This is expected to boost diagnostic confidence and workflow effectiveness. IVUS is an efficient intravascular imaging modality since this technology goes beyond many of the drawbacks of angiography, which uses x-ray technology to create a 2-Dimensional (2D) lumenogram of a 3-Dimensional (3D) structure. IVUS assesses from within the vessel rather than from the outside as with angiography. The demand for advanced and accurate medical imaging is increasing, leading to the rapid development of advanced & digital ultrasound devices integrated with Artificial Intelligence (AI).

For instance, in March 2021, GE Healthcare announced a portable Point-of-Care Ultrasound Device (POCUS) called Venue Fit, in addition to an industry-first AI tool for cardiac imaging. Furthermore, the increasing image output quality is expected to improve diagnostic accuracy in the early stages of diseases. This is a major step toward treating and curing several life-threatening diseases, including cardiovascular ailments. Governments in developing economies, such as India and China, are increasing their focus on providing cost-effective medical imaging solutions by adapting various imaging technologies including telemedicine.

COVID-19 impact: Around 40% Covid recovered patients develop some kind of cardiovascular condition, hence increasing the demand

The rising incidence of CVDs is further expected to boost industry growth. Unhealthy eating habits, inactivity, and increased consumption of tobacco products & alcohol are the primary risk factors for heart disease and stroke. Individuals may experience high blood pressure, higher blood glucose, and higher blood lipids, as well as increased weight and obesity as a result of behavioral risk factors. According to the Centers for Disease Control and Prevention (CDC), each year, about 805,000 Americans experience a heart attack; 605,000 of those heart attacks are the first ones and 200,000 occur in individuals who have already experienced one, and 1 in 5 heart attacks are silent.

Modality Insights

The virtual histology IVUS modality segment is a traditional method of intravascular ultrasound. The segment dominated the global industry in 20022 and accounted for the maximum share of more than 61.10% of the overall revenue. The segment is expected to continue its dominance throughout the forecast period. This technique employs radiofrequency ultrasound backscatter data to identify the components of plaque, including NC, calcification, fibrous tissue, and fibrofatty tissue.

Thus, it is best known for the characterization of tissues. The iMap segment, on the other hand, is anticipated to register the fastest growth rate during the forecast period. Coronary plaque is divided into four components by iMap-IVUS: fibrotic, lipidic, necrotic, and calcified. Similar to VH-IVUS, iMap can be used to identify high-risk plaques and anticipates adverse effects from PCI, such as sluggish flow. This technique makes use of the ultrasonic backscatter signal to characterize plaque morphology or tissue in greater detail and to shed light on the characteristics of vulnerable plaque.

Product Insights 

The accessories product segment dominated the global intravascular ultrasound (IVUS) market in 2022 and accounted for the maximum share of more than 61.55% of the overall revenue. The segment is projected to expand further at the fastest CAGR and maintain its dominant industry position throughout the forecast period. This segment is sub-segmented into catheters, guidewires, and others. Accessories, such as guidewires, allow real-time viewing of organ movement.

Guidewires are used in procedures, such as angiograms, cardiac surgeries, and stent placements. An increase in the volumes of angiogram procedures is expected to boost the growth of this sub-segment. The catheters sub-segment held the largest revenue share of the accessories segment as catheters form a crucial component of an IVUS test. The increasing incidence of coronary heart disease is anticipated to further propel the growth of the catheters sub-segment. For instance, in the U.S., heart disease claimed the lives of almost 697,000 people in 2020, accounting for 1 in 5 fatalities.

End-use Insights

Based on end-uses, the global industry has been further segmented into hospitals, diagnostic imaging centers, and academic and research institutes. Hospitals held the largest market share in 2022. The number and type of ultrasound studies performed at the hospital facility are higher compared to any other end-user. Mid- to large-sized hospitals install medical imaging equipment within the premises as this can be a major source of outpatient profits. Therefore, the higher utilization rate of ultrasound, coupled with a large patient base, has contributed to this segment’s largest market share.

The diagnostic imaging centers segment is expected to register the fastest growth rate over the forecast period. The majority of large-scale hospitals have their own medical imaging facilities. However, medical imaging facilities require investment, space, skilled professionals, and high maintenance charges. This increases the financial burden on hospitals in managing these facilities. Therefore, for medical imaging facilities, hospitals prefer to collaborate with diagnostic centers. This helps small- and medium-sized hospitals to reduce overall expenses. Hence, a growing number of partnerships between hospitals and diagnostic centers is expected to drive segment growth.

Regional Insights

 North America dominated the global industry in 2022 and accounted for the maximum share of more than 45.40% of the overall revenue. The segment is projected to expand further at a steady growth rate over the forecast period. This can be attributed to several factors, such as increased adoption of ultrasound technology in primary care settings, improved accessibility, and high healthcare spending in countries with efficient reimbursement policies.

Technological innovations and the growing incidence of chronic conditions are also anticipated to drive the growth of the regional market. On the other hand, Asia Pacific is expected to register the fastest growth rate during the forecast period on account of the supportive government initiatives for improving the healthcare infrastructure in the region. Furthermore, economic development in countries, such as India and China, is expected to facilitate the growth of this region. The presence of a large population pool with low per capita income levels has led to a high demand for affordable treatment options, which will also contribute to regional market growth.

Key Companies & Market Share Insights

The key players are focusing on growth strategies, such as new product launches, expansion, collaborations, partnerships, and acquisitions. For instance, in August 2020, Philips launched Affiniti CVx a cardiovascular ultrasound system. The solution is designed to help cardiology departments provide better care to more patients with enhanced efficiency and throughput. Some of the prominent players in the global intravascular ultrasound market include:

• Canon Medical Systems Corp.

• Boston Scientific Corp.

• GE Healthcare

• Philips

• Siemens Healthcare

• Hitachi

• Mindray Medical International Ltd.

• Fujifilm Corp.

• Samsung Medison

• Chison Medical Technologies

Intravascular Ultrasound Market Report Scope

Global Intravascular Ultrasound Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global intravascular ultrasound market report based on modality, product, end-use, and region:

• Modality Outlook (Revenue, USD Million, 2018 - 2030)

  • Virtual Histology IVUS

  • iMap IVUS

  • Integrated Backscatter IVUS

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Consoles

  • Accessories

    • Catheters

    • Guidewires

    • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Imaging Centers

  • Academic & Research Institutes

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Italy

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE