The global cardiovascular ultrasound systems market was expected to register a CAGR of 5.9% over the forecast period.
The COVID-19 has a profound impact on the cardiovascular imaging system in 2020. The factor negatively impacting the studied market is the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients.
However, patients with underlying heart disease are at higher risk of severe illness for COVID-19. In Such Patients, diagnostic ultrasound can and is being used to diagnose COVID-19 in patients. Ultrasound of the heart, which can be performed at the bedside, has become a key tool for clinicians while treating and monitoring COVID-19 patients. The risk of contamination and nosocomial spreading associated with the usage of the standard diagnostic tools such as stethoscope and radiology imaging systems in the management of COVID -19, has contributed to the rising demand of pocket-sized cardiovascular ultrasound systems changing the dynamics of these market space.
The major factors for the growth of the cardiovascular ultrasound system market include - the increasing incidence of cardiovascular diseases (CVDs), rise in technological advancements, and advantages of echocardiography over invasive cardiac diagnostic procedures.
Cardiovascular diseases (CVD) remain a substantial cause of morbidity and mortality in the developed world and are becoming an increasingly important cause of death in developing countries as well. As per the 2020 updates of World Health Organization, ischemic heart disease, responsible for 16% of the world's total deaths. Since 2000, the largest increase in deaths has been for ischemic heart disease, rising by more than 2 million to 8.9 million deaths in 2019. Consequently, the increase in the number of cardiovascular diseases has increased the demand for cardiovascular ultrasound system for the diagnosis.
Technological advancement such as artificial intelligence is having a significant positive impact on cardiology with improved capabilities to diagnose certain heart conditions. For instance, in October 2020, GE Healthcare received the US FDA 510k clearance for its ultra edition package of vivid cardiovascular ultrasound systems, which includes new features based on artificial intelligence (AI) that enable clinicians to acquire faster, more repeatable exams consistently.
However, factors such as unfavorable reimbursement scenario and economic impact of adopting new technologies is impeding the studied market growth over upcoming period.
Key Market Trends
2D Ultrasound Imaging Segment is Expected to be Fastest Growing Segment Over the Forecast Period
The COVID-19 has impacted the production of 2D cardiovascular ultrasound systems in 2020. Furthermore, the delay of elective procedures, due to COVID-19-related measures, has adversely affected the cardiovascular medical devices market especially in the year 2020. While some cardiovascular procedures are considered urgent, others have been postponed and delayed since the beginning of the global pandemic. Hence, lifestyle changes and medication can be temporarily prescribed instead of cardiovascular procedures for some patients. Another factor negatively impacting the verticle is the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients.
2D ultrasound imaging is also known as B-mode echography or sonography. It displays a 2D map of B-mode data and is currently the most common form of cardiac ultrasound imaging used, worldwide. It uses multiple transducers. It enables the generation of multiple images of the field or frames every second on the screen, giving an illusion of movement. It is primarily used to measure cardiac chamber dimensions, assess valvular structure and function, and improve the accuracy of interpretation of Doppler modalities.
2D ultrasound is one of the most common forms of technology used. However, it has disadvantages, like low resolution, distortion of ultrasound wave resulting in inaccurate images, view of the internal bone structure, and regional placement.
Moreover, technological advancements, like Doppler imaging and 3D/4D ultrasound imaging, are expected to affect the global 2D imaging market during the forecast period.For instance, in October 2020, Royal Philips launched the Ultrasound 3300, a new innovative ultrasound series tailored for general Imaging and cardiovascular Imaging procedures. Such product advancement will boost the vertical growth over upcoming years.
North America is Expected to Dominate the Market Over the Forecast Period and Expected to Do the Same
North America is anticipated to lead the market owing to the high adoption of ultrasound modality in general diagnostics and the rising prevalence of lifestyle-associated chronic diseases. Also, the high demand for technologically advanced medical devices is expected to propel market growth in the region.
According to the American Heart Association Research Report 2018, Heart disease accounts for 1 in 7 deaths in the United States. Coronary Heart Disease is the leading cause (43.8%) of deaths attributable to cardiovascular disease in the United States, followed by stroke (16.8%), heart failure (9.0%), high blood pressure (9.4%), diseases of the arteries (3.1%), and other cardiovascular diseases (17.9%). This scenario is leading to a higher demand of cardiovascular ultrasound systems for better diagnosis which will be driving the market in the United States.
Furthermore, supportive awareness initiatives for disease awareness are projected to support the market for cardiovascular devices in the North American region. For instance, In 2020, Mexico has joined the HEARTS initiative to strengthen primary health care for CVD. Promoted by the Pan American Health Organization/ World Health Organization (PAHO/WHO), the initiative aims to improve the prevention and control of hypertension at the primary care level.
The market studied is moderately consolidated, owing to the presence of many small and large market players. Some of the market players are Canon Medical Systems, Chison, Esaote SpA, GE Healthcare, Hitachi Medical Corporation, Koninklijke Philips NV, KPI Healthcare Inc., Samsung Healthcare, Siemens Healthcare, and Whale Imaging. Regional and service portfolio expansions and mergers and acquisitions are key strategic undertakings adopted by these players.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Increasing Incidence of Cardiovascular Diseases (CVDs)
- 4.2.2 Rise in Technological Advancements
- 4.2.3 Advantages of Echocardiography over Invasive Cardiac Diagnostic Procedures
- 4.3 Market Restraints
- 4.3.1 Unfavorable Reimbursement Scenario
- 4.3.2 Economic Impact of Adopting New Technologies
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Test Type
- 5.1.1 Transthoracic Echocardiogram
- 5.1.2 Transesophageal Echocardiogram
- 5.1.3 Stress Echocardiogram
- 5.1.4 Other Test Types
- 5.2 By Technology
- 5.2.1 2D
- 5.2.2 3D and 4D
- 5.2.3 Doppler Imaging
- 5.3 By Device Display
- 5.3.1 Color Display
- 5.3.2 Black and White (B/W) Display
- 5.4 By End User
- 5.4.1 Hospitals
- 5.4.2 Ambulatory Centers
- 5.4.3 Other End Users
- 5.5 Geography
- 5.5.1 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 188.8.131.52 Mexico
- 5.5.2 Europe
- 184.108.40.206 Germany
- 220.127.116.11 United Kingdom
- 18.104.22.168 France
- 22.214.171.124 Italy
- 126.96.36.199 Spain
- 188.8.131.52 Rest of Europe
- 5.5.3 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 Japan
- 18.104.22.168 India
- 22.214.171.124 Australia
- 126.96.36.199 South Korea
- 188.8.131.52 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 184.108.40.206 GCC
- 220.127.116.11 South Africa
- 18.104.22.168 Rest of Middle East and Africa
- 5.5.5 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Canon Medical Systems
- 6.1.2 Chison
- 6.1.3 Clarius Mobile Health
- 6.1.4 Esaote SpA
- 6.1.5 GE Healthcare
- 6.1.6 Hitachi Medical Corporation
- 6.1.7 Kalamed Medical System
- 6.1.8 Koninklijke Philips NV
- 6.1.9 KPI Healthcare Inc.
- 6.1.10 Medisono Llc
- 6.1.11 Samsung Healthcare
- 6.1.12 Shenzhen Biocare Bio-Medical Equipment Co., Ltd.
- 6.1.13 Siemens Healthcare GmbH
- 6.1.14 Whale Imaging
7 MARKET OPPORTUNITIES AND FUTURE TRENDS