Growth In Store For The Cardiovascular Ultrasound Devices Market
By Raj Shah, CEO, Coherent Market Insights Pvt. Ltd.
Cardiovascular diseases include atherosclerosis, acute myocardial infarction, congestive heart failure, cardiac arrhythmias, sudden cardiac arrest, angina, heart attack, heart failure, coronary artery diseases, heart arrhythmias, heart valve disease, and hypertension. The key factor driving growth of the global cardiovascular ultrasound market is that millions of people die from cardiovascular diseases every year.
Cardiovascular ultrasound devices consist of interventional cardiology (IC) devices, cardiac rhythm management (CRM) devices, cardiovascular monitoring and diagnostics devices, cardiovascular prosthetic devices, and cardiovascular surgery devices. A cardiovascular ultrasound is a device that checks how your heart's chambers and valves are pumping blood through your heart. It can be used to assess the function of different parts of your cardiovascular system.
Implantable pacemakers and implantable cardioverter defibrillators (ICD) are some of the devices that are used in cardiac rhythm management. Interventional cardiology, on the other hand, comprises coronary stents, percutaneous transluminal coronary angioplasty (PTCA), balloon catheters, guidewires, guiding catheters, diagnostic catheters, introducer sheaths, and intravascular ultrasound (IVUS) catheters. Cardiovascular monitoring and diagnostic devices include electrocardiography, Holter monitors, cardiac monitors, event testing monitors and ECG stress testing devices etc. Prosthetic devices include mechanical heart valves, tissue heart valves, and repair products. Cardiovascular surgery primarily includes perfusion products, synthetic vessels, endoscopic vessel harvesting (EVH), and surgical ablation, etc.
The different types of cardiovascular implants are heart valves, total artificial heart implants, ventricular assist devices, defibrillator leads, vascular grafts, stents, and electrical signal carrying devices, e.g., pacemakers, neurological leads, and others. Some of the most important cardiovascular devices include cardiac rhythm management devices, coronary stents, and heart valves.
The global cardiovascular ultrasound market is estimated to be valued at $ 1.41 billion in 2021 and is expected to exhibit a CAGR of 6.0 % over the forecast period (2021-2028). A high prevalence of cardiovascular diseases is expected to propel growth of the global cardiovascular ultrasound market over the forecast period.
North America held the dominant position in the global cardiovascular ultrasound market in 2021, accounting for a 0.43% share in terms of volume, followed by Europe and Asia Pacific.
Figure 1. Global Cardiovascular Ultrasound Market Value by Region, 2021
Access Coherent Market Insight’s Global Cardiovascular Ultrasound Market Report to view more insights.
Artificial Intelligence In Cardiovascular Ultrasound: A Key Growth Driver
The cardiovascular ultrasound market is home to better therapies and solutions due to advancements in technology. Further, due to the intense competition in the market, competitors are driven to introduce new cardiovascular monitoring devices. Also, manufacturers are emphasizing next-generation cardiovascular devices with improved design, deliverability, and conformability. Development of next-generation devices is expected to continue to drive innovation within the cardiovascular ultrasound market.
Artificial intelligence in ultrasound can help improve the quality of diagnosis. Currently, ultrasound exam image quality can vary from specialist to specialist (sonographer) and may give different results each time. AI algorithms can help guide less experienced users to perform consistent diagnostic-quality exams. However, AI needs extensive data to comprehend variations in clinical presentations. Thus, in order to train an effective AI ultrasound, large amounts of patient data are required. However, the data acquired also needs to be organized and standardized, which is a major challenge in AI development. The use of standardized registries may help overcome the issue and boost development of AI in ultrasound.
The new products launched by various healthcare equipment manufacturers can be good examples of this. For instance, in September 2021, Us2.ai, a Singapore-based medtech firm, received the FDA’s approval for Us2.v1, a completely automated cardiac ultrasound solution to measure 2D and Doppler.
Global Cardiovascular Ultrasound Market Trends
The emergence of COVID-19 led to an increase in the diagnosis of various non-communicable diseases, as these diseases increase the risk of severe illness from COVID-19. This in turn led to investment in cardiovascular information systems. For instance, in February 2021, Intelerad Medical Systems, a provider of enterprise imaging systems, acquired Lumedx, a provider of healthcare analytics and cardiovascular information systems.
Within the test type segment, the stress echocardiogram sub-segment held the dominant position in the market and accounted for a 42.0% share of the global cardiovascular ultrasound market in 2021. The segment is expected to reach $592.2 million in 2028, owing to increasing incidences of cardiovascular diseases over the forecast period.
Within the end user segment, the hospitals sub-segment held the dominant position in the market and accounted for a 45% share of the global cardiovascular ultrasound market in 2021. The segment is expected to reach $637.3 million in 2028, owing to an increasing number of patients with cardiovascular diseases.
Global Cardiovascular Ultrasound Market: Key Players
Major players operating in the global cardiovascular ultrasound market include Canon Medical Systems USA, CHISON Medical Technologies Co., Ltd., ESAOTE SPA, FUJIFILM Sonosite, Inc., GE Healthcare, Hitachi Medical Corporation, Koninklijke Philips N.V., Siemens Healthcare GmbH, Samsung Medison Co., Ltd., and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Summary
The high prevalence of cardiovascular diseases is a major factor boosting growth of the cardiovascular ultrasound market. At the same time, the market is witnessing several challenges, especially with the integration of artificial intelligence in ultrasound. The emergence of COVID-19 has led to significant investment in cardiovascular information systems.
About The Author:
Raj Shah is founder and CEO of Coherent Market Insights, a management consulting and market intelligence company headquartered in India. He is a seasoned strategy professional and business accelerator with global experience, from strategy to on-the- ground operational improvements. Over the last five years, he has extended his horizon from consumer electronics, telecom, and fintech to track various verticals of the healthcare industry.