Echocardiography Market Size, Share & Industry Analysis, By Device Type (Cart Based and Handheld), By Test Type (Transthoracic Echocardiography, Transesophageal Echocardiography, Stress Echocardiography, and Others), By Technology (2D, 3D & 4D, and Doppler Imaging), By End-user (Hospitals & ASCs, Diagnostic Centers, and Others), and Forecast, 2024-2032

The global echocardiography market size was valued at USD 1.84 billion in 2023. The market is projected to grow from USD 1.98 billion in 2024 to USD 3.48 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period(2024-2032). North America dominated the global echocardiography market with a market share of 25.% in 2023.

Echocardiography, also called an echo or cardiac ultrasound, uses sound waves to generate pictures of the heart to detect the presence of any cardiovascular disease. This device is used to identify blood clots and study the working of the heart's chambers and valves. Different cardiac ultrasound tests are transthoracic, transesophageal, and stress cardiac ultrasound used for various diagnostic procedures. The most commonly used diagnostic test for detecting cardiac disorders is transthoracic cardiac ultrasound due to its non-invasive nature.

The global echocardiography market growth is because of the rising prevalence of heart related disorders, demand for non-invasive procedures, and high efficiency associated with an echocardiogram.

• According to the British Heart Foundation data published in 2022, around 1.5 billion people in the U.K. have been diagnosed with atrial fibrillation.

During COVID-19, the market experienced a decline in its growth. Fewer patients visiting the clinics and hospitals for cardiovascular disease diagnosis and treatment and the postponement of non-emergency procedures were responsible for the decline. The global market experienced a decline of -8.3% in 2020 as compared to the past year. During this period, non-COVID-19-related diagnostic procedures were considered low-priority, which caused a significant decrease in the testing volume of cardiovascular disorders.

Furthermore, less demand of these devices led to a decline in the revenue generated by market players through these products.

• For example, FUJIFILM Holdings Corporation revenue was USD 19,966.3 million in 2020 with a decline of -5.3% as compared to 2019. The decrease in sales of imaging solutions altered the growth in company's revenue although sales in the medical systems business increased.

However, the market experienced a significant recovery in 2021 due to the release of lockdown restrictions, mass vaccinations, and increased cases of heart diseases.

Echocardiography Market Trends

Incorporation of AI and Other Advanced Technologies in Echocardiography Devices to Aid Market Growth

Echocardiography is one of the most important and crucial diagnostic tests for the clinical diagnosis of cardiovascular diseases. There has been a steady R&D in these devices to make it function better and get the best out of the diagnostic test. Major players are constantly investing in R&D to launch new products with the latest technology in the market. The development of virtual reality technology helps in editing echocardiogram images in 3D view, used by the physicians to pre-plan any procedures using this technology. Thus, demand for AI integration, new point-of-care devices, and pocket-sized cardiac ultrasound devices, is increasing among healthcare professionals.

• For instance, in December 2021, Koninklijke Philips introduced an AI-driven auto-measure application in its EPIQ CVx and Affiniti CVx ultrasound systems to deliver quick and consistent measurements, reducing the time by half to the manual methods. Thus, the launch of such technological advancements by market players is expected to boost the adoption of technologically advanced devices during the forecast period.


• Furthermore, in November 2020, Konica Minolta Healthcare Americas Inc. and DiA Imaging Analysis Ltd. had come together to announce the extended categorization of LVivo Cardiac ultrasound Artificial Intelligence (AI) Toolbox on the Exa Cardio PACS platform.


• In July 2021, Philips Healthcare came up with the company's novel real-time 3D Intracardiac Echocardiography (ICE) catheter. It is a minimally invasive heart operative device. This probe is passed through the patient’s throat and into their esophagus till it is positioned next to the heart. This procedure is carried out with general anesthesia.

Furthermore, artificial intelligence is transforming echocardiography by boosting diagnostic accuracy, optimizing clinical workflow, and improving patient care. AI provides unparalleled efficiency and reproducibility, making it a valuable tool to address the increasing global demand for echocardiography. Due to all the benefits offered by AI, several market players are partnering to develop AI algorithms for the detection of cardiovascular diseases.

• For instance, in January 2024, Ultromics collaborated with Pfizer Inc. to receive U.S. FDA clearance for its EchoGo Amyloidosis algorithm, which already received the medical device designation.

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Echocardiography Market Growth Factors

Rising Burden of Heart Related Disorders to Fuel the Demand for Echocardiography

The burden of heart related disorders such as heart arrhythmias, heart valve disease, heart failure, and pericardial disease has been rising at a significant speed.

This is directly proportional to the urban standard of living. This is also coupled with other factors such as lack of physical activity, having a diet present with high saturated fat, trans fat, and cholesterol. Increase in sedentary lifestyle, which includes the consumption of tobacco and alcohol also tends to elevate the risk of heart disease.

• According to the data published by CDC in 2022, every year, about 805,000 people in the U.S. suffer from heart attack. Out of these, 605,000 are the cases of a first heart attack.

More than half of all the deaths across Europe are due to cardiovascular disease. For instance, as per an article by Springer Nature Limited, in 2021, more than 60.0 million potential years of life are estimated to be lost to CVD in Europe every year.

Unhealthy lifestyles such cigarette smoking and diet rich in unsaturated fat, and cholesterol increase the risk for heart related disorders.

• In July 2020, as per the research study published by NCBI, 30.0% of coronary heart disease has been caused by smoking, leading to increasing angioplasty surgeries and fueling the market growth.

The market is expected to experience a significant growth rate due to such a high prevalence of heart diseases during the forecast period.

In addition, rising awareness about the importance of early detection and diagnosis of cardiovascular diseases has spurred an increase in the number of screening programs and preventive healthcare efforts. Several government agencies are initiating awareness programs to protect the lives of individuals impacted by heart diseases.

• For instance, as per data provided by the U.S. Department of Health and Human Services in February 2024, the Centers for Disease Control and Prevention and the Centers for Medicare & Medicaid Services co-led Million Hearts, a nationwide initiative to decrease the rate of myocardial infarction and cardiac strokes by 2027.

Advantages over Other Cardiac Diagnostic Procedures are Fueling the Adoption of these Devices Globally

During the examination and evaluation of chest pain, blood clot, heart attack, coronary artery disease, and other heart-related disorders doctors can recommend blood tests and cardiac catheterization. These are invasive procedures. Cardiac catheterization requires longer hospital stay and there are certain side effects such as bleeding, blood clots, artery damage, heart attack, and others associated with the procedure. Due to these reasons, doctors tend to limit the use of this procedure for cardiac diagnosis.

Other types of cardiac diagnosis include nuclear cardiac stress test, Magnetic Resonance Imaging (MRI), cardiac ultrasound, and Coronary Computed Tomography Angiogram (CCTA). Echocardiography is a non-invasive diagnostic procedure providing information regarding the cardiac functioning and hemodynamics. It is the most frequently used cardiovascular diagnostic test after electrocardiography and chest X-ray.

Recently, the adoption of these devices in hospitals and diagnostic centers has increased. This is attributed to the fact that there are minimal or no risks involved with echocardiograms as compared to other diagnostic procedures that use radiation to produce results.

Moreover, patients with a history of heart failure also benefit from regular monitoring with these heart disease diagnostics. Echocardiograms are also used in regular nursing of patients undergoing cancer treatment in which there is a risk of cardiotoxicity.

Such advantages and applications associated with the use of echo devices has been fueling its adoption and is expected to positively impact the market’s growth during the forecast period.

RESTRAINING FACTORS

Certain Challenges Linked with the Use of Echocardiography Devices can Limit its Adoption

Echocardiogram are more effective and less harmful as compared to other cardiac diagnostic procedures. This is responsible for the market’s growth. However, the high cost of echo devices acts as a limiting factor for the growth of the market.

• For example, the purchasing cost of an echo device is comparatively higher when it comes to other ultrasound devices. They cost around USD 20,000 at a lower end and can range up to USD 100,000 on the higher end. The high cost of the system may limit the purchase of the cardiac ultrasound system.

In addition, there are several factors influencing the cost of an echocardiogram, such as the type of echocardiogram, the status of insurance coverage, and the type of healthcare facility providing the imaging. 

• For instance, as per data provided by Sesame, Inc., in August 2023, the cost of an echocardiogram procedure typically ranges from USD 1,000 to beyond USD 3,000.

Moreover, there are certain limitations associated with handheld cardiac ultrasound devices. Although they are smaller in size, they have limited and smaller screen size which might impact the diagnosis. The resolution is lower with limited ultrasound frequencies and the image optimization is poor. They are also limited to 2D images.

Therefore, high cost and size of these devices might limit its adoption in the coming years.

Echocardiography Market Segmentation Analysis

By Device Type Analysis

Launch of Cart Based Echo Devices is Responsible for the Segment’s Dominance in the Market

On the basis of device type, the market is bifurcated into cart based and handheld.

The cart based segment accounted for a major share in 2023. Moreover, the segment is expected to mature at a substantial CAGR during the forecast period. The segment’s significant share is due to the strong sales of the cart based cardiac ultrasound devices and new product launches.

• In February 2022, FUJIFILM Sonosite, Inc., a subsidiary of FUJIFILM Holdings Corporation, announced the launch of Sonosite LX system. Sonosite LX possesses a monitor that extends, rotates, and tilts to enable enhanced, real-time collaboration.

Furthermore, the handheld segment is anticipated to grow at a strong CAGR during 2024-2032. The high growth of the handheld segment is attributed to the increased adoption of point of care diagnostics and growing partnerships among key players.

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By Test Type Analysis

Various Advantages Associated with Transthoracic Echo Devices Fuel the growth of the Segment

As per the test type, the market is segmented into transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and others.

The transthoracic echocardiography segment accounted for the dominant market in 2023 and is expected to grow substantially in the coming years. The advantages associated with these devices such as the ability to acquire the whole LV volume in one heartbeat, simultaneous evaluation of multiple segments from a single data set, and ability to assess the morphology and physiology of the heart in a non-invasive manner. Furthermore, increasing product launches and regulatory approvals are some of the other factors contributing to segment growth.

• For instance, in August 2022, UltraSight received CE Mark for its AI guidance software for cardiac ultrasound. The software is used for 2D transthoracic echocardiography.

Furthermore, the stress echocardiography segment is anticipated to rise at the fastest CAGR during the forecast timeframe. It is most commonly used to diagnose a decline in blood flow to the heart from narrowing in the coronary arteries. Therefore, the increasing prevalence of Coronary Artery Disease (CAD) is driving the growth of the segment.

• As per the data published by Centers for Disease Control and Prevention (CDC), in 2020, about 20.1 million adults aged 20 and older had Coronary Artery Disease (CAD). Additionally, in the U.S., about 697,000 people died from heart disease.

By Technology Analysis

Increased 2D Echo Devices Launch by Market Players to Fuel Segment’s Growth

In terms of technology, the market is categorized into 2D, 3D & 4D, and doppler imaging.

The 2D segment accounted for a major share of the market in 2023. The dominant share of the segment is attributed to increasing product launches and the comparatively lower cost of these systems.

The 3D & 4D segment is estimated to increase at a significant growth rate during the forecast period. The growth of this segment is because of the features associated with this technology such as high image quality, realistic anatomical images along with the ability to provide volume measurement and visualization of septal defects.

By End-user Analysis

Increasing Patients Visits at the Hospitals for Echocardiography Procedures is Fueling Segment’s Growth

On the basis end-user, the market is categorized into hospital & ASCs, diagnostics center, and others. The hospital & ASCs segment generated highest revenue in 2023. The growth of this segment is due to the rising incidence of cardiovascular diseases leading to a rising number of hospital & ASC admissions for echocardiogram.

• According to an article published in British Medical Journal (BMJ) in 2021, there are over seven million echocardiograms performed annually in North America.

The diagnostic centers segment is estimated to mature at a significant growth rate in the forecast period. The increasing establishment of diagnostic centers across the world is driving the growth of this segment.

• For instance, in April 2022, the U.K. government announced the establishment of 160 community diagnostic centers in England by 2025. The government also announced an investment of approximately USD 42.5 billion in the health and social care system to confirm it has the long-term resource it needs at the time of working to decrease the patient waiting times and speed up diagnosis.

REGIONAL INSIGHTS

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North America market accounted for the major market share in 2023 with a revenue of USD 0.46 billion. The progress of the market in the region is because of the rising prevalence of coronary and peripheral heart diseases, increasing geriatric population, and strong presence of major market players in the region.

• According to the article by MDPI, 8.0 to 12.0 billion population suffered from Peripheral Artery Disease (PAD) in the U.S., accounting for 3.0%–10.0% of the total population.

The market in Europe generated significant market revenue in 2023 and is expected to experience considerable growth in the coming years. The growth in the Europe market is because of the improved healthcare facilities, higher adoption of these devices, and the development of technologically advanced and efficient products.

The Asia Pacific market is anticipated to expand at the fastest growth rate in the upcoming years. The high growth of the market in the region is because of the increasing prevalence of cardiovascular diseases and rising awareness of early diagnosis and treatment of the disease.

• For instance, according to an article by Elsevier Inc., in 2020, the prevalence of CVD in Northeast China was 12.6%.

List of Key Companies in Echocardiography Market

Companies with Strong Product Portfolio to Account for Major Market Share

General Electric Company, Koninklijke Philips N.V., and Canon Medical Systems Corporation (Canon Inc.) are the major players in the market and accounted for considerable global market share in 2023.

Koninklijke Philips N.V. and General Electric Company held major shares of the market in 2023. General Electric Company generated highest revenue of the market in 2023. This was because the company strongly focuses on launch of new products.

• For instance, in October 2020, General Electric Company’s Vivid cardiovascular ultrasound system received the U.S. FDA 510k clearance. This new system was integrated with an AI function for providing rapid and more accurate readings.

Similarly, BD held a substantial share of the market in 2023. This was due to the company’s strong brand presence with diverse product offerings in cardiovascular ultrasound equipment. Moreover, the company’s strong global presence in over 75 countries is also responsible for the company’s significant position in the market.

Other market players operating in the market such as FUJIFILM Holdings Corporation, Boston Scientific Corporation, and Siemens Healthineers AG are focusing on R&D activities to launch new and technologically advanced products to strengthen their position in the market.

LIST OF KEY COMPANIES PROFILED:

• FUJIFILM Holdings Corporation (Japan)


• Koninklijke Philips N.V. (Netherlands)


• Boston Scientific Corporation (U.S.)


• Canon Medical Systems Corporation (Canon Inc.) (Japan)


• ESAOTE SPA (Italy)


• CHISON Medical Technologies Co., Ltd (China)


• SAMSUNG ELECTRONICS Co., Ltd. (Korea)


• Siemens Healthineers AG (Germany)


• General Electric Company (U.S.)

KEY INDUSTRY DEVELOPMENTS

• January 2023 – Pie Medical Imaging unveiled CAAS Qardia 2.0, the latest version of their cutting-edge echocardiography software platform.


• September 2022 – Samsung Electronics Co., Ltd. announced the launch of V7 ultrasound system. The system possesses AutoIMT tool for analyzing a patient's potential risk for cardiovascular disease.


• June 2022 – Clarius Mobile Health and ImaCor Inc. entered into a partnership for the launch of handheld transesophageal cardiac ultrasound scanner available to intensive care unit patients. ImaCor's Zura handheld hemodynamic ultrasound device is powered by Clarius's wireless ultrasound technology, Clarius Ultrasound App.


• March 2022 – Koninklijke Philips N.V. announced the launch of Ultrasound Workspace at the American College of Cardiology’s Annual Scientific Session & Expo (ACC 2022).


• February 2022 - Koninklijke Philips N.V. added Pulse Wave Doppler technology to Lumify, a handheld ultrasound device. The update aims to expand the hemodynamic assessment and measurement capabilities of the system.


• October 2020 – General Electric Company announced the approval of Vivid Ultra Edition, AI-Powered Cardiovascular Ultrasound System. The device consists of 4D TTE Pediatric probe (6VDc) and provides efficient 2D and 4D imaging for varied range of pediatric patients from neonates to teenagers.

REPORT COVERAGE

An Infographic Representation of Echocardiography Market

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This research report provides a detailed competitive landscape. It includes the prevalence of heart diseases and key industry developments such as collaborations, acquisitions, and partnerships. Additionally, it focuses on key points such as new product launches, mergers & acquisitions in the market. Moreover, the report covers regional analysis of various segments, company profiles of major market players, and market drivers. The report consists of quantitative and qualitative insights that contribute to the market's growth.

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