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Technological partnerships will open up high-growth opportunities for echocardiography machine manufacturers. Get the full Fact market report for more!
ROCKVILLE , MD, UNITED STATES, January 9, 2025 /EINPresswire / -- Integration of Big Data Analytics and Predictive Analysis Leading to Development of Smart Echocardiography Devices: Fact Analysis
Fact, a market research and competitive intelligence provider, reveals in its updated
industry report that the global echocardiography market is valued at US$ 2 billion in 2024 and is projected to reach US$ 3.8 billion by the end of 2034.
Echocardiography, also known as cardiovascular sonography, is widely used to detect any anomalies in heart functioning. Rising prevalence of chronic cardiovascular disorders across the world is contributing to the increasing sales of echocardiography machines. Echocardiogram machines are also used by pediatric specialists for diagnosing heart health conditions in newborns. Echocardiogram machines are safer for fetuses and infants as they don't get directly exposed to radiation.
Several echocardiogram machine manufacturers are collaborating with technology providers for the development of advanced solutions. Integration of digital technologies such as the Internet of Things (IoT), big data analytics, machine learning (ML), and artificial intelligence (AI) has led to the launch of smart echocardiogram machines that can provide real-time information on hearth health.
In January 2024, Ultromics announced its partnership with Pfizer to get FDA clearance for its artificial intelligence-based technology 'Echo AI algorithm' for the detection of cardiac amyloidosis.
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Key Takeaways from Market Study
Global demand for echocardiography technologies is foreseen to increase at a CAGR of 6.5% from 2024 to 2034.
The United States market is projected to reach US$ 389.77 million by 2034.
Sales of echocardiography machines in Japan are projected to increase at a CAGR of 7% over the next 10 years.
Transthoracic echocardiography testing machine sales are calculated at US$ 800 million in 2024.
3D/4D echocardiography devices are estimated to hold 36.3% of the global market share in 2024.
“Demand will be high for technologically advanced echocardiography machines that offer real-time analysis of serious heart conditions such as coronary artery disease and cardiac arrhythmias”, says a Fact analyst.
Transthoracic Echocardiography Machines to Hold Leading Market Share
Transthoracic echocardiography machines are anticipated to exhibit high demand throughout the forecast period. Non-invasive nature of transthoracic echocardiography testing machines is contributing to their increasing utilization in healthcare settings. These machines make use of ultrasound waves for the creation of heart images.
Transthoracic echocardiography machines are used to diagnose conditions such as coronary artery disease, congenital heart disease, and valvular heart disease. Increasing cases of heart-related disorders across the world are further boosting the sales of transthoracic echocardiography technologies.
Furthermore, technological advancements such as the development of 3D and 4D echocardiography systems are set to drive up the demand for transthoracic echocardiography systems over the coming years.
Competitive Landscape
Echocardiography providers are focusing on strategies such as integrating advanced technologies, expanding product portfolios, pursuing mergers and acquisitions, and strengthening R&D efforts to maintain their market edge. In June 2022, Clarius Mobile Health partnered with ImaCor Inc. to launch the world's first handheld transesophageal echocardiography (TEE) system, which received FDA clearance and is designed to cater to critical patients in ICUs. Similarly, in 2018, Koninklijke Philips N.V. introduced the EPIQ CVx cardiac ultrasound solution, offering anatomical intelligence to enhance diagnostic outcomes with superior image quality for surgical sites. Fact's latest market report offers detailed insights into pricing strategies, sales growth, production capacity, and anticipated technological advancements from leading echocardiography manufacturers globally.
Growth Drivers for the Echocardiography Market:
Rising Prevalence of Cardiovascular Diseases: The increasing global incidence of heart diseases, fueled by factors like sedentary lifestyles and an aging population, is driving the demand for echocardiography solutions for diagnosis and monitoring.
Technological Advancements: Continuous innovations in echocardiography equipment, such as the integration of artificial intelligence, machine learning, and mobile solutions, are enhancing diagnostic capabilities and improving patient outcomes.
Growing Healthcare Investments: Increased investments in healthcare infrastructure, particularly in developing regions, are driving the adoption of advanced diagnostic tools like echocardiography systems.
Non-Invasive Nature of Echocardiography: The non-invasive nature of echocardiography, coupled with its ability to provide real-time, detailed heart images, makes it a preferred diagnostic tool for clinicians, encouraging widespread adoption.
Rising Geriatric Population: The global rise in the elderly population, who are at higher risk for cardiovascular diseases, is fueling the demand for regular heart monitoring through echocardiography.
Mobile and Portable Solutions: The growing preference for portable and mobile echocardiography devices is expanding access to diagnostic services, especially in remote areas and point-of-care settings.
Regulatory Support and Reimbursement Policies: Supportive healthcare regulations and reimbursement policies for echocardiography procedures are making it more accessible to healthcare providers and patients, further driving market growth.
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