Echocardiography (ECG) Devices Market Size, Share, Growth, and Industry Analysis, By Type (Cart/Trolley-Based Echocardiography Device and Portable/Handheld Echocardiography Device), By Application (Hospitals and Diagnostic Centers), Regional Insights, and Forecast To 2032

Updated On: 29 April 2024

Echocardiography (ECG) Devices Market Report Overview

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The global echocardiography (ECG) devices market size was USD 15490 million in 2022 and is expected to reach USD 19040 million in 2028, at CAGR of 3.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Echocardiography is a non-invasive imaging technique that uses ultrasound (high-frequency sound waves) to create real-time images of the heart and its structures. It is commonly used to assess the size, shape, and function of the heart, as well as to evaluate the movement of the heart valves, blood flow, and overall cardiac performance. Echocardiograms are typically performed by trained healthcare professionals, such as cardiologists or cardiac sonographers, using an ultrasound machine equipped with a transducer (a probe) that emits and receives sound waves.

COVID-19 Impact: Cardiovascular Complications by Virus Infection Drove the Market Growth

Initially, the COVID-19 pandemic caused disruption in healthcare services and supply chains that posed challenges. However, it also brought opportunities, with increased demand for critical care and cardiac assessments which accelerated the adoption of telemedicine and remote monitoring, and boosted research and innovation in echocardiography. As well as it raised awareness of cardiac health and promoted hybrid models of care. Overall, the pandemic accentuated the importance of echocardiography in cardiac care and it is predicted that the market will witness a positive growth rate in the coming years as well. 

Latest Trends

"Advancements in Artificial Intelligence (AI) Magnify the Market Outlook"

The market for echocardiography devices is expanding extensively as it is one of the pivotal equipment for the treatment of cardiovascular diseases and diagnoses. Also, the constant emerging trends, research & development to enhance the outcome of the device and the innovation in the existing technology are likely to accelerate the demand for the device during this forecast. Illustratively, AI and machine learning applications are being increasingly integrated into echocardiography devices. AI-driven image analysis and automation of routine tasks are improving efficiency, accuracy, and diagnostic capabilities. Besides, the adoption of portable and handheld echocardiography devices for point-of-care testing is on the rise. These devices allow for rapid cardiac assessments at the bedside, in emergency departments, and in outpatient settings. Therefore, key players are continuously investing in R&D to introduce advanced echocardiography devices. Furthermore, In December 2021, Philips brings together the latest release of the EPIQ CVx abd Affiniti CVx ultrasound platforms, automated analysis, Collaboration Live remote diagnosis Cardiovascular Workspcase -INtelliSpace Cardiovascular- end-to-end workflow, for a fully integrated experience in echocardiography. rewrite it.

Echocardiography (ECG) Devices Market Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Cart/Trolley-Based Echocardiography Device and Portable/Handheld Echocardiography Device.

• By Application Analysis

Based on application, the market can be divided into Hospitals and Diagnostic Centres.

Driving Factors

"Prevalence of Cardiovascular Diseases to Spurr the Demand for the Market"

The growing incidence of cardiovascular diseases is a leading factor to drive the echocardiography (ECG) devices market growth. Cardiovascular diseases (CVDs) remain a leading cause of mortality worldwide. Thus, the rising incidence of conditions such as heart disease, heart failure, hypertension, and valvular disorders is driving the demand for echocardiography as a key diagnostic tool.

"Technological Advancements to Propel the Growth of the Market"

Another growth factor is ongoing advancements in echocardiography technology, including improved image quality, 3D/4D imaging, strain imaging, contrast agents, and artificial intelligence (AI) applications, which are likely to enhance diagnostic accuracy and expand the range of clinical applications. Additionally, the global population is aging, and growing age is a significant risk factor for heart-related conditions. As the elderly population grows, there is a greater need for cardiac assessment and monitoring which will likely boost the demand for echocardiography devices worldwide.

Restraining Factor

"High Cost of Equipment Can Limit the Market Expansion"

Despite the market’s growth, the restraining factor such as the high cost of the equipment can halt the market’s progress. Echocardiography machines and related equipment can be expensive to purchase and maintain. This high initial cost can be a barrier for healthcare facilities, particularly in resource-constrained settings or for smaller clinics.

Echocardiography (ECG) Devices Market Regional Insights

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"North America is Likely to Lead the Market with the Higher Incidence of Cardiovascular Disorder"

According to market research, North America is likely to dominate the market with the largest echocardiography (ECG) devices market shares globally. This can be attributed to the prevalence of cardiovascular diseases, well-established healthcare infrastructure, strong reimbursement policies, and the highest number of geriatric populations.  

Key Industry Players

"Key Companies Leverage their Distribution Networks to Expand Market Reach"

With regard to key players, leading companies such as Philips Healthcare, GE Healthcare, Siemens Healthineers, and others stimulate the growth of the echocardiography devices market through continuous innovation, technological advancements, global distribution networks, education and training initiatives, clinical research collaborations, regulatory compliance, and comprehensive customer support. Also, they diversify their product portfolios, adapt solutions for emerging economies, and explore eco-friendly practices. These efforts make echocardiography more accessible, efficient, and reliable for healthcare providers, ultimately promoting the adoption of this crucial diagnostic tool in the diagnosis and management of cardiovascular diseases worldwide.

List of Market Players Profiled

• Philips Healthcare (Netherlands) 
• GE HealthCare (U.S)
• Siemens (Germany)
• Hitachi Aloka (Japan)
• Esaote (Italy)
• Mindray (China)
• Agfa HealthCare (Belgium)
• Fukuda Denshi (Japan)
• Terason (U.S)

Report Coverage

This report defines the echocardiography (ECG) devices market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.