Cardiovascular Ultrasound Industry Overview
The global cardiovascular ultrasound market size was valued at USD 1.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028.
A rise in penetration of preventive medicine and increasing prevalence of Cardiovascular Diseases (CVDs) are expected to propel the market growth. The COVID-19 pandemic hampered the global market growth as outpatient imaging services were adversely affected. Cardiovascular diseases, such as coronary heart disease, heart attack, and stroke, are among the major causes of death in the U.S. Changing lifestyle has increased predisposition to CVDs. For instance, according to the CDC, in 2017, 28.2 million adults were diagnosed with heart disease in the U.S. Ultrasound technology is used to check abnormalities in the functioning of the heart, such as pumping capacity of the heart, functioning of valves, and plaque in the heart.
These devices act as important diagnostic equipment that can help in decreasing the incidence of heart attack and stroke by providing an early diagnosis. Therefore, the growing prevalence of heart problems is anticipated to drive the market over the forecast period. Cardiovascular ultrasound (CVUS) played an important tool to assess cardiovascular functions in the COVID-19 patients since any conditions related to the cardiac system increased the risk of mortality. Cardiac damage post-COVID-19 recovery is one of the major factors expected to drive the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Cardiovascular Ultrasound Market
According to an international study by New York’s Mount Sinai Hospital, two-thirds of the COVID-19 recovered patients were observed to have a cardiac structural abnormality. Cardiovascular ultrasound is being extensively used in assessing these patients.
This is expected to boost the demand for new and advanced CVUS systems during the forecast period. There are different reimbursement policies related to ultrasound, globally. The U.S. used HOPPS pay technique to conclude on reimbursement policy for different types of cardiac ultrasounds.
The scope for cardiac ultrasound procedures is based on terms and conditions stipulated under an individual’s insurance plan, as there are various types of procedures like electrocardiography, transthoracic echocardiography, and 3D echocardiography.
Insurance organizations have various guidelines that are used to set reimbursement rates. They can deny insurance based on predisposing factors. At times, insurance denial may be on the grounds that a specialist and insurance agency have varying treatment rationalities.
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Market Share Insights
- October 2020: Royal Philips launched Ultrasound 3300 in India. The product can be used for a wide range of applications including OB/GYN, cardiovascular imaging, and general imaging.
Key Companies profiled:
Some of the key companies operating in the global cardiovascular ultrasound market are:
- GE Healthcare
- Koninklijke Philips
- Siemens Healthineers AG
- Hitachi Medical Corp.
- Samsung Medison Co. Ltd.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray)
- Chison Wuxi Xiangsheng Medical Technology Co., Ltd.
- Fujifilm Sonosite, Inc.
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