Growing incidences of cardiac diseases owing to growing risk factors, such as sedentary lifestyle, fatty food intake, diabetes, growing geriatric population and others, is increasing the number of referrals to cardiac clinics, which is resulting in the growth of the cardiac ultrasound systems market.
Growing incidences of cardiac diseases owing to growing risk factors, such as sedentary lifestyle, fatty food intake, diabetes, growing geriatric population and others, is increasing the number of referrals to cardiac clinics, which is resulting in the growth of the cardiac ultrasound systems market. According to the latest research conducted by the Future Market Insights (FMI), the global cardiac ultrasound systems market is anticipated to account for over US$ 2,024.9 Mn, in terms of value, by 2028 end. The report further projects significant growth potential for the market, which is expected to expand at a CAGR of 5.9% through 2028.
The cardiac ultrasound systems market has been segmented by product type, end users and regions. On the basis of product type, the cardiac ultrasound systems market has been segmented into cart/trolley cardiac ultrasound devices and compact/handheld ultrasound devices. On the basis of end users, the cardiac ultrasound systems market has been segmented into hospitals & clinics, diagnostic imaging & surgical centers, ambulatory surgical centers and others. Based on product type, the cart/trolley cardiac ultrasound devices segment is expected to account for the largest share of 82.6% in 2018. However, the compact/handheld ultrasound devices is expected to grow at the highest CAGR of 6.7% during the forecast period.
The growth of the global cardiac ultrasound systems market is being primarily driven by the rise in the number of patients suffering from cardiac diseases, growing geriatric population and growing screening rates. According to the World Health Organization, cardiovascular diseases (CVDs) account for 17.9 million deaths every year, representing 31% of all global deaths.
According to the Center for Disease Control and Prevention, almost 610,000 people die of heart diseases in the United States each year and almost 735,000 U.S. citizens suffer from a heart attack each year.
However, high cost is the biggest barrier to achieve full cardiac ultrasound systems market potential. Installation of high-end ultrasound systems requires significant capital investments and costs around US$ 55,000 to US$ 100,000. This can be attributed to the limited product availability due to less number of players in the market. Also, due to lack of government grants for installation of these systems in the Asia Pacific and Latin American countries, end users, such as hospitals and diagnostic centers, are reluctant to adopt these systems. This is primarily due to lack of awareness among patients about cardiac ultrasound systems, which negatively affects its uptake.
This cardiac ultrasound systems report assesses the trends that are driving the growth of each segment of the market at the global as well as regional level and offers potential takeaways that could prove substantially useful for manufacturers planning to enter the cardiac ultrasound systems market.
North America is expected to be the dominant regional market for cardiac ultrasound systems and accounted for a high revenue share in 2017. The U.S. market is expected to account for a large share and is expected to grow at a CAGR of 5.4% over the forecast period. The developing regions, led by India and China, are expected to drive the future cardiac ultrasound systems market owing to their developing economies and expanding healthcare infrastructure.
The Middle East and Africa market is dominated by the gulf economies owing to their high per capita income and high public healthcare expenditure. The development of large hospital complexes in the Gulf nations will drive market adoption of cardiac ultrasound systems products during the forecast period.
FMI’s report tracks some of the key companies operating in the Cardiac Ultrasound Systems market, such as Hitachi, Ltd., Analogic Corporation, Toshiba Corporation, Esaote SpA, Samsung Medison Co., Ltd, FUJIFILM Holdings Corporation, Mindray Medical International Ltd. and GE Healthcare, among others.
Advancements and availability of portable diagnostic ultrasound systems is driving the use of “bedside ultrasonography” which is expected to give a boost to the growth of the Cardiac Ultrasound Systems market during the forecast period. Companies are focused on the development of products which offer economic as well as clinical relevance to the overall business.
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