Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
A cardiovascular ultrasound is a type of ultrasound that focuses on your heart and blood vessels. In echocardiogram tests, this type of imaging can be used to assess the function of various parts of your cardiovascular system. An echocardiogram (echo) is a visual representation of the heart's movement. During an echo test, ultrasound (high-frequency sound waves) from a hand-held wand placed on your chest provides images of the heart's valves and chambers and assists the sonographer in evaluating the heart's pumping action. To evaluate blood flow across the heart's valves, echo is frequently combined with Doppler ultrasound and color Doppler.
Global Cardiovascular Ultrasound Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019 in Wuhan, China. The World Health Organization declared COVID-19 as a pandemic on March 11, 2020. According to the Coronavirus (COVID-19), weekly epidemiological update by the World Health Organization was over 213 million cases and 4.48 million deaths, as reported on August 25, 2021, across the globe.
Impact of COVID-19 on Demand and Supply of Cardiovascular Ultrasound Treatment
The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. It has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.
It is well known that patients with underlying heart disease or diabetes are at a higher risk of severe illness from COVID-19. As a result, ultrasound of the heart has become an important tool for clinicians when treating and monitoring COVID-19 patients. Thus, impact of the coronavirus is expected to drive the growth of the global cardiovascular ultrasound market over the forecast period. For instance, on May 26, 2020, the U.S. Food and Drug Administration (FDA) granted Philips Healthcare, a leading health technology company, 510(k) clearance to market a wide range of its ultrasound solutions for the management of COVID-19 (SARS-CoV-2) related lung and cardiac complications. Because of their imaging capabilities, portability and ease of disinfection, ultrasound solutions have become a valuable tools for clinicians treating COVID-19 patients.
The global cardiovascular ultrasound market is estimated to be valued at US$ 1.41 Bn in 2021, and is expected to exhibit a CAGR of 6.0 % over the forecast period (2021-2028).
Figure 1: Global Cardiovascular Ultrasound Market Share (%) Analysis, By Test Type, 2021
The increasing cases of cardiovascular diseases is expected to drive growth of the market over the forecast period
The emerging prevalence of cardiovascular diseases is expected to bolster the growth of global cardiovascular ultrasound market. For instance, according to the World Health Organization’s 2017 report, cardiovascular diseases are the number one cause of death, globally. Around 17.9 million people died due to cardiovascular diseases in 2016, which accounted for around 31% of global deaths. Among these deaths, around 85% of deaths occurred due to heart attack and stroke.
Cardiovascular Ultrasound Market Report Coverage
||Market Size in 2021:
||US$ 1.41 Bn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 2.17 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Test Type: Transthoracic Echocardiogram, Transesophageal Echocardiogram, Stress Echocardiogram, Others
- By Technology: 2D, 3D & 4D, Doppler Imaging
- By Modality: Portable, Standalone
- By End User: Hospitals, Ambulatory Care Centers, Others
GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare GmbH, FUJIFILM Sonosite, Inc., Hitachi Medical Corporation, Samsung Medison Co., Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., CHISON Medical Technologies Co., Ltd., ESAOTE SPA, and Canon Medical Systems, USA.
- Increasing cases of cardiovascular diseases
- Increasing product launches and approvals
- Advancement of ultrasound technologies
The advancement or adoption of new technology for cardiovascular ultrasound is expected to drive growth of the global cardiovascular ultrasound market. For instance, on October 28, 2020, Northwestern Memorial Hospital became the first hospital in the U.S. to purchase Caption Health's artificial intelligence (AI) technology for ultrasound, Caption AI. The AI-guided ultrasound system approved by the U.S. Food and Drug Administration (FDA) allows healthcare providers to acquire and interpret quality ultrasound images of the heart, increasing access to timely and accurate cardiac assessments at the point of care.
Global Cardiovascular Ultrasound Market – Regional Analysis
On the basis of region, the global cardiovascular ultrasound market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the global cardiovascular ultrasound market over the forecast period, owing to the approval of products by regulatory authorities. For instance, on September 3, 2020, Fujifilm Sonosite, Inc., specialists in developing cutting-edge point-of-care ultrasound (POCUS) solutions and part of the larger Fujifilm Healthcare portfolio, announced that the company received 510(k) clearance from the U.S. Food & Drug Administration (FDA) for the company's entire POCUS portfolio to support healthcare providers in performing accurate lung and cardiac imaging in COVID-19 patients.
Moreover, due to new product launches and approvals by market players, Europe is expected to witness significant growth in the global cardiovascular ultrasound market over the forecast period. For instance, on October 06, 2021, ReCor Medical, Inc., a wholly owned subsidiary of Otsuka Medical Devices Co., Ltd., announced that its Paradise Ultrasound Renal Denervation System (the "ParadiseTM System") is now available in Germany for the treatment of uncontrolled hypertension. Heart Center Leipzig and Saarland University Hospital in Homburg/Saar were the first to commercialize the procedure.
Figure 2: Global Cardiovascular Ultrasound Market Value (US$ Bn), by Region, 2021
Global Cardiovascular Ultrasound Market – Competitive Landscape
Major players operating in the global cardiovascular ultrasound market include GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare GmbH, FUJIFILM Sonosite, Inc., Hitachi Medical Corporation, Samsung Medison Co., Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., CHISON Medical Technologies Co., Ltd., ESAOTE SPA, and Canon Medical Systems USA.