Press release
Global Echocardiography Market Projected to Surpass $2.47 Billion by 2029 with 6.4% Annual Growth
Echocardiography Market Size
The escalating prevalence of cardiovascular diseases is anticipated to fuel the echocardiography market's expansion in the future. Cardiovascular disorders, also known as cardiovascular diseases (CVDs), are a group of conditions that affect the heart and blood vessels. Echocardiography, a crucial diagnostic method in the evaluation and treatment of cardiovascular diseases, uses ultrasound technology to generate precise images of the heart's anatomy, chambers, valves, and circulation patterns. As per the Centers for Disease Control and Prevention (CDC), a US government agency, around 805,000 American citizens experience a heart attack per annum as of May 2023. Heart disease took the lives of over 695,000 individuals in the United States in 2021, making up 1 in every 5 deaths in the country. A person in the United States succumbs to cardiovascular disease every 33 seconds. Hence, the escalating prevalence of cardiovascular diseases is contributing to the expansion of the echocardiography market. Echocardiography Market Driver: Increased Expenditure in Healthcare Powers Echocardiography Market's Expansion
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How will the growth rate of the echocardiography market shape industry trends by 2034?
The echocardiography market has enjoyed robust growth in the past years. Expectations are for an increase from $1.78 billion in 2024 to $1.93 billion in 2025, showing a compound annual growth rate (CAGR) of 8.1%. The escalating growth experienced in the previous period can be ascribed to elements such as environmental consciousness, government stimulus, heightened fuel expenses, and trends in urbanization.
The size of the echocardiography market is slated for a significant expansion in the coming years. It's projected to reach a value of $2.47 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 6.4%. This expansion during the forecast period can be attributed to factors such as infrastructure improvements, regulatory policy changes, increased consumer awareness and acceptance, advancements in battery technology, and various economic conditions. Major anticipated trends for this forecast period include the development of fast-speed electric trains, the utilization of interchangeable battery technology, launching of electric boats and water vessels, the execution of dynamic wireless charging, and the progression of autonomous electric vehicles.
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What are the emerging trends shaping the future of the echocardiography market?
In an attempt to outshine competitors in the echocardiography market, top-notch firms are investing in novel technologies such as VeriSight Pro. This technology is formulated to diminish the application of general anesthesia, hasten workflows, augment efficiency, and widen the scope of treatment alternatives. To illustrate, Royal Philips, a globally-renowned corporation hailing from the Netherlands, in May 2024, began its worldwide distribution of the Philips VeriSight Pro 3D ICE Catheter. This revolutionary catheter has been engineered to magnify cardiac imaging procedures, supplying comprehensive three-dimensional information to enrich patient consequences during interventional cardiology treatments. By virtue of its innovative technology, VeriSight Pro seamlessly visualizes the details of cardiac structures promptly, permitting more precise examination and interventions. This product launch aligns perfectly with Philips' mission to spearhead advancements in healthcare technology and enhance patient care with superior imaging capacities.
Which primary segments of the echocardiography market are driving growth and industry transformations?
The echocardiography market covered in this report is segmented -
1) By Test Type: Transthoracic Echocardiography, Transesophageal Echocardiography, Stress Echocardiography, Other Test Types
2) By Technology: 2D, 3D And 4D, Doppler Imaging
3) By End-User: Hospitals, Diagnostic Centers, Clinics, Other End-Users
Subsegments:
1) By Transthoracic Echocardiography: Standard Transthoracic Echocardiogram, 3D Or 4D Transthoracic Echocardiogram
2) By Transesophageal Echocardiography: Invasive Transesophageal Echocardiogram, Transesophageal Echo For Surgical Guidance
3) By Stress Echocardiography: Exercise Stress Echocardiography, Pharmacological Stress Echocardiography
4) By Other Test Types: Doppler Echocardiography, Contrast Echocardiography
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Which geographical regions are pioneering growth in the echocardiography market?
North America was the largest region in the echocardiography market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the echocardiography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the echocardiography market landscape?
Major companies operating in the echocardiography market report are Samsung Electronics Co. Ltd., General Electric Company, Ecare Medical Technology, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Koninklijke Philips N.V., Boston Scientific Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., St. Jude Medical Inc., Carestream Health, Bracco S.p.A., Toshiba Medical Systems, Canon Medical Systems Corporation, Esaote SpA, Biosense Webster Inc., BMV Technology Co. Ltd., Hitachi Medical Corporation, MIDAS Software Solutions PTY Ltd., Digirad Corporation, ContextVision AB, CHISON Medical Technologies Co. Ltd., Xuzhou Kaixin Electronic Instrument Co. Ltd., Alpinion Medical Deutschland GmbH, Promed Technology Co. Ltd., Caption Health Inc., Shenzhen Ricso Technology Co. Ltd., MediMatic Private Limited, Sonostar Technologies Co. Ltd., Jaken Medical Inc., DiA Imaging Analysis Ltd.
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What Is Covered In The Echocardiography Global Market Report?
• Market Size Forecast: Examine the echocardiography market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the echocardiography market for a structured understanding.
• Key Players Overview: Analyze major players in the echocardiography market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the echocardiography market.
• Segment Contributions: Evaluate how different segments drive overall growth in the echocardiography market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the echocardiography market.
• Industry Challenges: Identify potential risks and obstacles affecting the echocardiography market.
• Competitive Landscape: Review strategic developments in the echocardiography market, including expansions, agreements, and new product launches.
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