Press release
Soaring Demand Set to Propel Echocardiography Market to $2.47 Billion by 2029
Echocardiography
What Is the Expected CAGR for the Echocardiography Market Through 2025?
In recent times, the echocardiography market size has experienced substantial growth. The market is predicted to expand from a value of $1.78 billion in 2024 to $1.93 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.1%. Factors such as environmental awareness, government incentives, increasing fuel costs, and urbanization trends have contributed to the growth during the historic period.
What's the Projected Size of the Global Echocardiography Market by 2029?
It is anticipated that the echocardiography market will experience robust expansion in the upcoming years. The market is set to reach a value of $2.47 billion by 2029, with a compound annual growth rate (CAGR) of 6.4%. This growth in the forecast period is likely due to factors such as infrastructure progress, legislative policy adjustments, increased consumer knowledge and approval, advancements in battery technologies, and broader economic elements. Predominant trends during the forecast timeline are expected to encompass the progression of high-speed electric trains, the adoption of swappable battery technology, the launch of electric boats and watercraft, dynamic wireless charging application, and the evolution of autonomous electric vehicles.
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Top Growth Drivers in the Echocardiography Industry: What's Accelerating the Market?
The escalation in cases of cardiovascular illnesses or cardiovascular diseases (CVDs), conditions that adversely impact the heart and blood vessels, is anticipated to stimulate the growth of the echocardiography market. Echocardiography plays a pivotal role in diagnosing and managing cardiovascular illnesses as it employs ultrasound technology to generate comprehensive images of the heart structures, chambers, valves, and blood flow patterns. To elaborate, the Centers for Disease Control and Prevention (CDC), a government agency based in the United States, reported in May 2023 that approximately 805,000 individuals in the United States experience heart attacks on an annual basis. Additionally, heart disease claimed the lives of over 695,000 individuals in the United States in 2021, equating to one in five deaths. In the United States, a life is lost to cardiovascular disease every 33 seconds. Henceforth, the escalation in cases of cardiovascular illnesses is fuelling the growth of the echocardiography market. Echocardiography Market Driver: The Rocketing Healthcare Spending Amplifies the Growth of the Echocardiography Market
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What Trends Will Shape the Echocardiography Market Through 2029 and Beyond?
Leading corporates in the echocardiography market are innovating technologies such as VeriSight Pro to establish a stronghold in the market. VeriSight Pro not only minimizes the need for general anesthesia but also expedites workflows, enhances productivity and expands therapeutic options. For example, in May 2024, Royal Philips, a global company headquartered in the Netherlands, initiated the international distribution of the Philips VeriSight Pro 3D ICE Catheter. This state-of-the-art catheter is tailored to augment cardiac imaging procedures by offering in-depth three-dimensional perspectives to improve patient results during interventional cardiology proceedings. VeriSight Pro equips inventive technology enabling real-time visualization of cardiac structures, encouraging more precise evaluations and interventions. This introduction is in line with Philips' pledge to lead healthcare technology and boost patient care through superior imaging competency.
What Are the Main Segments in the Echocardiography Market?
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 Top Companies are Driving Growth in the Echocardiography Market?
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.
Which Regions Will Dominate the Echocardiography Market Through 2029?
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.
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