Cardiovascular Ultrasound Imaging Systems Market : Current Analysis and Forecast (2023-2030)

Report Description

Cardiovascular Ultrasound Imaging Systems Market was valued at USD ~ 1.5 Bn in 2022 & is expected to grow at a CAGR of ~4% from 2023F-2030F. The growing aging population is a significant driver of the cardiovascular ultrasound system market. According to data from the World Health Organization (WHO) published in October 2021, the number of individuals aged 60 years and above is expected to double from 12-22% between 2015 and 2050, and reach 2.1 billion by 2050. By 2030, one in every six people in the world is projected to be aged 60 years or older. As individuals age, their risk of developing cardiovascular diseases such as heart attack, congenital heart disease, coronary artery disease, aorta disease, and others increases. This trend is expected to drive the demand for cardiovascular ultrasound systems, resulting in a surge in the market growth during the forecast period.

Some of the major players operating in the market include Koninklijke Philips N.V., Hitachi Ltd, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS CORPORATION, General Electric Company, ESAOTE SPA, SAMSUNG HEALTHCARE, Shenzhen Mindray Bio-Medical Electronics Co Ltd, FUJIFILM Sonosite Inc , and Boston Scientific Corporation.

Insights Presented in the Report

“Amongst product type, the compact/handheld ultrasound devices sub-segment had a significant revenue share in 2022”

Based on product type, the cardiovascular ultrasound imaging systems market is bifurcated into cart/trolley based and compact/handheld ultrasound devices. Amongst these, the compact/handheld ultrasound devices sub-segment had a significant revenue share in 2022, as these devices offer numerous benefits. Their compact size, ease of use, and cloud-based storage potential make them highly convenient for examining patients at the bedside. Moreover, software upgrades that incorporate artificial intelligence and other enhancements increase the functionality of these devices. Technological advancements in handheld ultrasound devices are also likely to boost the global market growth for cardiovascular ultrasound systems. For instance, the launch of the Clarius PA HD hand-held, wireless ultrasound scanner in November 2020 has also created new opportunities for the market. The device is small and wireless, making it easy to disinfect and use for COVID-19 screening and monitoring. The fact that it is also high-resolution and has a cloud-based storage potential adds to its appeal. The interplay of these factors is likely to drive the demand for cardiovascular ultrasound systems in the market during the forecast period.

 “North America dominated the Cardiovascular Ultrasound Imaging Systems Market in 2022”

North America dominated the cardiovascular ultrasound imaging systems market in 2022. The increasing prevalence of sedentary lifestyles and rising regulatory approvals for cardiovascular ultrasound systems are some of the factors driving the demand in the North America market. For instance, according to the Centers for Disease Control and Prevention (CDC), over 15% of adults in the United States are physically inactive, which increases their risk of developing cardiovascular diseases. In addition to these factors, the rising awareness about the benefits of using ultrasound systems for the diagnosis of cardiovascular diseases and the increasing availability of advanced ultrasound systems with advanced features are expected to drive the demand for cardiovascular ultrasound systems in the North America market. The growing demand for these systems in hospitals, clinics, and diagnostic centers is also expected to boost the market growth.

Cardiovascular Ultrasound Imaging Systems Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Cardiovascular Ultrasound Imaging Systems market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Cardiovascular Ultrasound Imaging Systems Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global cardiovascular ultrasound imaging systems market were the three major steps undertaken to create and analyze the adoption of cardiovascular ultrasound imaging systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cardiovascular ultrasound imaging systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Cardiovascular Ultrasound Imaging Systems market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the cardiovascular ultrasound imaging systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cardiovascular ultrasound imaging systems market. Further, we conducted factor analysis using dependent and independent variables such as product type, technology, and end-users of the cardiovascular ultrasound imaging systems market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the cardiovascular ultrasound imaging systems market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Cardiovascular Ultrasound Imaging Systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Cardiovascular Ultrasound Imaging Systems market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Cardiovascular Ultrasound Imaging Systems market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Cardiovascular Ultrasound Imaging Systems market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, technology, and end-users in the global Cardiovascular Ultrasound Imaging Systems market.

The main objective of the Global Cardiovascular Ultrasound Imaging Systems Market Study

The current & future market trends of the global Cardiovascular Ultrasound Imaging Systems market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Cardiovascular Ultrasound Imaging Systems market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product type, technology, and end-users
• Define and analysis of the regulatory framework for the Cardiovascular Ultrasound Imaging Systems industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Cardiovascular Ultrasound Imaging Systems market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Cardiovascular Ultrasound Imaging Systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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