Cardiovascular Ultrasound Market

The global cardiovascular ultrasound market is projected to reach USD 2.95 billion by 2030 from USD 1.56 billion in 2022, at a CAGR of 6.5% during the forecast period. The growth in the cardiovascular ultrasound market is driven by the rising prevalence of cardiovascular diseases, the integration of AI & digital tools with ultrasound, and increasing research & funding initiatives to develop novel cardiac imaging modalities.

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However, limited reimbursement coverage for related procedures and a shortage of skilled technicians for device operations are some factors expected to restrain market growth to a certain extent.

As of 2022, major players operating in the cardiovascular ultrasound market are GE Healthcare (US), Hitachi Corporation (Japan), Samsung (South Korea), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Chison Medical Technologies (China), Clarius Mobile Health (Canada), Esaote (Italy), Ricso Technology (Israel), and SIUI (China), among others.

Research Methodology

The study involved four major activities in estimating the current size of the cardiovascular ultrasound market. Exhaustive secondary research was conducted to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.

Secondary Research

The secondary sources referred to in this research study include corporate filings (such as annual reports, SEC filings, investor presentations, and financial statements); research journals; and press releases; trade, business, and professional associations. Secondary sources were used to identify and collect helpful information for this extensive and commercial study of the cardiovascular ultrasound market. Secondary research was mainly used to obtain critical information about the industry’s total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, market trends, and necessary developments by both the public and private organizations in the cardiovascular ultrasound market.

The secondary sources for this research study include government, independent or public, paid/private, and research databases, among others. Secondary data was collected and analyzed to arrive at the overall market size of the cardiovascular ultrasound market, which was further validated by primary research. Some of the critical secondary sources referred to during the preparation of this report are listed below-

• Governmental and inter-governmental sources & databases such as World Health Organization (WHO), World Bank, Organisation for Economic Co-operation and Development (OECD), and Centers for Disease Control and Prevention (CDC), European Commission, and American Heart Association (AHA), among others.
• Business and research articles such as Springer Nature, The Lancet, PubMed, and the US National Library of Medicine, among others.
• Company sources include annual reports, SEC filings, regulatory filings, investor presentations, press releases, and financial statements.

Primary Research

Extensive primary research was conducted after acquiring knowledge about the cardiovascular ultrasound market scenario through secondary research. A significant number of primary interviews were conducted from both the demand (healthcare providers, diagnostic centers, hospitals, ASC facilities) and supply sides (developers, manufacturers, and distributors of cardiovascular ultrasound products). The primaries interviewed for this study include experts from the diagnostic imaging industry (such as CEOs, VPs, directors, sales heads, and marketing managers of tier 1, 2, and 3 companies engaged in offering cardiovascular ultrasound devices across the globe) and administrators & purchase managers of hospitals and diagnostic centers.

Around 65% and 35% of primary interviews were conducted from the supply and demand sides. A robust primary research methodology has been adopted to validate the report's contents and fill gaps. Telephonic and e-mail communications were adopted to conduct interviews (questionnaires were designed and sent to primary participants at their convenience).

The cardiovascular ultrasound market comprises several stakeholders, such as diagnostic centers, hospitals, and ASC facilities. The demand side of this market is characterized by a growing incidence of cardiovascular diseases, a rapidly increasing geriatric population, and government efforts to cover CVD procedures for reimbursements. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The following is the breakdown of primary respondents:

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the cardiovascular ultrasound market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

• The key players in the industry and markets have been identified through extensive secondary research
• The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research
• All percentage shares split, and breakdowns have been determined using secondary sources and verified through primary sources

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the cardiovascular ultrasound market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the cardiovascular ultrasound industry.

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Report Objectives

• To define, describe, and forecast the cardiovascular ultrasound market by test type, technology, display type, end user, and region
• To provide detailed information about significant factors influencing the market growth (key drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze micromarkets1 concerning individual growth trends, prospects, and their contributions to the overall cardiovascular ultrasound market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To forecast the market value of various segments and sub-segments concerning five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
• To profile the key players active in the cardiovascular ultrasound market and comprehensively analyze their global revenue shares and core competencies2
• To track and analyze competitive market-specific developments such as product approvals & commercialization, agreements, partnerships, collaborations, acquisitions, and expansions in the cardiovascular ultrasound market

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Scope of the Report

This research report categorizes the cardiovascular ultrasound market based on Test Type, Technology, Display Type, End User, and region

By Type

• Trans-thoracic Echocardiogram
• Trans-oesophageal Echocardiogram
• Stress Echocardiogram
• Fetal ultrasound
• Other Echocardiograms

By Technology

• 2D ultrasound
• 3D/4D ultrasound
• Doppler ultrasound

By Display Type

• Colour ultrasound
• B/W ultrasound

By End User

• Hospitals and Surgical Centers
• Ambulatory Surgical Centers
• Diagnostic Centers
• Home Care
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • RoE
• Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia and New Zealand
  • RoAPAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• The Middle East and Africa

Available Customizations

With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the cardiovascular ultrasound market report:

PRODUCT ANALYSIS

• Product Matrix, which gives a detailed comparison of the product portfolios of the top five global players

PRODUCT ANALYSIS

• Further breakdown of the Rest of Europe cardiovascular ultrasound market into Russia, Portugal, Belgium, Denmark, Switzerland, and other European countries (aggregated)

COMPANY INFORMATION

• Detailed analysis and profiling of additional market players (up to 5 OEMs)

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