Pune, India, July 25, 2023 (GLOBE NEWSWIRE) -- The U.S. handheld echocardiography devices market size was valued at USD 21.6 million in 2022. The market is projected to grow from USD 23.9 million in 2023 to USD 52.6 million by 2030, exhibiting a CAGR of 11.9% during the forecast period.
Echocardiogram is a quick and non-invasive procedure used to diagnose various heart conditions, including chest pain and valve stenosis. With the rising incidence of cardiovascular diseases, there is a growing need for efficient and prompt diagnosis, which is driving the expansion of the market. Fortune Business Insights presents this information in their report titled "U.S. Handheld Echocardiography Devices Market, 2023–2030."
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Key Industry Development:
•August 2022: EchoNous allied with Samsung to enhance its AI-powered ultrasound solution, Kosmos.
Key Takeaways:
- According to the CDC in 2022, approximately 805,000 individuals in the United States suffer from a heart attack annually.
- The market is categorized based on test type, including transthoracic echocardiography and other methods.
- In 2020, the Centers for Disease Control and Prevention (CDC) reported that approximately 20.1 million adults aged 20 and older were affected by Coronary Artery Disease (CAD).
- GE Healthcare saw substantial revenue growth of 20.6% and 7.9% in its ultrasound product portfolio in 2021 and 2022, respectively.
Discover the Leading Players Featured in the Report:
Koninklijke Philips N.V. (Netherlands), General Electric Company (U.S.), Clarius (Canada), EchoNous Inc. (U.S.), CHISON Medical Technologies Co., Ltd. (China), Butterfly Network, Inc. (U.S.), ImaCor (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.9% |
| 2030 Value Projection | USD 52.6 million |
| Base Year | 2022 |
| Market Size in 2023 | USD 23.9 million |
| Historical Data | 2019-2021 |
| No. of Pages | 91 |
| Segments Covered | By Test Type, Technology, and End-user |
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Driving factor:
Growing Incidence of Cardiovascular Diseases in the U.S. Spurs Adoption of Handheld Echocardiography Devices
The rising incidence of cardiovascular diseases in the U.S. has become a notable concern. This increase in heart disease prevalence is closely associated with the urban lifestyle and its standards. According to the Centers for Disease Control and Prevention (CDC), approximately 47.0% of Americans possess at least one of the three primary risk factors for heart diseases such as high blood pressure, high cholesterol, and smoking. Consequently, the growing prevalence of heart diseases has stimulated the adoption of these devices.
However, the U.S. handheld echocardiography devices market growth may be hampered by limitations associated with the device, including lower resolution for imaging, which restricts its application primarily to screening purposes.
Segmentation:
Transthoracic Echocardiography Leads due to its Ability to Detect Heart Diseases
By test type, the market is divided into transthoracic echocardiography and others. The transthoracic echocardiography segment held a significant market share in 2022, owing to the rising prevalence of heart diseases, including coronary artery disease, which can be effectively detected through transthoracic echocardiograms.
Innovations and Advancements Surge the 2D Segment
By technology, the market is bifurcated into 2D and Doppler Imaging.
The 2D segment held a notable U.S. handheld echocardiography devices market share, driven by the introduction of new products and the growing incidence of heart diseases.
Growing Adoption of Handheld Devices for Rapid Screening Drive Segment Growth
By end-user, the market is classified into hospitals & ASCs, diagnostic centres, and others. In 2022, the hospitals & Ambulatory Surgery Centers (ASCs) segment held a dominant position in the market. The rise in the number of hospitals in the U.S. and the increasing demand for quick screening among the population have contributed to the widespread adoption of handheld devices in these healthcare facilities.
By Test Type
- Transthoracic Echocardiography
- Others
By Technology
- 2D
- Doppler Imaging
By End-user
- Hospitals & ASCs
- Diagnostic Centers
- Others
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Report Coverage
The research report offers an intricately crafted analysis of the competitive landscape, incorporating crucial insights such as noteworthy industry advancements encompassing partnerships, mergers, and acquisitions. Moreover, it emphasizes key aspects such as the introduction of novel solutions within the market. Additionally, the report encompasses a detailed analysis of distinct segments, profiling prominent market players, elucidating market trends, and outlining the impact of the COVID-19 pandemic on the market. The report comprises both quantitative and qualitative insights that have significantly influenced the growth trajectory of the market.
Competitive Landscape
Koninklijke Philips N.V Drives Growth through Technological Advancements in Point-of-Care Ultrasound
Key market players such as Koninklijke Philips N.V., Butterfly Network, Inc., and GE Healthcare have established themselves as prominent players in the industry, contributing to the market's growth and development. Koninklijke Philips N.V. has experienced robust growth in the handheld echocardiography devices sector due to its emphasis on introducing technologically advanced products. A notable example is the enhancement of hemodynamic assessment and measurement capabilities in its handheld point-of-care ultrasound device, Lumify, which was announced by Koninklijke Philips N.V. in February 2022.
FAQs
How big is the U.S. Handheld Echocardiography Devices Market?
The U.S. Handheld Echocardiography Devices Market size was USD 23.9 million in 2023.
How fast is the U.S. Handheld Echocardiography Devices Market growing?
The U.S. Handheld Echocardiography Devices Market will exhibit a CAGR of 11.9% during the forecast period, 2023-2030.
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Related Links:
Echocardiography Market Size, Share, Growth Industry Report
Ultrasound Equipment Market Share, Size, Demand, and Forecast
Handheld Ultrasound Market Size, Share, Growth Industry Report
Portable Ultrasound Market Share, Size, Demand, and Forecast
Endoscopy Ultrasound Market Share, Size, Demand, and Forecast
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