Echocardiography Market: Introduction
According to the report, the global
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Technological Advancements to Drive Global Market
Recent technological advancements, specifically focusing on tissue
Doppler imaging, strain imaging, contrast echocardiography, 3D
echocardiography, point-of-care echocardiography, 3D volumetric flow
assessments, and elastography offer significant opportunities to the global
market during the forecast period. Moreover, ultrasound imaging is rapidly
changing the domain of cardiac imaging. Advantages offered by ultrasound
imaging include real-time imaging, imaging at patient bedside,
cost-effectiveness, and ionizing-radiation-free imaging. Technological
advancements are estimated to propel the global echocardiography market during
forecast period. For instance, in August 2018, Philips introduced the EPIQ CVx
cardiovascular ultrasound system. Built on the powerful EPIQ ultrasound
platform, EPIQ CVx is specifically designed to increase diagnostic confidence
and simplify workflow for clinicians, providing them more time to interact with
their patients and reduce the need for repeat scans. In February 2018, GE
Healthcare launched its new generation of high-end radiology ultrasound system,
the LOGIQ E10. This fully digital system enable healthcare professionals to
perform more than 1,000 ultrasound-guided interventional procedures in a year.
Advancements and innovations are estimated to boost the global echocardiography
market over the next few years.
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Echocardiography Market: Prominent Regions
In terms of region, the global echocardiography market has been
segmented into North America, Europe, Asia Pacific, Latin America, and Middle
East & Africa. North America dominated the global echocardiography market
in 2019, followed by Europe and Asia Pacific. As per research, increase in
geriatric population resulting in rise in prevalence of atrial fibrillation and
other cardiac diseases is a major factor driving the North America
echocardiography market. Atrial fibrillation (AF) is a common cardiac
arrhythmia, which increases the risk of stroke by up to five times. Moreover,
about 1 in 4 people in Canada over the age of 40 suffers from atrial
fibrillation in his/her lifetime. Furthermore, the death rate of atrial
fibrillation related strokes is twice as high as that from strokes unrelated to
atrial fibrillation. All these factors fuel the echocardiography market in
North America.
The echocardiography market in Europe is anticipated to expand at a
considerable CAGR from 2020 to 2030. The expansion of the echocardiography
market in the region can be ascribed to increase in incidence of cardiovascular
diseases. Cardiovascular diseases (CVD) was the second major cause of death in
the U.K. in recent years. An article published in BMJ stated that the burden of
CVD declined in the U.K. from 1990 to 2013. CVD death rates in England declined
by 52%, while those due to coronary heart disease (CHD) and stroke decreased by
60% and 46%, respectively. In Western Europe, Ireland, Germany, Sweden, and
Luxembourg accounted for a higher death rate as compared to that in the U.K.
These factors are estimated to fuel the echocardiography market in Europe
during the forecast period.
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Product Launch and Innovation by Key Players to
Drive Global Market
The global echocardiography market is consolidated in terms of number of
players. The market is dominated by key players with innovative product
offerings, robust and strong geographic presence, and adoption of technological
advancements in the market. Key players include General Electric Company,
Koninklijke Philips N.V., Siemens Healthcare Private Limited, Canon Medical
Systems Corporation, Esaote S.p.A, Samsung Electronics Co., Ltd., Fujifilm
Holdings Corporation, Hitachi Medical Corporation, Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Bay Labs, Inc., Bracco Imaging S.p.A, ContextVision AB,
Digirad Corporation, and TELEMED Medical Systems.
In January 2019, Leverage Philips IntelliSpace Enterprise Edition
provided the New York-Presbyterian Hospital with access to Philips’ full suite
of informatics solutions across cardiology, analytics, and radiology to help
improve efficiencies and quality of care. In December 2019, Esaote introduced
the new HyperDoppler software in cardiology. It is Esaote’s new advanced
research tool for the investigation of intracardial flows. In addition to the
conventional echocardiographic examination, HyperDoppler is expected to help
achieve a better understanding of cardiac physiological or pathological states.
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In March 2018, Siemens Healthineers launched Acuson Juniper, a new
ultrasound system with better applications and high imaging performance. In the
same month, the company launched another product, which is a new version of the
mobile C-arm with customary image intensifier and flat-panel detector technology.
Global Echocardiography Market: Segmentation
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