Echocardiography Market Size to Surpass USD 2.83 billion by 2029, With 7.5% CAGR

·7 min read

According to Fortune Business Insights, the global Echocardiography Market size is projected to reach USD 2.83 billion by 2029, at a CAGR of 7.5% during the forecast period, 2022-2029

Pune, India, March 30, 2023 (GLOBE NEWSWIRE) -- The global echocardiography market size was valued at USD 1.59 billion in 2021 and USD 1.71 billion in 2022 and is expected to reach USD 2.83 billion by 2029 with a CAGR of 7.5% during the forecast period. Various advantages of echocardiography over other cardiac diagnostic procedures are expected to propel the market course in a growing direction. The increasing adoption of these devices in hospitals and diagnostic centres is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Echocardiography Market, 2022-2029.”

Key Industry Development

  • February 2022- Koninklijke Philips N.V. added Pulse Wave Doppler technology to Lumify, a handheld ultrasound device. The addition aims to expand the hemodynamic assessment and measurement capabilities of the system.

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Report Scope

Report Coverage


Forecast Period

2022 to 2029

Forecast Period 2022 to 2029 CAGR


2029 Value Projection

USD 2.83 Billion

Base Year


Market Size in 2021

USD 1.59 Billion

Historical Data for

2018 to 2020

No. of Pages


Key Takeaways

  • The global market stood at USD 1.59 billion in 2021 and is projected to reach USD 2.83 billion by 2029.

  • The growing prevalence of cardiovascular diseases is driving the demand for echocardiography services and equipment in the global market.

  • Technological advancements in echocardiography devices, such as 3D and 4D imaging, are expected to boost the market growth.

  • Portable and handheld echocardiography devices are gaining popularity due to their ease of use and convenience, particularly in remote and underserved areas.

  • North America and Europe are currently the largest markets for echocardiography, but the Asia Pacific region is expected to experience significant growth in the coming years.

Drivers and Restraints

Various Advantages of Echocardiographic Devices to Drive Market Development

Various advantages of echocardiographic devices compared to other cardiac diagnostic procedures are anticipated to drive the echocardiography market growth. Cardiac catheterization requires long hospital stays and various side effects such as bleeding, blood clots, artery damage, heart attack, and others. Other types of cardiac diagnosis include a nuclear cardiac stress test, Magnetic Resonance Imaging (MRI), cardiac ultrasound, and Coronary Computed Tomography Angiogram (CCTA). Echocardiography is non-invasive and it is used in cardiovascular diagnostic tests after electrocardiography and chest X-ray. 

However, limitations such as it has been proven more harmful which is expected to impede market growth.

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Cart Based to Lead the Segment Due to the Presence of Proper Ultrasound Devices

Based on device type, the market is bifurcated into cart based and handheld. Cart based segment is anticipated to lead due to the presence of well-established cart based cardiac ultrasound devices and the increasing focus of market players on the launch of new products.

Transthoracic Echocardiography to Lead the Segment Due to High Revenue

Based on test type, the market is segmented into transthoracic echocardiography, transesophageal echocardiography, stress echocardiography, and others. The transthoracic echocardiography segment had the highest revenue due to advantages associated with these devices such as the ability to acquire the whole LV volume in one heartbeat.

2D to Lead the Segment Due to Increasing Product Launches  

Based on technology, the market is segmented into 2D, 3D & 4D, and doppler imaging. The 2D segment is anticipated to lead due to increasing product launches and the comparatively lower cost of these systems.

Hospitals & ASCs to Lead the Segment Due to Increasing Admissions  

Based on the end-user, the market is segmented into hospitals & ASCs, diagnostics centers and others. The hospitals & ASCs segment is anticipated to lead due to the rising incidence of cardiovascular diseases leading to an increasing number of hospital and ASC admissions for echocardiograms.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

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Country Insights

North America to Lead Market Share Due to Increasing Cases of Heart Diseases  

North America is expected to have a high echocardiography market share due to increasing cases of heart diseases, the geriatric population, and the presence of major market players. According to the article published by MDPI, 8.0 to 12.0 billion of the population suffered from Peripheral Artery Disease (PAD) in the U.S., with a total prevalence of 3.0%10.0%.

Europe is accounted for a significant share in the year 2021, owing to improved healthcare facilities, higher adoption of these devices, and the development of technologically advanced and efficient products.

Asia Pacific is set to expand at the fastest CAGR in the projected years due to the increasing prevalence of cardiovascular diseases and rising awareness about early diagnosis and treatment of the disease.

Competitive Landscape

Approvals of Advanced Systems by the Key Players to Improve Market Growth

General Electric Company, Koninklijke Philips N.V., and Canon Medical Systems Corporation (Canon Inc.) are some of the main players in the market. General Electric Company dominated the market in 2021. Other players operating in the market such as FUJIFILM Holdings Corporation, Boston Scientific Corporation, and Siemens Healthineers AG have been focusing on R&D activities for the launch of new and technologically advanced products for strengthening their position in the market. In October 2020, General Electric Company announced the approval of Vivid Ultra Edition, AI-Powered Cardiovascular Ultrasound System. The device consists of 4D TTE Pediatric probe (6VDc) and offers excellent 2D and 4D imaging for a range of pediatric patients from neonates to teenagers.

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List of Key Players Profiled in the Report

  • FUJIFILM Holdings Corporation (Japan)

  • Koninklijke Philips N.V. (Netherlands)

  • Boston Scientific Corporation (U.S.)

  • Canon Medical Systems Corporation (Canon Inc.) (Japan)

  • ESAOTE SPA (Italy)

  • CHISON Medical Technologies Co., Ltd (China)


  • Siemens Healthineers AG (Germany)

  • General Electric Company (U.S.)

Table Of Content

  • Market Dynamics

  • Market Drivers

  • Market Restraints

  • Market Opportunities

  • Market Trends

    • Key Insights

    • Prevalence of Cardiovascular Diseases, By Key Countries, 2021

    • Technological Advancements in Echocardiography Market

    • New Product Launches, By Key Players

    • Key Industry Developments- Mergers, Partnerships, Acquisitions, etc.

    • Impact of COVID-19 on the Market

  • Global Echocardiography Market Analysis, Insights and Forecast, 2018-2029

    • By Device Type

      • Cart Based

      • Handheld

    • By Test Type

      • Transthoracic Echocardiography

      • Transoesophageal Echocardiography

      • Stress Echocardiography

      • Others

    • By Technology

      • 2D

      • 3D and 4D

      • Doppler Imaging

    • By End-user

      • Hospitals & ASCs

      • Diagnostic Center

      • Others

    • By Region

      • North America

      • Europe

      • Asia Pacific

      • Latin America

      • Middle East & Africa

Toc Continued…!

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How big is the Echocardiography Market?

The global market stood at USD 1.59 billion in 2021 and is projected to reach USD 2.83 billion by 2029.

Which companies dominate the Echocardiography Market?

General Electric Company, Koninklijke Philips N.V., and Canon Medical Systems Corporation (Canon Inc.) are the top players in the market.

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