The cardiovascular ultrasound system market is divided into four major regions-North America, Europe, Asia Pacific, and the Rest of the World (RoW).
In 2016, Europe is expected to account for the largest share of cardiovascular ultrasound system market, followed by North America. Factors such as growing product commercialization, expansion in clinical applications of HIFU coupled with their early commercialization in Europe, and growing emphasis on non-invasive procedures by patients and physicians are driving the growth of this market
On the other hand, the market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China and India and the increasing healthcare spending, research and innovation, and medical tourism supporting the growth of the Asia Pacific cardiovascular ultrasound system market.
Key Market Players
Key players in the cardiovascular ultrasound system market include GE Healthcare (U.S.), Philips healthcare (The Netherlands), Siemens Healthcare (Germany), Hitachi Medical Corporation (Japan), and Toshiba Medical Systems Corporation (Japan).
GE Healthcare (U.S.) is the largest player in the global cardiovascular ultrasound systems market. The company focuses on growth strategies such as product launches, acquisitions, expansions, agreements, collaborations, and partnerships, in order to sustain its foothold in the market. For instance, in August 2016, the company launched the Vivid iq, a high-end portable, compact cardiovascular ultrasound product at the European Society of Cardiology Congress in Rome, Italy. This launch strengthened the company’s echocardiography product portfolio. In September 2015, GE Healthcare established its new business unit-Sustainable Healthcare Solutions (SHS) at New York City, U.S.
The market for cardiovascular ultrasound system is expected to grow from USD 1.3 billion in 2016 to USD 1.7 billion by 2021, at a CAGR of 5.4% during the forecast period.
Increasing incidence of cardiovascular diseases, technological advancements, and advantages of echocardiography over invasive cardiac diagnostic procedures is driving the growth of this market during the forecast period.
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