Cardiac Ultrasound Systems Market :Industry Analysis and Outlook 20232030
The global cardiac ultrasound systems market, valued at US$1.4 billion in 2021, is poised for robust growth in the coming years. A study indicates that increasing prevalence of cardiovascular diseases (CVDs) and favorable reimbursement policies are among the key drivers propelling market expansion.
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The rising incidence of CVDs, including coronary heart disease, heart attack, and stroke, has become a major concern globally. According to the 2022 American Heart Association (AHA) study, approximately 244.1 million people suffered from ischemic heart disease (IHD) in 2020, with high prevalence rates in specific regions. The steady prevalence of cardiovascular illnesses is expected to fuel demand in the cardiac ultrasound systems market.
Additionally, the market is witnessing a surge in demand due to the growing adoption of a preventative approach in healthcare, coupled with the uptake of preventive medicine. Furthermore, the integration of Artificial Intelligence (AI) in cardiac ultrasound systems is significantly contributing to market growth. AI is being incorporated into high-end ultrasound systems to automate timeconsuming processes, enhance quantification, and improve image selection from 3D datasets. This technological advancement has led to improved diagnosis and management of heart diseases.
In response to the impact of the COVID-19 pandemic, the cardiac ultrasound systems market experienced nuanced effects. Healthcare professionals extensively utilized ultrasound for the triage, monitoring, and diagnostics of COVID-19 patients. Research showed the potential of cardiac ultrasound devices in helping to monitor patients infected with COVID-19 due to the high prevalence of acute cardiac damage in these patients.
While the market exhibits promising growth prospects, challenges remain. Recalls of cardiac ultrasound products due to technological issues have impacted the reputation of major businesses in the sector. Moreover, the lack of skilled workforce, particularly in countries like Australia, the United Kingdom, and Canada, poses a challenge to market expansion.
Despite these challenges, the market is set to witness increased R&D activities, further enhancing medical imaging technologies. Advancements in ultrasound applications for various clinical conditions, rising internet penetration, mergers and acquisitions, and increased per capita healthcare spending are factors expected to drive market growth in the future.
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