Intracardiac Echocardiography and Intravascular Ultrasound Market size to exceed $1.1bn by 2028

Intracardiac Echocardiography (ICE) and Intravascular Ultrasound (IVUS) Market size is poised to exceed 1.1 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Higher disease prevalence is anticipated to drive the demand for advanced imaging modalities, aimed to reduce procedural complications and offer enhanced outcomes. According to the American College of Cardiology, the cardiovascular diseases accounted for one-third of all deaths globally in 2019. Furthermore, diabetes mellitus, hypertension, excess weight, smoking and increasing consumption of carbohydrate-rich food are some of the primary factors contributing to global disease burden. The development of advanced diagnostic tools to offer early detection and treatment has helped in reducing CVD-associated mortalities. Therefore, the abovementioned factors will boost the adoption of ICE and IVUS modalities during the forecast period.
 

The demand for ICE and IVUS witnessed momentum with declining number of COVID-19 infection in 2021. The introduction of innovative technologies in cardiology by several market players has enhanced the market growth potential. Although, hospitals witnessed significant upsurge in infected patient inflow, leading to discontinuation of all the elective or non-urgent procedures in 2020 during the pandemic, declining number of COVID-19 cases in 2021 has led to continuation of emergency electrophysiology procedures. Thus, the intracardiac echocardiography and intravascular ultrasound market is expected to grow at steady pace in short term and will foresee gradual growth in future.
 

Growing preference for minimally invasive interventional procedures will lead to escalating demand for ICE and IVUS

Rising preference for minimally invasive diagnostic as well as treatment procedures is anticipated to positively fuel the product demand. The procedure preference is attributable to better manoeuvrability and detailed insights into heart conditions with advanced modalities. Further, additional benefits including high-resolution and real-time visualization will boost the demand for ICE and IVUS. Moreover, these systems help in optimization of the stenting procedures. Thus, increasing preference for minimally invasive cardiac procedures such as transcatheter procedures, peripheral vascular interventions, and electrophysiology is forecast to drive the ICE and IVUS market statistics.
 

Pervasiveness of cardiac arrhythmia stimulating the number of electrophysiology procedures will benefit the market expansion

The electrophysiology procedures segment held significant revenue share in 2021 accounting for nearly 27% of global market. Increasing incidence of cardiac arrhythmias coupled with preference for minimally invasive procedures to enhance success rate will influence the segment growth. Over the past years, Intracardiac echocardiography have been increasingly used in electrophysiology with its applications in transseptal catheter position visualization in relation to other structures within the heart. Additionally, introduction of 4D ICE technology have transformed complex interventional procedures. Thus, growing preference for advanced imaging modalities in electrophysiology will strengthen the segment demand.
 

Browse key industry insights spread across 99 pages with 109 market data tables & 13 figures & charts from the report, “Intracardiac Echocardiography and Intravascular Ultrasound Market Forecasts By Application (Electrophysiology Procedures, Left Atrial Appendage Closure, Septal Defects), End-use (Hospitals, Catheterization Laboratories), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intracardiac-echocardiography-ICE-and-intravascular-ultrasound-IVUS-market
 

Development of sophisticated infrastructure will influence product adoption rate in hospitals

Based on end-use, the intracardiac echocardiography and intravascular ultrasound market is segmented into hospitals, catherization laboratories, and others. Hospitals segment held majority of the revenue accounting for over 65% market share in 2021. Growing spending ability of hospitals on advanced devices coupled with presence of skilled expertise is a primary factor driving the segment revenue. Further, increasing use of ICE and IVUS with rising associated hospitalizations will impel product demand in settings.
 

Expanding product availability will boost the adoption rate in the European market

European intracardiac echocardiography and intravascular ultrasound market is forecast to progress at over 5.8% CAGR during the analysis timeframe. Increasing awareness and availability of advanced imaging devices will benefit the regional adoption of the ICE and IVUS. In addition, expanding network of well-equipped cardiac centers in certain European countries will stimulate the product demand. Furthermore, presence of established companies manufacturing ICE and IVUS products including Philips will offer unprecedented growth opportunities to the European industry.
 

Product development strategies by leading market players will benefit the industry expansion

Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson Services Inc. (Biosense Webster Inc.), NIPRO (Infraredx, Inc.), CONAVI MEDICAL, Siemens Healthineers AG and Koninklijke Philips N.V., are some of the prominent industry players operating in intracardiac echocardiography and intravascular ultrasound market.
 

These market players are adopting product development as well as entry and expansion strategies in various geographies to broaden their business footprint. For instance, in September 2021, Biosense Webster (part of Johnson & Johnson medical devices) announced the acquisition of NuVera Medical. This acquition has added, the NuVision ICE Catheter in Biosense Webster's electrophysiology product portfolio. Such strategic acquisitions strengthen the company’s product portfolio and reinstate its market positioning.