The cardiovascular ultrasound system market is projected to reach USD 1.66 Billion by 2021 from USD 1.27 Billion in 2016, growing at a CAGR of 5.4% during the forecast period (2016–2021).
Increasing incidence of cardiovascular diseases, technological advancements, and advantages of echocardiography over invasive cardiac diagnostic procedures are the major drivers for the cardiovascular ultrasound system market. However, insufficient reimbursement scenario and economic impact of adopting new technologies are restraining the growth of the market.
The cardiovascular ultrasound system market is broadly segmented into test type, technology, device display, end user, and region.
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 (U.S.).
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GE Healthcare (U.S.) held the largest share of the cardiovascular ultrasound system market. Over the past three years, the company adopted the strategies of expansions, acquisitions, product launches, and approvals to maintain its position in the cardiovascular ultrasound system market. In August 2016, GE Healthcare launched a new generation of high-end portable compact cardiovascular ultrasound, the Vivid iq at the European Society of Cardiology Congress in Rome (Italy).
Esaote S.p.A, a global cardiac ultrasound products company, offers a broad range of echocardiographs. In order to maintain its position in the cardiovascular ultrasound system market, the company primarily adopts the strategy of product launches. In March 2016, the company launched the MyLab Eight ultrasound system at the European Congress of Radiology and in January 2016, the MyLa Six CrystaLine ultrasound system at the Arab Health 2016. The company enhanced its product portfolio with the launch of these products.
The cardiovascular ultrasound system market is in different phases of growth in different regions. In the U.S. and Europe, this market is in a mature phase with several key players opting to improve the filtration process with advantages such as non-invasiveness, accessibility, bedside evaluation, repeatability, real-time results, good image resolution, and more accurate quantification.
Key players in the market are majorly focusing on product launches and approvals to strengthen their position the market. In June 2016, FUJIFILM Medical Systems U.S.A. Inc., showcased the next generation of its Synapse Cardiovascular, a cardiac imaging tool and SonoSite iViZ, the latest portable ultrasound. Similarly, in November 2015, Siemens Healthcare (Germany) launched its new ultrasound imaging system, the HELX with Touch Control in its Healthcare Acuson S Family.
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