Global Echocardiography Market
Medical Equipment

Echocardiography Market Report 2024: Market Size, Drivers, And Trends

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033


The echocardiography market has experienced significant expansion in recent years, driven by the rising incidence of cardiovascular illnesses and technological advancements. This blog explores the market’s growth trajectory, drivers, and key trends shaping its future.

Market Growth Overview

Recent Surge

  • Market Size: Grew from $1.65 billion in 2023 to $1.78 billion in 2024.
  • Growth Rate: CAGR of 8.2%.

Historical Growth Factors

  • Environmental Awareness: Increased focus on healthcare and preventive measures.
  • Government Incentives: Supportive policies promoting healthcare infrastructure.
  • Urbanization Trends: Rising urban population contributing to healthcare demand.
  • Rising Fuel Costs: Encouraging adoption of energy-efficient alternatives.

Projected Growth

  • Expected Market Size: Anticipated to reach $2.33 billion by 2028.
  • Future Growth Rate: CAGR of 6.9%.

Future Growth Drivers

  • Infrastructure Development: Expansion of healthcare facilities and services.
  • Regulatory Policies: Compliance with evolving healthcare regulations.
  • Consumer Awareness: Growing understanding of cardiovascular health.
  • Battery Technology Advancements: Improved efficiency and portability.
  • Economic Factors: Economic stability driving healthcare spending.

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Rising Incidence of Cardiovascular Illnesses

Driving Market Growth

  • Cardiovascular Diseases (CVDs): Leading cause of morbidity and mortality worldwide.
  • Diagnostic Role of Echocardiography: Essential tool for assessing heart health.
  • Ultrasound Technology: Non-invasive imaging method for heart evaluation.

Statistical Insight

  • Heart Attack Incidence: Approximately 805,000 heart attacks annually in the US.
  • Heart Disease Mortality: 695,000 deaths from heart disease in the US in 2021.

Technological Developments Driving Revenues

Focus on Innovation

  • VeriSight Pro: Cutting-edge technology enhancing diagnostic capabilities.
  • Efficiency and Workflow Optimization: Accelerating patient care and treatment.
  • Real-time Imaging Solutions: Advancements in 2D and 3D imaging technologies.

Example of Innovation

  • Koninklijke Philips N.V.’s VeriSight Pro: Real-time 3D intracardiac echocardiography catheter.
  • Features: Provides superior live image guidance for structural heart procedures.

Collaborative Efforts in AI Development

Advancing Diagnostic Capabilities

  • AI Tool for Disease Identification: Improving screening and detection of cardiac conditions.
  • Partnerships: Combining expertise for enhanced AI-driven diagnostics.

Collaborative Initiative

  • Ultromics Ltd. and Janssen Pharmaceuticals: Developing an AI tool to detect amyloidosis.
  • Objective: Enhance patient screening and early detection using AI-driven analysis.

Market Segmentation

The echocardiography market is segmented based on:

  • Test Type: Transthoracic Echocardiography, Transesophageal Echocardiography, Stress Echocardiography, and Others.
  • Technology: 2D, 3D and 4D, Doppler Imaging.
  • End-User: Hospitals, Diagnostic Centers, Clinics, and Others.

Regional Insights

  • Largest Region: North America dominated the echocardiography market in 2023.
  • Fastest-Growing Region: Asia-Pacific expected to exhibit rapid growth.


With the increasing burden of cardiovascular diseases and technological advancements in diagnostic imaging, the echocardiography market is poised for robust growth. Collaborative efforts in AI development, coupled with innovations in imaging technologies, are set to revolutionize cardiac diagnostics, ensuring timely interventions and improved patient outcomes globally.

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