Intracardiac Echocardiography and Intravascular Ultrasound Market to hit $1.1 Billion by 2028, Says GMI
ICE and IVUS Industry is expected to register 5.2% CAGR between 2022 and 2028 driven by growing burden of cardiovascular disorders resulting to increasing procedural volume.
SELBYVILLE, Del., Feb. 16, 2022 /PRNewswire/ -- The intracardiac echocardiography (ICE) and intravascular ultrasound (IVUS) Market value is projected to cross USD 1.1 billion by 2028, according to a new research report by Global Market Insights Inc. Industry growth is majorly led by the enhancement in imaging technologies with improved visualization.
Advancements in diagnosis and treatment of cardiovascular diseases is one of the leading factors contributing to the market expansion. With the increasing disease prevalence owing to the lifestyle changes, the procedure volume has also increased over past years that will continue to accelerate the business demand. Myocardial infarction is one of the most common vascular disorders leading to the risk of mortality. The use of intravascular ultrasound (IVUS) to detect plaque properties helps to reduce the mortality risk.
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Growing geriatric population is amongst the prominent factors further contributing to the disease burden. According to the World Bank statistics, approximately 12% of the total population in China is aged above 65 years and is set to witness substantial increase in the coming years. As a result, there is an increase in the number of deaths from circulatory and cardiovascular diseases among the elderly population base. In addition, obesity is directly associated with an increased risk for cardiovascular and metabolic diseases.
Some major findings of the ICE and IVUS market report include:
- Increasing prevalence of cardiovascular diseases across the globe will impact the business outlook.
- Growing awareness regarding minimally invasive procedures is slated to augment the demand for IVUS and ICE devices.
- Product innovations and proven efficacy of novel devices is influencing the adoption of ICE as option to conventional technology.
- Increasing spending on cardiovascular disease treatment coupled with expansion of medical facilities is expected to propel the business landscape in the upcoming period.
- High penetration of advanced imaging techniques in emerging economies will stimulate the market statistics.
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:
Left atrial appendage closure segment size exceeded USD 120 million in 2021 due to geriatric population as elderly population is more prone to atrial fibrillation. In this population, atrial fibrillation is significantly responsible for thromboembolic cerebrovascular events, especially for disabling and fatal strokes. Thereby, left atrial appendage closure devices implantation to prevent stroke and reduce mortality in aged people will fuel the product demand, thereby assisting in segment expansion.
The intracardiac echocardiography and intravascular ultrasound market from catheterization laboratories segment is forecast to proceed at over 6.6% CAGR during the analysis timeframe. The increasing number of standalone catheterization labs in developed countries owing to the favourable reimbursement scenario will positively impact the product demand. Furthermore, infrastructure development in catheterization laboratories to offer highly advanced treatments with better efficiency and high success rate will impel segment revenue growth.
Asia Pacific intracardiac echocardiography and intravascular ultrasound market accounted for around 40% revenue share in 2021. High procedural volume with large patient population, expansion of prominent industry players in the region and expanding network of healthcare facilities will drive the regional expansion. Several market players are entering the regional market to cater unmet need, thereby expanding business in untapped economies.
Major players operating in the ICE and IVUS market include 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 among others. These players are implementing various strategies such as new product launches, acquisition & merger and partnerships to gain competitive advantage.
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