Intracardiac Echocardiography Devices Market Size, Share Global Analysis Report, 2022 – 2030

Industry Insights

[218+ Pages Report] According to the report published by Facts Factors, the global intracardiac echocardiography devices market size was worth around USD 6.25 billion in 2021 and is predicted to grow to around USD 11.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.76% between 2022 and 2030. The report analyzes the global intracardiac echocardiography devices market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the intracardiac echocardiography devices market.

Market Overview

Intracardiac echocardiography (ICE) is a modern and unique medical technique used for imaging and providing high-definition, superior-resolution visualization of cardiac units and structures along with continuous and accurate monitoring of the exact location of the catheter in the heart. The images and information provided are in real-time and hence extremely helpful in the healthcare industry during various medical procedures related to the heart. ICE is also for early detection of any procedural complication that may arise during operations including thrombus formation or pericardial effusion. Thrombus formation occurs when a blood clot is formed within arteries or veins and it can emerge in the heart.

Pericardial effusion is a medical condition in which extra fluid gets collected between the pericardium and the heart. This can lead to increased pressure on the heart restricting the normal movement of blood. Infection can arise if pericardial effusion leads to infection. With the growing use of intracardiac echocardiography, the demand for transesophageal echocardiography has reduced considerably because ICE provides better outputs. ICE is a complete intraprocedural guiding and imaging tool with wide applications for diagnostic purposes.

Key Insights

• As per the analysis shared by our research analyst, the global intracardiac echocardiography devices market is estimated to grow annually at a CAGR of around 5.76% over the forecast period (2022-2030)
• In terms of revenue, the global intracardiac echocardiography devices market size was valued at around USD 6.25 billion in 2021 and is projected to reach USD 11.5 billion, by 2030.
• The market is projected to grow at a significant rate due to the increasing number of heart-related medical conditions and treatment
• Based on application segmentation, septal defects were predicted to show maximum market share in the year 2021
• Based on end-user segmentation, hospitals were the leading users in 2021
• On the basis of region, North America was the leading revenue generator in 2021

Growth Drivers

• Increasing number of heart-related medical conditions and treatments to propel market growth

The global intracardiac echocardiography devices market is projected to grow owing to the increasing number of patients suffering from heart-related conditions and their subsequent treatment. ICE is an effective tool that can be used during operations to monitor the various aspects of functions of the heart as opposed to other imaging techniques which generally require the images to be taken before the operations. Most traditional tools like transoesophageal echocardiography (TEE) are used to prepare for and act as guiding tools during interventional treatment.

However, ICE is an intraprocedural guiding tool which means that it provides information in real-time and hence is more useful during critical operations. There are various other benefits associated with the use of ICE devices. For instance, it provides higher patient tolerance, can also help in reducing fluoroscopy time, and does not require the need for a second operator or general anesthesia. The introduction of ICE in the medical sector has acted as a major advantage in cardiac imaging and currently it has become an integral part of the various electrophysiology and percutaneous interventional procedures.

Restraints

• High cost to restrict market expansion

One of the major growth restrictions is the high cost associated with the use of ICE devices. Other cardiac imaging techniques are more affordable as compared to intracardiac echocardiography since the alternative methods have been in the system for a long time. ICE technique is relatively new which is the prime reason for its high price.

Opportunities

• Growing research & development to create higher growth opportunities

ICE has become an important technique in the global medical field and the devices used for the procedures are gaining extreme popularity in the research community. The global market could witness higher growth opportunities due to the growing investments in the development of enhanced and more effective tools. For example, the new ICE devices can prove higher-quality data for electrophysiological processes. The addition of RT-3D ICE was a prime example of the product innovation efforts undertaken by the global market players.

Challenges

• Long learning curve for new operators to challenge market growth

The global market could face challenges due to the long learning curve related to the understanding and use of ICE devices. The new operators may find that the equipment is complex to handle and hence it requires that the machine handlers undergo extensive training to completely understand the device's functioning before they are put in real-life and critical situations.

Segmentation Analysis

The global intracardiac echocardiography devices market is segmented based on end-user, application, and region

Based on end-user, the global market divisions are catheterization laboratories, hospitals, and others. The global market registered the highest growth in the hospitals segment due to the growing investments in healthcare infrastructure around the globe. Access to medical care has been at the top of the priority list of international and domestic healthcare agencies. The mass efforts undertaken by such bodies have resulted in creating awareness among the population as well as the market players toward the healthcare segment.

For instance, in December 2022, Japan became one of the few countries to adopt Universal Health Coverage (UHC). The country already has one of the best health insurance systems in the world and the main reason driving this growth is the access to required healthcare services for all Japanese citizens. The catheterization laboratories segment registered growth in 19% of the market share due to high product penetration.

Based on application, the global market segments are left atrial appendage closure, electrophysiology procedures, septal defects, and others. In 2021, more than USD 44 million was generated from the septal defects segment and the same growth trend is expected in the future. A ventricular septal defect is related to a medical condition in which there is a hole in the heart. It is a common problem that generally occurs at birth and can be treated during later stages of life with operational procedures. The hole is usually in the wall that acts as a separation for the lower chambers of the ventricles in the heart. It ultimately affects the way blood flows from the lungs and the heart.

Recent Developments:

• In July 2021, Royal Philips, a global giant dealing in health technology, announced the success of an operation conducted on the first patient on whom the company’s newly launched 3D intracardiac echocardiography catheter was used. The operation conducted was the Left Atrial Appendage Occlusion (LAAO) procedure and was carried out at the Mayo Clinic in Minnesota
• In April 2022, the Food and Drugs Administration authority provide clearance to the UltraNav Transseptal Catheter System developed by Franklin Mountain Medical

Report Scope

Regional Analysis

• North America to lead with the highest market share

The global intracardiac echocardiography devices market is projected to register the highest growth in North America with the United States contributing the highest regional revenue. The growth is projected to be propelled by the growing product adoption across the country’s healthcare sector as well as increasing investment by the Canadian government in deploying quality medical care practices. High operational procedures for septal defects were also a leading cause in the past for the regional market to register surging growth. As per a 2016 study, 1 in every 1000 people in the US suffers from congenital heart defects.

However, the highly advanced medical infrastructure of the region has allowed the ratio to reduce significantly due to the prompt response of the medical community in treating the cases. Higher revenue is anticipated to be influenced by the growing number of players producing quality devices with constant research & development coupled with product innovation.

Competitive Analysis

• InfraredxTM 
• Abbott Boston Scientific Corporation 
• Kaixin 
• Koninklijke Philips N.V. Inc.
• Johnson & Johnson Services 
• Conavi Medical 
• Boston Scientific Corporation 
• NIPRO 
• Siemens Healthcare AG

The global intracardiac echocardiography devices market is segmented as follows:

By End-User Segment Analysis

• Catheterization Laboratories
• Hospitals
• Others

By Application Segment Analysis

• Left Atrial Appendage Closure
• Electrophysiology Procedures
• Septal Defects
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America