13-Jan-2023 | Facts and Factors
According to Facts and 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.
To conduct safe and accurate cardiac interventional procedures, it is important to have accurate knowledge of the anatomy of intracardiac units and structures. Fluoroscopy is a well-established method that is used while advancing or probing catheters in the heart during diagnosis or during operations.
Browse the full “Intracardiac Echocardiography Devices Market Size, Share, Growth Analysis Report By End-User (Catheterization Laboratories, Hospitals, and Others), By Application (Left Atrial Appendage Closure, Electrophysiology Procedures, Septal Defects, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/intracardiac-echocardiography-devices-market
However, it is not highly effective as it may not supply accurate data related to heart anatomy. The information on the position of ridges, veins, or septa in the heart is not real-time and less the necessary accuracy. Another factor that limits the use of this method during interventional processes is the exposure to radiation putting the patient at risk.
To cover all these disadvantages in using traditional methods, the development of the intracardiac echocardiography (ICR) technique has been helpful. The process includes accurate imaging of cardiovascular structures which may also act as an alternative to the transoesophageal approach, which is a semi-invasive technique and requires the help of general anesthesia. When ICE devices are used at low-frequency accurate visualization of cardiac structures can be produced.
The global intracardiac echocardiography devices market growth is projected to be driven by the growing introduction of novel imaging modalities and devices in this segment. There have been numerous product innovations and launches for ICE devices across the globe which acts as a strengthening factor. Several market players have laid extreme emphasis on the development of new devices that can work along with ICE systems for coronary artery and peripheral artery interventions for accurately visualizing stent position.
As the investment in the sector has registered surging numbers, the global market is moving toward the use of 2-dimensional and 3-dimensional echo with growing research on 4-dimensional data. As the computing power and speed will rise, the systems will be able to access and process more data delivering results in a shorter time and with high accuracy.
The main factor that could limit the global market progress could be hampered by the lack of awareness of the imaging technique and the necessary infrastructure to support the use of devices. Since it is relatively a modern procedure, various underdeveloped economies may not have the right access to technology in terms of knowledge and devices. It will require joint efforts by regional healthcare bodies and international agencies for the ICE devices to reach remote areas.
The growing research & development may create higher growth opportunities while the long learning curve for new operators could challenge market growth.
Segmental Overview
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.
Regional Overview
North America is projected to register the highest growth in the global intracardiac echocardiography devices market due to higher product awareness and the robot healthcare infrastructure. The growth in research activities related to ICE devices and constant product launches are major reasons for the regional market growth. The US Food & Drugs Administration has recently approved different devices to meet the growing demand in the market. Growth in Asia-Pacific is projected to be driven by the growing investments in the healthcare sector. The hospital segment of India's healthcare system which accounts for 80% of the country’s healthcare market is registering a surge in investor demand.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 6.25 Billion |
Projected Market Size in 2030 |
USD 11.5 Billion |
CAGR Growth Rate |
5.76% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2030 |
Key Market Players |
InfraredxTM, Abbott Boston Scientific Corporation, Kaixin, Koninklijke Philips N.V. Inc., Johnson & Johnson Services, Conavi Medical, Boston Scientific Corporation, NIPRO, Siemens Healthcare AG , and others. |
Key Segment |
By End-User, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Landscape
The global intracardiac echocardiography devices market is led by players like InfraredxTM, Abbott Boston Scientific Corporation, Kaixin, Koninklijke Philips N.V., Inc. Johnson & Johnson Services, Conavi Medical, Boston Scientific Corporation, NIPRO, and Siemens Healthcare AG amongst others.
Recent Developments:
- In February 2020, Conavi Medical announced that it had received the necessary product approval for Novasight Hybrid intravascular imaging system. The approval was received from Japan’s Ministry of Health, Labor & Welfare
- In July 2021, Philips introduced VeriSight Pro for real-time 3D ICE. The catheter will help the company strengthen its hold in the global market
The global intracardiac echocardiography devices market is segmented as follows:
By End-User
- Catheterization Laboratories
- Hospitals
- Others
By Application
- Left Atrial Appendage Closure
- Electrophysiology Procedures
- Septal Defects
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- 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
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