The global intravascular ultrasound market was surpassed at USD 768.9 million in 2021 and is expected to hit around USD 1.21 billion by 2030, growing at a CAGR of 5.13% from 2022 to 2030.
The rising prevalence of cardiovascular disorders coupled with the increasing demand for effective diagnostic techniques is the key factor driving the market. Moreover, consistent technological advancements are further expected to boost market growth during the forecast period. Intravascular ultrasound (IVUS) is an effective intravascular imaging modality as this technology overcomes numerous disadvantages of angiography, which utilizes X-ray technology to create images.
Furthermore, the growing demand for advanced and accurate medical imaging is resulting in the rapid development of Artificial Intelligence (AI). For instance, in March 2021, GE Healthcare announced a portable Point-of-Care Ultrasound Device (POCUS) called Venue Fit, in addition to an industry-first AI tool for cardiac imaging. Favorable reimbursement policies for coronary intervention procedures in developed countries are further anticipated to boost industry growth over the forecast period. The Centers for Medicare & Medicaid Services (CMS) offers favorable healthcare insurance policies for various cardiovascular procedures.
This may increase the number of patients opting for such services. Some of the prominent companies in the industry are undertaking different initiatives, such as funding and acquisitions of medium- and small-sized businesses to expand their product portfolios and enhance their manufacturing capacities. For instance, in August 2020, Philips launched Affiniti CVx a cardiovascular ultrasound system. The solution is designed to help cardiology departments provide better care to more patients with enhanced efficiency and throughput.
Scope of The Report
|Market Size in 2021|
|Revenue Forecast by 2030|
|Growth rate from 2022 to 2030||CAGR of%|
|Forecast Period||2022 to 2030|
|Segmentation||Modality, product, end-use, region
The virtual histology IVUS modality segment is a traditional method of intravascular ultrasound. The segment dominated the global industry in 2021 and accounted for the maximum share of more than 68.01% of the overall revenue. The segment is expected to continue its dominance throughout the forecast period. This technique employs radiofrequency ultrasound backscatter data to identify the components of plaque, including NC, calcification, fibrous tissue, and fibrofatty tissue.
Thus, it is best known for the characterization of tissues. The iMap segment, on the other hand, is anticipated to register the fastest growth rate during the forecast period. Coronary plaque is divided into four components by iMap-IVUS: fibrotic, lipidic, necrotic, and calcified. Similar to VH-IVUS, iMap can be used to identify high-risk plaques and anticipates adverse effects from PCI, such as sluggish flow. This technique makes use of the ultrasonic backscatter signal to characterize plaque morphology or tissue in greater detail and to shed light on the characteristics of vulnerable plaque.
The accessories product segment dominated the global intravascular ultrasound (IVUS) market in 2021 and accounted for the maximum share of more than 60.46% of the overall revenue. The segment is projected to expand further at the fastest CAGR and maintain its dominant industry position throughout the forecast period. This segment is sub-segmented into catheters, guidewires, and others. Accessories, such as guidewires, allow real-time viewing of organ movement.
Guidewires are used in procedures, such as angiograms, cardiac surgeries, and stent placements. An increase in the volumes of angiogram procedures is expected to boost the growth of this sub-segment. The catheters sub-segment held the largest revenue share of the accessories segment as catheters form a crucial component of an IVUS test. The increasing incidence of coronary heart disease is anticipated to further propel the growth of the catheters sub-segment. For instance, in the U.S., heart disease claimed the lives of almost 697,000 people in 2020, accounting for 1 in 5 fatalities.
Based on end-uses, the global industry has been further segmented into hospitals, diagnostic imaging centers, and academic and research institutes. Hospitals held the largest market share in 2021. The number and type of ultrasound studies performed at the hospital facility are higher compared to any other end-user. Mid- to large-sized hospitals install medical imaging equipment within the premises as this can be a major source of outpatient profits. Therefore, the higher utilization rate of ultrasound, coupled with a large patient base, has contributed to this segment’s largest market share.
The diagnostic imaging centers segment is expected to register the fastest growth rate over the forecast period. The majority of large-scale hospitals have their own medical imaging facilities. However, medical imaging facilities require investment, space, skilled professionals, and high maintenance charges. This increases the financial burden on hospitals in managing these facilities. Therefore, for medical imaging facilities, hospitals prefer to collaborate with diagnostic centers. This helps small- and medium-sized hospitals to reduce overall expenses. Hence, a growing number of partnerships between hospitals and diagnostic centers is expected to drive segment growth.
North America dominated the global industry in 2021 and accounted for the maximum share of more than 43.9% of the overall revenue. The segment is projected to expand further at a steady growth rate over the forecast period. This can be attributed to several factors, such as increased adoption of ultrasound technology in primary care settings, improved accessibility, and high healthcare spending in countries with efficient reimbursement policies.
Technological innovations and the growing incidence of chronic conditions are also anticipated to drive the growth of the regional market. On the other hand, Asia Pacific is expected to register the fastest growth rate during the forecast period on account of the supportive government initiatives for improving the healthcare infrastructure in the region. Furthermore, economic development in countries, such as India and China, is expected to facilitate the growth of this region. The presence of a large population pool with low per capita income levels has led to a high demand for affordable treatment options, which will also contribute to regional market growth.