The intracardiac echocardiography market studied is anticipated to register a CAGR of nearly 6.1%, during the forecast period.
- Certain factors that are driving the market growth include increasing prevalence of cardiac diseases and rising geriatric population and technological advancements in interventional cardiology.
- Intracardiac echocardiography (ICE) is gradually being more used to guide percutaneous interventional procedures, primarily the closure of interatrial septal abnormalities, as well as to support electrophysiological procedures.
- Unambiguous views of intracardiac structures can aid several other procedures, including myocardial biopsy and paravalvular leak closure.
- The major benefits of ICE over transoesophageal echocardiography for the duration of the closure of atrial septal defects are that the use of ICE eradicates the need for a general anesthetic, allows clearer imaging, shorter procedure times and lowers hospital stays and radiation doses.
- However, the main disadvantage is the additional cost of the catheter, even though this can be counterbalanced by improved turnaround times and reduced personnel costs.
Key Market Trends
Adult and Geriatric Group Holds Significant Share in the Global Intracardiac Echocardiography Market
- Cardiovascular disease (CVD) in the global elderly population imposes a huge burden in terms of mortality, morbidity, disability, functional decline, as well as healthcare costs. Hence, owing to the expected growth of the population of older adults over the coming decades, the socio-economical burden of CVD will continue to rise.
- As per the revised World Population Prospects, by the United Nations, the number of people aged 60 or above is expected to grow greater than double by 2050, i.e., from 962 million in 2017 to 2.1 billion in 2050, globally.
- Therefore, the rising geriatric population and associated cardiac ailments are anticipated to boost the growth of the concerned segment of the intracardiac echocardiography market all across the world over the forecast period.
North America Dominates the Global Intracardiac Echocardiography Market
- The United States had the most significant share of the North America intracardiac echocardiography market.
- According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death for both men and women in the United States. It is responsible for 1 in every 4 deaths and more than 610,000 people die every year from the disease.
- The annual total cost of CVD in the United States was estimated at USD 351.2 billion in 2014-2015, with USD 213.8 billion in direct cost, including 46% for inpatient care.
- More than 4 million Americans, most of them over age 60, are experiencing heart arrhythmias that are expected to increase in the next upcoming years. This increase in the incidence of heart arrhythmias boosts the demand for cardiac devices.
The market is competitive and consists of a few major players. In March 2020, NuVera Medical, Inc., a portfolio company of Shifamed LLC, has been awarded the "Top 25 Cardiac Imaging Leaders 2020" honor from Cardiology2.0 Magazine as recognition for the impact the company is making in the intracardiac imaging space. Companies, like Biomerics, Boston Scientific Corporation, Conavi Medical, Infraredx Inc., Koninklijke Philips N.V., Siemens Healthcare GmbH, and Stryker Corporation, hold the substantial market share in the market.
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