Wilmington, Delaware, United States, June 09, 2023 (GLOBE NEWSWIRE) -- The global intravascular ultrasound [IVUS] devices market is anticipated to grow at a 5.9% CAGR from 2023 to 2031. A market valuation of US$ 1,240 million is expected by end of the forecast period.
The increasing prevalence of cardiovascular diseases (CVDs) has led to a significant surge in the need for reliable diagnostic cardiovascular imaging methods. As a result, there has been a notable increase in the adoption of intravascular ultrasound (IVUS) devices, which have proven to be highly impactful.
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According to the World Health Organization (WHO), CVDs are the primary cause of global mortality, resulting in approximately 17.9 million deaths annually. Additionally, the growing demand for less invasive surgical techniques and the introduction of new products are expected to further drive the expansion of the industry.
Philips enhanced its ultrasound portfolio in December 2021 by introducing advanced imaging capabilities and features specifically designed for cardiology. This significant expansion is anticipated to enhance diagnostic accuracy and streamline workflow efficiency, ultimately boosting confidence in the diagnostic process.
The increasing research and development efforts and the growing prevalence of chronic diseases are expected to drive market growth. Key market players are focusing on integrating new ultrasound equipment and advanced digital technologies, aiming to enhance the market with high-resolution imaging capabilities. This advancement in picture output quality is crucial for accurate diagnosis in the early stages of various life-threatening disorders, particularly cardiovascular problems. It represents a significant stride forward in the early detection of such illnesses.
Key Takeaways from the Market Report
- The global intravascular ultrasound [IVUS] devices market is expected to be worth US$ 780.44 million as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 5.9%.
- By product, the IVUS catheters segment is expected to grow with a CAGR of 6.6% during the forecast period.
- By application, the coronary diagnosis segment is expected to lead the market while exhibiting a CAGR of 6.4% during the forecast period.
- As per TMR projections, the demand for intravascular ultrasound [IVUS] devices in China is expected to grow at a CAGR of 6.1% during the forecast period.
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Intravascular Ultrasound [IVUS] Devices Market: Growth Drivers & Trends
- The rising need for advanced and precise medical imaging is driving the rapid advancement of integrated Artificial Intelligence (AI) technology in ultrasound devices. This development is driven by the growing demand for more accurate diagnostic capabilities in healthcare.
- The increasing research and development (R&D) activities and the growing prevalence of chronic diseases are fueling the market growth.
- The demand for intravascular ultrasound devices is anticipated to rise with the increasing demand for accurate diagnostic tools and medical imaging techniques for cardiovascular conditions such as myocardial infarction.
Intravascular Ultrasound [IVUS] Devices Market: Regional Analysis
- North America is expected to dominate the market by accumulating over 46.4% market share in 2023. The regional demand for intravascular ultrasound devices is expected to rise with a CAGR of 6.2% during the forecast period. The growth can be attributed to various factors, including the wider use of ultrasound technology in primary care, improved accessibility to healthcare services, and significant healthcare spending in countries with favorable reimbursement policies. Technological advancements and the increasing prevalence of chronic diseases are also expected to contribute to the regional market's growth.
- Asia Pacific is projected to register a significant CAGR of 6% during the forecast period. Factors such as favorable government initiatives aimed at enhancing healthcare infrastructure are fueling regional market. The economic development in countries like India and China is expected to drive the market forward. The presence of a large population with low per capita income levels has created a demand for affordable treatment options, further fueling the growth of the regional market.
Intravascular Ultrasound [IVUS] Devices Market: Prominent Players
The global market for intravascular ultrasound [IVUS] devices is characterized by several regional and global entities. Some key intravascular ultrasound [IVUS] devices providers profiled by TMR include:
- Axle International
- Boston Scientific Corporation
- Infraredx, Inc.
- Koninklijke Philips N.V.
- Terumo Corporation
- Siemens Healthineers AG
- Conavi Medical Inc.
- ACIST Medical Systems
Prominent developments in the intravascular ultrasound [IVUS] devices market domain by key players are as follows:
- Siemens Healthineers launched Luminos Impulse in September 2021, an innovative fluoroscopy system that combines cutting-edge design and features from high-end systems. It offers a seamless imaging chain, comprehensive dose optimization, robust cybersecurity measures, and the ability to share detectors for radiography applications.
- Siemens Healthineers launched Somatom X.ceed in May 2021, a state-of-the-art CT (computed tomography) scanner designed for highly demanding clinical areas that prioritize speed and accuracy.
- In January 2021, Avinger, Inc. announced the full commercial launch of Tigereye™, its image-guided system for crossing chronic total occlusions (CTOs). This milestone enables customers in the United States and Germany to place orders for the Tigereye device. Avinger had previously conducted a limited launch at 12 clinical centers in both countries during the fourth quarter of 2020.
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Intravascular Ultrasound [IVUS] Devices Market- Key Segments
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