Emerging Opportunities in Intracardiac Echocardiography Market, Projected to Reach US$ 1,228.2 Million by 2033, at a CAGR of 5.8% | Says FMI Report

The intracardiac echocardiography market was expected to reach US$ 660.6 million in 2022 and is projected to grow to US$ 698.9 million in 2023. Future Market Insights (FMI) analysis suggests that the market for intracardiac echocardiography is set to exhibit a robust compound annual growth rate (CAGR) of 5.8% from 2023 to 2033, ultimately reaching approximately US$ 1,228.2 million by 2033.

Intracardiac Echocardiography Market: Key Players

Some of the key players present in the global Intracardiac Echocardiography market include Abbott Boston Scientific Corporation, Koninklijke Philips N.V., Infraredx, Inc. Kaixin, and others.

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Intracardiac Echocardiography: Market Dynamics

Intracardiac echocardiography is one of the increasingly imaging technology which is being used to guide percutaneous interventional procedures. These are being widely used for the treatment of interatrial septal abnormalities and also aid in electrophysiological procedures. Furthermore these imaging devices are also being used for finding intracardiac structures, which is thus used in other procedures like myocardial biopsy and paravalvular leak closure. The main drivers of intracardiac echocardiography over transoesophageal echocardiography is the treatment of atrial septal defects that eliminates the need of general anesthesia. Additionally, they also produce images which are clear and crisp, with shorter procedure time, reduced hospital stays and radiation doses. One of the primary restraint of intracardiac echocardiography market is the additional catheter cost, which can be negated by improvising turnaround times and reducing personnel costs. However, the intracardiac echocardiography market is expected to show promising growth due to increasing prevalence of cardiovascular diseases, geriatric population, and use of advanced technologies used in interventional cardiology.

Additionally, accuracy and efficiency of the intracardiac echocardiography is one of the primary factor in the growth of the market. Portability and compactness of the intracardiac echocardiography is anticipated to drive the market revenue of the intracardiac echocardiography market. Increase in number of minimally invasive cardiac procedures and high adoption rate of intracardiac echocardiography are also factors that is anticipated to boost the market growth. However, lack of awareness regarding the intracardiac echocardiography imaging devices and inadequate reimbursement may hamper the growth of the intracardiac echocardiography market during the forecast period.

Intracardiac Echocardiography Market: Region-wise Outlook

On the basis of regional presence, global intracardiac echocardiography market is segmented into five key regions viz.  North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa. North America is anticipated to dominate the intracardiac echocardiography market due to new product innovations, and awareness of product by organizing medical conferences. Europe is expected to be the second largest market for intracardiac echocardiography market due to high end funding and support for innovative and development activities, also focus on having high consolidation and large research base. Both East and South Asian market is also expected to grow at a higher growth rate owing to change in lifestyle, increase population growth, increase in healthcare spending, and tremendous growth in research and development. These factors are likely to drive the market growth of the intracardiac echocardiography market during the forecast period globally..

The report covers exhaustive analysis on:

• Market Segments
• Market Dynamics
• Market Size
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Value Chain

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The regional analysis includes:

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
• Eastern Europe (Poland, Russia)
• Asia-Pacific Excluding Japan (China, India, ASEAN, Australia & New Zealand)
• Japan
• The Middle East and Africa (GCC, S. Africa, N. Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Intracardiac Echocardiography Market: Segmentation

Segmentation by Product Type:

• Phased-array ultrasound Transducer tipped Catheter
• Mechanical ultrasound transducer-tipped Catheter

Segmentation by Application Type:

• Electrophysiology
• Left atrial Appendage Closure
• Closure of Paravalvular leaks
• Transcatheter aortic valve implantation
• MitraClip implantation and mitral valvuloplasty
• Others

Segmentation by Age Type:

• Adult
• Pediatric
• Neonatal

Segmentation by End User Type:

• Hospitals
• Cardiac Centers
• Clinics
• Ambulatory Surgical Centers
• Others

Report Highlights:

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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