Intravascular Ultrasound Market Size 2023

Intravascular ultrasound market was valued at USD 604.6 Mn in 2021. It is expected to reach USD 1112.48 million at a compound annual growth rate CAGR of 5.7%

NEW YORK CITY, NEW YORK, UNITED STATES, March 19, 2023 /EINPresswire.com/ -- Market Overview:

The global intravascular ultrasound market was valued at USD 604.6 million in 2021. It is expected to reach USD 1112.48 million at a compound annual growth rate (CAGR) of 5.7% during the forecast period. Intravascular ultrasound (IVUS) is a medical imaging technology used for viewing inside blood vessels, helping diagnose and treat various cardiovascular diseases like coronary artery disease and peripheral artery disease.

Key Takeaways:

The global intravascular ultrasound market is being driven by factors such as an increasing prevalence of cardiovascular diseases, rising demand for minimally invasive procedures, and technological advancements in IVUS systems.

The IVUS catheters segment has the largest share in the market, due to their rising demand in diagnostic and interventional procedures.

North America dominates the IVUS market, due to its advanced healthcare infrastructure and rising adoption of IVUS in clinical practice.

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Key Market Segments

By Modality

iMap IVUS
Virtual Histology IVUS
Integrated Backscatter IVUS

By Product

Consoles
Accessories
Catheters
Guidewires
Other Accessories

By End-Use

Hospital
Diagnostic Centers
Academic and Research Institutes

Intravascular Ultrasound Market Key Players

Philips
Hitachi
Medtronic
Boston Scientific Corporation
Fujifilm Medical Systems
VOLCANO
GE Healthcare, Inc.
Siemens Healthcare
Canon Medical

Drivers:

The increasing prevalence of cardiovascular diseases such as atherosclerosis and hypertension is driving demand for intravascular ultrasound.
Furthermore, minimally invasive procedures with faster recovery times and reduced risks of complications are another major driver.
Technological developments in IVUS systems, such as 3D imaging and fusion imaging, are fuelling market expansion.

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Restraints:

The high cost of IVUS systems and procedures is a major obstacle that is restricting their adoption in developing regions.
Limited access to skilled healthcare professionals trained to perform IVUS procedures is another challenge facing the market.
Safety concerns related to IVUS systems, such as infection or bleeding risks, pose another hurdle for investors.

Opportunities:

Investments in research and development activities to create advanced IVUS systems with enhanced features and functionalities.
Rising demand for IVUS in emerging economies such as China and India due to the rising prevalence of cardiovascular diseases.
Rising adoption of telemedicine and remote monitoring services are expected to drive demand for IVUS in home healthcare applications.

Challenges:

Stringent regulations set by regulatory authorities such as FDA or CE pose a major obstacle in this market's path forward.
Due to intense competition among market players, prices are being driven down and profit margins are being squeezed.
Limited reimbursement policies for IVUS procedures in some countries present another obstacle.

Recent Developments:

On January 2021, Boston Scientific Corporation, a renowned medical device company, unveiled its new IVUS system with 3D imaging capabilities.

Philips, a global healthcare technology company, announced the release of their IVUS system combining IVUS and optical coherence tomography (OCT) imaging technologies in May 2021.

In August 2021, Terumo Corporation, a leading medical device company, announced the acquisition of Medeon Biodesign from Taiwan to expand their selection of IVUS systems and catheters.

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