Wednesday, July 17, 2024

Intravascular Ultrasound (IVUS) Market Will Reach USD 1,282.58 Million By 2032

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The global market size for Intravascular Ultrasound (IVUS) was USD 697.64 million in 2022 and is projected to reach USD 1,282.58 million by 2032, with a rapid revenue Compound Annual Growth Rate (CAGR) of 7% during the forecast period. Factors such as the introduction of new imaging technology, the increasing prevalence of cardiovascular illnesses, and a growing demand for less invasive procedures are driving the market’s revenue growth.

IVUS, a medical imaging technology utilizing sound waves to create images of blood arteries, is witnessing a rising need due to the growing prevalence of cardiovascular disorders. It provides high-resolution images of vessel walls, enabling doctors to better assess the breadth and severity of arterial plaque and evaluate treatment effectiveness.

The market is propelled by advancements in imaging software, the development of high-frequency ultrasound transducers, and other innovations in imaging technology, enhancing visualization of artery walls and enabling more precise diagnosis and therapy. The demand for minimally invasive operations, coupled with the benefits of IVUS such as shorter hospital stays, quicker recovery, and fewer complications compared to conventional invasive procedures, is further contributing to market growth.

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The increased use of IVUS in Research & Development (R&D) projects and clinical trials is expected to drive revenue growth, as researchers employ IVUS to gather precise data on the efficacy and safety of various treatment modalities. IVUS-guided operations, allowing for complex procedures with greater accuracy and precision, are also contributing to market growth and improving patient outcomes.

However, challenges include the high cost of IVUS equipment and procedures, potentially limiting patient access. Limited accessibility of IVUS technology in some areas and the difficulty in performing IVUS operations due to a shortage of qualified specialists are also potential restraints on market growth.

The regulatory landscape includes oversight from entities such as the U.S. Food and Drug Administration (FDA), the European Union’s Medical Devices Regulation, the Ministry of Health, Labor and Welfare in Japan, and the Medical Device Rules, 2017 in India, among others.

Key takeaways include a breakdown of the market by product type, with consoles dominating the revenue share in 2021 and accessories expected to grow at the fastest rate during the forecast period. The end-use outlook highlights hospitals as the leading segment in 2021, with diagnostic centers and ambulatory surgical centers expected to experience significant revenue growth.

Regionally, North America is anticipated to account for the largest revenue share, driven by the high prevalence of cardiovascular diseases and advanced healthcare infrastructure. The Asia-Pacific market is projected to grow at the fastest rate due to increased healthcare spending and improved infrastructure.

The competitive landscape features major companies like Abbott Laboratories, Boston Scientific Corporation, Philips Healthcare, GE Healthcare, Siemens Healthineers, Shimadzu Corporation, Terumo Corporation, St. Jude Medical, Inc., InfraReDx, Inc., and Volcano Corporation. Strategic developments and new product launches by these companies are shaping the market, emphasizing the ongoing growth and competitiveness in the global IVUS market.

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