Intracardiac Echocardiography (ICE) Market: Introduction
· ICE is a form of echocardiography that is carried out using catheters. ICE gathers images from inside the heart, rather than by sending sound waves through the chest wall.
· An echo transducer is attached to the tip of the ICE catheter, through which the image is captured
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Expansion in Emerging Economies in Asia Pacific and Latin America to Create Opportunities for Intracardiac Echocardiography (ICE) Market
· Emerging economies are a major target for expansion of the intracardiac echocardiography (ICE) market due to rapid increase in health care infrastructure in these economies
· Advanced cardiovascular surgery techniques have substantial penetration rate in developed economies. However, emerging economies in Asia and Latin America have low adoption rate due to lack of awareness and dearth of expert cardiologists in these regions.
· Economic development, rise in disposable income of patients, and increase in awareness about cardiovascular disorders in Asia and Latin America are gradually encouraging major players to expand their business in these regions. Similarly, rise in incidence rate of cardiovascular diseases and increase in geriatric population are expected to propel the intracardiac echocardiography (ICE) market in these regions.
Key Drivers and Restraints of Global Intracardiac Echocardiography (ICE) Market
· The intracardiac echocardiography (ICE) market is anticipated to expand significantly in the near future due to the rise in prevalence of cardiac diseases, increase in health care expenditure, and technological advancements
· Growth in adoption of ablation techniques, especially for the diagnosis of atrial fibrillation, is also anticipated to boost the intracardiac echocardiography (ICE) market during the forecast period
· On the other hand, strict regulatory approvals, high cost associated with devices, and availability of less number of skilled professionals are some of the challenges faced by the intracardiac echocardiography (ICE) market
High Demand for ICE in Adult Age Group Segment
· Based on age group, the global intracardiac echocardiography (ICE) market can be divided into adult, pediatric, and neonatal
· The adult segment is expected to dominate the market during the forecast period, owing to high prevalence of cardiovascular diseases among adults
Electrophysiology Application Segment Offers Significant Growth Potential
· Based on application, the global intracardiac echocardiography (ICE) market can be segregated into electrophysiology, left atrial appendage closure, closure of paravalvular leak, transcatheter aortic valve implantation, mitraclip implantation and mitral valvuloplasty, and others
· Increase in incidence of cardiac arrhythmias, aging population, and rise in blood pressure are boosting the demand for electrophysiology, thereby driving the market
Hospitals End-user Segment to Dominate Intracardiac Echocardiography (ICE) Market
· Based on end-user, the global intracardiac echocardiography (ICE) market can be segmented into hospitals, clinics, diagnostic centers, and others
· Growth of the hospital segment can be ascribed to increase in usage of ICE due to the rise in number of hospitalized patients owing to increase in the prevalence of cardiac diseases
North America to Lead Global Intracardiac Echocardiography (ICE) Market
· In terms of region, the global intracardiac echocardiography (ICE) market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
· North America is projected to account for major share of the global intracardiac echocardiography (ICE) market during the forecast period, owing to the presence of major manufacturers of ICE and increase in focus on development of technologically advanced devices and software in the region. Growth of the market in North America can also be ascribed to high rate of acceptance of new technology, rise in awareness about cardiovascular diseases, and increase in health care infrastructure. Furthermore, growth in research activities and mergers & acquisitions are major drivers of the market in North America.
Key Manufacturers Operating in Intracardiac Echocardiography (ICE) Market
The global intracardiac echocardiography (ICE) market was highly fragmented in 2018. Key manufacturers operating in the global market are:
· Boston Scientific Corporation
· Koninklijke Philips N.V
· Infraredx, Inc
· Cardinal Health
· Terumo Medical Corporation
· B. Braun Melsungen AG
· Johnson & Johnson
· C. R. Bard, Inc.