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Part
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U.S. Echo-Cardiography Market: Trans-Thoracic Focus #2
Summary
This is an initial research sprint to get you the most important data first. Check out the Next Steps section for our plan of attack. As always, feel free to add comments or questions at the bottom.
The estimated market size for the US Echo-Cardiography sector ranges from $1.6 Billion to 10 Billion annually.
Creative Solutions
- A precompiled list for the US Echo-Cardiography Market, specifically Transthoracic Echo-Cardiogram (TTE), medical billing codes 93306 and 93307, was unavailable in the public domain.
- Therefore, we provided an estimation of the market size, along with helpful findings.
- Please refer to the Research Strategy for additional information surrounding the research process.
Complete Findings
US Echo-Cardiography Market
- According to Grand View Research, the market size for imaging services within the United States was appraised at $139.6 Billion in 2022. It is projected to expand at a compound annual growth rate (CAGR) of 4.18% from 2023 to 2030. The TTE procedures fall under the ultrasound portion of this market.
Note: To find the market size for the US Echo-Cardiography Market, we triangulated the estimation by multiplying the annual number of TTE procedures by the median price. The complete calculations can be found here in the attached spreadsheet.
- In the US there are over 7 Million Transthoracic Echo-Cardiogram (TTE) procedures performed every year. The increase in cancer and cardiovascular disease prevalence is projected to boost the demand for medical imaging services.
- The estimation for the US Transthoracic Echo-Cardiogram Market size ranges from $1.6 Billion to 10 Billion in the US.
Helpful Findings
- According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, with an estimated 17.9 million fatalities each year.
- The Centers for Disease Control and Prevention notes that annually, around 805,000 Americans experience a heart attack, and approximately 5% of adults over 20 years old have coronary artery disease.
- Medical imaging is essential for the early and precise diagnosis of diseases, contributing to the effectiveness of treatment strategies. To manage the surging disease burden, an increasing number of healthcare providers are utilizing medical imaging devices as a standard preoperative measure.
- According to the American Heart Association (AHA), Transthoracic Echo-Cardiography (TTE) is extensively utilized in clinical settings. Annually, Medicare allocates in excess of $900 million for the provision of TTE services.
Research Strategy
The research team has utilized the most advanced research methodologies, such as generative AI-powered search, industry and research databases, and advanced web search techniques to facilitate our research. We leveraged the most reputable sources of information that were available in the public domain, including the American Heart Association Journals, Grand View Research, and the American Society of Echocardiography, among several others.
Our search began with attempting to locate a pre-compiled market size through Grand View Research, Global Newswire, and Fortune Business Insights, to which the specific market for TTE was paywalled and unavailable to this specific niche market. These publications provided an overview of the US Imaging Services Market or US Diagnostic Imaging Services Market. These publications included the procedure for TTE, among other imaging and diagnostics services. We then tried to locate the global market size for TTE and encountered the same unavailability in this niche market, however, this specific market was again paywalled.
Due to the fact that the cost for a scan can vary significantly depending on the payer, we decided to provide a range using the lowest and the highest possible cost of the scan. At this point, we were able to locate the annual number of TTE procedures and the average price per procedure to triangulate an estimation of the US Echo-Cardiography Market. The lowest possible market size assumes the cost for Medicare and the highest, for discounted self-pay. We were not able to determine how many out of the 7 million procedures were for each medical billing code, so we took the average pricing for each end of the pricing range. Additionally, the availability to determine how many procedures are paid by Medicare, commercially, and discounted self-pay was not disclosed.
Note: To find the market size for the US Echo-Cardiography Market, we triangulated the estimation by multiplying the annual number of TTE procedures by the median price. The complete calculations can be found here in the attached spreadsheet.
Next Steps
In the first three hours of research, we were able to provide an estimation of the US Echo-Cardiography Market. We propose continuing with the research to provide a comparative analysis of reimbursement rates for similar procedures in the cardiac ultrasound space, recent and anticipated changes to reimbursement policies that could impact the echocardiography business landscape, the impact of telehealth or remote diagnostic advancements on reimbursement regulations and procedures, and insights on the reimbursement and growth of routine follow-ups in the cardiac sector.