Global Cardiac MRI Testing Market - 2022-2029

Global Cardiac MRI Testing Market - 2022-2029

Market Overview

Cardiac MRI Testing Market Size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of X% during the forecast period (2022-2029).

Cardiac MRI testing is a scan of a patient’s heart in which radio waves and magnets build images without any side effects for the patient's body. An MRI scan is able to show parts of the heart, including chambers and valves, and how they are working. A cardiac MRI scan can diagnose heart problems such as heart failure, heart valve disease, heart muscle inflammation or infection, and other conditions.

Market Dynamics

The cardiac MRI testing market growth is driven by the rise in the prevalence of cardiovascular diseases, the increase in the geriatric population, technological advancements, and research activities.

The rising prevalence of the cardiovascular disease is expected to drive the market growth

The rising sedentary lifestyle is expected to boost the market over the forecast period. As per the World Health Organization, cardiovascular diseases (CVD) are the main cause of death worldwide. As per the June 2021 data, It is estimated that 17.9 million die each year. Physical inactivity, an unhealthy diet, tobacco use, and the harmful effects of alcohol are all risk factors for heart disease and stroke. These risk factors are associated with high blood pressure, blood glucose imbalance, blood lipid imbalance, overweight, and obesity. MRI testing is used to identify these high-level risks of CVDs.

Furthermore, in the April 2022, as per the study published report in the Journal of the American College of Cardiology, By the year 2060, it is expected that rates of cardiovascular risk factors and disease will increase significantly in the United States. Considerable increases in cardiovascular trends may contribute to an increasing burden on the U.S. health care system and spotlight the necessity for impartial access to precaution education and treatments now to prevent future disease. Moreover, in June 2021, the WHO published a list of priority medical devices for management of cardiovascular diseases, including MRI for medical imaging, which boosted the cardiac MRI market worldwide.

The availability of other imaging options will hamper the growth of the market

However, the availability of alternative imaging options such as cardiovascular imaging modalities in the market limits the cardiac MRI testing market. In addition, healthcare costs are increasing due to the advancement in healthcare technology.

COVID-19 Impact Analysis

The appearance of COVID-19 considerably impacted the global cardiac MRI testing market. COVID-19 infection spread like wildfire around the world. It primarily affects the respiratory system. COVID-19 is associated with myocardial injury, which is more common and can occur directly due to viral infection or indirectly due to systemic inflammation or endothelial activation. As cardiac MRI is important for the diagnostic process of patients with myocarditis, results in an increasing demand for cardiac MRI testing during a pandemic. As the pandemic's case count increased, so did the demand for cardiac MRI testing. However, due to the enforced lockdown and transportation restrictions, access to the health care system was difficult during the pandemic. On the Other hand, for COVID-19 patients, the elderly population faces a lack of diagnosis and regular treatment for heart disease. It has an impact on the large and small market players in the cardiac MRI testing market. But, in the middle of 2022, the situation is recovering from COVID-19. There will be an opportunity for market growth.

Segment Analysis

The patient monitoring segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The patient monitoring segment is expected to boost the market over the period of the forecast. This is owing to the increased prevalence of cardiovascular disease, a rise in the geriatric population, and health issues occurring in the COVID-19 pandemic, which results in an increasing demand for monitoring of patients to diagnose the diseases. Cardiac MRI is an accurate and effective solution for monitoring the heart health of patients with different diseases such as arrhythmias, abnormal heartbeats, and heart failure.

According to Census Bureau estimations, by 2030, the number of people aged 65 and older in the United States will increase faster than the young population (aged 18 and under). The older population suffers from a greater degree of health issues than the younger population, resulting in shifting demand for monitoring solutions to diagnose, track and treat health issues such as cardiovascular disease.

Geographical Analysis

North American region holds the largest market share of the global Cardiac MRI testing market

North America dominates the market for cardiac MRI testing and is expected to show a similar trend over the forecast period. It is estimated to hold a significant market size over the forecast period (2022–2029) owing to advancements in healthcare infrastructure and the availability of diagnostic imaging systems for heart disease. According to the centers of disease control and prevention, heart disease is the leading cause of death in people in different age groups in the United States region. One person dies every 34 seconds because of cardiac disease.

In 2020, around 697,000 people in the United States die from heart disease. In the population with Cardiac Artery Disease (CAD), about 20.1 million adults age 20 and older have CAD (about 7.2%). In the United States, 805,000 have heart attacks every year. As the population with CVD increases in the North American region, the demand to diagnose the disease results in an increasing demand for MRI testing in the region. Technological advancements boost the market growth in the North American region. For instance, in September 2022, University of Minnesota Twin Cities scientists and their team found a solution to upgrade the performance of traditional (MRI) reconstruction techniques, enabling faster MRIs to improve healthcare.

Competitive Landscape

The cardiac MRI testing market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market are Koninklijke Philips N.V, FUJIFILM Corporation, Canon Inc., NeoSoft LLC, Siemens Healthcare Private Limited, Pie Medical Imaging, Medis Medical Imaging, Symphony Innovation, LLC, Circle Cardiovascular Imaging Inc., and GE Healthcare among others. The major players are adopting several growth strategies such as new product launches, acquisitions, and collaborations, which are contributing to the growth of the cardiac MRI testing market globally.

For instance,

• In February 2022, GE Healthcare received approval from the European Medicines Agency (EMA) for additional imaging modalities for its stress agent Rapiscan (Regadenoson). Rapiscan is approved for use in Magnetic Resonance Imaging (MRI) as well as Computed Tomography (CT) and Positron Emission Tomography (PET).

Canon Medical Systems Corporation

Overview:

Canon Medical Systems Corporation is a Japanese multinational corporation headquartered in Tokyo, Japan. The company offers a broad range of diagnostic medical imaging solutions, including CT, MR, X-Ray, ultrasound, and healthcare informatics, across the globe. It offers imaging solutions for ischemic heart disease, structural heart disease, and congenital heart disease.

Product Portfolio:

k-t SPEEDER: This MR imaging technology provides up to 8x faster frame rate cardiac cine and perfusion with free breathing. It is easy to use for patients and offers images a wide range of heart patients. In addition, it also helps to acquire high temporal resolution cardiac cine without compromising patient comfort.

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