Cardiovascular Imaging Equipment Market Insights, Competitive Landscape and Market Forecast–2027

Cardiovascular Imaging Equipment Market Insights, Competitive Landscape and Market Forecast–2027

Cardiovascular Imaging Equipment Market By Type Of Devices (Echocardiography, Angiography, Nuclear Cardiac Imaging, Computed Tomography, Cardiac Positron Emission Tomography (Cardiac Pet), Cardiac Magnetic Resonance Imaging (Cardiac MRI)), By End-User (Hospitals, Specialty Clinics, Diagnostic Imaging, and Others), By Geography is expected to grow at a Steady CAGR Forecast till 2027 owing to Rising Burden of Cardiology Disease and Introduction of Technologically Advanced Systems

Global Cardiovascular Imaging Equipment Market was valued at USD XX million in 2021, growing at a CAGR of XX% during the forecast period from 2022 to 2027. The demand for Cardiovascular Imaging Equipment is primarily motivated by the rising burden of cardiology disease, introduction of technologically advanced systems, and increasing cost of healthcare.

Cardiovascular Imaging Equipment Market Dynamics:

According to World Health Organization (2021), approximately 17.9 million people die from cardiovascular diseases, which is an estimated 31% of all deaths worldwide. By 2030, around 23.6 million people are expected to die due to cardiovascular disorders. Thus, the number of surgeries for cardiovascular diseases are increasing, requiring higher diagnosis for cardiovascular by imaging equipment. Coronary artery disease (CAD) indications can be subtle and misdiagnosis happens with one in five patients potentially resulting in poor treatment and outcomes, which is compounded by the subjectivity of interpretation between clinicians. The advancement in diagnosis have been possible due to the increased investments in research and development led by unmet need for better diagnosis and drive the market of Cardiovascular Imaging Equipment.

Heart disease is the leading cause of death among men and women in the US accounting for about 1 in every 4 deaths. According to the Centers for Disease Control and Prevention (CDC), more than 795,000 people in the United States suffer from a stroke every year. Coronary heart disease is the most common type of heart disease, killing over 370,000 people each year. Coronary heart disease occurs when arteries around the heart become blocked or occluded, in most cases by plaque. As per the American Heart Association, approximately 200,000 coronary artery bypass graft surgeries take place each year in the US and are the most commonly performed cardiac procedure. The diagnosis is required for better surgery results, which is boosting the demand for advanced Cardiovascular Imaging Equipment market.

Moreover, the companies are increasing their research and development to develop the products which have better efficacy, efficient to use and are easy to operate by physicians. To meet the growing cardiovascular imaging needs of healthcare systems, in June 2020, Canon Medical Systems USA, Inc. introduced a new configuration of the Aquilion ONE/GENESIS Edition – the Aquilion ONE / GENESIS SP – a complete CT solution with proven cardiovascular capabilities. Due to expanding applications of CT for structural heart procedures and coronary imaging, healthcare providers are growing their cardiac CT programs. Therefore, such initiative from companies and regulatory authorities are expected to help the market and the patients in their treatment which will drive the Cardiovascular Imaging Equipment market growth also.

As per the recent survey, Global Population Aging 2020 Report (United Nations, 2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure of such patients is expected to double and reach 1.5 billion by 2050. Thus, all these factors are projected to drive the growth of the market for Cardiovascular Imaging Equipment.

Certain factors such as the Cardiovascular Imaging Equipment requiring trained professionals to operate, product getting recalled, and complications during diagnosis, side-effects of high radiation rays pose as a minor hurdle for the growth of the Cardiovascular Imaging Equipment market.

Cardiovascular Imaging Equipment Segment Analysis:

By Type of Devices (Echocardiography, Angiography, Nuclear Cardiac Imaging, Computed Tomography, Cardiac Positron Emission Tomography (Cardiac PET), and Cardiac Magnetic Resonance Imaging (Cardiac MRI)), By End-User (Hospitals, Specialty Clinics, Diagnostic Imaging, and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).

Echocardiography remains the primary tool in diagnosis and monitoring of heart diseases due to its advantages. It is a test that uses sound waves to produce live images of the heart, called as an echocardiogram. This test allows the doctor to monitor how the heart and its valves are functioning. In addition, it is relatively cheaper, quicker, and has fewer adverse effects. Currently, the fusion of different imaging modalities is gaining popularity for cardiovascular interventions, as it helps generate high-quality images that facilitate real-time monitoring in the operation theatre. With the technological advancements, increasing investments towards developing new devices, the Cardiovascular Imaging Equipment market is expected to witness a boost. It is expected to further grow on the back of real-time monitoring feature.

The concept of handheld ultrasound is growing popular in the echocardiography market. Echocardiography is emerging as a substantial competitive threat to diagnostic nuclear cardiology.

MRI is likely to exhibit lucrative growth during the forecast period, as it does not use ionizing radiation, which makes it a preferred choice for the diagnosis of children and pregnant women. Furthermore, advancements in MRI have made it useful for monitoring myocardial and valvular functions as well as for the diagnosis of complex Congenital Heart Disease (CHDs).

The demand for MRI and molecular imaging equipment has gone down during the pandemic and market players such as Philips, GE, and Siemens, witnessed a decline in demand for these modalities during Q1 2020. However, resumption of services in most of the countries, has led to revival of these examinations performed during Q2 2020.

Additionally, assistance from government bodies, in equipping new/existing hospitals and healthcare centers in rural regions and low-economic countries, along with advancements in technology and major players entering the market, is expected to enhance the Cardiovascular Imaging Equipment market potential in several countries. Hence, all the above mentioned factors is expected to revive the segment growth in the Cardiovascular Imaging Equipment market.

North America is expected to dominate the overall Cardiovascular Imaging Equipment Market:

North America is expected to dominate the overall Cardiovascular Imaging Equipment market during the forecast period. This domination is due to the growing demand for advance technologies in Cardiovascular Imaging Equipment, the increasing prevalence of cardiovascular conditions in the region and others is driving the regional growth.

Further, every year in the US, over 800,000 people die from heart disease, accounting for 1 in every 3 deaths and around 160,000 are under the age of 65, according to Centers for Disease Control and Prevention (CDC). By 2035, in the US alone, the economic burden of coronary artery disease (CAD) will increase to USD 749 billion.

Europe was observed to be the second largest cardiac imaging market and aging population was observed to be the major reason for growth of this market in Western European countries. According to European Society of Cardiology, each year cardiovascular disease (CVD) causes over 4 million deaths in Europe and 1.9 million deaths in the European Union (EU).

Europe and Asia-Pacific region has the future potential growth for the Global Cardiovascular Imaging Equipment. This is due to the rising burden of cardiovascular diseases in the European region countries and in Asia countries also. In the last few years, there has been increased in awareness about cardiac diseases owing to programs organized by healthcare organizations, such as WHO & industry players, improvements in screening programs, and improved accessibility to healthcare, and increased commercialization activities by major players, thus there is an enormous potential for Cardiovascular Imaging Equipment market growth.

Cardiovascular Imaging Equipment Key Players:

Some of the key market players operating in the Cardiovascular Imaging Equipment market includes Toshiba, GE Healthcare, Siemens Healthcare, Philips Healthcare, Epsilon Imaging, and others.

Recent Developmental Activities in Cardiovascular Imaging Equipment:

• In August 2021, Royal Philips announced the launch of its digital experience during the virtual European Society of Cardiology (ESC) 2021 Congress. It will showcase its latest suite of solutions to help improve outcomes for patients with cardiovascular disease by enabling quick, confident diagnoses, and efficient, effective treatments.
• In May 2021, Abbott received European CE marked for its new interventional imaging platform powered by Ultreon 1.0 Software.
• In January 2021, Ultromics receives FDA clearance for EchoGo Pro, a first-of-kind solution to help diagnose Coronary artery disease (CAD).

Key Takes Away from the Cardiovascular Imaging Equipment Market Report Study

• Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the Global Cardiovascular Imaging Equipment Market.
• Various opportunities available for the other competitor in the Cardiovascular Imaging Equipment Market space.
• What are the top performing segments in 2021? How these segments will perform in 2027?
• Which is the top-performing regions and countries in the current market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for market growth in the coming future?

Target Audience who can be benefited from this Cardiovascular Imaging Equipment Market Report Study

• Cardiovascular Imaging Equipment providers
• Research organizations and consulting companies
• Cardiovascular Imaging Equipment-related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders
• Various End-users who want to know more about the Cardiovascular Imaging Equipment Market and latest technological developments in the Cardiovascular Imaging Equipment market.

Frequently Asked Questions for Cardiovascular Imaging Equipment Market:

What is Cardiovascular Imaging Equipment?

Cardiovascular Imaging refers to non-invasive imaging of the heart using ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), or nuclear medicine (NM) imaging with PET or SPECT.

What is the market for Global Cardiovascular Imaging Equipment?

Global Cardiovascular Imaging Equipment Market was valued at USD XX billion in 2021, growing at a CAGR of XX during the forecast period from 2022 to 2027.

What are the drivers for Global Cardiovascular Imaging Equipment?

The major drivers driving the demand for Cardiovascular Imaging Equipment are increasing burden of cardiology disease, rise in the demand of patient monitoring, introduction of technologically advanced systems, and increasing cost of healthcare.

What are the key players operating in Global Cardiovascular Imaging Equipment?

Some of the key market players operating in the Cardiovascular Imaging Equipment market includes Toshiba, GE Healthcare, Siemens Healthcare, Philips Healthcare, Epsilon Imaging, and others.

What regions has the highest share in Cardiovascular Imaging Equipment market?

North America is expected to dominate the overall Cardiovascular Imaging Equipment market during the forecast period, 2022 to 2027. This domination is due to the improved reimbursement policies of diagnostic imaging, easy accessibility to diagnostic imaging modalities, growing demand for advance technologies in Cardiovascular Imaging Equipment, and the increasing prevalence of cardiovascular conditions in the US.

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