It is estimated that cardiac imaging software market is expected to grow at a CAGR 8.17% during the forecast period of 2017-2023.
Cardiac imaging software has played a vital role in the diagnosis of different chronic cardiac diseases. Presently, electronic advancements for medical imaging are on a rise driving the cardiac imaging software market. The cardiac imaging software has a wide range of compatibility with imaging devices for example, magnetic resonance imaging, computed tomography, echocardiogram, and others. People suffering from any form of cardiovascular disease are at a high risk of developing hyperlipidaemia, diabetes, hypertension, and others. The need for early detection or diagnosis and management is necessary for the treatment, thus paving the way for the growth of this market. Computed tomography is the type of tomography segment dominating the market with a CAGR of 7.18% over the forecast period.
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Global cardiac imaging software market consists of regions namely the Americas, Europe, Asia Pacific, and the Middle East.
The Americas command a major share of the market owing to the huge patient population suffering from diseases like cardiac diseases, cardiovascular diseases & diabetes, increasing demand of the cardiac imaging devices, and strong government support. Additionally, availability of funds and rising geriatric population will fuel the growth of the market. It is estimated that every 40 second a person dies of heart attack in the U.S. Moreover, about 630,000 Americans die from heart disease each year.
Europe accounts for the second largest market across the globe, which is followed by Asia Pacific. According to the European Heart Network AISBL, death rates are generally higher for stroke and ischaemic heart disease (IHD) in Central and Eastern Europe rather than in Northern and Western Europe. Moreover in 2015, there were 11.3 million new cases of CVD alone.
Globally, the Asia Pacific cardiac imaging software market accounted for a market share of 27.1% in 2016 and is the fastest growing market. China, and India are the key contributors to the market growth owing to presence of huge population base, increasing prevalence of diabetes and cardiac diseases, increasing healthcare expenditure, and rapidly growing economy. Additionally, increasing government support, and presence of huge opportunity have fueled the growth of the market in Asia Pacific. Japan holds the largest share for the cardiac imaging software market in the Asia pacific region. Growing demand for outpatient surgeries is found in Asian countries leading to increasing diagnostic demand for cardiac imaging software market in Asia Pacific. In India, increasing number of hospitals and healthcare services, availability of low cost of raw material and better access to labor favor the growth of this market. Australia and the Republic of Korea show slow growth for cardiac imaging software market.
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Some of key the players in the Global cardiac imaging software market are Koninklijke Philips N.V. (the Netherlands), Siemens Healthineers (Germany), Toshiba Corporation (Japan), Shimadzu Corporation (Japan), Agfa healthcare (U.S.), TOMTEC IMAGING SYSTEMS GMBH (Germany), Circle Cardiovascular Imaging Inc. (U.S.), CardioComm Solutions Inc. (Canada), Integer Holdings Corporation (U.S.), Pie Medical Imaging (the Netherland), HeartSciences (U.S.), 3mensio Medical Imaging (U.S.), eMedica, S.L. (U.S.). Heart Imaging Technologies, LLC, McKesson Corporation (U.S.), GE Healthcare (U.S.), Medis medical imaging systems (Netherland), Creavo Medical Technologies (U.K), Pixmeo SARL (Switerzland), Fujifilm Holdings Corporation (Japan), Positron Corporation (U.S.)
The global cardiac imaging software is segmented on the basis of imaging modalities and end-users.
On the basis of the imaging modalities, the global cardiac imaging software market is divided into tomography, ultrasound imaging, radiographic imaging and combined modalities. The tomography is further categorized into Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT).
On the basis of the end users, the global market for cardiac imaging software comprises of hospitals & clinics, diagnostic centers, and others.
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