The Cardiac Imaging Software market registered USD 355.2 million in 2018 and it is estimated to reach more than USD 615.4 billion by 2024, likely to grow with a CAGR of 7.83 % during the forecast period.
Cardiac Imaging software is considered as one of the most remarkable products in the entire healthcare industry. Cardiac imaging software is a non – invasive imaging technique that is used to monitor the blood flow throughout the heart muscles. This test tells the practitioner how well the heart of a patient is pumping and highlights the areas that aren’t having sufficient blood flow. It monitors heart disease present in new-borns and event monitors heart problems that are developed during the later stages. Cardiac imaging software helps in evaluating the complete heart functions and anatomy of a human body. According to the World Health Organisation (W.H.O) around 17.9 million people die each year from CVD and are the number one cause of death globally.
Sedentary lifestyle owing to hectic work-life has increased the risk of cardiovascular disease among the people
Cardiovascular diseases are a group of coronary heart disease, cerebrovascular disease, rheumatic heart disease and other conditions that affect the heart and blood vessels. Increasing sedentary lifestyle, unhealthy food habits, high blood sugar, consumption of alcohol and tobacco products has increased the risk of heart disease which has resulted in a large number of heart attacks and strokes which in turn is indirectly benefiting the cardiac imaging software market.
Growing technological advancements in cardiac imaging software have contributed towards the continued growth of this market
Heart-related problems are the major cause of death each year and disease related to heart problems is expected to continue to be the major cause of death among individuals. The continuous technological advancement in cardiovascular imaging has resulted in the growth in this market. The real-time capture images through the software help doctors, practitioners offer accurate treatment and diagnosis. The companies involved in the developing software are looking forward to automating the software in such a way that there would less human dependency in order to have a minimal error. Besides this, a growing geriatric population is another factor boosting the growth of this market. Going further, growing proactiveness and awareness among people for timely health checkups has resulted in the growth of this market.
Cardiac Imaging market is not only limited towards the treatment and diagnosis of a disease. However, it is also used in education and research purposes of understanding heart-related problems. However, less presence and low awareness of this software in underdeveloped and deprived economies have restricted the growth of this market. AI-assisted Cardiac Imaging is one of the most recent developments in the cardiac Imaging Software industry. This new application will summarize the cardiac view of a patient who is under scrutiny and would also identify the images which are below the threshold of acceptance. It will also prompt the user to recapture an image which is not acceptable. Apart from this, the new software also includes many more functionalities that provide vital information on the heart. Such advancements in the cardiac imaging market will result in more adoption of the newly updated cardiac imaging software products.
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North America to continue to dominate the cardiac imaging software throughout the forecast period
Geographically, the market is segmented into North America, Europe, Asia Pacific, MEA and South America. North America dominates the cardiac imaging market and is expected to have the highest market share throughout the forecast period. The presence of cardiac imaging software development companies, increasing awareness towards health checkups, supportive health insurance policies and growing geriatric population along with the presence of the high number of obese people has contributed towards the growth of this market. The adoption of the software in the U.S and Canada has resulted in the dominance of this market in the North America region. Europe also has a significant market share in this market. Meanwhile, Asia Pacific region is expected to grow at the highest CAGR due to growing adoption of software among the end-user, growing disposable income, initiatives taken by the government in developing healthcare infrastructure and high population in this region are the key factors that will contribute towards the highest growth in this region.
Computed Tomography and Hospitals have the highest market share within their respective segment types
The Cardiac Imaging Software market is differentiated into Product Type and End-users. Among the Product Type, computer tomography dominates the product type segment. The use of computed tomography provides detailed clarity on various parts of heart components and blood vessels. Also, it is safer than other imaging techniques. The greatest advantage of this technique is, it eliminates the need for exploratory surgery and provides doctors greater clarity on the blockages or damages of heart muscles. Among the end-users, the Hospitals contribute the highest market share in the terms of adoption of cardiac imaging software. High patient footfall, high spending capability, and grants offered by the government help them with the adoption of cardiac imaging software. Moreover, high population base and stable economic conditions within this region.
The cardiac imaging software market is dominated by the few players in the market. High capital investments, continuous research & development, stringent regulatory policies make entry barriers in this market high. The companies are constantly involved in research and development activities in order to bring advancements in the product and also, they keep a close track on their competitors as this market is highly competitive. Cardiac Imaging Software Market. Continuous product development and innovations are the key focus of the companies present in this market
Some of the prominent players having a presence in this market include Siemens Healthineers, Toshiba Corporation, Agfa Healthcare, Fujifilm Holdings, Shimadzu Corporation, Koninklijke Philips N.V., Mckesson Corporation, GE Healthcare, Heart Imaging Technologies LLC, 3mensio Medical Imaging (U.S.), Fraunhofer MEVIS, and several among others.
By Product Type
- Combined Modalities
- Specialty Clinics
- Ambulatory Surgical Centers
- North America
- Asia Pacific
- South America
- Middle East and Africa
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