The cardiac imaging software market will capture 8.17?GR from 2020 to 2027, expects Market Research Future (MRFR). The market size will be valued at USD 528.5 million by 2027-end.
Top Growth Boosters and Restraints
Blossoming elderly population is a key factor encouraging business growth worldwide. Reports affirm that by 2050, nearly 18% of the world population will be above the age of 65 years, having already surged fivefold since 1940. Heart disease, stroke and cancer have become extremely common conditions affecting the geriatric population, especially in high-income developed nations.
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Increase in cases of cardiovascular diseases over the past few years, increasing cardiac disease management expenditure and the supportive government policies are some of the significant growth rendering factors in the global market. Another key growth booster is the rising introduction of technically innovative cardiac imaging software, with better features.
Surging economic burden caused by the alarming rise in cardiovascular diseases and the need to curb these costs, have been favorable for the worldwide market. Meanwhile, the escalating demand for improved patient outcomes with minimally invasive procedures could also enhance the market share. Rise in reimbursement procedures such as NHS in the UK and the Medicare system in the United States will further benefit the cardiac imaging software industry. Additionally, manufacturers are fixated on producing high-end and innovative software that cater to customized healthcare. These technological advancements boost accuracy, integrate better features, and facilitate error reduction. Vendors are also taking up strategic steps like mergers, acquisitions, collaborations, partnerships, and product launches to gain higher traction in the global market.
Depending on imaging modalities, major segments are radiographic imaging, ultrasound, combined multi-modalities, and tomography. The tomography segment has the maximum share in the global market and will continue to remain in the lead all through the evaluation period. This could be owing to the fact that these systems offer superior image quality as well as results with accurate diagnoses.
End-user in the global market are clinics, hospitals, and medical centers, who make extensive use of the cardiac imaging software. Mounting number of hospitals, especially in emerging nations, which are well-equipped and have highly skilled and trained professionals will foster the expansion of the hospital segment in the years to come.
In 2016, North America procured the biggest share of 35% in the worldwide market, making it the highest gainer out of all the regions. The cardiac imaging software market share is growing on the back of surging cases of cardiovascular disorders, blossoming geriatric patient base, and the rise in technological advances. Some of the most common types of disorders in the region, especially in the US, are arrhythmias, cardiac arrests and congestive heart failure, considering that a vast pool of Americans leads an unhealthy and stressful lifestyle, characterized by poor heating habits as well as hectic and stressful work schedules.
Europe stands to profit from the soaring number of individuals growing vulnerable to health conditions like hypertension, stress, obesity, and unhealthy lifestyles. Emergence of highly advanced cardiac imaging software solutions in conjunction with the rise in CVD incidences along with the significant awareness level about the latest treatment options enhance the market share as well.
Asia Pacific will be scaling at the fastest pace in the global market, primarily owing to the exploding population coupled with the rise in technological advances with respect to cardiac imaging software. The high prominence of cardiovascular disorders in emerging countries like Japan and India and the growth of urban cities in Singapore, Hong Kong, and China will add considerable value to the regional market. Most of the companies in the region are focused on bolstering their product portfolio to garner a better position.
Canon Inc (Japan), Shimadzu Corporation (Japan), GENERAL ELECTRIC (US), HeartSciences (US), Fujifilm Holdings Corporation (Japan), Koninklijke Philips NV (Netherlands), Agfa-Gevaert Group (Belgium), Circle Cardiovascular (US), Pie Medical Imaging (Belgium), MEDIS Medical Imaging Systems (Netherlands), TOMTEC IMAGING SYSTEMS (Germany), Siemens AG (US) are the major cardiac imaging software manufacturers highlighted in the extensive study by MRFR.
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