Cardiac Imaging Software Market Synopsis:
Cardiac diseases are one of the major causes of mortality in the world. The growing prevalence of cardiac diseases, awareness about threats related to it, etc. are fueling the demand for cardiac imaging software. The latest report published by Market Research Future (MRFR) has projected the growth of global cardiac imaging software market at 8.17% CAGR for the forecast period (2017-2023).
The need for imaging software that can show structural and functional change of the heart which can be further analyzed and contemplated to ascertain irregularities and its causes is driving the market growth for cardiac imaging services. The diseases that can be diagnosed by such software are numerous such as coronary heart disease, cerebrovascular disease, peripheral arterial disease, rheumatic heart disease, congenital heart disease, deep vein thrombosis and pulmonary embolism. Therefore, the demand for cardiac imaging is accelerating. Other factors responsible for the market growth are technological advancements, growth of healthcare sector, growing population, etc. However, some of the restraints that will hamper the market growth are lack of diagnostic systems and treatment facilities, low healthcare expenditure, unfavorable taxation policies, etc.
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Global Cardiac Imaging Market Segmentation:
By imaging modalities, the global cardiac imaging software market is segmented into tomography, ultrasound imaging, radiographic imaging, and, combined modalities. The tomography segment will grow throughout the projection period at a CAGR of 7.67%.
The tomography segment is further sub-segmented into Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET), and, Single-Photon Emission Computed Tomography (SPECT).
By end users, the global market for cardiac imaging software is segmented into hospitals & clinics, diagnostic centers, and, others. The diagnostic centers segment will demonstrate the fastest growth during the assessment period with a robust CAGR of 8.48%.
Cardiac Imaging Software Market Regional Analysis:
By region, the global cardiac imaging software market has been segmented into Americas, Europe, Asia Pacific, and, Middle East & Africa. The Americas segment will dominate the market during the projection period owing to factors such as concentration of prominent players of healthcare sector, changing lifestyle, increasing cardiovascular diseases, technological advancements, increasing demand, etc. The segment was valued at USD 97.6 Mn in 2016 and is poised to grow tremendously throughout the assessment period.
The Europe segment holds the second spot in terms of market share and control. The widespread prevalence of cardiovascular diseases causes 45% of death every year accounting for more than 1 Million deaths in European Union annually. The demand for cardiac imaging software is deep-rooted in this need of the hour to battle and minimize the death rate due to heart-related diseases. Other factors responsible for the growth of the market in this segment are technological advancements, increasing awareness about healthy lifestyle, growing demand for outpatient surgeries, etc.
The Asia Pacific segment is the fastest growing segment in the global market. The factors responsible for the growth in this region are evolution of medical tourism, increasing count of patients with cardiovascular diseases, accelerating demand for cardiac imaging software, raising awareness about cardiac diseases, rising healthcare expenses, adoption of next-gen technology, booming healthcare sector, etc. The Middle East & Africa segment will hold the least share in the market owing to factors such as restricted availability of funds, lack of standard medical facilities, poor political scenario in the African region, etc.
Cardiac Imaging Software Market Competitive Dashboard:
The competitive landscape represents robust competition among the key players. They opt for opportunities such as clinical trials, research & developments, acquisitions, investments, etc. to strengthen their foothold in the market growth. Some of the prominent players of the market profiled by MRFR in its report are Siemens Healthineers (Germany), Shimadzu Corporation (Japan), TOMTEC IMAGING SYSTEMS GMBH (Germany), CardioComm Solutions Inc. (Canada), Pie Medical Imaging (the Netherland), 3mensio Medical Imaging (U.S.), GE Healthcare (U.S.), Medis medical imaging systems (Netherland), Fujifilm Holdings Corporation (Japan), Positron Corporation (U.S.), Toshiba Corporation (Japan), Agfa healthcare (U.S.), Circle Cardiovascular Imaging Inc. (U.S.), Integer Holdings Corporation (U.S.), HeartSciences (U.S.), eMedica, S.L. (U.S.), McKesson Corporation (U.S.), Pixmeo SARL (Switerzland), Koninklijke Philips N.V. (the Netherlands), Creavo Medical Technologies (U.K).
Royal Philips, Dutch healthcare technology giant, is buying EPD Solutions (Israel) for USD 292 Mn cash and approximately USD 242 Mn as deferred milestone payments. EPD has developed image-guided procedures for heart rhythm disorders. This technology facilitates navigation and treatment, assures efficiency, and, expedites treatment results.
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