Cardiac imaging software market is expected to reach USD 704.32 million by 2027 and register a CAGR of 8.54% during the forecast period of 2021 to 2027.
Cardiac imaging software is used for the diagnosis of cardiac-related problems with the help of CT scan, MRI, and angiography among others. The growth of the global cardiac imaging software market is attributed to the increasing prevalence and rising healthcare expenditures for cardiovascular disease, growth in the elderly population, technological advancements, the increasing use of modalities like CT, PET, and others for cardiac imaging, rise in the underlying causes of cardiovascular diseases, and development strategies undertaken by market players. However, lack of standardization and restricted use, and risks associated with cardiac imaging procedures are restraining the growth of the market.
Impact of COVID-19
The COVID-19 pandemic has led to unprecedented and unknown implications across the globe. However, it is now well-known that COVID-19 (SARS-CoV-2) can have a severe impact on the heart. Additionally, patients suffering from diabetes or underlying heart diseases are at higher risk of getting severely infected with COVID-19. As a result, cardiac ultrasonography has become an important tool for clinicians while treating and monitoring COVID-19 patients. For instance, cardiac ultrasound aids healthcare providers by providing consistent, reproducible information on a patient's heart status. It's been efficient since it's simple to clean and transfer in and out of the small, negative-pressure rooms where patients are isolated.
The growing prevalence of cardiovascular diseases (CVD) is one of the leading causes of hospitalization in different parts of the world. According to WHO, CVDs is the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Furthermore, as per the National Center for Chronic Disease Prevention and Health Promotion, more than 868,000 Americans die of heart disease or stroke every year, one-third of all deaths. It is further stated that these diseases take an economic toll, costing our healthcare system USD 214 billion per year and causing USD 138 billion productivity loss on the job. Moreover, as per the study conducted by RTI International, the number of Americans with CVD is projected to rise to 131.2 million, 45% of the total US population, by 2035. The CVD cost in America is expected to reach USD 1.1 trillion by 2035. Similarly, as per the World Heart Federation, CVD cost is expected to rise to USD 1,044 billion by 2030 in the UK. Such factors are driving growth for the market.
Increase in the prevalence of cardiovascular diseases increases the demand for cardiac imaging software to diagnose cardiac-related problems with the help of MRI, CT scan, angiography, radioactive substances, and other forms of radiant energy. All these factors are expected to reflect positively on the global cardiac imaging software market.
The US incurred about USD 43 billion in 2020 in heart failure care costs and is estimated to reach USD 69.7 billion by 2030, according to the American Heart Association. The high cost is largely attributed to expensive modern equipment, intensive use of diagnostic tests, and pharmaceutical and medical interventions. Imaging costs exceed USD 100 billion per year in the US. Cardiovascular imaging (CVI) represents 29% of all imaging workload and at least a third of the several billion medical imaging examinations performed annually worldwide. Moreover, this was partly attributed to proprietary software products and their designed compatibility with other software and hardware vendors.
According to a study published by the Bioinformatics Journal of International Society of Computational Biology, clinical reports generated by the cardiac imaging software vary across vendors for the same patient data. Thus, there is a lack of standardization across the vendors. This makes it difficult to perform multi-site, population-based studies where data may be collected from hardware developed by different vendors. This is expected to hamper the growth of the global cardiac imaging software market.
The advancement of AI creates opportunities in the healthcare sector to obtain more sophisticated information from imaging and to ﬁnd patterns in available data sources that are too complex for the human brain. It is implemented in the clinical workﬂow based on research that shows equal or better performance than analysis by the physician or conventional (semi-)automated methods to reduce the workload of the physician and enhance decision-making. The use of AI in cardiac CT applies to many steps of the imaging chain. In contrast, the application of AI in cardiac MRI has so far primarily focused on the automated segmentation of anatomical structures of the heart. There is also an opportunity for future research to focus on the implementation of data from multiple sources in Machine Learning (ML) models, including biomarkers, genomics, proteomics, and metabolomics. The implementation of multiple sources in ML models can also help decide whether to refer a patient for cardiac imaging, e.g., immediate therapeutic decision-making based on CT data without the need for invasive coronary angiography (ICA). Physicians need to realize that AI is a tool that will not replace many tasks in the short term but will likely enhance diagnostic and decision-making capacity.
Supply Chain Analysis
The cardiac imaging software plays an important role in the healthcare industry and generates extensive and multiplicative effects on the development of the patient monitoring industry. The value chain analysis for the software industry comprises five major components, which start with the input followed by the software development process, outputs, marketing, and distribution, and ends with post-selling services. The value chain analysis of the imaging software industry is different than the general industry, and it does not need any manufacturing unit or specific raw materials for product manufacturing.
Global Cardiac Imaging Software Market Share (%), by Imaging Modality, 2020
Source: MRFR Analysis
The computed tomography segment is expected to witness healthy growth during the forecast period as it displays higher efficiency in delivering doses of cancer tissue-damaging radiation as compared to conventional X-rays. According to the published article in 2020 in RadioGraphics Organization, Chest CT is involved in having a potential role in the diagnosis, detection of complications, and prognostication of the COVID-19 pandemic.
The increasing number of market players involved in new product launches, acquisitions, and strategic collaborations are driving the market growth of this segment. For instance, in October 2019, HeartVista received the US FDA clearance for its AI-assisted MRI acquisition software for cardiac exams. The system (Cardiac Package for OneClick) uses AI-assisted software to prescribe the standard cardiac views in as short as 10 seconds with one click.
The ultrasound imaging segment is further categorized into 2D ultrasound, 3D/4D ultrasound, and doppler. Ultrasounds are widely accessible and less expensive than other techniques. Ultrasonography would represent considerable adoption by the patients and healthcare professionals in the near future. It is a painless and safe method (patients are not exposed to ionizing radiation) compared to CT scans and X-rays. Enhancement in technologies such as automation, reproducibility, and portability of ultrasound devices, the addition of 3D and 4D imaging devices, coupled with the initiatives by prominent players, are driving the growth of this segment. For instance, in January 2019, GE Healthcare collaborated with UltrasoundPodcast.com, a weekly podcast and a website devoted to the Point of Care Ultrasound (POCUS) education.
X-ray systems are highly preferred during medical diagnosis as they are affordable compared to similar medical procedures such as MRI or CT scans. The rising number of product clearances in recent years is significantly contributing to the growth of this segment. For instance, in February 2019, Koninklijke Philips N.V. received 510(k) clearance from the US FDA to market the DigitalDiagnost C90, its newest premium digital radiography system. Thus, this segment is expected to showcase high growth potential over the near future.
Combined modality is the combination of two different imaging devices used to generate medical images to diagnose and characterize diseases at an early stage. To understand the biological processes with anatomical location, molecular imaging devices are combined with CT and MRI scanners. The key factors driving the market growth are the increasing installation of combined modality across research institutes, university hospitals, and larger imaging centres.
Single-photon emission computed tomography (SPECT) is a three-dimensional imaging technique used to diagnose and trace heart diseases, such as blocked coronary arteries and plaques. The radioactive substance such as technetium-99m pertechnetate, technetium-99m gluceptate (Tc-GH), technetium-99m-pentetate (Tc-DTPA), technetium-99m exametazime (Tc-HMPAO), and technetium-99m bicisate (Tc-ECD) are injected into the patient body to identify the affected area. The increasing prevalence of listed diseases and the growing demand for technologically advanced diagnosis devices drive market growth.
Optical coherence tomography (OCT) is a non-invasive imaging test used to evaluate disorders of the optic nerve. OCT is useful in diagnosing many eye conditions, including macular hole, macular pucker, macular edema, age-related macular degeneration, glaucoma, central serous retinopathy, diabetic retinopathy, and others. The OCT test helps the ophthalmologist see changes in the fibres of the optic nerve to prove proper treatment.
Intravascular ultrasound (IVUS) is an intravascular imaging modality mainly used in interventional cardiology. IVUS uses a tiny ultrasound transducer on the tip of a catheter to capture the images of blood vessels. IVUS is used to assess/detect the injuries, quantify plaque burden, guide stent sizing, expand, and identify procedural complications. IVUS is believed to be one of the promising modalities to help identify vulnerable plaque. The increasing prevalence of eye diseases across the globe boosts the demand for IVUS.
Cardiac imaging comprises intravascular ultrasound, echocardiogram, and coronary catheterization. Intravascular ultrasound is carried out using specially designed catheters attached to computerized ultrasound equipment to visualize the lumen and interior wall of blood vessels. The rising prevalence of cardiovascular diseases, sedentary lifestyles, and the aging population favor this segment growth.
Several imaging modalities can diagnose cardiac diseases, for example, X-ray, echocardiography, SPECT, PET, CT, and MRI. Moreover, the increasing dependence on imaging modalities has increased the adoption of imaging informatics, which is expected to witness a far-reaching positive impact on the global cardiac imaging software market.
An imaging software offers enhanced resolution and overall details of the heart's functioning for efficient diagnosis. The software can demonstrate the auxiliary and useful differences in the heart that can be analyzed and considered to understand any present and future potential outcomes of heart conditions. Cardiovascular (CV) imaging enables the radiologist to see inside the body and shows the structure of the heart in great detail. The physician can understand blood flow within the body and diagnose a patient's heart or vascular condition. This is expected to drive market growth.
By End User
Over the last decade, the market has experienced a sudden increase in the number of patients having cardiovascular diseases such as coronary heart diseases, heart attacks, strokes, congenital heart disease, and others. Owing to the increasing number of patients, the number of hospitals across the globe is increasing continuously. The hospitals and clinics segment dominates the global cardiac imaging software market by the end user. This share is majorly attributed to the increasing number of patients getting monitored with a cardiac disorder.
Cardiac imaging software is used for the diagnosis of cardiac-related problems with the help of MRI, CT scan, and angiography, radioactive substances, and other forms of radiant energy. The technological advancements in imaging equipment, growth in the aging population, and cardiac surgeries gaining impetus are expected to drive the growth of the global cardiac imaging software market.
Other end users include research organizations and academic institutes. Other end users include research organizations and academic institutes. The competition in the cardiac imaging market is expected to increase due to the growing demand for modern diagnostic technologies in emerging economies and rising number of players in the market.
The global cardiac imaging market has been segmented, on the basis of region, into Americas, Europe, Asia-Pacific, and Middle East and Africa.
Global Cardiac Imaging Software Market Share (%), by Region, 2020
Source: MRFR Analysis
The Americas accounted for the largest share of the overall market due to the high occurrence of cardiovascular diseases, technology advancements, high disposable income, growing geriatric population, and favourable regulatory framework. The dominance of North America is attributed to the rise in the prevalence of heart diseases. North America held a maximum share of 89.73% of the total revenue generated in 2020 in the Americas region. The intensity of out-of-hospital cardiac arrests incidences in the US has increased since the last decade. The frequency of deaths due to heart disease is projected to increase in this region due to the shift toward a sedentary lifestyle, rising prevalence of obesity, and other chronic heart diseases such as coronary artery disease, heart attack, and stroke.
The Asia-Pacific region is anticipated to witness rapid growth during the forecast period owing to untapped opportunities, government initiatives, and increasing incidences of cardiac diseases. For instance, in 2019, Hong Kong had the second-highest incidence of stroke with 314 cases per 100,000, after China (403/100,000). This can be attributed to the growing geriatric population, increasing chronic diseases, and elevated utilization of software for diagnosis.
The cardiac imaging software market is highly competitive, with all players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, quality, and reliability. It is decisive for vendors to provide cost-efficient and high-quality products to survive and succeed in an intensely competitive market environment. The strategies to gain a significant market share in this growing industry have been varying from partnerships and collaborations, product launches to expansions, and others.
The prominent players in the global cardiac imaging software market are Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan), Siemens (Germany), GE Healthcare (US), Canon Inc. (US), NeoSoft LLC (Pawaukee, WI), Arterys (US), Pie Medical Imaging (Netherlands), Medis Medical Imaging (Netherlands), Circle Cardiovascular Imaging Inc (Canada), Symphony Innovation, LLC (US).
The study covers the existing short-term and long-term market effects, helping decision-makers draft short-term and long-term plans for businesses by region. The report covers major regions in Americas, Europe, Asia-Pacific, and the Middle East of Africa. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, value chain, and impact of COVID-19 on the market.
|Market Size||2027: USD 704.32 Million|
|Historical Data||2018 & 2019|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Imaging Modality, Application, End User, and Region|
|Geographies Covered||Americas, Europe, Asia-Pacific, Middle East and Africa|
|Key Vendors||Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan), Siemens (Germany), GE Healthcare (US), Canon Inc. (US), NeoSoft LLC (Pawaukee, WI), Arterys (US), Pie Medical Imaging (Netherlands), Medis Medical Imaging (Netherlands), Circle Cardiovascular Imaging Inc (Canada), Symphony Innovation, LLC (US)|
|Key Market Opportunities||• Artificial intelligence in the cardiovascular imaging|
|Key Market Drivers||• Increasing prevalence and rising healthcare expenditures for cardiovascular diseases • Growth in the elderly population • Technological advancements and increasing use of the modalities like CT, PET, and others for cardiac imaging • Rise in underlying causes of cardiovascular diseases • Development strategies undertaken by market players|
Cardiac imaging software market is projected to grow at an 8.54% CAGR between 2021-2027
The Americas is expected to dominate the cardiac imaging software market.
Cardiac imaging software market is predicted to touch USD 704.32 million by 2027.
Different end users of the cardiac imaging software market include diagnostic centers, hospitals, and others.
High treatment cost and lack of reimbursement may limit the cardiac imaging software market growth.