Cardiac Imaging Software Market

Market Overview

The global cardiac imaging software market size was valued at USD 532 million in 2022 and is projected to reach USD 1006 million by 2031, registering a CAGR of 8.3% during the forecast period (2023-2031). The market is expected to grow due to technological improvements, the increasing prevalence of cardiovascular illnesses, and increased demand for early and accurate diagnosis.

Cardiac imaging software is a type of software that is used to process and interpret medical images of the heart. These software solutions work with imaging modalities such as echocardiography, cardiac CT (computed tomography), cardiac MRI (magnetic resonance imaging), and nuclear cardiology. 

Rising underlying causes of cardiovascular diseases, an aging population, and rising prevalence and healthcare spending for cardiovascular diseases are the primary market drivers boosting market growth

Market Dynamics

Global Cardiac Imaging Software Market Drivers

Rising Cardiac Diseases

Cardiovascular diseases include heart and blood vessel problems, such as coronary artery disease, heart failure, arrhythmias, and valve diseases. Sedentary lifestyles, bad diets, smoking, obesity, and aging populations all contribute to an increase in the prevalence of these illnesses. The World Health Organization (WHO) reports that cardiovascular illnesses are the main cause of death worldwide, accounting for nearly 17.9 million deaths in 2019. CVDs account for around 31% of all global deaths.

The American Heart Association (AHA) offers information about the prevalence of cardiovascular diseases in the United States: In the United States, around 48% of adults have some cardiovascular disease. Around 18.2 million persons are affected by coronary heart disease. Adults with heart failure are anticipated to increase from 6.2 million in 2014 to 8 million by 2030. As a result, the cardiac imaging software market insights indicate that an increasing number of unhealthy habits lead to cardiac ailments, and thus, the industry is experiencing phenomenal growth.

Global Cardiac Imaging Software Market Restraints

High Cost

Creating and maintaining sophisticated cardiac imaging software necessitates a significant financial investment. This includes money for R&D, software engineering, testing, regulatory compliance, and continuing updates. Furthermore, healthcare facilities that want to use such software may have to pay license costs and invest in appropriate gear and infrastructure. The high initial expenses can deter wider adoption, particularly in places with low resources or healthcare budgets. It may be difficult for small healthcare institutions, clinics, and practices to allocate the necessary financial resources for the initial purchase, license, and implementation of cardiac imaging software. Increased healthcare expenditures may indirectly affect patients if cardiac imaging software implementation costs lead to higher medical service costs. As a result, the cardiac imaging software market growth is hampered.

Global Cardiac Imaging Software Market Opportunities

Technological Innovations and AI Integration

Incorporating artificial intelligence (AI) and machine learning (ML) algorithms into cardiac imaging software can improve image analysis, increase accuracy, and aid in detecting early disease. The industry will explore more prospects as the cardiac imaging software market trend shifts towards integration with artificial intelligence. The capacity of an AI algorithm to detect left ventricular failure from echocardiographic pictures was demonstrated in a study published in the journal "Circulation" with 91.7% sensitivity and 83.2% specificity. The capacity of AI to aid in early detection can lead to better patient outcomes and slower disease progression. AI systems can use prior patient data to forecast illness development and consequences. Based on electronic health data, a study published in "The Lancet Digital Health" revealed the predictive efficacy of AI in identifying individuals at risk of cardiovascular events.

Regional Analysis

North America Dominates the Global Market

The global cardiac imaging software market analysis is conducted across North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America holds a sizeable global market share and is expected to boost at a CAGR of 8.0% during the forecast period. North America accounted for the bulk of the global market due to the high prevalence of cardiovascular illnesses, technological improvements, high disposable income, a growing older population, and a supportive regulatory environment. The rise in the prevalence of cardiac illnesses is linked to North America's supremacy. The presence of well-established healthcare institutions equipped with contemporary diagnostic equipment and favorable government policies to promote the use of healthcare IT in this region can be linked to the expansion.

Furthermore, increased R&D investments and the presence of strong market rivals are driving regional market expansion. The rising prevalence of cardiovascular disorders is driving market expansion. According to the Centers for Disease Control and Prevention (CDC), coronary disease was the most common type of heart disease in the United States in 2019, killing 360,900 people. According to the American College of Cardiology (ACCF), approximately 80 million people have some cardiovascular disease or are at risk of acquiring heart-related illnesses during their lifetime. Cardiovascular disease is still the biggest cause of mortality in the United States. Cardiovascular disease affects around 121.5 million American adults or roughly 48% of the adult population. Thus, a high prevalence rate and increased awareness about various potential therapies will drive demand for cardiac imaging software during the forecast period.

Europe is predicted to rise at a substantial CAGR of 8.4% throughout the forecast period because of the availability of cutting-edge treatment facilities, government support for the growth of the healthcare industry, an aging population, and an increase in the incidence of cardiovascular disease. Europe is expected to witness strong growth. Furthermore, the German market for cardiac imaging software had the biggest market share, while the U.K. market for cardiac imaging software was the fastest expanding in Europe.

Additionally, according to the European Society of Cardiology, cardiovascular illnesses are Europe's main cause of death, accounting for nearly 4 million yearly fatalities. European countries with superior medical infrastructure, such as Germany, the United Kingdom, France, and Italy, contribute to the demand for cutting-edge cardiac imaging technologies. The European Union's strong emphasis on research and innovation opens possibilities for developing AI-driven cardiac imaging software, telemedicine applications, and collaboration with academic institutions.

The Asia-Pacific cardiac imaging software market is predicted to develop at the quickest CAGR during the forecast period. This is related to cardiovascular disease and increased healthcare costs. Furthermore, the Chinese market for cardiac imaging software had the biggest market share. In contrast, the Indian market for cardiac imaging software was the fastest-expanding market in the Asia-Pacific region. According to Aging Asia, India had 139 million persons over 65 in 2019. According to Institut Montaigne, on November 3rd, 2020, India would have 43,486 private hospitals, 1.18 million beds, 59,264 ICUs, and 29,631 ventilators.

Conversely, there are 25,778 public hospitals, 713,986 beds, 35,700 ICUs, and 17,850 ventilators. According to the World Health Organization (WHO), cardiovascular illnesses are a major health concern in Asia-Pacific, accounting for a considerable amount of the region's disease burden. Countries such as China, India, Japan, and South Korea are investing in healthcare infrastructure and technology adoption, fueling demand for cutting-edge cardiac imaging solutions. Emerging economies such as India and China are seeing an increase in digital health businesses aimed at making breakthrough cardiac imaging products more accessible to a larger population. Collaborations between multinational technology businesses and local healthcare institutes aim to create AI-powered cardiac imaging software adapted to the Asia-Pacific region's specific demands.

Segmental Analysis

The global cardiac imaging software market is segmented based on type, application, end-user, and region.

Type is further segmented into CT, MRI, ultrasound, X-ray, combined modalities, SPECT, OVUS, and OCT.

CT holds the major market share.

CT imaging offers detailed cross-sectional images of the heart and blood arteries. It is especially beneficial for diagnosing coronary artery disease, identifying calcifications, and viewing three-dimensional heart anatomy. 

Cardiac MRI provides precise images of the heart's anatomy and functioning, such as chambers, valves, and blood flow. It has a strong, soft tissue contrast and is useful for measuring cardiac viability and tissue properties.

The segment can be bifurcated by application into Diagnostic Imaging and Image-Guided Treatment.

Diagnostic Imaging is the most commonly used application.

Diagnostic Imaging is critical in accurately assessing, diagnosing, and characterizing various heart diseases. Cardiac imaging software improves image interpretation, allowing healthcare providers to make more educated judgments.

Using real-time or pre-acquired photographs to guide medical operations and procedures is known as image-guided treatment. Cardiac imaging software improves the accuracy and efficiency of these treatments.

The market is divided by end-user Hospitals, clinics, and diagnostic centers.

Hospitals and clinics are the most income generators in the market.

Hospitals and clinics are primary care providers that provide a variety of medical treatments, including cardiac care. Cardiac imaging software improves their diagnostic and treatment capacities for cardiovascular disorders. Cardiac imaging software assists hospitals and clinics in providing complete cardiac care, such as precise diagnosis, treatment planning, and monitoring.

Diagnostic clinics specialize in offering advanced imaging services to patients, including cardiac Imaging. These facilities are critical in providing specialist diagnoses. Diagnostic clinics with cardiac imaging software provide specialist cardiac imaging services emphasizing accuracy and quality.

Recent Developments

• June 2023- Fujifilm will expand its commercial presence in Asia for biologics and advanced therapies contract services.
• August 2023- At ESC 2023, Philips integrated AI in cardiac ultrasound and across cardiac care.
• August 2023- Vscan Air SL, a Wireless Handheld Ultrasound Device for Rapid Assessments of Cardiac and Vascular Patients, was introduced by GE HealthCare.