The global coronary heart disease diagnostic imaging devices market size was valued at USD 1.2 billion in 2021. It is projected to reach USD 2.12 billion by 2030, growing at a CAGR of 6.5% during the forecast period (2022-2030). Coronary heart imaging includes coronary catheterization, echocardiograms, and intravascular ultrasonography. Intravascular ultrasonography is a technique that uses catheters and computerized ultrasound equipment to visualize the lumen and inside wall of blood vessels. An echocardiography test uses ultrasound to provide two-dimensional, three-dimensional, and Doppler images of the heart. The leading cause of death in developed countries is cardiovascular disease (CVD).
According to the World Health Organization, around 17.9 million deaths globally in 2019 were attributable to cardiovascular disease (CVD), or roughly 32% of all fatalities. According to studies, 1 million cardiac catheterizations and 10 million stress tests are performed annually in the United States to diagnose patients with coronary heart disease. However, the market's potential for growth is constrained by inadequate reimbursement, a lack of qualified specialists, and the high price of imaging equipment for medical use. There is an urgent need for innovative diagnostic and screening approaches for the early detection and identification of such diseases to reduce the mortality rate, treatment costs, and incidence of CVD. The market for coronary heart disease imaging technologies is expected to grow due to factors including an increase in cardiovascular illnesses, a greater demand for non-invasive diagnostic procedures, an increase in the geriatric population, and an increased risk of coronary artery disease (CAD) due to obesity. The enormous rise in CVD promotes the creation of more sophisticated diagnostic tools and capabilities.
Get more information on this report Download Sample Report
An increasing prevalence of cardiovascular illnesses
The rise of coronary heart disease is driven by the increasing prevalence of cardiovascular illnesses, the rising need for non-invasive diagnostic procedures, and new product introductions from crucial market competitors. Commercialization of Diagnostic Imaging Devices, For example, the World Health Organization estimates that in 2019, cardiovascular illnesses were responsible for the deaths of around 17.9 million people worldwide, accounting for 32% of all deaths. In addition, the European Society of Cardiology reports that in 2019, around 49 million persons in the EU were diagnosed with cardiovascular illness and that cardiovascular diseases contribute approximately USD 218.09 billion annually to the cost of healthcare.
The number of imaging device applications is expanding, as are R&D investments
Technologies and display devices based on cardiovascular ultrasonography are increasingly used for various diagnostic and therapeutic applications. A 2D cardiovascular ultrasound system can reduce non-diagnostic examinations by combining the device's capabilities with a robust, software-based beamformer image reconstruction platform. This combination is called a "powerhouse." wide variety of heart and cardiovascular conditions can be diagnosed using 3D and 4D echocardiographic imaging systems. These systems' features, which include real-time imaging, accelerating procedural time and installing the technology, advanced cardiac quantification, and improved clinical efficiencies, are among the reasons for their popularity.
High cost of coronary heart disease diagnostic imaging equipment
Coronary heart disease diagnostic imaging equipment is out of reach for healthcare facilities with little funding. It may significantly hamper the growth of the coronary heart diagnostic imaging device market. In addition, poverty levels have risen to unacceptable heights in several developing and undeveloped nations. Cardiovascular ultrasonography is expensive for those who live in poverty and have various cardiovascular conditions, limiting the market's potential. The manufacturing costs of these devices have also increased due to the incorporation of various cutting-edge and modern technologies, directly impacting the demand for these imaging devices in numerous low-income healthcare facilities.
The global coronary heart disease diagnostic imaging devices market is segmented based on modality and region. Further, the market is divided into Computed Tomography, X-rays, Ultrasound, Magnetic Resonance Imaging and Nuclear Medicine. The modality segment's highest share in 2021, at roughly 29%, belonged to nuclear medicine. The market's expansion is influenced by non-invasiveness, image clarity, effective illness identification even at an early stage, and rising end-user adoption. Compared to any other modality, many radiologists are skilled in using nuclear medicine equipment and accurately reading images.
During the forecast period, the computed tomography segment is anticipated to develop at the fastest rate. Cardiac CT is a doctor's most important diagnostic test because it lowers the risk of myocardial infarction by over 30%. The market is projected to rise faster due to research to create cutting-edge, non-invasive CT equipment that can efficiently screen for CVD. However, image interpretation is still significant weakness in this subsegment.
According to the region, the market is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. North America dominated the market in 2021.
According to the region, the market is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa.
Regional Growth Insights Request Sample Pages
Increased government spending on healthcare, a rise in cancer cases and obesity rates relative to other countries, and an increase in research and development activities contributed to North America's market dominance in 2021, when it held a share of 38% of the market. Despite this, it is anticipated that the APAC region will record the highest CAGR throughout the forecast period. It is reportedly going to be the case due to an increase in research activities to develop new products, improvement in government investment in healthcare, high demand for advanced imaging devices, and the presence of many resellers who reasonably provide refurbished equipment prices. This is a significant opportunity for expansion in the price-sensitive and unpenetrated sector.