Cardiovascular Imaging Equipment - Market Insights, Competitive Landscape, and Market Forecast - 2030

Cardiovascular Imaging Equipment Market By Type Of Devices (Echocardiography, Angiography, Nuclear Cardiac Imaging, Computed Tomography, Cardiac Positron Emission Tomography (Cardiac Pet), and Cardiac Magnetic Resonance Imaging (Cardiac MRI)), End-User (Hospitals, Specialty Clinics, Diagnostic Imaging, and Others), and Geography is expected to grow at a Steady CAGR Forecast till 2028 owing to rising burden of cardiovascular diseases and introduction of technologically advanced systems.

The global cardiovascular imaging equipment market was valued at USD XX million in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028. The demand for cardiovascular imaging equipment is primarily motivated by the rising burden of cardiovascular diseases, the increasing number of risk factors associated with cardiovascular diseases, the introduction of technologically advanced systems, and others during the forecast period.

Cardiovascular Imaging Equipment Market Dynamics:

The major factor accelerating the growth of cardiovascular imaging equipment is the growing prevalence of cardiovascular diseases across the globe. According to the American Heart Association 2022, about 244.1 million people were globally living with coronary (ischemic) heart disease in 2020.

As per the data provided by British Heart Foundation 2022, worldwide around 550 million which stands for 1 in 14 people were living with heart and circulatory diseases in 2019 and this includes about 290 million women and around 260 million men.

The source mentioned above further stated that coronary (ischemic) heart disease (200 million cases), peripheral arterial (vascular) disease (110 million cases), stroke (100 million cases), and atrial fibrillation (60 million cases) remained the most commonest and prevalent cardiovascular conditions worldwide in 2019.

According to Pan American Health Organization (PAHO) 2022, cardiovascular diseases cause more deaths yearly than any other disease. Heart disease and stroke-related fatalities account for more than three-quarters of all deaths in low- and middle-income nations in 2021.

Cardiovascular imaging equipments are essential for the effective diagnosis of cardiovascular diseases.

Further, in June 2020, Canon Medical Systems USA, Inc. introduced a new configuration of the Aquilion ONE/GENESIS Edition - the Aquilion ONE / GENESIS SP - a complete CT solution with proven cardiovascular capabilities. Due to expanding applications of CT for structural heart procedures and coronary imaging, healthcare providers are growing their cardiac CT programs. Such initiatives from companies and regulatory authorities are expected to help the patients in their treatment which will drive the cardiovascular imaging equipment market growth.

However, certain factors such as a lack of skilled professionals and risks such as exposure to harmful radiation, and others associated with cardiovascular imaging equipment may pose a minor hurdle to the growth of the cardiovascular imaging equipment market.

Cardiovascular Imaging Equipment Segment Analysis:

Cardiovascular Imaging Equipment Market By Type of Devices (Echocardiography, Angiography, Nuclear Cardiac Imaging, Computed Tomography, Cardiac Positron Emission Tomography (Cardiac PET), and Cardiac Magnetic Resonance Imaging (Cardiac MRI)), End-User (Hospitals, Specialty Clinics, Diagnostic Imaging, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the types of devices segment of cardiovascular imaging equipment, the Echocardiography category is expected to have a significant market share during the forecast period.

Echocardiography remains the primary tool in the diagnosis and monitoring of heart diseases due to its advantages and applications. It is a test that uses sound waves to produce live images of the heart, called an echocardiogram. This test allows the doctor to monitor how the heart and its valves are functioning.

In addition, it is relatively cheaper, quicker, and has fewer adverse effects. Currently, the fusion of different imaging modalities is gaining popularity for cardiovascular interventions, as it helps generate high-quality images that facilitate real-time monitoring in the operation theatre.

The concept of handheld ultrasound is growing popular in the echocardiography market. Echocardiography is emerging as a substantial competitive threat to diagnostic nuclear cardiology.

With technological advancements, and increasing investments towards developing new echocardiography devices, the cardiovascular imaging equipment market is expected to witness a boost.

It is expected to further grow on the back of real-time monitoring features.

Hence, all the above-mentioned factors are expected to revive the segment growth in the cardiovascular imaging equipment market.

North America is expected to dominate the overall Cardiovascular Imaging Equipment Market:

North America is expected to dominate the overall Cardiovascular Imaging Equipment market during the forecast period. This domination is due to the growing number of individuals with cardiac diseases, changing lifestyles, rising geriatric population, presence of key players, increasing product development activities in the region, and others during the forecast period.

The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020.

Also, the same source stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent - the damage is done, but the person is not aware of it.

The increasing number of product development activities in the region is further going to accelerate the growth of the cardiovascular imaging equipment market.

Cardiovascular Imaging Equipment Key Players:

Some of the key market players operating in the cardiovascular imaging equipment market include Toshiba, GE Healthcare, Siemens Healthcare, Philips Healthcare, Epsilon Imaging, and others.

Recent Developmental Activities in Cardiovascular Imaging Equipment:

• In August 2022, Royal Philips announced the launch of its digital experience during the virtual European Society of Cardiology (ESC) 2022 Congress. It will showcase its latest suite of solutions to help improve outcomes for patients with cardiovascular disease by enabling quick, confident diagnoses, and efficient, effective treatments
• In May 2022, Abbott received the European CE mark for its new interventional imaging platform powered by Ultreon 1.0 Software.
• In January 2022, Ultromics receives FDA clearance for EchoGo Pro, a first-of-kind solution to help diagnose Coronary artery disease (CAD).

Key Takeaways from the Cardiovascular Imaging Equipment Market Report Study

• Market size analysis for current market size (2022), and market forecast for 5 years (2023-2028)
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the Global Cardiovascular Imaging Equipment Market.
• Various opportunities available for the other competitor in the cardiovascular imaging equipment market space.
• What are the top-performing segments in 2022? How these segments will perform in 2028?
• Which are the top-performing regions and countries in the current market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for market growth in the coming future?

Target Audience who can be benefited from this Cardiovascular Imaging Equipment Market Report Study

• Cardiovascular Imaging Equipment providers
• Research organizations and consulting companies
• Cardiovascular Imaging Equipment-related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders
• Various End-Users who want to know more about the cardiovascular imaging equipment market and the latest technological developments in the cardiovascular imaging equipment market.

Frequently Asked Questions for Cardiovascular Imaging Equipment Market:

1. What is Cardiovascular Imaging?

Cardiovascular Imaging refers to non-invasive imaging of the heart using ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), or nuclear medicine (NM) imaging with PET or SPECT.

2. What is the market for global cardiovascular imaging equipment?

The global cardiovascular imaging equipment market was valued at USD XX billion in 2022, growing at a CAGR of XX during the forecast period from 2023 to 2028.

3. What are the drivers for the global cardiovascular imaging equipment market?

The major drivers driving the demand for cardiovascular imaging equipment are the increasing burden of cardiovascular diseases, the rise in the demand for patient monitoring, the introduction of technologically advanced systems, and the increasing strategic activities such as mergers, acquisitions, and others among key players.

4. Who are the key players operating in the global cardiovascular imaging equipment market?

Some of the key market players operating in the cardiovascular imaging equipment market include Toshiba, GE Healthcare, Siemens Healthcare, Philips Healthcare, Epsilon Imaging, and others.

5. Which region has the highest share in the cardiovascular imaging equipment market?

North America is expected to dominate the overall cardiovascular imaging equipment market during the forecast period, 2023 to 2028. This domination is due to the improved reimbursement policies of diagnostic imaging, easy accessibility to diagnostic imaging modalities, growing demand for advanced technologies in cardiovascular imaging equipment, and the increasing prevalence of cardiovascular conditions in the US.