Cardiac Imaging Software Market Analysis

Global Cardiac Imaging Software Market Overview

The cardiac imaging software market Size was valued at USD 0.6 billion in 2022 and is projected to grow from USD 0.65 Billion in 2023 to USD 1.25 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.5% during the forecast period (2023 - 2032). Rising underlying causes of cardiovascular diseases, increase in the elderly population, and rising prevalence and increasing healthcare expenditure for cardiovascular diseases are the key market drivers enhancing the market growth.

  Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

In October 2023, The Food and Drug Administration (FDA) has granted 510(k) approval to the Allia IGS Pulse for use in complex cardiology interventional procedures in October 2023. Its purpose is to facilitate optimal dosage and imaging quality. The monopolar X-ray tube utilized in the Allia IGS Pulse, as stated by GE HealthCare, enables steep angulation and silent operation, both of which enhance the visibility of coronary artery architecture. Additional benefits of the Allia IGS Pulse, as noted by GE HealthCare, consist of the optimization of seven critical imaging parameters, including the shape of the focal spot, through the utilization of image chain technology AutoRight PLUS and artificial intelligence (AI), as well as high-quality images for patients with a body mass index (BMI) exceeding 30.

In June 2023,  UltraSight, an innovator in point-of-care ultrasound and digital health that is revolutionizing cardiac imaging with artificial intelligence, has partnered with EchoNous to expand patient access to cardiac care in June 2023. The partnership was officially declared at ASE 2023, the preeminent international conference for echo specialists. The achievement of our objective to enhance cardiac care equity for patients globally could be expedited through the implementation of cardiac ultrasonography by a greater number of healthcare professionals across a wider range of care settings. The integration of EchoNous' KOSMOS portable ultrasound equipment with UltraSight's real-time AI guiding software is intended to increase the accessibility of chronic cardiac patient monitoring.

Cardiac Imaging Software Market Trends

• Growing Prevalence of cardiovascular diseases to boost market growth

Cardiovascular disorders (CVD), which are becoming more common, are one of the main reasons people are admitted to hospitals across the world. The increasing healthcare expenditure for cardiovascular disease, rise in the aged population, technological advancements, the increasing use of modalities such as, PET, CT, and others for cardiac imaging, increase in the underlying reasons of cardiovascular diseases.

According to WHO, CVDs are the leading cause of morality worldwide, claiming 17.9 billion lives annually. More than 868,000 Americans lose their lives to heart disease or stroke each year, accounting for one-third of all fatalities, according to the National Center for Chronic Disease Prevention and Health Promotion. It is also claimed that these illnesses have a negative financial impact, costing our healthcare system USD 214 billion annually and resulting in USD 138 billion in lost productivity at work. Additionally, according to a research by RTI International, 131.2 billion Americans living with CVD, or 45% of the country’s population are expected to have cardiovascular disease in the coming years.  

 Therefore, the need for cardiac imaging software to recognize heart-related issues with the use of MRI, CT scan, angiography, radioactive materials, and other types of radiant light rises with the occurrence of cardiovascular illnesses has enhanced the cardiac imaging software market CAGR across the globe in the recent years.

Cardiac Imaging Software Market Segment Insights

Cardiac Imaging Software Type Insights

The market segments of cardiac imaging software, based on imaging modality, includes computed tomography, magnetic resonance, ultrasound imaging, x-ray imaging, combined modalities, SPECT, OVUS, OCT, and others. The computed tomography segment held the majority share in 2022 in respect to the Cardiac Imaging Software Market revenue. This is primarily owing to provide efficiency in delivering doses of cancer tissue-damaging radiation as compared to conventional x-rays. For instance, as per the RadioGraphics Organization, published in 2020, the chest CT is involved in taking a probable role in the diagnosis, prognostications and detection of complications of the covid-19 pandemic.

2021 Siemens acquired 510k certification for their Dual Source CT scanner. This cutting-edge technology produces high-quality images in a matter of seconds with minimal radiation exposure, making it ideal for young patients and doing away with the need to hold ones breathe during a thorax scan.  

Cardiac Imaging Software Application Insights

The Cardiac Imaging Software Market segmentation, based on diagnostic imaging, image guided treatment, patient monitoring. The diagnostic imaging segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the cost effectiveness. Hence, rising application of diagnostic imaging for cardiac imaging software positively impacts the market growth.

February 2022 Siemens Healthineers (Germany) join hands with Universal Medical Imaging  (US), to support primary healthcare institution in China improve the efficiency of thier disease diagnosis and image screening using diagnostic equipment with advanced technology and remote scanning subordinate tools form Siemens Healthineers and nationwide medical imaging experts at universal medical imaging.

Figure 1: Cardiac Imaging Software Market, by Application, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cardiac Imaging Software End User Insights

Based on End Users, the global cardiac imaging software industry has been segmented into hospitals and clinics and diagnostic centers. Hospitals and clinics held the largest segment share in 2022, owing to the increasing patients of cardiovascular disease such as heart attacks, coronary heart diseases, strokes, congenital heart disease, and others. Moreover, increasing government initiatives to improve the healthcare infrastructure is expected to bolster during the assessed timeline.

The fastest growing segment in the cardiac imaging software industry is diagnostic centers. The use of cardiac imaging software for the diagnosis of cardiac-related problems with the help of CT scan, angiography, MRI, radioactive substances, and other forms of radiant energy.

Cardiac Imaging Software Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America cardiac imaging software market accounted for USD 0.27 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of cardiovascular disease, rise in disposable income as well as an ageing population across the region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: CARDIAC IMAGING SOFTWARE MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe cardiac imaging software market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the healthcare industry, an ageing population, and an increase in incidence of cardiovascular disease. Further, the Germany market of cardiac imaging software held the largest market share, and the UK market of cardiac imaging software was the fastest growing market in the European region.

The Asia-Pacific cardiac imaging software market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to cardiovascular disease, and rising healthcare costs. Moreover, China market of cardiac imaging software held the largest market share, and the India market of cardiac imaging software was the fastest growing market in the Asia-Pacific region.

Cardiac Imaging Software  Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of cardiac imaging software. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the cardiac imaging software industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global cardiac imaging software industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, cardiac imaging software industry has provided medicine with some of the most significant benefits. The cardiac imaging software market major player such as 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 Caridovascular Imaging Inc (Canada), Symphiony Innovation LLC (US), and others are working to expand the market demand by investing in research and development activities.

Koninklijke Philips N.V. (Netherlands), has the main purpose to improve people’s health and well-being through meaningful innovation. Its consistent belief is there’s always a way to make life better. At Philips innovations are driven by consumer and customer needs. In March, 2022 Koninklijke Philips N.V. (Netherlands) launched Cloud-enabled Enterprise Imaging Informatics and Analytics Solutions, specifically, HealthSuite Interoperability and Enterprise Performance Analytics-PerformanceBridge, to meet various workflow needs through the imaging enterprise.

Canon Inc. offers a broad spectrum of medical solutions, including MRI, Eye Care, X-Ray equipment, CT, Ultrasound, Mobile Imaging Solution, and a full range of Healthcare IT solutions. Canon launched the Vantage Fortian. The innovative MRI system includes new workflow solutions, image enhancement, and enhanced scan technologies, all leading to shorter MRI treatment times.

Key Companies in the market of Cardiac Imaging Software includes

• Koninklijke Philips N.V. (Netherlands)


• FUJIFILM Corporation (Japan)


• Siemens (Germany)


• GE Healthcare (US)


• Canon Inc. (US)


• NeoSoft LLC (Pawaukee WI)


• Arteys (US)


• Pie Medical Imaging (Netherlands)


• Medis Medical Imaging (Netherlands)


• Circle Cardiovascular Imaging Inc (Canada)


• Symphony Innovation LLC (US) , among others

Cardiac Imaging Software Industry Developments

February 2022 Neudesic, LLC (US) acquired by IBM (US) which was aimed advancement in hybrid cloud and AI strategy and further expansion of IBM’s portfolio.

March 2021 Symphony Innovation, LLC (US) acquired TeraRecon, one of the primary healthcare imaging AI technology companies. By joining hands with Symphony AI Group has ongoing its new portfolio of healthcare AI solutions aimed at medical imaging.

June 2021 Circle Cardiovascular Imaging Inc. (Canada) join hands with DiA Imaging Analysis (Israel). Through this partnership, clients will receive complete all-in-one AI-based cardiovascular imaging solutions, and there will be new potential for multi-modality imaging solutions for doctors, patients, and hospitals all over the world. Circle’s Cardiac imagining portfolio will be strengthened by DiA’s range of cutting-edge AI-based cardiac ultrasound products, Vivo Toolbox, which has received FDA clearance and CE certification.  

Cardiac Imaging Software Market Segmentation

Cardiac Imaging Software Type Outlook

• Computed Tomography


• Magnetic Resonance


• Ultrasound Imaging


• X-Ray Imaging


• Combined Modalities


• SPECT


• OVUS


• OCT

Cardiac Imaging Software Application Outlook

• Diagnostic Imaging


• Image Guided Treatment

Cardiac Imaging Software End User Outlook

• Hospitals and Clinics


• Diagnostics Centers

Cardiac Imaging Software Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America