Market Analysis: Cardiac Imaging Part of Growing Market

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Cardiac imaging has evolved to include probes connected to a smart device. Of course, the imaging needs dictate which modality is needed but advances continue in this market. Innovative technologies also include 2D, 3D and even 4D images generated by ultrasound devices.

Technavio, a market research company, has prepared several reports on medical imaging and expects the global medical imaging market, which includes cardiac imaging, to exceed $37 billion by 2020.

One Technavio market research analyst predicts that the global market for medical imaging will grow at a compound annual growth rate (CAGR) of nearly 5 percent by the end of this decade.

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“The growing focus on R&D to provide high-quality imaging for better diagnosis and treatment of diseases is a critical factor that drives the global demand for medical imaging devices during the forecast period,” according to a Technavio report.

The report includes “a detailed segmentation of the global medical imaging market by equipment type (MRI, CT scanners, general X-rays, SPECT/PET, and ultrasound).”

“In this market research, analysts have estimated eminent factors, such as the advent of 4D medical imaging technology, to spur market growth during the forecast period. Since 4D imaging technology enables doctors to create a 3D picture in real time, its augmented application in ultrasound systems will foster the prospects for growth in this market during the predicted period,” according to Technavio.

Technavio is not alone in its belief that the market will continue to grow.

Zion Market Research published a report in the fourth quarter of 2016 that states that the global diagnostic imaging market was valued at approximately $23.5 billion in 2015 and is expected to reach approximately $33.5 billion by 2021, growing at a CAGR of approximately 6 percent between 2016 and 2021.

“Increasing geriatric population and growing occurrences of chronic diseases are some of the major factors driving the global diagnostic imaging market. Growth in the pharmaceutical industry is another major factor that is expected to help the growth of the diagnostic imaging (market) in the coming years,” according to Zion Market Research. “Government support and investments coupled with research and development activities, especially in countries such as the U.S. and U.K. is anticipated to boost the market growth in the near future. However, the high cost of machinery and its installation is a major restraining factor for the market growth. In addition, the risk of high radiation exposure will limit the use of CT scanners coupled with a shortage of helium – a major concern for MRI manufacturers and health care facilities (that) can restrict the growth of the global diagnostic imaging market. Nonetheless, ongoing research and development in the medical diagnostic sector are likely to bring growth avenues in the market.”

Cardiac imaging among older individuals due to heart disease and other conditions is among factors propelling the market.

“The X-ray imaging systems dominated the market with over 31 percent share of the total market in 2015 followed by CT scanner which accounted for approximately 17 percent of total diagnostic imaging market,” according to Zion market research. “MRI and ultrasound also accounted for significant share owing to the increasing disabled and aging populations who are commonly diagnosed with different diseases and other complications.”

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