MARKET ANALYSIS: CARDIAC IMAGING

Cardiac imaging continues to evolve and become more important in the diagnosis and treatment of potentially life-threatening diseases and conditions. Different diagnostic imaging modalities bring unique tools to the table when it comes to generating images of the heart, including 2D, 3D and even 4D images generated by ultrasound devices. C-arms and other modalities also continue to be useful for medical imaging of the heart.

Technavio, a market research company with global coverage, has prepared several reports on medical imaging and expects the global medical imaging market to exceed $37 billion by 2020, according to the research firm’s website.

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 Screen Shot 2016-05-04 at 10.29.13 AMpercent by 2020, according to the research company’s website.

“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). It also outlines the market shares for key regions like the Americas, APAC and EMEA.”

“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.

The Technavio analysis provides a breakdown by imaging technology.

“Being the foundation of diagnosis, medical imaging is witnessing huge popularity in the treatment of several medical conditions,” Technavio analyst Brahadeesh Chandrasekaran says on the company’s website.

The report lists Siemens, GE, Philips, Toshiba and Carestream among the leading vendors in the global medical imaging market.

It is a competitive market, especially in regards to new advances including those in cardiac imaging and other advanced products. The global aspect of the many original equipment manufacturers also increases the demand for market share.

“This market is highly competitive due to the presence of many multinational companies that consistently focus on R&D to bring about product innovations. The major players in this market are focusing on value segments and advanced products that can provide high-quality imaging at a faster diagnosis time,” according to Technavio. “This growing focus on value segments will help vendors to bolster product sales during the forecast period.”