Coronary Heart Disease Diagnostic Imaging Devices Industry Overview
The global coronary heart disease diagnostic imaging devices market size was valued at USD 1.42 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.9% in the forecast period.
Cardiovascular Disease (CVD) is considered the leading cause of death in developed nations. According to WHO, nearly, 17.9 million people died due to CVD in 2019, representing nearly 32% of overall deaths in the world. Additionally, the U.S. government spends nearly, 1% of its GDP on the care and treatment of CVD. To improve the death toll, cost of treatment, and reduce the incidence of CVD, there is an alarming need to adopt improved diagnostic and screening techniques for the early detection and identification of such diseases.
Gather more insights about the market drivers, restrains and growth of the Global Coronary Heart Disease Diagnostic Imaging Devices Market
Factors such as a rise in cardiovascular diseases, increased need for non-invasive diagnostic techniques, rise in geriatric population, increased risk of coronary artery diseases (CAD) due to increased prevalence of obesity, and are expected to boost the coronary heart disease imaging devices market. Studies suggest that yearly, ~10 million stress tests and ~1 million cardiac catheterizations are performed in the U.S., for the identification of coronary heart disease among patients. However, insufficient reimbursement scenario, lack of skilled professionals, and high cost of medical imaging systems pose a barrier to the market growth.
The outbreak of the COVID-19 pandemic led to the decline in screening conducted at hospitals, diagnostic centers, and ambulatory centers, for CHD. The fear of virus spread also declined any diagnostic or surgical activities at end-use settings. This eventually led to an economic crisis at hospitals, diagnostic centers, clinics, and other end-use settings, which impacted newer installations. The closure of diagnostic centers and inclination towards the diagnosis of only COVID-19-related tests further hampered the diagnostic market. National closures, halt in logistics, economic crunch, sales reduction due to reduced work staff, and a shift in focus to develop a treatment protocol such as virtual care and tele-visits also impacted new product launches or developmental activities. Hence, the pandemic led to a significant dip in the market in 2020. However. It is anticipated to stabilize by mid-2022.
The enormous rise in CVD calls for better diagnostic tools and capabilities. Studies suggest that Italy has the highest prevalence of this disease within the Europe region, followed by Germany, then Spain, and lastly France. The prevalence rate ranges from ~2500 to ~3600 per hundred thousand population. In 2017, it was witnessed that ~2.5% to 3.6% population suffered from some of the other forms of CVD in these regions. Hence it calls for improved diagnosis and technologically advanced imaging devices to prevent the worsening of the disease state.
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Key Companies profiled:
Some prominent players in the global coronary heart disease diagnostic imaging devices market include
- Koninklijke Phillips
- Canon Medical Systems Corporation
- Analogic Corp
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