Coronary Heart Disease Diagnostic Imaging Devices Market

The global coronary heart disease diagnostic imaging devices market size was USD 24.97 Billion in 2022 and is likely to reach USD 40.09 Billion by 2031, expanding at a CAGR of 5.4% during, 2023–2031. Increasing demand for high-precision and non-invasive cardiac diagnostic devices is expected to drive the market.

Rising prevalence of chronic diseases and increasing concerns related to cardiovascular diseases among people are anticipated to drive the coronary heart disease (CHD) diagnostic imaging devices market. Coronary heart diseases require high-precision equipment to accurately identify the severity of heart disease. This directly impacts the market growth, as the CHD diagnostic devices deliver high precision while performing minimally invasive operations. Furthermore, rising prevalence of deaths associated with CVDs is expected to boost the market in the coming years. For instance,

• According to the news published by the World Heart Federation (WHF), on May 20, 2023, the number of deaths caused by CVDs has rapidly increased, as there were about 12.1 million deaths caused in 1990, which jumped to about 20.5 million deaths in 2021.

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Cardiovascular diseases (CVDs) are chronic diseases such as CHD, cerebrovascular diseases, and peripheral artery diseases, are the leading causes of increasing global mortality rates. Techniques such as cardiac angiogram, positron emission tomography (PET) /CT, single photon emission computed tomography (SPECT), heart magnetic resonance imaging (MRI) scan, holter monitoring & electrocardiogram (ECG or EKG), and radionuclide modalities are the widely performed diagnostic methods for close and accurate administration of heart functioning.

The tests give accurate morphological insights into the patient's heart and blockages that are caused by excessive plaque formation. The blockages in the respective arteries or veins create obstructions to regular blood flow. The accuracy of the diagnostic devices help doctors and surgeons make informed decisions, which is a major factor driving the market.

The COVID-19 pandemic moderately hampered the market as in the initial pandemic period, cardiac surgeries, hospitals, diagnostic centers, and specialty clinics were given restricted access considering the nature of the pandemic. In a majority of hospitals, several critical surgeries such as heart and brain surgeries were postponed due to the nature of the pandemic.

In the latter phase of the pandemic, the governments lifted the travel restrictions, and various researches were conducted, which allowed the tests such as RT-PCR that confirmed the prevalence of COVID in the patient. This caused a surge in demand for CT scan machines in the market, the governments made RT-PCR tests a mandate for national and international travel globally. This helped the players in the market quickly recover from the losses. For instance,

• According to the report published by NIH in November 2021, the CT-scan services abruptly increased in public hospitals during the pandemic.

Heart Disease Diagnostic Imaging Devices Market

According to an article published by NIH on April 30, 2023, the integration of AI opens immense opportunities in the CHD diagnostic imaging devices industries as the integration is likely to reduce the task flow for physicians. With the help of advanced machine learning algorithms, applying AI in the radiological workflow is expected to minimize the dose of radiation from the CT images, while improving the image quality. AI tools, developed specifically for tasks such as lesion detection, and improved imaging, are expected to drive the market in the coming years.

Coronary Heart Disease Diagnostic Imaging Devices Market Dynamics

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Major Drivers

Rising prevalence of cardiovascular diseases drives the market. The global population is facing serious concerns regarding increasing cardiovascular diseases. This is attributed to the rapidly changing lifestyles, unhealthy dietary habits, and increasing number of people following sedentary lifestyles. This puts a majority of people at a great risk of developing chronic diseases such as CHD, obesity, diabetes, and others, which further lead to CHDs, which is expected to drive the market. For instance,

• According to the World Heart Federation (WHF) report published on April 13, 2023, more than half a billion people affected by CVDs, which caused about 20.5 million deaths in 2021.

Existing Restraints

A limited number of skilled professionals is likely to hamper the market. Cardiac diseases are the most sensitive diseases as their diagnosis require medical professionals who have subject matter expertise. The diagnostic process requires imaging and hands-on experience to detect the minor complexities in the patients’ system. Furthermore, the high cost of the equipment is likely to hamper the market.

Emerging Opportunities

Studies to develop preventive wearable heart diagnostic tools is a major market opportunity. Increasing demand for preventive diagnostic tools for cardiovascular diseases is attributed to the increasing global burden of the disease and mortality caused due to the diseases. Existing preventive diagnostic tools, such as holter monitors, are considered medical gold standards.

However, these existing preventive diagnostic tools have certain limitations such as user compliance. Making medically reliable wearable devices diagnose the symptoms in advance and provide real-time monitoring for the patient, which is expected to drive the market.

Scope of Coronary Heart Disease Diagnostic Imaging Devices Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Coronary Heart Disease Diagnostic Imaging Devices Market Segment Insights

Modality Segment Analysis

Based on modality, the coronary heart disease diagnostic imaging devices market is divided into nuclear medicine, computed tomography, holter monitor, electrocardiogram, and magnetic resonance imaging. The computed tomography (CT) segment held a major share of the market in 2022 owing to the increasing awareness regarding the device worldwide.

The CT equipment helps diagnose minor blockages in the heart by analyzing the obstructions in the stable blood flow through the arteries and veins. The test finds the calcium deposits in the plaque formed in the arteries, veins, and capillaries.

The scans provide a detailed diagnosis and the morphological details of the heart, which helps doctors identify the finest details about the patient’s condition. Moreover, a CT scan helps prevent a majority of exploratory surgeries, thereby reducing risks due to the surgical intervention for the patient, which drives the segment. For instance,  

• According to an article published by the WHO, CVDs are a leading cause of death worldwide, whereas, about 17.9 million deaths are caused due to heart diseases and CVDs every year.

The electrocardiogram (ECG) segment is expected to hold a dominant share of the market during the projection period due to the increasing demand for ECG tests from hospitals and heart specialty clinics. This is attributed to the increasing prevalence of heart arrhythmias, that is, irregular heart rhythms due to atrial or ventricular fibrillation. The arrhythmias are asymptomatic and cause major concerns such as blood clots, tachycardia, or bradycardia.

Increasing incidences of untreated arrhythmias, lead to cardiac arrest and strokes. With the help of ECG, doctors get accurate diagnostics of the patient’s heart health. ECGs are taken by pasting twelve electrodes into the patient's heart to understand minor changes in the heart’s function.  This leads to the rising demand for accurate diagnostic tools in the cardiac care industry, which is expected to drive the segment in the coming years. For instance,

• According to data published by NIH in July 2022, about 300 million ECG tests performed worldwide every year.

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End-use Segment Analysis

Based on the end-use segment, the global market is segregated into hospitals, specialty clinics, diagnostic centers, and ambulatory surgical centers. The hospital segment held a major share of the market in 2022, owing to greater consumer faith in the organization. A hospital is an organization that has multispecialty units, catering to the different concerns of the patients.

Such organizations are majorly funded by governments and private organizations such as NGOs. They work in collaboration with various supply chains, and pharmacies, for hospital essentials. This lets consumers gain the ultimate healthcare facility at affordable prices. Furthermore, the hospital authorities are constantly focused on providing the ultimate in-patient care. Currently, hospitals are rapidly adopting effective out-patient care, with the help of various remote patient monitoring tools, which drives the segment.

The specialty clinics segment is projected to expand at a significant CAGR, due to the increasing availability of specialty care facilities globally. A majority of specialty clinics are private clinics, catering to CHD patients and related diseases. Such organizations have experienced medical professionals and staff that are dedicated to intensive CHD patient care, treatments, and surgeries. The clinics have their affiliated pharmacies and diagnostic centers, which saves the patients’ hustle.

The clinics provide rehabilitation services for post-operation recovery, where patients are given holistic treatment for targeted recovery. Furthermore, increasing technological advancements, improved patient experience, and enhanced in-patient facilities, are the main highlights of the cardiac specialty clinics. Thus, rising demand for personalized care from patients is likely to boost the segment in the coming years.

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Regional Outlook

In terms of region, the global coronary heart disease diagnostic imaging devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2022 owing to the advanced healthcare infrastructure in the region.

Countries such as the US and Canada own a well-established and technologically advanced healthcare infrastructure available for patients. The countries provide healthcare insurance funded by the respective governments that simplify the process of accessing to preventive healthcare facilities for patients in time.

• According to a recent CDC report, the US spent about USD 239.9 billion on heart diseases and care in 2019. Furthermore, the increasing number of deaths due to CVDs and chronic diseases in countries such as the US, Canada, and Mexico, drive the market in the region. For instance,

• According to a report published by the CDC, about 6,95,000 people in the US died due to heart disease in 2021.

Asia Pacific is expected to dominate the market during the projection period, owing to the increasing number of deaths due to cardiovascular diseases in the region. The region consists of a majority of low to middle-income countries, such as Bangladesh, Bhutan, and Indonesia. A greater part of the population of such countries is unable to get access to basic to advanced healthcare facilities for heart diseases. This makes the CHD, one of the leading causes of death in Asia Pacific.  For instance,

• According to a recent report published by the World Health Federation (WHF), a majority of low to middle-income countries register a majority of deaths caused due to CVD.

Developing economies countries such as India and China are continuously striving to develop their national healthcare infrastructure to make healthcare more accessible for people. Whereas, countries such as Japan, Hong Kong, South Korea, and Australia are delivering the ultimate care facilities for public health. Furthermore, the increasing number of deaths due to cardiovascular diseases, and the growing number of heart surgeries is expected to boost the market in the region.

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Segments

The Coronary Heart Disease Diagnostic Imaging Devices Market has been segmented based on

Modality

• Nuclear Medicine
• Computed Tomography
• Holter Monitor
• Electrocardiogram
• Magnetic Resonance Imaging
• Others

End-use

• Hospitals
• Specialty Clinics
• Diagnostic Centers
• Ambulatory Surgical Centers

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• FUJIFILM Corporation
• Siemens
• Hitachi, Ltd.
• GE HealthCare
• Koninklijke Philips N.V.
• Analogic Corporation
• CANON MEDICAL SYSTEMS CORPORATION
• TOSHIBA CORPORATION

Competitive Landscape

Key players competing in the global coronary heart disease diagnostic imaging devices market are FUJIFILM Corporation; Siemens; Hitachi, Ltd.; GE HealthCare; Koninklijke Philips N.V.; Analogic Corporation; CANON MEDICAL SYSTEMS CORPORATION; and TOSHIBA CORPORATION.

These companies adopt several business development strategies such as mergers, acquisitions, collaboration, partnerships, production expansion, and product launches to cater to customers worldwide and enhance their business presence. For instance,

• On May 6, 2022, GE Healthcare, a leading manufacturer of healthcare devices, launched a brand new deep-learning image reconstruction technology called AIR Recon DL. This technology is intended to cater to more than 2 million patients all around the world.

• On October 27, 2020, the Koninklijke Philips N.V launched Ultrasound 3300 System in India to improve the general and cardiovascular imaging in India.