Global Cardiac MRI Testing Market: Overview
A cardiac MRI is used to monitor or detect any heart-related abnormality or defect. Cardiac monitors use magnetic waves to produce a detailed picture of the heart. It is usually used to get detailed information regarding the severity of various heart problems such as coronary heart disease, congenital heart conditions, tumors, cardiomyopathy, and heart valve diseases. Cardiac MRI helps evaluate the functioning of the heart, including all structures such as heart chambers, valves, and vessels. It helps in diagnosing heart diseases, monitoring patients’ condition, and evaluating effects of any heart condition such as heart attack and coronary heart disease.
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Global Cardiac MRI Testing Market: Key Trends
Major factors driving the cardiac MRI testing market include increase in the prevalence of heart diseases globally, rise in the geriatric population, and technological advancements. According to the Centers for Disease Control and Prevention (CDC), approximately 600,000 people in the U.S. die because of heart disease. Heart disease is the leading cause of death in the U.S.. According to the WHO, approximately 17.9 million people die of heart disease every year globally, and 85% of all heart disease deaths are due to strokes and heart attacks. These factors are estimated to drive the market in the near future. However, stringent government regulations and unfavorable reimbursement policies are major factors that are projected to restrain the growth of the cardiac MRI testing market during forecast period.
Global Cardiac MRI Testing Market: Segmentation
The global cardiac MRI testing market can be segmented based on type, composition, end-user, and region. Based on type, the market can be divided into fixed and mobile. The fixed segment dominated the market in 2018 and is expected to retain its leading position in terms of market share over forecast period. The mobile segment is also expected to expand at a rapid CAGR during forecast period. In terms of composition, the cardiac MRI testing market can be classified into open and closed. The closed segment dominated the market in 2018, owing to the ability of closed MRI systems to provide more accurate scans and higher resolution of images. The segment is expected to continue to dominate the market from 2019 to 2027. Based on end-user, the market can be categorized into hospitals, diagnostics laboratories, and diagnostic imaging centers. The hospitals segment dominated the market in 2018 and is expected to maintain its position during the forecast period.
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Global Cardiac MRI Testing Market: Regional Analysis
In terms of region, the global cardiac MRI testing market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a significant share of the market in terms of revenue, followed by Europe. The market in emerging countries such as China, South Korea, Brazil, and India is expected to expand significantly over the next five years. However, the global market is likely to continue to be dominated by North America and Europe. The prominent market share of North America can be attributed to technological advancements, well-developed health care infrastructure, high awareness about the latest medical developments among people, and availability of advanced cardiac testing equipment.
Moreover, high research and development activities in the region promoting the development of new therapies can be attributed to the large market share of the region. The market in Asia Pacific is expected to expand at a rapid rate, due to an increase the geriatric population, investment by market players in emerging countries such as China and India, and increase in government support in the region.
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Global Cardiac MRI Testing Market: Competitive Landscape
Major players operating in the cardiac MRI testing market include General Electric Company, Medtronic, Koninklijke Philips N.V, and Siemens Healthcare Private Limited.