A new report on the status and future of the global heart disease diagnostics market shows that the industry has a compound annual growth rate of 7.9% from 2021 to 2026, and it is expected that the number of health problems that the system must manage will increase dramatically.
COVID-19 has created a new risk carrier for people with heart disease—especially those who are prone to heart attacks. As we all know, the new coronavirus will exacerbate existing diseases.
According to the World Health Organization, cardiovascular problems rank first among all causes of death in the world. In low- and middle-income countries, more than 13 million people die each year from heart-related deaths-85% of which are due to heart attacks or strokes.
A report by the American Heart Association found that by 2035, approximately 45% of Americans may have heart disease. Some of the driving forces behind the rise in such medical problems are high blood pressure, high cholesterol, and smoking.
Although the numbers are not encouraging, the diagnostic market may prove to be the key to managing and possibly even reducing the upcoming rise in cardiovascular problems. Promising acquisitions and new technologies are filling the news wave while paving the way for the looming heart health crisis.
Royal Philips (NYSE: PHG) is a global health technology company engaged in diagnosis and treatment, connected care and personal health. Their extensive product catalog includes magnetic resonance imaging, computed tomography, advanced molecular imaging, diagnostic X-ray and imaging components.
Recently, the company announced the signing of an acquisition agreement with Cardiologs, an artificial intelligence diagnostic company headquartered in France.
Toronto-based Ventripoint Diagnostics Ltd. (TSX.V: VPT) develops and commercializes cardiac diagnostic solutions globally. Their flagship product, VMS+3.0, generates a 3D model of the heart from a 2D echocardiogram, which is the first in the world. The model then provides measurements of the critical volume and function of the patient's ventricles to help doctors determine the best treatment plan.
VMS+3.0 can also analyze 3D echocardiograms. The U.S. government is looking at this technology with hopeful eyes and has approved additional compensation for medical staff to analyze this new type of imaging research.
VMS+3.0 has been used in a variety of applications in heart disease and imaging modes, such as congenital heart disease, pulmonary hypertension, cardiotoxicity in tumor patients, pregnancy, and recent heart problems caused by COVID-19.
Philips' acquisition of Cardiologs will further strengthen its cardiac monitoring and diagnostic products. Innovative software technology, electrocardiogram (ECG) analysis and reporting services are just a few options that will enter the PHG catalog after the transaction is completed. The transaction is expected to be completed within the next few months.
Cardiologs will support Philips' current products through a vendor-neutral heart disease screener and an ECG analysis application powered by machine learning algorithms. Cardiologs' technology enables rapid diagnostic reports, reduces reporting errors, and simplifies clinicians' workflow and patient care.
Roy Jakobs, PHG's chief business officer, stated in the press release: "Cardiologs' medical-grade AI technology and data scientists provide excellent clinical insights and automated clinical reports, which will be a powerful complement to our growing cardiac product portfolio. Hospitals and Solutions for the outpatient environment."
On the other hand, after receiving 4 new domestic and international orders, Ventripoint saw that its VMS+3.0 was further verified. The entire cardiac analysis system is being manufactured at the Ventripoint factory and should be shipped and installed before the end of the year.
VPT CEO Dr. George Adams commented as part of the public relations: “Despite all the difficulties faced by hospitals during the pandemic, the company continues to receive orders for VMS+3.0 devices, which illustrates the growing demand for fast and effective cardiac diagnosis. The backlog of patients and solve the growing number of long-term COVID patients."
These four units will be distributed in the United Kingdom, Canada and the United States. This makes VPT's footprint all over Canada, the United Kingdom, Europe, the United States and China. The company will reach its goal of 25 users this year.
With the US government's decision to approve additional compensation for doctors to perform 3D echocardiographic analysis, VMS+ technology seems to have a bright future. The decision of the Ministry of Health and Human Services should help accelerate adoption across the country. The new directive will take effect on January 1, 2022. VPT aims to accelerate the adoption of 3D echocardiography by improving the ease and success rate of reading examinations and generating MRI-level measurements for all 4 heart chambers.
As Ventripoint expands its domestic and global footprint, we may see the gospel of cardiac diagnostic technology, which may become a viable alternative to MRI machines-with lower cost, simpler operation and less room for error .
Ventripoint Diagnostics Ltd. (TSX.V: VPT). A medical device company that develops and commercializes diagnostic tools for monitoring heart disease patients worldwide. The company offers Ventripoint Medical System, a medical imaging system used to generate 3D models with key volume and functional measurements of the patient's ventricles. It has also developed a set of applications for various heart disease and imaging methods, including congenital heart disease, pulmonary hypertension, cardiotoxicity in cancer patients, and Covid-19 related heart problems. The company was founded in 2004 and is headquartered in Toronto, Canada.
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