A new report on the state and future of the global heart attack diagnostics market sees the sector capturing a 7.9% CAGR over the 2021-2026 period – and expects a sharp rise in the amount of health issues the system will have to manage.
COVID-19 has created a new risk vector for people with heart conditions – particularly, those who are prone to heart attacks. The novel coronavirus is known to exacerbate pre-existing medical conditions.
Per the WHO, cardiovascular issues are ranked #1 among all mortality causes worldwide. Over 13 million heart-related deaths occur yearly in low-and-middle income countries – and 85% of them were due to heart attack or stroke.
An American Heart Association report finds that, by 2035, about 45% of Americans could be suffering of a heart condition. A few of the driving forces behind the rise in this sort of medical issue are hypertension, high cholesterol, and smoking.
While hardly encouraging numbers, the diagnostics market could prove to be key to manage, and perhaps even lower, the coming rise in cardiovascular problems. Promising acquisitions and new technologies are filling the news waves while paving the way to face an impending heart health crisis.
Contrasting size, same mission
Royal Philips (NYSE: PHG) is a health technology company operating globally in the Diagnosis & Treatment, Connected Care, and Personal Health segments. Their wide offering catalog includes magnetic resonance imaging, computed tomography, advanced molecular imaging, diagnostic X-ray, and imaging components.
Recently, the company announced the signing of acquisition agreement with Cardiologs – an AI-powered diagnostics firm based in France.
Toronto’s Ventripoint Diagnostics Ltd. ( TSX.V: VPT ) develops and commercializes cardiac diagnostics solutions worldwide. Their flagship offering, VMS+3.0, generates a 3D model of the heart from a 2D echocardiogram, a world first. The model then provides critical volume and functional measurements of a patient's heart chambers to help doctors determine the best treatment.
VMS+3.0 can also analyze 3D echocardiograms. The US government is observing the tech with promising eyes and has approved additional compensation for medical staff to analyze this new kind of imaging study.
VMS+3.0 is already being used in several applications for heart disease and imaging modalities, like congenital heart disease, pulmonary hypertension, cardiotoxicity in oncology patients, pregnancy and, most recently, heart problems spurred by COVID-19.
Changing the landscape
Philips’ acquisition of Cardiologs will further strengthen their cardiac monitoring and diagnostics offerings. Innovative software technology, electrocardiogram (ECG) analysis and reporting services are only a few of the options that will enter PHG’s catalog after the deal is finalized. The transaction is expected to be completed in the coming months.
Cardiologs will bolster Philips’ current offerings with a vendor-neutral heart disorder screener and ECG analysis applications powered by machine learning algorithms. Cardiologs’ technology allows for fast diagnosis reporting, fewer reporting errors and streamlines clinician workflow and patient care.
PHG’s Chief business Leader Roy Jakobs stated as follows as part of the press release: “Offering superb clinical insights, as well as automated clinical reporting, Cardiologs’ medical-grade AI technology and data scientists will be a strong addition to our growing portfolio of cardiac solutions for hospital and ambulatory settings.”
Ventripoint, on the other hand, is seeing its VMS+3.0 further validated after receiving 4 new national and international orders . The whole-heart analysis systems are being manufactured at the Ventripoint facility and should be shipped and installed by year end.
Dr. George Adams, VPT CEO, commented as part of the PR: “In spite of all the difficulties facing hospitals during the pandemic, the Company continues to receive orders for VMS+3.0 units, which speaks to growing demand for rapid effective cardiac diagnostics to clear the backlog of patients and address the growing numbers of patients with long-COVID.”
The four units will be distributed among the UK, Canada, and the US. This makes VPT’s footprint present in Canada, United Kingdom, Europe, USA, and China. The Company is set to reach its 25-users target for the year.
A Welcome Innovation
With the US government’s decision to approve additional compensation for doctors to analyze 3D echocardiograms , VMS+’s technology seems to have a bright future. The Department of Health and Human Services’ decision should help accelerate adoption across the nation. The new directive will be effective from January 1, 2022. VPT aims to accelerate the adoption of 3D echocardiography by improving the ease and success rate of reading the exams and generating MRI-grade measurements for all 4 chambers of the heart.
With Ventripoint expanding its national and global footprints, we could be witnessing a boon for heart diagnosis technology that could be a viable alternative to MRI machines - boasting lower costs, simpler operation, and less room for errors.
ABOUT VENTRIPOINT
Ventripoint Diagnostics Ltd. ( TSX.V: VPT ). a medical device company, develops and commercializes diagnostic tools that monitor patients with heart disease worldwide. The company offers Ventripoint Medical System, a medical imaging system that is used to generate three-dimensional models with critical volume and functional measurements of a patient's heart chambers. It also develops a suite of applications for various heart diseases and imaging modalities, including congenital heart disease, pulmonary hypertension, cardiotoxicity in oncology patients, and Covid-19 related heart issues. The company was incorporated in 2004 and is headquartered in Toronto, Canada.
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