The global cardiovascular information systems market is expected to grow at a CAGR of 9.5% during the forecast period of 2020 - 2030. The Cardiovascular Information System (CVIS) facilitated rapid report generation and distribution and provides timely access to cardiovascular electronic medical records. Cardiovascular disease remains as the primary cause of death worldwide, with one in three people dying from heart disease each year. An estimated 800,000 Americans die of stroke and another cardiovascular disease, according to the CDC Foundation. This has led to the increase in the number of imaging systems and the need for centralized data. Government initiatives improve the is boosting the uptake of electronic medical records Cardiovascular Information Systems (CVIS) market.
Impact of Covid – 19 Reinstates the Need for Strong Healthcare Infrastructure
COVID-19 has affected economies and industries in various countries due to quarantines, travel bans, lock downs and company closures. The COVID-19 crisis has affected public health systems in many countries and has reinstated the need for strong healthcare infrastructure. The life sciences sector is growing due to the increased demand for in vitro diagnostic products and focus on research and development activities. However, medical and imaging technologies are evidencing declining sales due to the need for heavy capital investment. However, virtual consultations have become an extremely crucial model post-pandemic. With the evolving telehealth delivery care, digital health will continue to evolve in the coming years.
Increasing Prevalence for CVD is Boosting the Adoption of CVIS
The increasing incidences and prevalence of cardiovascular disease (CVD) is driving the growth of the cardiovascular information systems market during the forecast period. For example, according to the American Heart Association's 2018 heart disease and stroke statistics, approximately 92.1 million U.S. adults suffered from some form of CVD or the consequences of a stroke. In addition, increased market uptake is expected to contribute to market growth.
Costs Remains as the Key Deterrent
The high cost associated with CVIS implementation is expected to hinder the growth of the global cardiovascular information system. Health IT systems are usually very expensive and may not be feasible for small hospitals and diagnostic centres. At present, most initial costs are expected to be borne by providers, while most savings are borne by others. For example, hospitals regularly spend tens of millions of dollars on computerized physician ordering systems that provide benefits to other stakeholders — insurance companies, buyers, and patients.
Software Solutions Promise Significant Opportunities During the Forecast Period
Key end users focus on acquiring unique software solutions that address the challenges of the fastest growing healthcare market. Healthcare providers, payers, and life sciences companies are largely dependent on healthcare IT companies for structure and analytical data to treat as well as for patient engagement programs. As per American Reinvestment and Renewal Act (ARRA), suppliers have a better understanding of the importance of CVIS interoperability with EMR. Web-based CVIS platforms are "zero footprint" systems as they do not require a hard drive to store the software. These platforms also eliminate the need for connected workstations as the cloud-based solutions can be accessed remotely. Adoption of Image sharing utility a has been significantly adopted among patients and also across multiple departments, this trend is boosting the market growth of CVIS. Such technologies reduce the need for re-imaging therefore, reducing the radiation exposure among the patients.
CVIS Solutions Dominates in Comparison to C-PACS Solutions
Based on segmentation by type, the cardiovascular information systems market is segmented into CVIS and C-PACS markets. CVIS is expected to hold the highest CAGR during the forecast period of 2023-2030. Increasing incidence and prevalence of cardiovascular disease remains as the key reason for the market growth.
Software Solutions Leads, Yet Services to Witness Significant Potential
Based on segmentation by components, the cardiovascular information systems market is segmented into software, services and hardware. The service segment grew at the fastest pace with a CAGR of 10% during the forecast period. The software share of revenues was the largest in 2021. Growing need to integrate CVIS with CPAC / EMR and other cardiology modules remain as the key driving factors impacting the market growth in this segment.
Cloud Facilitating Remote Access to Data Remains as the Game Changer
Based on segmentation by operating mode, the market of cardiovascular information systems is segmented into web-based, onsite and cloud markets. The cloud segment is expected to grow at the highest CAGR of 10.2% during the forecast period 2023-2030. The web segment is expected to have the largest market share in 2021. The growth of web-based solutions is attributed to the advantages it offers such as allowance of remote access to data and images, provision of better interoperability and reducing the burden of IT operations among the hospitals.
Catheterization is the Leading Application Segment
The catheterization segment contributed to the largest revenues of about 38% of revenue share of global CVIS market segmented by applications in 2021.The same trend is also expected through the forecast period. The echocardiography segment is expected to be the second most profitable segment of the CVIS global market. The electrocardiogram segment is expected to be the least attractive segment of the global CVIS market during the forecast period.
L3A Hospitals are The Largest End Users
Based on segmentation by end user, the market of cardiovascular information systems is segmented into hospitals and diagnostic centres. In 2021, hospitals held the largest revenue share. Significant acceptance of CVIS solutions among large hospitals is due to favourable budget allocations. Hospitals segment in the report are further segmented as L3A, L3B and L2 hospitals. L3A hospitals dominated this market segment. Increasing number of L3A hospitals in Asian countries such as China and India and the rising prevalence of the cardiology diseases remain as the key drivers.
North America to Remain as the Market Leader
North America dominated the CVIS market followed by Europe in 2021. North America contributed over 41% of global revenues. Growth in the North American region is driven primarily by strict privacy and security regulations and a growing incidence of cardiovascular disease. Latin America and Asian countries have significant potential. Increasing government initiatives to strengthen their healthcare infrastructure is one of the key drivers that is expected to drive the CVIS market during the forecast period.
Level of Competition to Raise During the Forecast Period
The market is a very competitive market with many market participants and buyers. Market participants compete on the basis of price, product innovation and quality. The main players in the cardiovascular information systems market are Philips Healthcare (Netherlands), McKesson Corporation (FS), GE Healthcare (UK), Siemens Healthcare (Germany), Merge Healthcare (FS), Lumedx (FS), Agfa Healthcare (Belgium)), Fujifilm Medical Systems (Japan), Digisonics (FS) and Cerner Corporation (FS).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cardiovascular Information System (CVIS) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
