Market Highlights:
The global Cardiovascular Information System (CVIS) Market is expected to have a market value of USD 1,560.93 million by 2027.
Cardiology picture archiving and communication systems (CPACS) and cardiovascular information systems (CVIS) provide various advantage to health systems when successfully implemented. By comparing CPACS vs. CVIS, CPACS, like radiology PACS, mainly focuses on the storage and retrieval of cardiology-centric images. The growth of the global Cardiovascular Information System (CVIS) Market is driven by the factors such as the rising incidence of heart disease, increasing government initiatives towards the implementation of electronic health record systems, technological development, increasing demand for data-driven technologies is expected to propel the growth of this market.
Segment Analysis:
The global cardiovascular information system (CVIS) market is segmented into component, application, and end user. The component segment is further segmented into hardware, software, and services. The delivery mode segment is further segmented into cloud-based/web-based, on-premises. The application segment is further segmented into hemodynamic monitoring, cardiac and peripheral catheterization, vascular ultrasound, electrophysiology, echocardiography, nuclear cardiology, ECG/stress/Holter management and others. The end user segment is further sub-segmented into diagnostic laboratories, hospitals and clinics, cardiac Cath labs, and others.
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Regional Analysis:
The global cardiovascular information system (CVIS) market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East &Africa.
The Americas is further segmented into North America and Latin America. North America accounted for a market size of USD 249.89 million in 2020 and is expected to exhibit a CAGR of 7.58% during the forecast period. The North American market is further divided into the US and Canada. This large market share is due to the increasing prevalence of cardiovascular diseases and the rising adoption of healthcare IT by healthcare bodies. Additionally, according to the Centers for Disease Control and Prevention, about 655,000 people die of heart diseases in the US every year. Hospitals are adopting healthcare IT software to ease their process of patient management. For instance, as per the National Electronic Health Records Survey, in 2020, approximately 89.0% of hospital-based physicians used the EMR/EHR (Electronic Medical Record/Electronic Health Record) system. This growing inclination towards the rising adoption of healthcare IT solutions to treat CVD is boosting the market growth during the forecast period.
Europe accounts for a healthy share in the global cardiovascular information system market and is the second-largest market leader after the Americas, owing to the accessibility to advanced treatment facilities, rising government initiatives to promote healthcare IT, and growing healthcare expenditure. According to the Organization for Economic Co-operation and Development in the Europe, healthcare expenditure was Euro 983 billion or 7.0% of GDP in 2019. Thus, rising healthcare expenditure also increase the investment in the cardiovascular information system for providing better healthcare facility.
Asia-Pacific is expected to register significant growth and is projected to be the fastest-growing region over the forecast period. The high growth rate is due to the rising demand for cardiologists to produce appropriate cardiac images and integrate reports, images, and measurements into a patient’s complete record. For instance, as per the National Center for Biotechnology Information in China, around 4 million deaths are due to heart disease. In addition, the increasing need to reduce healthcare costs is propelling the growth of the cardiovascular information system market.
The Middle East & Africa cardiovascular information system market is segmented into the Middle East & Africa. The market is growing significantly in the Middle East & Africa due to the increasing disposable income, rising healthcare expenditure. For instance, as per the World Bank, healthcare expenditure was 5.96% of GDP in 2018, raising investments in the cardiovascular information system. Moreover, the increasing awareness about the disease and treatment and the rising availability of better medical staff drive the growth of this market in the Middle East &Africa.
Key Findings of the Study:
- The global cardiovascular information system (CVIS) market is estimated to reach USD 1,560.93 million by 2027 at a CAGR of 8.23% during the assessment period of 2021 to 2027.
- The Americas accounted for the largest market share due to the increasing prevalence of cardiovascular diseases and the rising adoption of healthcare IT by healthcare bodies.
- Based on component, the software segment accounted for the largest market share of 68.30%in 2020.
- On the basis of delivery mode, the software segment accounted for the largest market share of 62.69% in 2020.
- By application, the cardiac and peripheral catheterization segment held the highest share and is anticipated to be the fastest-growing segment at a CAGR of 9.76% during the assessment period.
- In end user, the hospital & clinics segment held the highest share of 47.83% in 2020. The high growth of the segment is due to the increasing demand for the treatment of cardiovascular disorders and the growing healthcare infrastructure. Primary concerns associated with the first set of symptoms are met by consulting physicians, followed by treatment procedures.
- Some of the key players operating in the cardiovascular information system (CVIS) market are General Electric Company (US), Koninklijke Philips N.V.(Netherlands), McKesson Corporation (US), Siemens Healthineers AG (Germany), Fujifilm Holdings Corporation (Japan), Cerner Corporation (US), IBM Watson Health (US), LUMEDX (US), Agfa-Gevaert N.V.(Belgium), and Digisonics Inc (US).
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