Cardiovascular Information System Market – Insights
Cardiovascular information system is a system that allows easy report generation and distribution. The cardiovascular information system (CVIS) provides on-time access to cardiovascular electronic medical records (EMR) in images, reports, and waveforms. The various components of cardiovascular information systems include software, hardware, and services offered. Various applications of cardiovascular information systems include catheterization laboratory CVIS solutions, echocardiography laboratory CVIS solutions, electrocardiography (ECG) data management CVIS solutions, and vascular laboratory CVIS solutions among others. The major advantage of cardiovascular information system is that the patient’s safety and quality of care can be improved by providing access to individual’s cardiovascular medical records to the healthcare experts. Implementation of cardiovascular information system in hospitals would eliminate duplicate entries and reduce errors. From the formulation of operational strategies to the use of multiple functionalities from multiple locations, cardiovascular information system has been immensely useful and efficient.
The global cardiovascular information system market was valued at US$ 668.3 Mn in 2017 and is expected to witness a CAGR of 8.5% over the forecast period (2018–2026).
Global Cardiovascular Information System Market, By Region
Increasing incidences of cardiovascular diseases and adoption of technologically advanced products are expected to drive growth of the cardiovascular information system market
Rampant rise in incidence rate of cardiovascular diseases worldwide is fueling demand for cardiovascular information system that can aid physicians in managing patient’s cardiovascular medical records. According to the Centers for Disease Control and Prevention (CDC) foundation, 2015, around 800,000 people in the U.S. die due to stroke and other cardiovascular diseases. This has, in turn increased the need for imaging systems and the need for centralized data sharing units. Other major factors contributing towards growth of cardiovascular information system market include increasing need to streamline the workflow and strengthen referral relationships, thereby focusing more on patient care.
Furthermore, access to all cardiac images at once helps the physicians to make better treatment decisions at timely intervals. Various hospital facilities are also focussing on procuring this type of technology to improve cardiac care. For instance, in October, 2014, Chinese Hospital in San Francisco chose LUMEDX’s cloud-based HealthView CVIS to store information and cardiac images from its cardiopulmonary services department, which will help practitioners in delivering cost-efficient top-quality care. However, the high cost and technical complexities often associated with these systems are expected to hamper growth of the global cardiovascular information system market.
Increasing collaboration among market players is also expected to propel growth of the cardiovascular information system market over the forecast period. For instance, in June 2016, McKesson Corporation, a leading global healthcare services and information technology company, and Change Healthcare Holdings, Inc., one of the leading provider of software and analytics, network solutions, and technology-enabled services, announced launch of a new healthcare information technology company. This new organization brings together the complementary strengths of its IT division to deliver a broad portfolio of solutions. Furthermore, in April 2017, Siemens Healthineers partnered with Ebit to offer Ebit’s Suitestensa cardiovascular information system (CVIS) with Siemens' cardiology systems throughout Germany.
Cardiovascular Information System Market Regional Outlook
On the basis of region, the global cardiovascular information system market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to hold a dominant position in this market, owing to the increasing prevalence of cardiovascular diseases and adoption of technologically advanced products. Moreover, factors such as improved healthcare facilities and better reimbursement scenario are also driving growth of cardiovascular information system market in this region. Asia Pacific is expected to witness significant growth in the market due to rising demand of cardiologists to produce a report from the cardiology picture archiving and communication systems (CPACS) while viewing the cardiac images and appropriate integration of reports, images, and measurements into a patient’s complete record. Also, increasing need to create an enterprise information management solution and need to reduce healthcare costs are propelling growth of cardiovascular information system market. The number of new vendors involving in healthcare information system are also expected to increase over the forecast period, as there are many niche market players who are trying to leverage the market share. Emerging economies such as Asia pacific and Latin America has huge potential for market growth, and is projected to be the fastest growing region over the forecast period.
Some of the key players operating in the cardiovascular information system market include McKesson Corporation, Koninklijke Philips N.V., GE Healthcare, Cerner Corporation, Merge Healthcare, Agfa Healthcare, Siemens Healthcare, Agfa Healthcare, Fujifilm Medical Systems, Digisonics, Inc., and Lumedx.
Cardiovascular information system is a web-based solution that provides an end-to-end management platform and allows cardiologists and clinical staff to efficiently access post-procedural phases of patient care, including imaging, reporting, hemodynamics, analytics, and others. McKesson Cardiology streamlines data management into a single Cardiovascular Information System (CVIS), which allows to collect data and help improve the quality of care provided to patients.
Continuous advancement of the database modules within the CVIS that covers the entire spectrum of cardiovascular activities, including both invasive and non-invasive is expected to propel growth of the market over the forecast period. Furthermore, increasing imaging and diagnostic tests in various regions are expected to drive growth of cardiovascular information system market. For instance, according to the National Health Service, England, 39.8 million imaging tests were reported in England in March 2015, compared to 37.9 million in the previous year. There is an increase of 4.9%, although the number of trusts submitting data have also increased in this period. The CVIS market is expected to grow during the forecast period, as increase in cardiovascular-related diseases is observed in BRIC countries, which is driving cardiology imaging procedure volumes. For instance, through the government-funded modernization project, over US$ 15 billion was spent in Russia from 2011 to 2013 on improving quality and accessibility of health care. This includes significant investment in diagnostic imaging systems such as MRI and CT systems. Thus, rapid growth in the diagnostic imaging system installed base impacted the adoption of PACS, RIS, and CVIS in this country during the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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