Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Cardiovascular Information System Market – Insights
Cardiovascular information system (CVIS) is a system that allows easy report generation and distribution and offers on-time access to cardiovascular electronic medical records (EMR) in images, reports, and waveforms. CVIS is used in catheterization, echocardiography, electrocardiography (ECG) data management, and vascular solutions.
The global cardiovascular information system market is estimated to account for US$ 1,503.7 Mn in terms of value by the end of 2027.
Global Cardiovascular Information System Market: Drivers
Increasing prevalence of cardiovascular diseases (CVDs) is expected to boost growth of the global cardiovascular information system market over the forecast period. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018, around 92.1 million adults in the U.S. are suffering from some form of CVD or the after-effects of stroke.
Moreover, increasing adoption of structured reporting is also expected to aid in growth of the market. Majority of CVIS solutions offer some sort of structured reporting for all cardiology-related procedures/modalities. The offerings with analytics tools and vendors’ ability to provide data mining have now jumped to the top of the list for healthcare provider requirements. Structured reporting has completely eliminated the need for conventional dictation. Some CVIS solutions still offer both structured reporting and data mining. However, recent implementation trends have proven that structured reporting yields more accurate and timely results.
North America region held dominant position in the global cardiovascular information system market in 2019, accounting for 39.1% share in terms of value, followed by 2027.
Figure 1. Global Cardiovascular Information System Market Share (%), by Region, 2019
Source: Coherent Market Insights Analysis (2020)
Global Cardiovascular Information System Market: Restraints
High implementation cost of CVIS is expected to hinder growth of the global cardiovascular information system. Health IT systems often carry hefty price tags. Currently, providers are expected to bear most of the initial costs, while most of the savings accrue to others. For instance, hospitals often spend tens of millions of dollars on computerized physician order entry systems, providing benefits for other stakeholders-insurers, purchasers, and patients.
Several CVIS applications suffer from misalignment with existing work flow, which is also expected to limit growth of the market. Cardiovascular physicians require patient procedural data and imaging files be available in a timely manner to enable the physicians to report findings and develop a treatment plan quickly. Physician reporting is optimally completed in an electronic structured report to assist in the accuracy and timeliness of the record integrating with the patient’s medical record. Unfortunately, many CVIS applications suffer from misalignment with existing work flow, real-world operating conditions, and critical interfaces, and less than user-friendly data entry, among other issues. These issues make it clear that a reliable and robust CVIS is a must for any contemporary cardiovascular program.
Global Cardiovascular Information System Market: Opportunities
Large strategic buyers are focused on acquiring unique software solutions that are solving challenges in the healthcare market and are growing rapidly, offering exit opportunities for entrepreneurs at very attractive prices. There are a lot of healthcare IT companies experiencing operating momentum as healthcare providers, payers, and life science competitors increasingly rely on them to structure and analyze data as well as engage patients. This has made the mergers and acquisition market more attractive exit point.
In light of the American Reinvestment & Recovery Act (ARRA), vendors have a better understanding of the importance of interoperability of CVIS with EMR. As public health now seeks to expand reporting between hospitals/providers and public health and increase capacity for data management, there will be a need to coordinate across programs, state health information technology (HIT) coordinators, state Health Information Exchange (HIE) plans, and CMS. Moreover, companies are extending their CVIS solutions from mere data integration to inter-departmental interoperability
Software segment in the global cardiovascular information system market was valued at US$ 240.5 Mn in 2019 and is expected to reach US$ 431.3 Mn by 2027 at a CAGR of 7.6% during the forecast period.
Market Trends/Key Takeaways
The market is witnessing increasing adoption of zero footprint systems. Most of the new CVIS platforms are web-based and are therefore, “zero-footprint” as a hard drive to house the software is not required. These platforms also eliminate the need to network all the workstations in a department together, since they can transfer data across the web. This also eliminates the need for tethered workstations.
Introduction of comprehensive image and information systems is expected to aid in growth of the market. Image sharing is gaining wider acceptance in the healthcare sector. Moreover, use of CVIS aids to reduce repeat image in order to decrease patient exposure to unnecessary radiation. Medical sharing has also expanded across multiple departments.
Global Cardiovascular Information System Market: Competitive Landscape
Major players operating in the global cardiovascular information system market include, McKesson Corporation, GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, IBM (Merge Healthcare), Fujifilm Holdings Corporation, Lumedx, Digisonics Inc., and Agfa Healthcare.
Global Cardiovascular Information System Market: Key Developments
Major players in the market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in October 2019, LUMEDX, a provider of CVIS, partnered with MedAxiom, a cardiovascular healthcare membership organization and community, for improving cardiovascular care.
In April 2019, Ebit (Esaote Group), an Italy-based healthcare IT Company, partnered with DiA Imaging Analysis, under which DiA will offer its LVivo Cardiac Toolbox as an integrated part of Ebit's Suitestensa CVIS.