The latest market report published by Credence Research, Inc. “Cardiovascular Information Systems Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global cardiovascular information systems market was valued at US$ 696.7 Mn in 2017 expanding at a CAGR of 8.2% from 2018 to 2026.
Medical practitioners continue to reap the benefits of developing healthcare IT which includes electronic medical records (EMR), picture archiving and communication systems (PACS), cardiovascular information systems (CVIS) and radiology information systems (RIS) among others. CVIS are computerized databases that utilized to track, manipulate, distribute and access patient data and reports. The healthcare industry in the developed countries are striving to make healthcare solutions paper-free due to growing integrated medical infrastructure and chronic diseases worldwide. According to Medscape survey carried out in U.S. in 2014, 29% of self-employed cardiologists and 34% of employed cardiologists spend around 10 hours per week on administrative and paper work. The healthcare information systems prevents silos of data by allowing the hospitals and clinics to increase efficiency, standardization of patient care and review outcomes effectively. The CVIS also provided report structure generation, influencing physicians to add key elements for better outcomes.
In terms of application, the cardiac and peripheral catheterization held the largest share in the global cardiovascular information systems market owing to growing number of coronary angioplasty procedures carried out worldwide. Moreover, growing procedures of cardiac CT, ECG and MRA would further increase the demand for CVIS during the forecast period. Growing cardiovascular diseases globally is the key driver for the growing demand for cardiovascular information systems market. Cardiovascular diseases accounts for more than 0.8 million deaths in the U.S. i.e. 1 in 3 deaths in the United States. Moreover, 17.7 million people succumb to CVDs worldwide. Thus growing prevalence of CVDs at an alarming rate is the major driving factor of cardiovascular information systems market. In terms of components, the CVIS software held the largest share due to growing need for integrated EMR/EHR with CVIS. Growing number of companies offering services and solution would further drive the market during the forecast period.
North America held the largest market in cardiovascular information systems market in terms of geography. Major factors assisting the growth of this region include organized healthcare infrastructure, higher adoption of CVIS solutions in hospitals and supportive government guidelines for implementation of healthcare IT systems. For instance, Healthcare Insurance Portability and Accountability (HITECH) and American Recovery and Reinvestment Act (ARRA) in U.S. has resulted in higher adoption of EHRs and EMRs in the country. Moreover, growing prevalence of cardiovascular diseases in the U.S. would further drive the market. According to American Heart Association (ASA), more than 92.1 million adults are suffering from some kind of cardiovascular disease accounting for more than US$ 329.7 Bn direct and indirect costs and loss of productivity. Asia Pacific is projected to exhibit fastest growth rate during the forecast period owing to growing medical tourism in the region and supportive healthcare IT policies in China, Japan and Australia. Larger patient pool in the region also assists the market growth. The prominent players actively engaged in the cardiovascular information systems market include GE Healthcare, Mckesson Corporation, Siemens Healthcare, Philips Healthcare, AGFA Healthcare, Merge Healthcare, Fujifilm Medical Systems, Cerner Corporation, Lumedx, and Digisonics. Partnerships and collaboration among the companies have helped in the development of innovative and advanced CVIS solutions. For instance, Ebit partnered Siemens Healthcare to offer company’s Suitestensa CVIS solution with Siemens’ cardiology systems in Germany.
Key Market Movements:
- Rising prevalence of cardiovascular diseases worldwide
- Higher adoption of cardiovascular information systems in North America and Europe contribute towards the growth of the market
- Partnerships and collaboration between technology giants to increase research and development of healthcare IT solutions
- Growing medical tourism in Asia Pacific and growing healthcare infrastructure in countries such as China, Japan, South Korea, Australia and India to boost the market in Asia Pacific
Browse the full report Cardiovascular Information Systems Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at http://www.credenceresearch.com/report/cardiovascular-information-systems-market