The global cardiovascular information system market was valued at USD 616.7 million in 2015. The increasing number of challenges associated with cardiovascular care including the management of large amount of data, data retrieval, and the maintenance of patient history records is creating the need for advanced systems, such as Electronic Health Record (EHR) systems, which would facilitate data analysis.
The swift growth of the global cardiovascular devices industry is mainly attributed to the escalating global count of patients suffering from cardiovascular diseases and disorders coupled with the rising demand for productive data management tools in the cardiac care departments.
Germany Cardiovascular Information System Market, by Mode of Operation, 2014 - 2024 (USD Million)
Additionally, the introduction of technically advanced products and the rising trend of telemedicine are expected to boost market growth. CVIS enables cardiac surgeons as well as hospital administrators to work more efficiently than with traditional data management techniques.
The utility of the system is further maximized when used in combination with the other technologies, such as Cardiology Picture Archiving and Communication System (CPACS). The market is projected to experience a rapid growth owing to factors, such as high adoption rates and the growing awareness of the availability of these systems.
However, determinants, such as high device cost and the need for skilled professionals to handle devices is expected to hinder the global growth. Moreover, the reluctance to shift from traditional data storage tools to advanced techniques is augmenting the degree of restraints for the growth of this market.
Based on the system types, cardiovascular information system market is segmented into Cardiovascular Information System (CVIS), Cardiology Picture Archiving and Communication System (CPACS). The CVIS systems facilitate effective data analysis and they enable physicians to take accurate therapeutic decisions in less time as compared to the CPACS. Thus, the adoption of CVIS was observed to be higher than CPACS. As a result, CVIS segment accounted for the largest market share in 2015 and this segment is expected to maintain its dominance throughout the forecast period.
The CVIS market has been further categorized based on the mode of operations into web-based, on-site, and cloud-based. The web-based segment accounted for the largest market share in 2015. The high rate of awareness and the relatively cheaper cost are some of the prime factors resulting in the wide adoption of the web-based mode of operation for cardiovascular information systems, globally. However, the cloud-based segment is anticipated to show the fastest growth rate during the forecast period from 2016 to 2022.
Geographically, the market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa (MEA). North America dominated the global market in 2015 due to the presence of well-established healthcare infrastructure, the surging prevalence of cardiovascular diseases, and other conditions (that affect the functioning of the heart’s muscle or valve) in the region.
In addition, the rise in incorporation of the Electronic Health Record (EHR) maintenance systems is augmenting the growth of the market in North America. The region is expected to maintain its dominance throughout the forecast period owing to the favorable government policies and the growing number of cardiovascular care institutes in the region. The segment is expected to reach a value of USD 370.6 million in 2025.
Due to the presence of fast developing economies such as India and China, where healthcare infrastructure is rapidly improving, Asia Pacific is expected to exhibit the fastest growth rate. In addition, the huge cardiac patient population is projected to fuel the demand for cardiac healthcare services in the region, which in turn is expected to result in the mounting burden of patient data records; hence, spurring additional growth of the CVIS market in the Asia Pacific region. The Asia Pacific market is expected to reach over USD 282 million in 2025.
Major market players are investing largely on research and development projects to improve existent technologies. The development of the CVIS systems in combination with the other systems is a priority amongst most of the companies. The sophisticated hardware requirements of these new systems continue to pose as a big challenge. Hence, the development of systems that are compatible with the commonly available hardware is a priority for the companies.
High costs associated with these products and services are hindering their adoption in developing countries. As a result, players are outsourcing the manufacturing of raw material from companies based in developing economies at a cheaper cost, thereby reducing the overall manufacturing cost of the products.
Some major companies involved in the global market for cardiovascular information systems are Philips Healthcare, GE Healthcare, McKesson Corporation, Siemens Healthcare GmbH, Merge Healthcare, Inc., Agfa Healthcare N.V., Cerner Corporation, Fujifilm Medical Systems, Inc., Lumedx Corporation, and Digisonics, Inc.
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