According to the WHO, cardiovascular diseases are one of the leading causes for deaths around the world. With rising incidence of cardiovascular diseases and demand for consolidation of medical records, cardiovascular information systems (CVIS) market is expected to gain considerable impetus. Improved patient care and rapid access to electronic medical records (EMRs) would be driving the CVIS market size to reach USD 1,343.26 million by 2025, registering a CAGR of 8.30% over 2018-2025. Since lifestyle changes and pollutions level have led to increase in cardiovascular diseases around the world, growth of cardiovascular information systems market is also occurring across the globe. Enhancement of healthcare infrastructure and market players striving to gain competitive advantage would also act as driving forces.
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In the recent years, cardiovascular information systems have undergone a transformation to meet demands for better interoperability, changing healthcare IT landscape and infrastructure and need to meet healthcare reform requirements. Various market players are either undertaking collaborative efforts or launching new products and therefore aiding in the growth of the cardiovascular information systems industry.
Cardiovascular information systems market is segmented according to component, deployment, application, and end-user.
Component-wise, CVIS market is classified as software, hardware, and services. Software is most effective in maintaining EMRs and therefore software segment is expected to amass USD 930.65 million by 2025 registering a CAGR of 8.57% over 2018-2025. The services segment will also register considerable growth with a CAGR of 8.41%.
According to deployment CVIS market segmentation includes web or cloud-based and on-premise. Lower capital expenditure and prospects of scaling businesses with ease with web or cloud-based CVIS will augment the growth of this segment which is projected to register the highest CAGR during the forecast period.
Application wise segmentation of the CVIS market includes vascular ultrasound, hemodynamics monitoring, ECG/stress/Holter management, nuclear cardiology, cardiac and peripheral catheterization, electrophysiology and echocardiography. Catheterization is a process used in detecting congenital disorders and helps in treatment of various heart-related disorders causing cardiac and peripheral catheterization application to register a CAGR of 8.73% over the forecast period.
CVIS market segmentation according to end-users includes cath labs, hospitals & clinics and diagnostic laboratories. Considering that hospitals and clinics are some of the primary institutions for CVIS adoption the hospitals & clinics segment came across as the biggest market end-user in 2017 and is expected to own 48.2% market share by 2025 amassing a revenue of USD 640 million.
Geographical segmentation of cardiovascular information system market includes trends in Europe, Asia Pacific, Americas, and the Middle East & Africa. In 2017, the Americas captured 37.6% share in the CVIS market and is anticipated to surpass a valuation of USD 481.04 million by 2025 due to the presence of sophisticated healthcare infrastructure and implementation of advanced systems for workflow streamlining in hospitals. The region has been increasingly utilizing mHealth and big data for early diagnosis and prevention of CVDs, reforms that are projected to augment CVIS market growth.
Europe CVIS market is also projected to grow steadily due to amplified governments and private funding to expand treatment offerings in hospitals. Moreover, digitization of patient data is expected to be a positive indicator for the growth of the market.
Some of the major cardiovascular information systems market players include General Electric Company, Siemens Healthineers, Koninklijke Philips N.V., Fujifilm Holdings Corporation, McKesson Corporation, Cerner Corporation, IBM Health, LUMEDX, Agfa-Gevaert N.V., Digisonics Inc., Carestream Health, Epic Systems Corporation, Scimage, Inc. and others.
The Middle East healthcare industry is expanding rapidly and the Project Taji that has been undertaken for the enhancement of cardio healthcare offerings in Saudi Arabia. Royal Philips, a health technology company, is collaborating with the Ministry of Health in Saudi Arabia to provide a novel integrated cardiovascular information system across various facilities throughout the country.
CVIS will help in providing patient medical information at the point of care in each of the connected hospitals thus improving specialist managed quality of access to cardiology care. The Philips CVIS includes advanced software technology and image analysis to simplify cardiovascular data management for cardiology departments to work more efficiently and accurately.
Philips IntelliSpace Cardiovascular platform will be empowering the cardiology patient data information which will feature advanced archiving from the Philips Universal Data Manager. Project Taji is a collaboration is a step taken towards the realization of Saudi Vision 2030 and the elevation of cardiology services across the nation.
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