The Cardiovascular Information System (CVIS) Market is growing steadily and has a bright future. The Market for Healthcare Industry is expected to grow at the CAGR of 8.30% from 2019 to 2025.
— The Global Cardiovascular Information System (CVIS) Market size is poised to reach the valuation of USD 1,343.26 million by 2025, as per the latest report by Market Research Future (MRFR). The market can grow immensely at 8.30% CAGR over the forecast period (2018-2025).
High prevalence of cardiovascular diseases (CVDs) and disorders is the primary driver of the market. As per the 2015 report by the World Health Organization (WHO), nearly 17.7 million died as a result of CVDs. This has triggered the need for advanced systems in hospitals to reduce the mortality rate. In addition, government initiatives to digitize patient data is likely to bode well for the cardiovascular information system (CVIS) market. Implementation of the electronic health records (EHR) system can make it easy for doctors and physicians to lead to faster diagnosis of diseases.
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Technological developments in healthcare IT has led to the launch of CVIS platforms which can be accessed remotely. This offers scope for doctors to diagnose and prescribe accurate suggestions to patients. Recent upgrades to CVIS has made it possible for different departments in the cardiology section to share and exchange information on a single platform.
The high costs associated with CVIS which can lead to hesitation towards adoption among hospitals can pose a challenge to the market growth.
The cardiovascular information system (CVIS) market is segmented by component, deployment, application, and end-user.
By component, software held close to 67.9% share of the CVIS market in 2017, followed by services the second largest market and hardware the least market share. The software segment is expected to reach a valuation of USD 930.65 million by 2025 due to the software being able to provide clinical data to patients and doctors in real-time. Services, on the other hand, can aim to grow at a steady pace by the end of the forecast period due to constant maintenance and upgradation of CVIS to ensure a smooth workflow in clinics and hospitals.
By deployment, web/cloud-based held the largest market share in 2017, while the on-premise segment held second largest share. The web/cloud-based CVIS is projected grow at fastest CAGR during the forecast period due to low capital investment and scalability of operations. In addition, the ease it provides in reporting information and causing minimal clinical efficiencies can lead to its adoption. On the other hand, on-premise segment accounted for the least market share due to high expenses in maintaining servers, software, and hardware.
Among applications, cardiac and peripheral catheterization held 32.4% share in 2017, followed by echocardiography, hemodynamics monitoring, electrophysiology, vascular ultrasound, nuclear cardiology, ECG/stress/Holter management, and others. Cardiac and peripheral catheterization can increase its market share by the end of the forecast period due to its extensive use in early diagnosis and treatment of congenital disorders. On the other hand, echocardiography is predicted to attain second largest share, this can be attributed to its utilization in detecting abnormal heart valves and other heart defects.
Hospitals & clinics was the biggest market end-user in 2017 with a respectable 48.2% share, followed by diagnostic laboratories, cardiac cath labs, and others. Hospitals & clinics can reach a value of USD 640 million by 2025 due to adoption of advanced diagnostic systems for treating CVDs. Diagnostic laboratories generated second largest share for the cardiovascular information system (CVIS) market by 2025. This can be credited to demand by patients for rapid diagnosis solutions.
Carestream Health (U.S.)
Scimage Inc. (U.S.)
Koninklijke Philips N.V. (The Netherlands)
Cerner Corporation (U.S.)
Epic Systems Corporation (U.S.)
Digisonics Inc. (U.S.)
Fujifilm Holdings Corporation (Japan)
Agfa-Gevaert N.V. (Belgium)
IBM Health (U.S.)
Region-wise, the Cardiovascular Information System (CVIS) Market covers the upcoming trends in Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA). The Americas accounted for 37.6% market share in 2017, followed by Europe, APAC, and MEA.
The Americas CVIS market is expected to reach a valuation of USD 481.04 million by 2025. This can be attributed to sophisticated healthcare infrastructure and adoption of latest systems for streamlining workflow in hospitals. The use of mHealth and big data for detecting CVDs at a preventive stage by clinicians is projected to augur well for the market.
Europe, on the other hand, is predicted to grow at a steady pace due to increased funding by governments and private organizations to improve treatment facilities in cardiology departments in hospitals. Moreover, digitization of patient data is expected to be a positive indicator for the growth of the market.
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Name: Abhishek Sawant
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Organization: Market Research Future
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Release ID: 525164