As the global healthcare industry addresses a paradigm shift towards coordinate care services, medical practitioners are compelled to develop databases for structuring case studies in the future. This necessitates the need for recording essential information on prevalent disorders such as cardiovascular diseases. A latest study developed by Persistence Market Research predicts that the demand for cardiovascular information systems will keep surging in the upcoming decade. And, rising adoption of structured reporting is being identified as a key driver for cardiovascular information systems. Persistence Market Research values the global cardiovascular information systems market at close to US$ 700 Mn, and anticipates it to grow at 7.3% CAGR by bringing in around US$ 1,218.5 Mn till the end of 2024.
Leading providers of cardiovascular information systems in the world: McKeeson Corporation, IBM (Merge Healthcare), GE Healthcare, Agfa Healthcare, Digisonics Inc., Siemens AG, Koninklijke Philips NV, Fujifilm Holdings Corporation, and Lumedx
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According to the report, titled “Cardiovascular Information Systems (CVIS) Market: Global Industry Analysis and Forecast, 2016-2024,” the global adoption of cardiovascular information systems will be rampant on the account of factors such as:
Growing adoption of Vendor Neutral Archive (VNA) technology: Almost every other CVIS solution in the market is likely to be fully-compatible with the VNA technology. Sharing, storing and archiving medical information from more than 20 specialties and generating ideal CVIS solutions makes Vendor Neutral Archive an integral part of cardiovascular information systems.
Higher investments in Health Information Technology (HIT): Consolidation of HIT solutions in the global healthcare industry is incidentally fuelling the adoption of cardiovascular information system solutions.
Favorable government reforms: Hospitals and medical institutes are not shying away from installing advanced CVIS solutions, thanks to favorable legislative acts implemented by governments around the world. For instance, the Health Information Technology for Economic & Clinical Health (HITECH) Act of 2009 has been instrumenting billion-dollar investments towards development of electronic information systems that use medical records for important clinical purposes.
The report unswervingly regards hospitals, clinics and cardiac cath labs are largest end-users of cardiovascular information systems in the world. And, an unwavering growth in infrastructure of such healthcare organizations has been projected to play a major role in driving the sales of CVIS solutions. Correspondingly, robust healthcare infrastructure in the US and Canada has helped in orchestrating North America’s dominance in the global CVIS market. In 2016, nearly 40% of global CVIS revenues were accounted by North America. The demand for cardiovascular information systems is also expected to rise in Asia Pacific and Europe, while Latin America and Middle East & Africa will register a comparatively sluggish revenue growth through 2024.
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The report also reveals that over 50% of global CVIS market revenues will be attributed by services. Adoption of cardiovascular information services will be fairly higher than the combined sales of hardware and software components. Demand for integrated software is also expected to surge, while adoption of CVIS maintenance services will gain traction through 2024. During the forecast period, eight out of ten cardiovascular information systems sold in the world will be cloud-based. Global deployment of cloud-based CVIS solutions will bring in a little over US$ 1,000 Mn by the end of 2024. And, the report also estimates that in 2017 and beyond, almost every other CVIS solution adopted across the globe will serve as an application for catheterization, echocardiography, and electrocardiogram. Although, global revenues emanating from the application of cardiovascular information systems in electrophysiological applications will soar at a high CAGR of 7.7%.