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Cardiovascular Information Systems (CVIS) are computer systems specifically designed to manage the cardiovascular aspects of patient care. CVIS are used in various stages of care including diagnostic cardiovascular catheterization, interventional procedures such as coronary angioplasty and stent placement, cardiovascular surgery, and cardiac imaging. CVIS helps in scheduling procedures, documenting patient data, cardiac catheterization reports, display of angiograms and hemodynamic data, generating reports and assisting patient billing. The global demand for CVIS is growing significantly owing to the advantages it provides such as reduced medical errors, streamlined workflow, improved data management, and enhanced decision making.
The global Cardiovascular Information System Market is estimated to be valued at US$ 9.26 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for reduced medical errors is a major driver for the Cardiovascular Information System Market. CVIS assists in reducing medical errors by providing complete and accurate patient information, standardized order sets, clinical pathways, and decision support tools to clinicians. Also, CVIS enables automation and standardization of clinical workflows, which improves efficiency and quality of care delivery. CVIS streamlines documentation, reporting, inventory management and enhances collaboration between multi-disciplinary care teams, thereby improving productivity and lowering operational costs for healthcare organizations over the long run. These advantages are increasing adoption of CVIS solutions globally.
Segment Analysis
The cardiovascular information system market is segmented based on components, deployment, and end user. Based on components, it is segmented into software, hardware, and services. The software segment dominates the market and is expected to continue its dominance over the forecast period. Software forms the core of cardiovascular information systems and facilitates efficient clinical workflow and real-time data integration. Based on deployment, it is segmented into on-premise and cloud-based. The on-premise segment dominates over the forecast period due to better security and control benefits. Based on end user, it is segmented into hospitals, clinics, cardiac centers, and ambulatory surgical centers. Hospitals dominate the end user segment owing to significant use of cardiovascular information systems for effective management of cardiology departments and high patient volumes.
PEST Analysis
Political: Governments across regions are introducing favorable regulations to promote adoption of healthcare IT solutions like cardiovascular information systems. This is being done to improve patient care quality and safety. For example, incentives under Affordable Care Act in the US are driving CIS adoption.
Economic: Rising healthcare costs is a key factor driving demand for CIS solutions which help curb costs through improved workflow efficiency, reduced medical errors, and access to consolidated patient records. Globally rising healthcare spending raises potential for market growth.
Social: Increasing incidence of cardiovascular diseases and growing geriatric population susceptible to such conditions is driving the need for advanced CIS solutions. Rising health awareness also fuels demand.
Technological: Continuous technological advancements like cloud computing, artificial intelligence, and Internet of Medical Things are integrating with CIS solutions. This is enhancing their functionalities, making data more accessible to clinicians, and supporting remote patient monitoring.
Key Takeaways
The global cardiovascular information system market is expected to witness high growth over the forecast period of 2023 to 2030, registering a CAGR of 9.3%.
North America currently dominates the market and is expected to continue its leading position owing to rapid technological adoption, strong healthcare infrastructure, and favorable government policies. The presence of key market players and large patient pool are other factors contributing to the region’s large share. However, Asia Pacific is poised to witness the fastest growth on account of increasing healthcare expenditures, rising incidence of cardiovascular diseases, and growing medical tourism.
Key players operating in the cardiovascular information system market are Philips Healthcare, GE Healthcare, Cisco Systems, Fujifilm Medical Systems, Inc., Siemens Healthcare GmbH, Cerner Corporation, LUMEDX Corporation, Digisonics, Inc., and Honeywell Life Care Solutions. Key players are focusing on new product launches, partnerships, and acquisitions to strengthen their market position. For instance, in 2022, Philips launched IntelliSpace Cardiovascular which is an AI-powered cardiac post-processing and reporting solution.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
