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Cardiovascular Information System (CVIS) assists in the management of cardiac patients and surgeries by maintaining their clinical and imaging data electronically. CVIS provides comprehensive information about patients’ medical history, drug allergies, laboratory results, radiology images, surgical reports, and other important records. This helps clinicians in making faster and accurate diagnosis as well as treatment decisions. The rising prevalence of cardiovascular diseases such as coronary artery disease, heart failure, congenital heart disease, and others has boosted the demand for advanced cardiac care facilities. As per the World Health Organization (WHO), approximately 17.9 million people die each year from cardiovascular diseases, which account for over 30% of all global deaths.
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 key trends:
The increasing adoption of cloud-based CVIS is one of the major trends witnessed in the global cardiovascular information system market. Cloud-based CVIS provides various advantages such as secure storage of patient records, real-time data sharing between different departments and remote user access. It eliminates the need for on-premise hardware and reduces the upfront capital cost. Several leading market players such asPhilips Healthcare, GE Healthcare, LUMEDX Corporation and others offer flexible cloud-based CVIS that can be easily integrated with electronic health records (EHR) and hospital information systems (HIS). This is expected to positively impact the adoption of cloud-based CVIS over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Cardiovascular Information System market requires huge capital investments and established distribution channels. However, new technological advancements may reduce the entry barriers to some extent.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established vendors providing Cardiovascular Information Systems. This provides choice to buyers to negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material and component suppliers for Cardiovascular Information Systems. However, shifting costs may impact profits.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for Cardiovascular Information Systems which provide integrated cardiovascular care.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players competing on factors like pricing, innovation, features, service, and support.
Key Takeaways
The global Cardiovascular Information System market is expected to witness high growth at a CAGR of 9.3% during the forecast period of 2023 to 2030. The market size is projected to grow from US $9.26 Bn in 2023.
Regional analysis: North America dominates the global Cardiovascular Information System market due to advanced healthcare infrastructure and increasing investment in healthcare IT. Europe holds the second largest share of the market owing to growing government initiatives to implement digital healthcare solutions. Asia Pacific is expected to grow at the fastest pace during the forecast period.
Key players: 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., Honeywell Life Care Solutions. The market players are focusing on new product launches, partnerships, mergers and acquisitions to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
