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Cardiovascular Information Systems (CVIS) are advanced computer systems used in hospitals and healthcare settings for managing cardiology diagnostic images and reports on patients. CVIS aids in digitally storing, tracking, and analyzing medical images like X-rays, CT scans, MRIs, echocardiograms among others. It supports efficient management of large volumes of cardiology data and helps in clinical decision making through integration of patient records. CVIS optimizes workflow efficiency in cardiology departments and clinics by facilitating seamless data sharing among doctors and care teams. The need for advanced health solutions to manage huge amounts of medical imaging data and integrate them with Electronic Health Records (EHR) has been fueling demand for CVIS.
The global Cardiovascular Information System Market is estimated to be valued at US$ 9.26 billion in 2024 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: One of the major trends in the cardiovascular information system market has been the rising adoption of cloud-based platforms. Cloud-based CVIS offers various advantages over traditional on-premise models such as low upfront costs, easy scalability, simplified updates and maintenance, and remote access to cardiology data from any internet-connected device. This has made cloud CVIS increasingly attractive to healthcare providers. According to statistics, over 60% of hospitals have adopted some form of cloud-based solutions in 2023. Rising preference for Software-as-a-Service (SaaS) models among healthcare institutions is expected to drive increased demand for cloud-based CVIS during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires large initial investments to develop specialized and integrated software for cardiovascular information systems.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing cardiovascular information systems in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component suppliers for cardiovascular information systems.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for cardiovascular information systems.
Competitive rivalry: The competition is high among the key players operating in the cardiovascular information system market.
Key Takeaways
The global Cardiovascular Information System market is expected to witness high growth. The market size for 2024 is US $9.26 Bn and is forecast to reach US $20.13 Bn by 2030, growing at a CAGR of 9.3% during the forecast period.
Regional analysis: North America dominates the cardiovascular information system market currently. However, Asia Pacific is expected to witness the highest growth rate during the forecast period due to growing healthcare infrastructure and increasing cardiac disorders in the region.
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. Philips Healthcare and GE Healthcare captured over 50% of the market share in 2020.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
