Cardiovascular Information System Market

Report Description
Table of Contents

Report Description

The global cardiovascular information system market size is projected to be USD 899.7 million in 2021 and is likely to witness a CAGR of 7.87% during the forecast period. Focus on operative superiority and reduction in the rate of medication errors is a key driver for the growth of the global cardiovascular information system market. Additionally, increase in cases and frequency of cardiovascular diseases and application of CVIS allows healthcare providers to reduce treatment costs. These factors are expected to propel the market growth. Nevertheless, unwillingness of healthcare providers to apply CVIS and less incidence of cardiac surgeries in developing countries are expected to restrain the global market growth.

Global Cardiovascular Information System Market Size (USD Million), 2021-2029

Source: Erevna Healthcare

By Type

Based on type, the market is segmented into C-PACS and CVIS. In 2021, the CVIS segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This can be attributed to the introduction of technologically innovative products coupled with the increase in use of telemedicine worldwide. The C-PACS segment is projected to grow at a profitable CAGR during the forecast period. This can be attributed to rising adoption along with the growth in awareness regarding the accessibility of these systems.

By Component

Based on component segment, the market is subs-segmented into software, services, and hardware. In 2021, the software segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to the growing need to integrate CVIS with EMRs, C-PACS, and other cardiology components worldwide. The services segment is projected to grow at a profitable CAGR during the forecast period. This can be attributed to the introduction of cloud-based solutions in the emerging economies.

By Mode of Operation

Based on mode of operation, the market is categorized into onsite, web-based, and cloud-based. In 2021, the cloud-based segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to the integration of changes in agreement with the standard guidelines set by various medical associations and remote access to cardiovascular information systems worldwide. The onsite segment is anticipated to grow at a profitable CAGR during the forecast period due to the various advantages offered by this model such as security of data for all the patients and easy retrieval of information within the premises.

By End User

Based on end user, the market is categorized into diagnostic centers and hospitals. In 2021, the hospitals segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to growing hospital visits caused by rising awareness about cardiovascular diseases and their treatment options available worldwide. The diagnostic centers segment is anticipated to grow at a profitable CAGR during the forecast period due to the ability to conduct wide-ranging number of tests by using cardiovascular information systems.

Regional Insights

In 2021, North America held the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This can be attributed to the well-established healthcare structure, increasing prevalence of cardiovascular diseases, presence of major players in the region, growth in the share of healthcare expenditure in the per capita income, growth in initiatives from the government, and accessibility of technologically advanced products in the region. Asia Pacific market is expected to exhibit the fastest CAGR over the forecast period owing to the existence of fast emerging economies such as India and China, growing government and corporate investment in healthcare sector, increasing travel tourism in the developing economies, and growth in demand for cardiac healthcare facilities due to increase in cardiovascular diseases.

Competitor Insights

Some of the key players in the cardiovascular information system market are Philips Healthcare (Netherlands); McKesson Corporation (U.S.); GE Healthcare (U.K.); Siemens Healthcare (Germany); Merge Healthcare (U.S.); Lumedx (U.S.); Agfa Healthcare (Belgium); Fujifilm Medical Systems (Japan); Digisonics (U.S.); and Cerner Corporation (U.S.). The leading players operating in the cardiovascular information system industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The cardiovascular information system market report is categorized into the following segments and subsegments: