The Global Cardiovascular Information System Market size is expected to reach $2.2 billion by 2030, rising at a market growth of 10.2% CAGR during the forecast period.
Over the forecast period, it is anticipated that the presence of quickly developing economies like China and India, where the healthcare system is rapidly improving, will accelerate the region's development. Thus, the Asia Pacific region would generate 25% share of the market by 2030. Due to a sharp rise in the number of patients, the region has seen a significant increase in healthcare spending, which has increased investments in R&D activities pertaining to cardiovascular diseases. Due to the development of novel and cutting-edge goods and technologies, the regional market has grown faster.
The major strategies followed by the market participants are Acquisitions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2022, McKesson Corporation announced the acquisition of Rx Savings Solutions, to extend its biopharma services in prescription price transparency, catering to a broad spectrum of client requirements. Additionally, Cerner Corporation, a subsidiary of Oracle Corporation announced an agreement to acquire Kantar Health, to further build out its Learning Health Network consortium.
Based on the Analysis presented in the KBV Cardinal matrix; Cisco Systems, Inc. and Oracle Corporation are the forerunners in the Market. In July, 2021, Cisco Systems, Inc announced the acquisition of Socio Labs, Inc., to enhance Cisco Webex's platform offerings and would provide customers with a better experience in online events. Companies such as Honeywell International, Inc., McKesson Corporation, Siemens Healthineers AG are some of the key innovators in the Market.
Healthcare facilities faced financial constraints due to the pandemic. Many resources were diverted to address COVID-19, impacting the allocation of funds for other healthcare technologies. As a result, some healthcare providers deferred investments in CVIS or other non-urgent systems. The pandemic disrupted regular operations in healthcare facilities. This led to delays in the implementation of new technologies, including CVIS. Therefore, the pandemic had a comparatively positive impact on the market. The adoption of CVIS has become a key component in healthcare, leading to positive growth in the market in the coming years.
The emphasis on efficiency in healthcare has led to the adoption of CVIS systems that streamline clinical workflows, reducing administrative burdens and enhancing the overall efficiency of patient care. The market has responded to this demand by providing specialized solutions that automate various tasks related to data retrieval, test interpretation, and report generation. This optimization directly impacts patient outcomes, as it enables quicker diagnosis and treatment, resulting in improved clinical efficacy and satisfaction for healthcare providers and patients alike. Data-driven medicine has fueled the demand for advanced CVIS solutions that can efficiently capture, store, and manage vast amounts of patient data and diagnostic information. Therefore, the increasing demand for CVIS solutions that enable efficient data management and workflow optimization underscores these systems' pivotal role in modern healthcare delivery.
Rapid population growth, particularly in urban areas, increases healthcare infrastructure demands. In order to accommodate the increasing number of patients looking for medical care, facilities, and services must be expanded. As the global population ages, there is a greater need for healthcare services to address age-related health issues and provide long-term care. Expanding healthcare infrastructure often includes establishing new cardiology departments and cardiovascular care facilities. CVIS solutions are instrumental in providing a comprehensive platform for managing patient data and diagnostic information efficiently within these departments. The expansion of healthcare infrastructure has bolstered the growth and significance of the market by creating a demand for specialized solutions that support the efficient management of cardiovascular patient data and diagnostic information.
The high implementation costs associated with CVIS present a major hindrance to many healthcare facilities. These costs encompass the purchase of hardware and software and expenses related to customization, integration with existing systems, and comprehensive staff training. For smaller healthcare organizations or those operating with limited budgets, these financial requirements can be prohibitive, discouraging the adoption of CVIS. As a result, many healthcare providers are unable to access the advanced data management and diagnostic capabilities offered by CVIS, leading to a digital divide in healthcare services. These challenges hinder the expansion of the market, limiting the potential benefits these systems can offer in terms of streamlined data management, enhanced diagnostic capabilities, and improved patient care.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Mergers & Acquisition.
Based on mode of operation, the market is characterized into web-based, cloud-based, and on-site. The web-based segment garnered the highest revenue share in the market in 2022. Web-based CVIS is accessible from any internet-connected device with a web browser. This flexibility allows healthcare professionals to retrieve patient data and diagnostic information from different locations, promoting remote access and telemedicine. The initial costs of implementing web-based CVIS can be lower because it doesn't require extensive on-site infrastructure and hardware. This can make it more cost-effective, particularly for smaller healthcare institutions.
On the basis of type, the market is classified into CVIS and CPACS. The CPACS segment recorded a significant revenue share in the market in 2022. The cardiovascular picture archiving and communication system (CPACS) is designed to manage cardiovascular images, including echocardiograms, angiograms, and nuclear medicine scans. It provides a secure repository for these images, making them readily accessible to healthcare professionals. CPACS ensures the quality and consistency of cardiovascular images, including image format, resolution, and compression, which is critical for accurate diagnosis and treatment planning.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1 Billion |
| Market size forecast in 2030 | USD 2.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 10.2% from 2023 to 2030 |
| Number of Pages | 207 |
| Number of Table | 253 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Mode Of Operation, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the maximum revenue share in the market in 2022. According to the National Library of Medicine, differences in economic development, cultural practices, genetic predisposition, and trends in treatments and risk factors contribute to variations in heart failure rates across North America. The US and Canada are industrialized countries with similar geographic characteristics, economic and infrastructure systems, and cultural traditions.
Free Valuable Insights: Global Cardiovascular Information System Market size to reach USD 2.2 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Koninklijke Philips N.V., GE HealthCare Technologies, Inc., Cisco Systems, Inc., Fujifilm Holdings Corporation, Siemens Healthineers AG (Siemens AG), Cerner Corporation (Oracle Corporation), Lumedx Corporation (Intelerad Medical Systems Incorporated), Agfa-Gevaert Group, Honeywell International, Inc., and McKesson Corporation.
By Type
By Mode Of Operation
By Geography
This Market size is expected to reach $2.2 billion by 2030.
Increased efficiency and workflow optimization are driving the Market in coming years, however, High implementation costs and complexity restraints the growth of the Market.
Koninklijke Philips N.V., GE HealthCare Technologies, Inc., Cisco Systems, Inc., Fujifilm Holdings Corporation, Siemens Healthineers AG (Siemens AG), Cerner Corporation (Oracle Corporation), Lumedx Corporation (Intelerad Medical Systems Incorporated), Agfa-Gevaert Group, Honeywell International, Inc., and McKesson Corporation.
The expected CAGR of this Market is 10.2% from 2023 to 2030.
The CVIS segment is leading the Market, by Type in 2022; thereby, achieving a market value of $1.7 billion by 2030.
The North America region dominated the Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $786.1 Million by 2030.
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