Cardiovascular Information System Market, By Deployment (Cloud Based and On-Premise), By Component (Hardware, Software, and Services), By Application (Catheterization, Echocardiography, Electrocardiogram, Electrophysiology, and Others), By End User (Hospitals, Clinics, Cardiac Cath lab, Ambulatory Surgical Centers, and Diagnostic Centers), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024

Code : CMI20

Pages :175

Formats :

Excel and PDF

Industry : Healthcare IT

Market Challenges: High costs associated with deployment of CVIS

The high costs associated with deploying cardiovascular information systems (CVIS) poses a major challenge for the growth of the global CVIS market. Implementing a CVIS requires a significant upfront capital investment and ongoing operational expenses. This makes CVIS unviable for smaller hospitals and clinics that have constrained budgets. Setting up a basic CVIS system involves purchasing expensive software licenses, server hardware, data storage infrastructure, networking equipment, implementation, and integration services. It is estimated that the average cost of deploying a basic CVIS ranges between $500,000 to $1 million. Additionally, hospitals have to budget for annual software license renewal fees, hardware maintenance contracts, regular system upgrades, staff training costs, and technical support expenses to ensure the smooth operation of the CVIS.

Market Opportunities: Growing healthcare IT industry in emerging markets

The growing healthcare IT industry in emerging markets such as India, China, and Southeast Asia presents a great opportunity for the global cardiovascular information system market. As economies in these regions are developing rapidly, governments are investing heavily in modernizing their healthcare infrastructure and digitizing patient medical records. This aims to not only improve access and quality of care for their huge populations but also make important healthcare data available seamlessly to doctors and hospitals. Cardiovascular information systems, which enable the electronic filing and retrieval of cardiology department reports such as echocardiograms, cardiac catheterizations and treadmill tests, are well-positioned to benefit from this healthcare technology transformation. Hospitals and clinics in emerging nations that are either new or upgrading themselves are more likely to install integrated digital cardiovascular systems from the start, rather than relying on outdated paper-based recordkeeping. This growing demand from healthcare facilities catering to the massive underserved populations will be the key driver of expansion for global CVIS vendors over the next few years.