Global Cardiovascular Information System Market Is Estimated To Witness High Growth Owing To Rapidly Increasing Cardiovascular Diseases And Rising Adoption Of Cloud Based Technologies
The global Cardiovascular Information System Market is estimated to be valued at USD 1.51 Bn in 2024, exhibiting a CAGR of 9.5 % over the forecast period (2024-2031). Factors driving the market growth include rapidly increasing cardiovascular diseases across the globe and rising adoption of cloud-based technologies by hospitals and healthcare institutions. Furthermore, the emergence of artificial intelligence and big data analytics for effective management of critical cardiovascular patient data will boost the market growth in the coming years.
Market Dynamics:
Rising prevalence of cardiovascular diseases such as heart attack, stroke, congenital heart disease, and heart failure are majorly driving the growth of the cardiovascular information system market. According to the World Health Organization (WHO), cardiovascular diseases are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. CVIS offers a digital platform for the efficient storage, retrieval, and analysis of critical patient cardiovascular data which aid in early diagnosis and effective treatment planning. This has significantly increased the demand of CVIS among healthcare providers globally. Adoption of cloud-based CVIS solutions by healthcare facilities has also emerged as a key growth driver. Cloud-based systems provide advantages like storing patient data centrally, enabling remote access, facilitating real-time data sharing, promoting collaboration among cardiologists and other medical professionals, and reducing installation costs.
Growing Prevalence of Cardiovascular Diseases is Driving the Demand for Cardiovascular Information Systems
Cardiovascular diseases such as heart disease, stroke, and heart attacks are among the leading causes of deaths worldwide. The increasing incidence of cardiovascular diseases is primarily attributed to the rising prevalence of risk factors such as obesity, smoking, unhealthy diet, and physical inactivity. According to the World Health Organization, cardiovascular diseases currently account for over 17 million deaths annually, with a projection of more than 23.6 million deaths by 2030. This growing burden of cardiovascular diseases is driving the demand for sophisticated technologies and systems that can help in the efficient management of cardiovascular patients and data. Cardiovascular information systems provide a centralized platform for electronic health records, diagnostic reports, multi-modality cardiology images, and related clinical information. Their implementations allow clinicians to effectively monitor patients, timely review reports, and collaborate with other specialists. This helps in improving care quality and reducing healthcare costs associated with cardiovascular diseases.
Advancements in Imaging Technologies are Expanding the Scope of Cardiovascular Information Systems
Rapid advancements are taking place in cardiovascular imaging technologies such as echocardiography, cardiac CT, cardiac MRI, and nuclear imaging. Newer imaging modalities are allowing the better visualization of cardiac structures and functioning. They are playing a vital role in accurate diagnosis, risk assessment, and treatment planning for various cardiovascular conditions. At the same time, advanced imaging is generating huge volumes of multi-format digital data on a daily basis. Traditional paper-based systems are unable to efficiently manage such large and complex image datasets. Cardiovascular information systems provide a centralized platform to streamline the workflow and integrate all multi-modality cardiovascular images along with associated reports. They help radiologists and cardiologists in the collaborative reviewing of images, quantitative analysis and building comprehensive patient records. The growing scope of cardiovascular imaging applications is fueling the demand for advanced image and data management capabilities offered by cardiovascular information systems.
Interoperability Issues with Existing Healthcare IT Systems Pose a Challenge
Despite the evident benefits, the widespread adoption of cardiovascular information systems face certain restraints related to interoperability with existing healthcare IT infrastructures. Many hospitals and clinics still rely on disjointed legacy systems for functions such as electronic health records, clinical documentation, laboratory, pharmacy, and billing. Effective integration and seamless data exchange between cardiovascular information systems and other core clinical and administrative systems remains a challenge. Proprietary platforms, differing vendor protocols, and reluctance to share data pose barriers to interoperability. This negatively impacts workflow, increases maintenance efforts and defeats the purpose of centralized digital patient records. Addressing such integration issues requires significant financial investments and carefully planned IT overhauls for healthcare providers. Interoperability challenges with current infrastructure act as a major roadblock for large-scale implementations of cardiovascular information systems.
High Initial Capital Requirements Deter Small Healthcare Facilities
Deploying advanced cardiovascular information systems involves substantial upfront capital spending on hardware, software licenses and customization services. While large hospitals may have sufficient budgets to afford such systems, cost remains a major concern for smaller clinics, physicians' offices and specialty diagnostic centers. Initial licensing and installation costs can vary between US$50,000 to over US$500,000 depending on the size, features, and provider of the system. Additional expenditures are incurred on maintenance contracts, technical support staff, upgrades, and training programs over the lifespan of the solution. The high capital burden tends to deter many small and independent healthcare facilities from embracing digital cardiovascular solutions. This fragmented adoption negatively impacts healthcare delivery and the business case for system providers. Unless affordable pricing and financing models are available, the high costs will continue restricting the cardiovascular information system market to only large-sized end-users.
Subscription-Based SaaS Delivery Models are Gaining Traction
Software-as-a-Service (SaaS) implementation has emerged as a promising opportunity to address the cost barriers faced by small facilities. Major cardiovascular information system vendors are shifting from traditional perpetual licensing to subscription-based delivery and pay-per-use models. Leveraging cloud computing technologies, they provide web-based access to feature-rich solutions at monthly or annual subscription rates. This relieves healthcare providers from heavy upfront investments and shifts expenditures to predictable operational costs. The low costs of entry and scalable pricing makes SaaS platforms more attractive for smaller practices that could not previously afford expensive digital systems. SaaS solutions are also gaining preference due to benefits like easy upgrades, centralized data storage and online remote access. Rising adoption of cloud-based subscription models is enabling a wider customer base for cardiovascular information system providers, especially targeting underpenetrated small facilities.
Link - https://www.coherentmarketinsights.com/market-insight/cardiovascular-information-system-market-20
Key Development
- On June 17, 2024, Cathtivity, a healthcare technology startup, is currently pursuing strategic investors, partnerships, and acquisition opportunities to advance its Cardiovascular Information System (CVIS). This phase aims to transition Cathtivity from a promising minimum viable product to a comprehensive, cloud-based application, significantly enhancing its functionality and expanding its market presence.
- On June 11, 2024, Philips, a health technology company, launched the Cardiac Workstation in Europe, the Middle East, and Africa, a cutting-edge platform for cardiac care. It enhances clinical decision-making by utilizing advanced algorithms to access, analyze, and manage electrocardiograph (ECG) data either remotely or at the point of care. This technology builds on traditional cardiographs, aiming to streamline data collection and reduce administrative tasks, thereby enabling healthcare teams to focus more on direct patient care.
- In September 2022, GE Healthcare, a U.S.-based multinational medical technology company, introduced the Optima IGS 320, its first 'Made in India', 'AI-powered' Cath lab aimed at enhancing cardiac care in India. Produced at Wipro GE Healthcare's new Bengaluru factory under the PLI scheme, this Cath lab utilizes GE Healthcare's AutoRight technology, driven by the Edison platform. AutoRight employs AI through a neural network to optimize image and dose parameters in real time, allowing clinicians to prioritize patient care with greater efficiency and precision.
Key Players: GE Healthcare, Philips Healthcare, Siemens Healthineers, McKesson Corporation, Agfa Healthcare, Fujifilm Holdings Corporation, Merge Healthcare, Lumedx, Cerner Corporation, Digisonics, Inc., Carestream Health, Shimadzu Corporation, Epic Systems Corporation, ScImage, Inc., Medis Medical Imaging Systems BV, HeartIT (Heart Imaging Technologies), Infinitt Healthcare Co, Ltd., and Change Healthcare
