Cardiovascular Information System Market Growing With Highest Demand by 2027 - with McKesson Corporation, GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, IBM (Merge Healthcare), Fujifilm Holdings Corporation, Lumedx. etc

Cardiovascular Information System Market - Insights

Cardiovascular information system is a system that allows easy report generation and distribution. The cardiovascular information system (CVIS) offers on-time access to cardiovascular electronic medical records (EMR) in the form of images, reports, and waveforms. Various components of cardiovascular information systems include software, hardware, and services offered. Various applications of cardiovascular information systems include catheterization laboratory CVIS solutions, echocardiography laboratory CVIS solutions, electrocardiography (ECG) data management CVIS solutions, and vascular laboratory CVIS solutions among others. The major advantage of cardiovascular information system include improved patient's safety and care by providing access to individual's cardiovascular medical records to the healthcare experts. Implementation of cardiovascular information system in hospitals eliminates duplicate entries and reduce errors. The global cardiovascular information system market was valued at US$ 240.5 Mn in 2019 and is expected to exhibit a CAGR of 7.6% over the forecast period (2019 -2027).

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Increasing incidences of cardiovascular diseases and adoption of technologically advanced products are expected to drive growth of the cardiovascular information system market

Increasing incidences of cardiovascular diseases globally is expected to fuel demand for cardiovascular information system that can aid physicians in managing patient's cardiovascular medical records. For instance, according to the Centers for Disease Control and Prevention (CDC) foundation, 2015, around 800,000 people in the U.S. are reported to die due to stroke and other cardiovascular diseases. This in turn increased the need for imaging systems and the need for centralized data sharing units. Other major factors contributing towards growth of cardiovascular information system market include increasing need to streamline the workflow and strengthen referral relationships, thereby focusing more on patient care.

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Furthermore, access to all cardiac images at once aids physicians to make better treatment decisions at timely intervals. Various hospital facilities are also focusing on adopting this technology to improve cardiac care. For instance, in October, 2014, Chinese Hospital in San Francisco adopted LUMEDX's cloud-based HealthView CVIS to store information and cardiac images from its cardiopulmonary services department, which helped practitioners in delivering cost-efficient and top-quality care. However, high cost and technical complexities often associated with these systems are expected to hamper growth of the global cardiovascular information system market over the forecast period.

Increasing collaboration among market players is also expected to propel growth of the cardiovascular information system market over the forecast period. For instance, in June 2016, McKesson Corporation, a leading global healthcare services and information technology company, and Change Healthcare Holdings, Inc., one of the leading provider of software and analytics, network solutions, and technology-enabled services, collaborated to launch a new healthcare information technology company. This new organization brings together the complementary strengths of its IT division to deliver a broad portfolio of solutions. Furthermore, in April 2017, Siemens Healthineers entered into partnership with Ebit to offer Ebit's Suitestensa cardiovascular information system (CVIS) with Siemens' cardiology systems throughout Germany.

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Cardiovascular Information System Market Regional Outlook

On the basis of region, the global cardiovascular information system market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to hold a dominant position in this market, owing to the increasing prevalence of cardiovascular diseases and adoption of technologically advanced products in the region. Moreover, factors such as improved healthcare facilities and better reimbursement scenario are expected to drive growth of cardiovascular information system market in this region. Asia Pacific is expected to witness significant growth in the market due to rising demand of cardiologists to produce a report from the cardiology picture archiving and communication systems (CPACS) while viewing the cardiac images and appropriate integration of reports, images, and measurements into a patient's complete record. Moreover, increasing need to create an enterprise information management solution and need to reduce healthcare costs are expected to propel growth of cardiovascular information system market over the forecast period. The number of new vendors involving in healthcare information system are also expected to increase over the forecast period, as there are many niche market players who are trying to leverage the market share.

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Moreover, emerging economies of Asia pacific and Latin America has huge potential for market growth, and are expected to be the fastest growing region over the forecast period.

Some of the key players operating in the cardiovascular information system market include McKesson Corporation, Koninklijke Philips N.V., GE Healthcare, Cerner Corporation, Merge Healthcare, Agfa Healthcare, Siemens Healthcare, Agfa Healthcare, Fujifilm Medical Systems, Digisonics, Inc., and Lumedx.

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