Cardiology Information System Market is Segmented By System (Integrated Systems, Standalone Systems), By Component (Software, Hardware, Services), By End-User(Hospitals, Diagnostic Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.
Cardiology Information System Market Overview
Cardiology Information System Market at a high CAGR 9.6% during the forecast period (2022-2029).
The Cardiovascular Information System (CVIS) focuses on producing reports quickly and efficiently rather than collecting large data. The system generates management-oriented MIS (Management Information Systems) reports and includes advanced features for cardiologists to conduct long-term clinical research.
Cardiology Information System Market Scope
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Metrics |
Details |
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Market CAGR |
9.6% |
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Segments Covered |
By System, By Component, By End-User, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Cardiology Information System Market Dynamics
The factor driving the global cardiology information systems market is the increasing use of cloud-based CVIS.
The increasing use of cloud-based CVIS is expected to drive market growth in the forecast period
Cardiovascular information systems allow for the storage of in-office echocardiograms and the generation of reports and the reading of echocardiograms for several hospitals. The ability of a cardiologist to work remotely has the potential to save lives. Cardiologists can quickly and efficiently assess and recommend an emergency cardio-related treatment plan by leveraging the benefits of a cloud-based cardiovascular information system (CVIS), regardless of their location relative to the patient. The most important advantage of a CPACS/CVIS is its ability to create a single platform and storage and move away from multiple storage devices found obsolete and are no longer supported, not just within the hospital but within a single department. Finally, by utilizing a single platform with a single storage solution, an organization can benefit from fewer interfaces for integration with other enterprise systems and establish a single point-of-entry and access for cardiologists, referring physicians, staff, and administrators.
On February 2, 2021, Optimize EP, a digital health company, recently launched CaRM, the company's unique cloud-based software that streamlines patient data from multiple electrophysiology (EP) cardiac devices onto one accessible and easy-to-use platform.
The disadvantages related to electronic health records is expected to hamper the market growth
Financial issues, such as adoption and implementation costs, ongoing maintenance costs, revenue loss due to temporary loss of productivity, and revenue declines, deter hospitals and physicians from adopting and implementing an EHR. One industry group estimated that the cost of hardware, software, services, and telecommunications would be around $14,000 per physician in the first year of implementation for a six-physician practice and $19,000 per physician for three or fewer physicians. Similarly, a recent study estimates that the initial costs of software, training and installation will be US$22,038, and the hardware costs will be US$13,000 per full-time-equivalent (FTE) provider in a solo or small-group primary care practice. Finally, another study estimated that the cost of implementing an EHR system for a five-physician practice would be US$162,047 (or US$32,409 per physician) during the first 60 days of operation.
An EHR's maintenance costs can also be high. Hardware must be replaced regularly, and software must be upgraded. Furthermore, providers must provide ongoing training and support to EHR end-users. According to a study of 14 solo or small-group primary care practices, annual EHR maintenance costs averaged US$8412 per FTE provider. Hardware replacement, vendor software maintenance and support fees, and payments for information systems staff or external contractors accounted for 91 per cent of this cost. Other estimates of ongoing maintenance costs for the first year following implementation were around US$17,100 per physician in a medical group. All these limitations are expected to hamper the global cardiology information system market.
COVID-19 Impact Analysis
In cardiology, digital technologies are used as monitoring devices to generate a large amount of data. Artificial Intelligence (AI) is a smart system that can intervene in the ongoing COVID-19 pandemic. For better outcomes, this technology can be used to keep all records of heart patients. The use of AI during the COVID-19 pandemic has resulted in improvements in quality and education. It is effectively used here to comprehend the steps required for complex heart surgery. This technology aids in the decision-making process by creating a computerized model to solve various problems without human assistance. It continuously learns from the dataset and predicts outcomes with greater accuracy than many humans. This technology is critical in cardiovascular medicine because it analyses all related records to provide better COVID-19 patients. Hence, COVID-19 has positively impacted the market.
Cardiology Information System Market Segment Analysis
Based on system, integrated system is expected to dominate the market
The process of integrating component subsystems into a single functional system is known as systems integration. It makes a system coherent by making the parts or components work together or building or creating a whole from parts. For example, Despite the tremendous population growth in the United States over the last 40 years, hospital stays have become shorter, and the volume of admissions has decreased. According to the Centers for Disease Control and Prevention, Americans spent one-third fewer days in hospitals. As hospitals compete for the general patient population, they pay closer attention to the role technology plays in enabling better patient engagement and patient experiences.
Vertically integrated healthcare technology is expected to improve the patient experience by providing a comprehensive range of patient care and support services, either directly or through a third-party vendor. On 6th April 2021, In India, Dr Harsh Vardhan, Union Minister of Health and Family Welfare, virtually launched the Integrated Health Information Platform (IHIP). The improved IHIP with automated data will greatly assist in real-time data collection, aggregation, and further data analysis, enabling evidence-based policymaking.
Cardiology Information System Market Geographical Analysis
North America region accounted for the largest market share in the global cardiology information system market
The increasing incidence of cardiovascular emergencies and the technological advancement in this region are expected to drive market growth. In the United States in 2018, 30.3 million adults were diagnosed with heart disease. Heart disease kills approximately 647,000 Americans each year, making it the leading cause of death in the United States. One out of every four deaths is caused by heart disease. CVIS use can help to manage the increased cardiovascular disease incidences. CVIS (Cardiovascular Information Management System) is a one-of-a-kind software solution that improves the cardiology department's clinical and financial performance. For example, on February 13, 2019, Philips launched IntelliSpace Cardiovascular 4.1, the next-generation cardiovascular image and information management system. The most recent version expands on pediatric reporting capabilities, recognizing the critical and distinct nature of the pediatric environment. New features are improved security, enterprise protocols, and seamless access to Philips' QLab and Tomtec software tools.
Cardiology Information System Market Competitive Landscape
The global cardiology information system market is highly competitive with technological advancements, company mergers and product launches. Major key players in the global cardiology information system market are Philips Healthcare, CREALIFE Medical Technology, Central Data Network, Infinitt Healthcare Esaote, Cerner Corporation, Merge Healthcare, GE, McKesson Corporation, Lumedx, and Fujifilm Medical Systems.
Lumedx
Overview: LUMEDX is a pioneer in cardiovascular data intelligence and information systems (CVIS). The company, which has been in business for over 25 years, serves over 650 hospitals, provides an end-to-end suite of software and services that enables embedded analytics at the point of care, high-performance workflows, optimal integration of clinical and EHR data, and improved continuity of care.
Product Portfolio: The company offers PACS, CVIS / CardioVascular Information Systems / Software Integrations.
Key Development: On February 18, 2021, Intelerad Medical Systems acquired Lumedx, a leading provider of healthcare analytics and cardiovascular information systems (CVIS).
