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Cardiovascular Information System (CVIS) Market Worth $232.9 Million by 2018

The global Cardiovascular Information System market was valued at an estimated $160.0 million in 2013 and is expected to reach $232.9 million by 2018, growing at a CAGR of 7.8% from 2013 to 2018.

 

Dallas, TX -- (ReleaseWire) -- 06/02/2014 -- The global market is segmented on the basis of application areas, components, delivery modes, provider entity capacity, and geography.The application segment includes catheterization lab CVIS solutions, echocardiography lab CVIS solutions, Electrocardiology (ECG) data management cardiovascular information system solutions, vascular lab CVIS solutions, and other CVIS solutions.The components segment includes hardware, software, and services. On the basis of delivery mode, the market is segmented into on-premise, web-hosted, and cloud-based CVIS solutions. Geographic segments comprise North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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The components market is sub-divided into hardware, software, and services.On the basis of delivery mode, the market is classified into on-premise, web-hosted, and cloud-based CVIS solutions. Owing to the cost-effectiveness and ability to meet the disaster recovery requirements of healthcare providers, several players are investing in cloud-based CVIS solutions. Cloud-based CVIS solutions are expected to grow at the highest CAGR during the forecast period.

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On the basis of provider entity capacity, the market is classified into small hospitals (0–200 beds), medium hospitals(201–500 beds), and large hospitals (500+ beds). The small hospitals segment accounted for the largest share of this market, owing to the higher number of small hospitals across the globe and fewer implementation and integration challenges. This segment is expected to maintain its high share throughout the forecast period.

The market is influenced by the increasing need to streamline the workflow in cardiac departments. The increasing healthcare costs,growth in aging population in most of the developed countries across Europe and North America, growing need to integrate healthcare systems, high returns on investment,and government support in the form of funding, are the factors that are expected to further drive the market for CVIS solutions across the globe. However, interoperability issues, reluctance of cardiologists to implement CVIS solutions, and the high cost of CVIS solutions may hinder the growth of this market.

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The global market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). North America will continue to lead the global market in the forecast period, followed by Europe. Over the next five years, the growth of the global market in the Asian region is likely to be centered at China, Japan, Singapore, and India. This growth will be driven bygovernment support for implementation of Cardiovascular Information System solutions.

The prominent players in the market include McKesson Corporation (U.S.), Philips Healthcare (Netherland), Siemens Healthcare (Germany), Lumedx (U.S.), Agfa Healthcare (Belgium), GE Healthcare (U.K.), Fujifilm (Japan), Merge Healthcare (U.S.), Digisonics (U.S.), and Cerner Corporation (U.S.).

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