Global Cardiovascular Information System (CVIS) Market to Grow at a CAGR of ~8% during 2022-2031; Market to Expand on the Back of Growing Patient Pools Suffering from Cardiovascular Disease – Kenneth Research
Key Companies Covered in the “Global Cardiovascular Information System (CVIS) Market” Research Report by Kenneth Research are Koninklijke Philips N.V., Siemens Healthcare GmbH, FUJIFILM Corporation, Cerner Corporation., Agfa-Gevaert Group, McKesson Corporation, General Electric Company, DIGISONIC Co., Ltd., LUMEDX (Intelerad Medical Systems Incorporated), Merge Healthcare (IBM Corporation), and other key market players.
New York, Sept. 12, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on ‘Global Cardiovascular Information System (CVIS) Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Profiling of key market players
Global Cardiovascular Information System (CVIS) Market Size:
The global cardiovascular information system (CVIS) market is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022-2031, and generate a significant revenue by the end of 2031. The growth of the market can be attributed to the significant rise in the number of patients suffering from cardiovascular disease. As per the World Health Organization, cardiovascular diseases claimed the lives of 17.9 million individuals worldwide in 2019, accounting for 32% of all deaths. Additionally, heart attacks and strokes were responsible for 85 percent of these deaths. Furthermore, there has been a rise in the funding provided by the government for the advancement of technology in the medical profession, which is also anticipated to drive market growth in the coming years.
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Global Cardiovascular Information System (CVIS) Market: Key Takeaways
- North America region to gain the largest portion of the revenue
- The cloud segment to dominate the revenue graph
- Software segment remains prominent in the application segment
Enormous Upsurge in Big Data in the Healthcare Sector to Propel Market Growth
The cardiovascular information systems store images and large amounts of data that can be used for the treatment of patients. Using this system of storing patient data gives the data more security and easy access from anywhere. It was noticed that, from 2005 to 2019, the total number of individuals affected by healthcare data breaches was 249.09 million. Out of these, 157.40 million individuals were affected in the last five years alone and it is anticipated to increase more over the forecast period. Hence, backed by providing more security to sensitive data, this is estimated to be a major factor to drive the growth of the global cardiovascular information system (CVIS) market.
In addition to this, for the last few years there healthcare sector is facing enormous upsurge in big data. With that, adoption of cardiovascular information systems is increasing across the globe. This is also estimated to propel the market growth. Additionally, the rising investments in the R&D activities to continuously bring up more feasible solutions across the healthcare sector are predicted to propel the global cardiovascular information system (CVIS) market during the forecast period. According to research reports, global research and development spending has more than tripled in real terms since 2000, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019. With that, increasing expenditure for healthcare around the globe is also expected to significantly contribute to the market growth.
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Global Cardiovascular Information System (CVIS) Market: Regional Overview
The global cardiovascular information system (CVIS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Prevalence of Cardiovascular Diseases to Drive Market Growth in the North America Region
The market in the North America region is estimated to witness noteworthy growth over the forecast period. This growth can be ascribed to the presence of advanced-level healthcare centers. Moreover, the high prevalence of cardiovascular disease is expected to surge the growth of the cardiovascular information system (CVIS) market in the region. As per the Centers for Disease Control and Prevention, in every 34 seconds, one person dies owing to cardiovascular disease in the U.S. Additionally, about 697,000 people in the United States died from heart disease in 2020, which was 1 in every 5 deaths. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to elevate the market growth. In addition to this, the boost in the market growth can be ascribed to the rising investment in R&D activities, and the presence of key market players in the region.
Rapid Development in Healthcare Infrastructure to Favor Market Growth in the Asia Pacific Region
On the other hand, market in the Asia Pacific region is estimated to witness a significant growth during the forecast period. The market growth can be majorly attributed to rapid development in healthcare infrastructure, along with the government’s support services and initiatives to create awareness regarding CVDs among the mass. Moreover, increasing number of CVD patients, increasing funding in healthcare infrastructure, rising awareness about treatment among patients, and inactive lifestyles followed by unhealthy diets are expected to influence the growth of the cardiovascular information system (CVIS) market. As per the recent healthcare data, around 60% of the total deaths caused by CVD in 2019 were reported from the Asia Pacific region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Cardiovascular Information System (CVIS) Market, Segmentation by Mode of Operation
The cloud segment is anticipated to hold the largest share over the forecast period in the market. This can be accredited to the lower cost and high rate of awareness among different sectors related to the cloud, increasing internet penetration among individuals across the globe. Moreover, maintenance of patients’ data through cloud-based is relatively easy as compared to on-premise. According to The World Bank, individuals using the internet was 40% of global population in 2015, and in 2020, the percentage had increased to 60% of global population. Hence, lower costs, a high rate of awareness, and effective maintenance of data are anticipated to contribute to the growth of the cloud segment.
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Global Cardiovascular Information System (CVIS) Market, Segmentation by Component
The software segment is anticipated to hold a significant share over the forecast period in the market. This can be ascribed to the rapid digitalization of various enterprises, and growing adoption of digitalized services in healthcare sectors. It was noted that in 2020, worldwide spending on digital transformation reached approximately USD 1.4 trillion, growing about 11 percent year-on-year. Hence, this is anticipated to contribute to the growth of the cloud segment.
Global Cardiovascular Information System (CVIS) Market, Segmentation by Application
- Nuclear Cardiology
- ECG Monitoring
Few of the well-known market leaders in the global cardiovascular information system (CVIS)market that are profiled by Kenneth Research are Koninklijke Philips N.V., Siemens Healthcare GmbH, FUJIFILM Corporation, Cerner Corporation., Agfa-Gevaert Group, McKesson Corporation, General Electric Company, DIGISONIC Co., Ltd., LUMEDX (Intelerad Medical Systems Incorporated), Merge Healthcare (IBM Corporation) and others.
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Recent Developments in the Global Cardiovascular Information System (CVIS) Market
- In February 2021, a provider of cardiovascular information systems and healthcare analytics, LUMEDX was acquired by Intelerad Medical Systems Incorporation.
- In February 2018, at the Joint EuroCMR/SCMR 2018 Meeting in Spain, Siemens Healthcare GmbH and Circle Cardiovascular Imaging announced a joint development agreement for MRI scanner application products and processes, with related post-processing capabilities.
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