Rising number of patients suffering from cardiovascular diseases and disorders is fueling the market for cardiovascular information systems. Also, the necessity to record the essential information for these disorders is possibly influencing the market demand. CVIS has the ability to offer dynamic reporting such as measurements, images, and informatics. They are organized in a template-type format for reliable delivery of patient’s reports.
Expanding adoption of structured reporting is said to be the key factor propelling the market for these systems across the globe. Favorable government reforms is another fundamental factor contributing to the market growth. Several medical institutions are increasingly installing advanced systems owing to the supportive legislative acts by the governments across the globe. Also, increased investments in health information technology are also said to be the major driver for the market.
The market has recently observed increased adoption of vendor archive technology. This owes to its superior compatibility with cardiovascular information systems. This technology efficiently helps in sharing, storing and archiving information, thus, it is considered to be the key driver for CVIS systems.
Among applications including catheterization, echocardiography, electrocardiogram, electrophysiology and others, catheterization is expected to lead the further. It led the market in 2015 with the significant revenues. Its value shares were estimated at 37.3% in the same year and will reach around 37.1% by the end of the forecast period (2016-2026). Echocardiography, on the other hand, will be the second leading segment with its attractive index valued at 1.7 in the coming years.
Rising adoption of zero footprint systems is also spurring the growth for CVIS systems. These systems eradicate the necessity to link all the workplaces in the department altogether. They also eliminate the need for tethered workstations. This enables staff to access any mobile device or system, irrespective of their location.
Although, the market may face hamper in demand in the coming years. This owes to the high cost associated with these systems. This is enabling market participants to outsource the raw materials from firms in emerging economies at a cheaper cost.
Analysis On The Basis Of Cardiovascular Information Systems Regional Growth
Regionally, North America is expected to dominate the market. Healthcare information system (HIS) in this region is currently witnessing acquisition and federal implementation of Meaningful Use Incentive (MUI) program. Along with this, HIS in this region is witnessing implementation of ICD-10 coding conversion and meaningful use incentive program. Several niche markets players are focusing on leveraging the MU mandate. This is progressively expanding the number of HIT manufacturers in the region. Therefore, the region is expected to undergo high demand for cardiovascular information system significantly over the coming years.
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Healthcare infrastructure is rapidly growing in the regions including China and India. This will propel the market for cardiovascular information systems in the Asia Pacific region. This region also has biggest populace of people suffering from cardiac diseases, significantly contributing to the growth of CVIS system. Asia Pacific market is expected to consume for revenues worth USD 282 million by the end of forecast period.