Market Research Report
Cardiology IT Workflow Solutions
|Cardiology IT Workflow Solutions|
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 474 Pages
Delivery time: 1-2 business days
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Global Cardiology IT Workflow Solutions Market to Reach US$1.3 Billion by the Year 2026
Cardiology IT workflow solutions are computer based software and hardware products that are employed for improving workflow and enhancing efficiency within cardiology departments. Wide prevalence of heart diseases across the world has led to growing demand for interventional cardiological surgeries. However, cardiovascular procedures face numerous issues such as disparate data silos, multiple systems and outdated technology. This is forcing many healthcare providers as well as clinics to modernize their cardiovascular department and Information technology is fast emerging as a vital cog for many healthcare organizations, especially for managing the vast amounts of data being generated. Though healthcare industry has numerous healthcare information systems (HIS) such as electronic health/medical records (EHR/EMR) and cardiac imaging picture archiving and communication systems (PACS), rise in cardiovascular diseases across the world has led to increased demand for workflow solutions by cardiologists for better management of generated data. This has led to growth of modern cardiology workflow solutions based on latest technology. Modern cardiology informatics platforms are more effective compared to previous versions as they provide various services such as billing and inventory management, data management and analysis, image management, as well as integration and scheduling with the hospital networks
Amid the COVID-19 crisis, the global market for Cardiology IT Workflow Solutions estimated at US$882.4 Million in the year 2020, is projected to reach a revised size of US$1.3 Billion by 2026, growing at a CAGR of 7% over the analysis period. Cloud, one of the segments analyzed in the report, is projected to grow at a 8% CAGR to reach US$889.2 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the On-Premise segment is readjusted to a revised 5.3% CAGR for the next 7-year period. This segment currently accounts for a 41.3% share of the global Cardiology IT Workflow Solutions market. The use of cloud storage `as a service` is growing on account of its agility and flexibility, which is essential for maintaining multitude of large imaging files. Studies indicate that approximately 40% of the companies are using the services of two or more public cloud providers, largely to prevent disruptions, leading to delay and loss of time.
The U.S. Market is Estimated at $429.1 Million in 2021, While China is Forecast to Reach $86.2 Million by 2026
The Cardiology IT Workflow Solutions market in the U.S. is estimated at US$429.1 Million in the year 2021. The country currently accounts for a 46.8% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$86.2 Million in the year 2026 trailing a CAGR of 8.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.8% CAGR while Rest of European market (as defined in the study) will reach US$57.2 Million by the end of the analysis period. Factors such as aging and population growth have resulted in notable jump in incident of cardiovascular diseases, mainly in Northern Africa, Central & Southern Asia, Western Asia, Eastern & Southeastern Asia and Latin America & the Caribbean. Geriatric population in these regions is predicted to grow two-fold over 2019-2050, indicating a serious burden of cardiovascular diseases. The increasing burden of cardiovascular diseases and their implications for the public health and economy point towards the pressing need for a holistic strategy encompassing diverse elements, from clinical interventions and public awareness through to implementation of new technology.
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