New Analysis from Global Industry Analysts Reveals Steady Growth for Cardiology IT Workflow Solutions, with the Market to Reach $1.3 Billion Worldwide by 2026

SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Cardiology IT Workflow Solutions – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 16; Released: February 2022
Executive Pool: 3421
Companies: 104 – Players covered include Agfa HealthCare NV; Biomedix; Carestream Health; Circle Cardiovascular Imaging, Inc.; Digisonics, Inc.; Esaote SpA; Fujifilm Holdings Corporation; GE Healthcare; Infinitt Healthcare Co. Ltd.; Koninklijke Philips N.V.; Lumedx Corporation; McKesson Corporation; Medis Medical Imaging Systems BV; Mortara Instrument; Novarad Corporation; RADinfo SYSTEMS, Inc.; ScImage, Inc.; Siemens Healthineers; Tomtec Imaging Systems Gmbh and Others.
Coverage: All major geographies and key segments
Segments: Type (Cloud, On-Premise); Application (Hospitals, Clinics, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Cardiology IT Workflow Solutions Market to Reach US$1.3 Billion by the Year 2026
In recent years, there has been seamless integration of several technological platforms within the cardiology domain that has facilitated in bringing significant improvements in the day to day functioning of the cardiology departments. 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 However, cardiovascular procedures face numerous issues such as disparate data silos, multiple systems and outdated technology.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$969 Million in the year 2022, 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 $453.1 Million in 2022, 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$453.1 Million in the year 2022. 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. More

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SOURCE Global Industry Analysts, Inc.