Cardiologists
Description
Companies in this industry are engaged in diagnosing and treating disorders of the heart and blood vessels, which make up the cardiovascular system. Cardiologists operate through office-based private practices, health care organizations, and hospitals, as well as academic, government, or research institutions. Leading institutions for cardiology and heart surgery include The Cleveland Clinic and the Mayo Clinic (both based in the US), along with Bangkok Hospital (Thailand), Gleneagles Hospital (Singapore), and Narayana Health (India).
Cardiovascular disease (CVD) is the leading cause of death globally, according to the World Health Organization. Yearly, about 20 million people die from CVDs.
Physicians, including cardiologists and cardiovascular specialists, have about 212,000 firms with $470 billion as annual revenue.
COMPETITIVE LANDSCAPE
Along with other physicians, cardiologists face pressure from government payers and insurers to lower costs while improving quality of care. The profitability of individual practices depends on the reputation, cost, operational efficiencies, and expertise of doctors and staff. Large practices have advantages in leveraging administrative processes and expensive diagnostic equipment and are more likely to accept Medicare and Medicaid than smaller practices. Small practices can compete effectively by providing good customer service. Demand for cardiology services is driven by the rate of cardiovascular disease (which is related to demographics and the obesity rate), as well as the availability of health insurance coverage.
Cardiologists may face competition from general practitioners who manage cardiovascular medicines, as well as other types of vascular surgeons and interventionists. Physicians practicing in urban areas generally have several direct competitors in the immediate geographic area, while access to care may be restricted in rural communities. While cardiologists have traditionally operated in independent or small group practices, the reimbursement shift toward pay-for-performance standards is driving a large number of practitioners to join larger health care networks.
The US industry is highly fragmented: the top 50 companies account for about 20% of industry revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Cardiologists diagnose, treat, and work to prevent disorders affecting the heart and circulatory system through interventional and nonsurgical techniques, as well as medication. Many cardiology doctors are general cardiologists, while others provide more specialized services. Interventional cardiology involves nonsurgical methods such as angioplasty and stenting; pediatric cardiology diagnoses and treats heart problems in children; electrophysiology (EP) cardiology addresses heart rhythm disorders; and nuclear cardiologists perform and interpret thallium stress tests and other perfusion studies. A cardiovascular surgeon specializes in operations on the heart, lungs, and blood vessels. Diseases of the musculoskeletal system and connective tissue, factors influencing health status, diseases of the eye and adnexa, and diseases of the circulatory system each account for about 10% of the whole physician industry.
A cardiologist often sees a patient after the patient has visited a primary care doctor, who then refers the patient to a cardiologist. The cardiologist evaluates the patient's symptoms and medical history and may recommend tests for a more definite diagnosis. A cardiologist then decides if the patient's condition can be managed using medicines or other treatments. If a cardiologist decides that surgery is needed, he or she will refer the patient to a cardiovascular surgeon.
Cardiologists rely heavily on advanced medical equipment for imaging and other applications. Companies supply coronary stents, intravascular ultrasound (IVUS) products, and heart valve replacement and repair products, among other devices necessary for cardiovascular care. Cardiologists generally employ specially trained technicians to operate and maintain equipment.
Cardiovascular disease (CVD) is the leading cause of death globally, according to the World Health Organization. Yearly, about 20 million people die from CVDs.
Physicians, including cardiologists and cardiovascular specialists, have about 212,000 firms with $470 billion as annual revenue.
COMPETITIVE LANDSCAPE
Along with other physicians, cardiologists face pressure from government payers and insurers to lower costs while improving quality of care. The profitability of individual practices depends on the reputation, cost, operational efficiencies, and expertise of doctors and staff. Large practices have advantages in leveraging administrative processes and expensive diagnostic equipment and are more likely to accept Medicare and Medicaid than smaller practices. Small practices can compete effectively by providing good customer service. Demand for cardiology services is driven by the rate of cardiovascular disease (which is related to demographics and the obesity rate), as well as the availability of health insurance coverage.
Cardiologists may face competition from general practitioners who manage cardiovascular medicines, as well as other types of vascular surgeons and interventionists. Physicians practicing in urban areas generally have several direct competitors in the immediate geographic area, while access to care may be restricted in rural communities. While cardiologists have traditionally operated in independent or small group practices, the reimbursement shift toward pay-for-performance standards is driving a large number of practitioners to join larger health care networks.
The US industry is highly fragmented: the top 50 companies account for about 20% of industry revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Cardiologists diagnose, treat, and work to prevent disorders affecting the heart and circulatory system through interventional and nonsurgical techniques, as well as medication. Many cardiology doctors are general cardiologists, while others provide more specialized services. Interventional cardiology involves nonsurgical methods such as angioplasty and stenting; pediatric cardiology diagnoses and treats heart problems in children; electrophysiology (EP) cardiology addresses heart rhythm disorders; and nuclear cardiologists perform and interpret thallium stress tests and other perfusion studies. A cardiovascular surgeon specializes in operations on the heart, lungs, and blood vessels. Diseases of the musculoskeletal system and connective tissue, factors influencing health status, diseases of the eye and adnexa, and diseases of the circulatory system each account for about 10% of the whole physician industry.
A cardiologist often sees a patient after the patient has visited a primary care doctor, who then refers the patient to a cardiologist. The cardiologist evaluates the patient's symptoms and medical history and may recommend tests for a more definite diagnosis. A cardiologist then decides if the patient's condition can be managed using medicines or other treatments. If a cardiologist decides that surgery is needed, he or she will refer the patient to a cardiovascular surgeon.
Cardiologists rely heavily on advanced medical equipment for imaging and other applications. Companies supply coronary stents, intravascular ultrasound (IVUS) products, and heart valve replacement and repair products, among other devices necessary for cardiovascular care. Cardiologists generally employ specially trained technicians to operate and maintain equipment.
Table of Contents
- Industry Overview
- Quarterly Industry Update
- Business Challenges
- Business Trends
- Industry Opportunities
- Call Preparation Questions
- Financial Information
- Industry Forecast
- Web Links and Acronyms
Search Inside Report
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
