Cardiologists Industry Profile

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 ...