(PharmaNewsWire.Com, May 05, 2021 ) According to research report the medical image management market is projected to reach USD 4.40 billion in 2023 from USD 3.04 billion in 2018 at a CAGR of 7.7% during the forecast period.
The growth of the market is driven by the technological advancements in diagnostic imaging modalities and image management software, government initiatives to encourage EMR adoption, increasing usage of imaging equipment, growing investments in the medical imaging market and the growing adoption of image management systems by small hospitals and imaging centers, are factors driving the growth of the medical image management market.
The study estimates the global medical image management industry size for 2018 and projects its demand till 2023. In the primary research process, various sources from both demand and supply sides were interviewed to obtain qualitative and quantitative information for the report. Primary sources from the demand side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various players in the medical image management market.
By procurement model, the PACS market is segmented into departmental PACS and enterprise PACS. In 2018, the departmental PACS segment is estimated to account for the largest market share. This large share can be attributed to the fact that that PACS were originally designed keeping in mind individual departmental workflows and hence a large number of PACS were adopted in healthcare facilities. The enterprise PACS market, however, is expected to register the highest CAGR of during the forecast period owing to its ability to allow interoperability by allowing integration of results across different hospital departments, enabling seamless access to all patient information at a single point of interaction.
Based on product, the medical image management systems market is segmented into PACS, VNAs, AICA, and enterprise/universal viewers. The PACS segment is expected to account for the largest share of the market in 2018. Factors such as technological advancements in PACS; adoption of PACS in new imaging segments such as endoscopy, ophthalmology, mammography, and oncology; growing adoption of PACS by small hospitals and imaging centers; and government initiatives encouraging healthcare IT adoption are driving the growth of the PACS segment.
The medical image management systems market is segmented on the basis of end users into hospitals, diagnostic imaging centers, and other end users including ambulatory surgical centers (ASCs), small clinics, and contract research organizations (CROs). In 2018, the hospitals segment is expected to account for the largest share of the global medical image management market. The rising patient population, growing awareness about the benefits of early disease diagnosis, technological advancements in imaging modalities, increasing digitization of patient data, and rapid growth in EMR adoption are some of the major factors responsible for the large share of the hospitals segment in the market.
The medical image management market is marked by the presence of several big and small players. Prominent players in this market include McKesson Corporation (US), GE Healthcare (US), Fujifilm Holdings Corporation (Japan), Siemens Healthineers (Germany), Merge Healthcare Inc. (US), Agfa-Gevaert Group (Belgium), Philips Healthcare (Netherlands), Carestream Health, Inc. (US), BridgeHead Software (UK), Novarad Corporation (US), Mach7 Technologies Ltd. (US), and INFINITT Healthcare Co., Ltd.(South Korea).
In 2018, North America is expected to command the largest share of the market. The large share of this regional segment can be attributed to factors such as the ongoing research activities, large number of imaging centers in this region and rapid adoption of technologically advanced imaging systems.
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