(PharmaNewsWire.Com, August 21, 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.
Based on products, the medical image management 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.
The growth in this market is mainly driven by the technological advancements in diagnostic imaging modalities and image management software, growing investments in the medical imaging market, government initiatives to encourage EMR adoption, increasing usage of imaging equipment, growing adoption of image management systems by small hospitals and imaging centers, and rapidly growing big data in healthcare. On the other hand, budgetary constraints and longer product lifecycle of VNA are expected to limit market growth during the forecast period.
Most key players adopted expansions as their primary growth strategy between 2015 and 2018. The medical image management market is marked by the presence of several big and small players. Prominent players offering medical image management products include McKesson Corporation (US), GE Company (US), Fujifilm Holdings Corporation (Japan), Merge Healthcare Inc. (US) (a part of IBM Corporation), Agfa-Gevaert Group (Belgium), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Carestream Health, Inc. (US) (a part of Onex Corporation), Bridgehead Software (UK), Novarad Corporation (US), Mach7 Technologies Ltd. (US), and INFINITT Healthcare Co., Ltd. (South Korea).
McKesson was the leading player in the medical image management market in 2017. Its leading position can be attributed to its well-diversified and robust product portfolio. As part of its growth strategy, McKesson focuses on product launches to increase its market share in the medical image management market. For instance, in April 2015, McKesson launched Conserus, a suite of flexible, vendor-neutral solutions for healthcare IT enterprise and diagnostic imaging. This vendor-neutral solution enabled the company’s customers to smoothen their workflows by allowing interoperability between the existing systems. The company also engages in inorganic strategies like joint ventures to enhance its position in this market. For instance, in 2017, the company entered into a contribution agreement to form a joint venture to create a new healthcare information technology company—Change Healthcare.
GE Healthcare is another prominent player in this market. The leading position of the company is attributed to its technological expertise, vast market presence across the globe, and broad healthcare IT product portfolio. To further strengthen its product portfolio and market presence, the company focuses on product launches, expansions, and collaborations as its key growth strategies. In accordance with this, the company expanded its Healthcare IT Centre of Excellence in Szeged (Hungary) in June 2015 and introduced the GE Health Cloud in November 2015. Furthermore, in September 2012, the company collaborated with the University of Wisconsin-Milwaukee (UWM) (US) to build a team of Wisconsin-based medical imaging software developers and researchers.
On the basis of type, the PACS market is segmented into radiology PACS, cardiology PACS, and other departmental PACS which include PACS solutions for specialties such as ophthalmology, pathology, oncology, radiotherapy, endoscopy, and dentistry.
The medical image management market is segmented on the basis of end users into hospitals, diagnostic imaging centers, and other end users. In 2018, the hospitals segment is expected to account for the largest share of the global medical image management system market.
The medical image management system market is dominated by North America, followed by Europe. The dominance of the North American market is attributed to factors such as the large number of imaging centers in this region, ongoing research activities, and rapid adoption of technologically advanced imaging systems. Additionally, government initiatives towards digitization and increasing adoption of EHR/EMR and data storage & exchange solutions are additional factors driving the adoption of medical image management in this region.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 sales@marketsandmarkets.com
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
