According to the new market research 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.
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 are factors driving the growth of the medical image management market. On the other hand, budgetary constraints and longer product lifecycle of VNA may limit market growth to a certain extent during the forecast period.
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The PACS segment is expected to dominate the medical image management market in 2018.
Based on product, 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. 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.
Based on procurement model, the enterprise PACS segment is projected to grow at the highest CAGR during the forecast period.
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.
The hospitals segment is expected to dominate the medical image management market in 2018.
The medical image management 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.
North America to dominate the market in 2018
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 large number of imaging centers in this region, ongoing research activities, and rapid adoption of technologically advanced imaging systems.
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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), Merge Healthcare Inc. (US), Agfa-Gevaert Group (Belgium), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), Carestream Health, Inc. (US), BridgeHead Software (UK), Novarad Corporation (US), Mach7 Technologies Ltd. (US), and INFINITT Healthcare Co., Ltd.(South Korea).