Medical Image Management System Market size is forecast to reach $5.31 billion by 2025, growing at a CAGR of 7.03% during the forecast period 2020-2025. Medical Image Management System includes recording and storing the diagnostic results which help healthcare professionals to treat the disease. The increasing importance of medical imaging in the primary diagnosis of disease and changing healthcare environment are the major factors driving the growth of the market. Increasing usage in the drug development process and improving care coordination & reporting capabilities is set to further enhance the overall market demand for the medical image management system during the forecast period 2020-2025.
Key Takeaways
- North America dominated the Medical Image Management System Market in 2019 owing to the presence of major health IT and increasing regulatory scenarios to minimize imaging complications. The Medical Image Management System Market scope for different regions will be provided in the final report.
- Changing healthcare environment and the rapid evolution of technologies leading to the integration of managing techniques in clinical settings is likely to aid in the market growth of the Medical Image Management System Market.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Medical Image Management System Market report.
- Budgetary constraints and user interface challenges are poised to create hurdles for the Medical Image Management System Market.
Product - Segment Analysis
The Picture Archive Communication System segment held the largest share in the Medical Image Management System Market in 2019 and is estimated to grow at a CAGR of 6.82% during the forecast period 2020-2025. Picture Archive Communication System is a medical imaging technology that provides economical storage and convenient access to pictures from multiple modalities. It is used in hard copy replacement, remote access, electronic image integration platform, and radiology workflow management. Picture Archive Communication System eliminates the need to manually file and store, retrieve, and sent sensitive information. They are increasingly important as the volume of digital medical images is growing throughout the healthcare industry. The modern use of the Picture Archive Communication System can be attributed to digital imaging and communication in medicine which is a standard protocol for the management and transmission of medical images and related data. The Picture Archive Communication System is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
End User - Segment Analysis
The Hospitals held the largest share in the Medical Image Management System Market in 2019. This is owing to the increasing focus to reduce the future needs for costly and time-consuming data migration. Applications of medical imaging management have grown significantly by other departments apart from radiology such as cardiology, endoscopy, pathology, oncology, and dermatology which results in increasing demand for medical imaging management systems by hospitals. Increasing focus to reduce the future needs for costly and time-consuming data migration, a growing number of hospitals, and a greater budget to implement advanced solutions such as VNA and AICA in hospitals. Hospitals are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2020-2025 owing to growing awareness about early diagnosis of diseases.
Geography - Segment Analysis
North America dominated the Medical Image Management System Market in 2019 with a share of more than 41.66%, followed by the Asia Pacific owing to the increasing prevalence of various diseases such as cancer and cardiovascular disease. The increasing adoption of technologically advanced imaging systems and increasing awareness of the benefits of early diagnosis of diseases is increasing the growth of the medical image management system market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to a large pool of patients, and increasing prevalence of various diseases in the region. The increasing medical tourism and the government investments in healthcare infrastructures is also estimated to have a positive growth in this region.
Drivers – Medical Image Management System Market
- Increasing importance of medical imaging in the primary diagnosis of disease and changing healthcare environment
The increasing importance of medical imaging in the primary diagnosis of disease and changing healthcare environment is increasing the growth of the medical image management system market. Medical Imaging Management is the application of a management system that provides solutions to hospitals, clinics, and diagnostic imaging centers. Medical Imaging Management provides a completely secure, robust solution to radiology, imaging archiving, report dictation, study, and report storage. increase in the geriatric population, higher incidence and prevalence of various diseases (such as cancer and Cardiovascular disease (CVD)), a large number of imaging centers in developing regions, ongoing research activities, fast adoption of technologically advanced imaging systems, and increasing awareness about the benefits of early diagnosis of diseases are some factors anticipated to fuel the growth of the global medical imaging management market Thus, increasing the growth of the medical image management system during the forecast period 2020-2025.
- Changing healthcare environment and rapid evolution of technologies led to the integration of managing techniques in clinical settings
Changing healthcare environment and the rapid evolution of technologies led to the integration of managing techniques in clinical settings is increasing the growth of the medical image management system market. Healthcare organizations are gradually moving towards a population health management model and better patient enablement and medical imaging informatics. Technological advancements in diagnostic imaging modalities and image management solutions, increasing usage of imaging equipment, and increasing adoption of vendor neutral archive is increasing the growth of the medical image management system. Artificial intelligence, augmented reality, three-dimensional printing, cinematic rendering, and digital twin technology are some of the recent innovations in the medical image management system. Thus, increasing the growth of the medical image management system during the forecast period 2020-2025.
Challenges – Medical Image Management System Market
- Budgetary constraints and user interface challenges
Some of the factors that can impede the growth of the Medical Image Management System Market are budgetary constraints and user interface challenges.
Medical Image Management System Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Medical Image Management System Market. In 2019, the Medical Image Management System Market share is consolidated by the top ten players present in the market. Medical Image Management System, the top 10 companies are Siemens Healhiers, McKesson Corporation, General Electric Company, Fujifilm Holdings Corporation, Siemens AG, IBM Corporation, Koninklijke Philips N.V., AGFA-Gevaert Group, Philips Healthcare, and GE Healthcare among others.
Acquisitions/Product Launches
- In July 2017, GE Healthcare acquired Danaher’s.
- In November 2019, GE Healthcare acquired Puridify.
