New York, US, May 16, 2022 (GLOBE NEWSWIRE) -- Medical Image Management Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Image Management Market Information by Product, Application, and Region - Forecast till 2030”, the market will gain a strong valuation of around USD 8,935.18 Million by 2030, at a CAGR of close to 8% from 2020 to 2030.
Market Synopsis
Medical image management can be described as the managing process of medical images with the use of an advanced image management system, involving the integration of various information systems. It allows the doctors to carry out the early detection of the condition and then accordingly develop a curable outcome. The various information systems that are integrated into the medical image system help manage and store imaging data as well as patient information present in healthcare systems. It has a host of applications in healthcare centers like diagnostic imaging centers and hospitals. Medical Imaging Management or PAC-Picture Archiving and Communications System offers an entirely secure solution to imaging archiving, radiology, study and report storage, and report dictation.
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Market Competitive Landscape:
The important participants in the medical image management market are
- Novarad (U.S.)
- McKesson Corporation (U.S.)
- Esaote SpA (Italy)
- Koninklijke Philips N.V.(Netherlands)
- Siemens Healthineers AG (Germany)
- Agfa-Gevaert Group (Belgium)
- Fujifilm Holding Corporation (Japan)
- Sectra AB (Sweden)
- Siemens Healthineers AG (Germany)
- IBM Watson Health (U.S.)
- Carestream Health (U.S.)
- E. Healthcare (U.S.)
Market USP Covered:
Market Drivers:
Rapid surge in big data in the healthcare sector along with the fast-expanding geriatric imaging volume benefits the medical image management market. Advancing age brings along a slew of deteriorated body functions, being more prone to several chronic diseases. The United Nations Department of Economic and Social Affairs reveals about the worldwide aging population that the number of people above the age of 60 years is surging at a high rate. The total percentage of people that are aged 60 or more in 2015 was 13.8% and it will touch 25.4% by 2050-end. Moreover, the number of people above the age of 60 years can reach nearly 450 million in China, 330 million in India, 111 million in the U.S., and 65 million in Brazil by the year 2050.
The evolving healthcare environment as well as the regulatory scenario, which is reducing imaging complications also fosters market growth. The rapid technical innovations have resulted in the integration of advanced managing processes in clinical settings, which elevate the market position.
Demand for medical image management systems is further bolstered by the rise in safety concerns. The surging complexity of the imaging techniques has given way to the development of certain guidelines for improved management of primary healthcare settings, which will work in favor of the worldwide market. Another encouraging factor can be the mounting number of government initiatives promoting the adoption of electronic medical records in healthcare.
Market Restraints:
The major restraint that could slow down the market growth rate includes the difficulty in attaining government approval and the need to comply with various norms and regulations.
Browse In-depth Market Research Report (127 Pages) on Medical Image Management: https://www.marketresearchfuture.com/reports/medical-image-management-market-8312
COVID-19 Analysis
COVID-19 has affected the worldwide economy in three ways, by weakening the production capacity as well as demand, disrupting the supply chain, and financially impacting the vendors and financial markets. With the lack of treatment, surge in infection cases, pressure on the medical staff, and limited resources, the healthcare industry is currently struggling to address all the challenges thrown by the pandemic.
To tackle the pandemic issue, governments everywhere are coming up with measures to curb the spread. Owing to this, patients are unable to visit doctors and vice versa. For this reason, firms active in the market are working on offering teleradiology solutions to medical facilities. Teleradiology enables radiologists to assess images and produce reports as seamlessly as they could at onsite workstations. Via teleradiology, the radiologists are able to offer interpretations and interact with referring physicians the same way they would at a hospital, but without coming in contact.
Cloud-based workstations along with mobile applications enable physicians and radiologists to access reports, images and diagnoses, regardless of their location through cloud-based PACS. This helps both physicians and radiologists to provide effective care to the patient while bringing down the risk of contracting or spreading COVID-19.
Market Segmentation
By Product
Depending on product, the key segments are Picture Archiving and Communication System, Enterprise Viewers/Universal Viewers, Application-Independent Clinical Archives, and Vendor Neutral Archive (VNA). PACS provides access to a variety of digital images, including X-rays, allowing them to be stored and also viewed on screens. Several major players, such as Siemens, and Agfa Healthcare offer high-quality, advanced PACS systems, like Syngo Suite, and IMPAX 6. These PACS systems generally come up with advanced technologies, like manual, and auto-adjustment of the interface, and 3D imaging. By incorporating these high-quality innovative PACS systems, hospitals and medical facilities are able to save costs. In addition to these benefits, the surge in healthcare IT adoption and the soaring deployment of diagnostic imaging will further enhance the growth of the PACS segment.
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By End-User
Hospitals and diagnostic imaging centers are the two major segments, with respect to end-user. The hospital segment can expect to procure the leading position in the years to come, given the surging patient population, rising awareness regarding the advantages of early disease diagnosis, and the increasing digitization of patient data. The rapid surge in EMR adoption also elevates the hospital segmental position in the market.
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Regional Insights
North America, with the majority of the market share, is in the lead. The United States houses one of the top healthcare infrastructures in the world, and with the backing of several foundations as well as non-profit organizations, will emerge as the highest gainer in the regional market. One well-established foundation in the country is The Association for Medical Imaging Management (AHRA), which came to be in 1973, and works for the management of every level of imaging departments of the hospitals, group practices, and imaging centers in the country. Via corporate funding as well as individual donations, AHRA generates high revenue, which is used for improving the medical imaging management in the country. The rising intervention of these associations coupled with the surging use of various healthcare IT tools by the people further augment the medical imaging management market share in the region.
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