The Global Medical Image Management Market is expected to register a CAGR of 7.80% during the forecast period with a market . Medical image management are software solutions used by medical service providers to store, retrieve, and analyze patient medical imaging data for better diagnosis and making treatment decisions.
The rising prevalence of chronic diseases, increasing spending on the healthcare it sector, and technological advancements in diagnostics sector are expected to enhance the market growth. However, the high costs of software solutions and privacy and security concerns are projected to curb the growth of the market.
Key Findings of the Study
The Global Image Management Market was valued at USD 3,529.69 million in 2020 and is estimated to grow to USD 5,971.28 Million by 2027 at a CAGR of 7.80% during the assessment period
The Americas accounted for the largest share of the global market due to increasing prevalence of chronic diseases, rising adoption of healthcare IT by healthcare bodies, and an increasing number of medical imaging procedures performed.
Based on product, the vendor neutral archive (VNA) segment accounted for a market share of 6.33% in 2020
On the basis of the end user, the hospitals segment dominated the market and accounted for a share of 45.24% in 2020
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The global medical image management market, by product, has been segmented into picture archiving and communication system, vendor neutral archive (VNA), application-independent clinical archives, and enterprise viewers/universal viewers. By end user, the global medical image management market has been classified as hospitals, diagnostic imaging centers, and others.
The global medical image management market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas accounted for the largest market in 2020 and is estimated to dominate the global medical image management market owing to the increasing prevalence of chronic diseases, rising adoption of healthcare IT by healthcare bodies, and an increasing number of medical imaging procedures performed.
Europe acquired the second largest market share in 2020. It is expected to register a CAGR of 8.12% by the end of the forecast period. The European market is expected to register a sturdy growth rate during the forecast period due to major driving factors such as rising patient population of strokes and cardiovascular disorders, increasing research on ultrasound, and availability of advanced treatment facilities amongst others. For instance, according to the 2017 statistics presented by the European Society of Cardiology, there were more than 6 million new cases of cardiovascular diseases in the European Union and more than 11 million in Europe as a whole.
Asia-Pacific is expected to witness significant growth and is projected to be the fastest growing region over the forecast period. The high growth rate is due to the rising demand for medical practitioners to produce appropriate vascular, orthopedic, breast, and cardiac images and integration of reports, images, and measurements into a patient’s complete record. India held a share of 17.8% in the Asia-Pacific medical image management market in 2020.
The Middle East & Africa accounted for the least market in 2020 and is forecasted to exhibit steady growth due to the high price of devices, lack of awareness regarding health, and lack of skilled professionals.
MRFR recognizes the following companies as the key players in the global medical image management market— GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), McKesson Corporation (US), Sectra AB (Sweden), Agfa-Gevaert Group (Belgium), Carestream Health (US), Esaote SpA (Italy), Fujifilm Holding Corporation (Japan), and Novarad (US)
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