Medical Image Management Market

Global Medical Image Management Market Size (2024 to 2029)

The global medical image management market is predicted to grow at a 9.4% CAGR from 2024 to 2029, and the market size is expected to be worth USD 8.21 billion by 2029 from USD 5.24 billion in 2024. The market is projected to grow rapidly over the forecast period due to increasing adoption. 

Support for these images includes recording and storing the diagnosis results, which helps health professionals treat the disease of interest in terms of treatment schedule. Thus, Medical Image Management offers solutions to healthcare institutions for effective clinical workflow. In addition, new techniques are emerging today to overcome issues with software to handle the date of medical imaging.

Global Medical Image Management Market Drivers:

The growing adoption of technological advances in diagnostic imaging modalities and image management solutions, the increasing number of government initiatives to promote the adoption of EMRs, increased use of imaging equipment, and growing investments are propelling the global medical image management market growth. The growth of the medical image management system market is further driven by the changing healthcare environment and rapid adoption of technological innovations that led to incorporating managerial methods in clinical settings. Furthermore, technology, software development, and expansion in radiology departments across different countries will likely boost the global medical imaging management market. Technological advancements in diagnostic imaging and image management and the growing use of electronic medical records (EMRs) drive the global medical imaging management market. In addition, the increasing use of data analytics and artificial intelligence in medical image management systems provides great potential for industry development. Furthermore, many advancements in medical technology have resulted from the growing elderly population and the increased frequency of chronic diseases.

In healthcare, new technology and techniques, such as big data, are developing. The healthcare business has already benefited from big data. Big data tools' capacity to safely store and analyze large amounts of data assists medical imaging management solutions. With the use of big data techniques, healthcare professionals may access the medical histories of thousands of patients. This aids experts in diagnosing specific ailments early and providing better treatments to patients. Increasing use in the drug development process and better care coordination and reporting capabilities are expected to boost the growth rate of the medical image management market during the forecast period. Recent medical image management system advances include augmented reality, three-dimensional printing, cinematic rendering, and digital twin technologies. As a result, the medical image management system will expand faster over the forecast period. Using VNA & PACS in conjunction with patient computed medical records will be significant potential for the medical image management market to flourish. In addition, the medical management industry benefits from the advent of cloud-based solutions that allow users to save data without fear of losing it.

Global Medical Image Management Market Restraints:

The extended product lifespan of VNAs and financial restrictions are likely to stifle the growth of the global medical image management market. Some other restraints to the global medical image management market include security concerns about patients' data, stricter standards, and government control, such as delayed permission by the authorities. The medical image management industry is also expected to experience significant challenges in computing data, and a shortage of skilled experts is a major obstacle to market expansion. In addition, compiling and sorting unstructured data may take longer due to user interface and product usage issues.

The impact of COVID-19 on the global medical image management market:

The increased number of cases, limited resources, and vulnerability of medical staff affected by the virus and Health care are hard to cope with the pandemic. To deal with it, the suppliers of this market focus on providing teleradiology solutions to healthcare institutions. Teleradiology enables radiologists to read images and generate reports transparently, like hospital workstations. Due to the COVID-19 pandemic, altered methods have been introduced. Anyone can upload their X-rays and images through the cloud and get results from their doctors and prescribed hospitals earlier. The platform is quickly built into iMedHub (imedhub.org), a decision support system that provides national services to hospitals and physicians who assist in the remote diagnosis of pulmonary disease. It may help the public get infected by the novel coronavirus, and there may be the possibility for standard demand and growth in the medical image management market.

REPORT COVERAGE:

This research report on the global medical image management market has been segmented and sub-segmented based on the product, end-user, and region.

Global Medical Image Management Market – By Product:

• Picture Archiving and Communication System
• Vendor Neutral Archive (VNA)
• Application-Independent Clinical Archives
• Enterprise Viewers/Universal Viewers

Based on the product, the picture archiving and communication system segment is projected to hold the largest share of the global medical image management market during the forecast period. 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 all factors driving the growth of the PACS.

Global Medical Image Management Market – By End-User:

• Hospitals
• Diagnostic Imaging Centres
• Others

Based on the end-user, the global medical image management market is likely to be dominated by the hospital segment during the forecast period. The expanding patient population, increased awareness of the advantages of early illness detection, increased digitization of patient data, and rapid rise in EMR use contribute to the segment's growth rate. Furthermore, the rising need for enterprise-wide imaging data management in hospitals and the growing emphasis on value-based treatment all promote the segment's rise.

Global Medical Image Management Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • United Kingdom
  • Germany
  • Spain
  • France
  • Italy
  • Rest of EU
• Asia-Pacific
  • India
  • China
  • Japan
  • Australia
  • New Zealand
  • Rest of APAC
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• The Middle East and Africa

Geographically, North America dominated the medical image management market in 2022. This is because North America dominates the general presence of medical imaging and has the most diverse radiography systems available. In addition, it has the highest proportion of seniors with multiple chronic conditions such as CVD, diabetes, obesity, high blood pressure, and other urology-related factors. Therefore, it prompted most vendors to support and grow during the period and maintain their presence in the market. As a result, North America represented the largest market in 2019 and is estimated to dominate the global medical image management market throughout the forecast period.

The European medical image management market is the second-largest region and accounted for over 25% of the market share in 2022. The market in Europe has been stimulated to a great extent by advances in medical imaging technologies. Increased disease prevalence, continued adoption of leading-edge technologies, and an aging population encourage the marketplace. It is expected to register a CAGR of 8.12% by the end of the forecast period. The healthcare sector in the United Kingdom introduced it more than 30 years ago. In recent years, the UK healthcare sector has developed sophisticated systems worldwide for patient-centered monitoring, management, and service delivery.

The Asia-Pacific medical image management market is expected to grow significantly and be the fastest-growing region over the projection period. The high growth rate is due to physicians' increasing demand to produce appropriate vascular, orthopedic, breast, and cardiac images and integrate reports, images, and measurements in a patient's complete record.

Latin America's health system has grown dramatically over the past few years. As a result, many countries in this region have been recognized globally for their success in the health sector. For example, Brazil is one of the largest markets in the region, with over USD 4 billion in investments.

KEY MARKET PLAYERS:

GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, McKesson Corporation, Sectra AB, Agfa-Gevaert Group, Carestream Health, Esaote SpA, Fujifilm Holding Corporation, and Novarad are some of the notable companies dominating the global medical image management market.

RECENT MARKET HAPPENINGS:

• In 2020, Tencent launched medical imaging and data management machines based on artificial intelligence. For example, the Tencent AIMIS Medical Image Cloud allows patients to manage their x-ray, computed tomography, and MRI images to share patient medical data securely.
• Micrima signs a distribution deal with Hologic for its new breast imaging system. In addition, the company will distribute the new radio-wave breast imaging system.