PUBLISHER: The Business Research Company | PRODUCT CODE: 1464133
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464133
Medical image management involves the efficient handling and organization of various medical images, including X-rays, MRI scans, CT scans, and ultrasound images, within healthcare facilities or networks. This process encompasses acquiring, storing, organizing, transmitting, and viewing these images to support clinical operations and enhance patient care.
The main types of medical image management products include Vendor-Neutral Archives (VNA), Picture Archiving and Communication Systems (PACS), and Application-Independent Clinical Archives (AICA). A Vendor-Neutral Archive (VNA) is a medical imaging technology providing a centralized and standardized storage solution for medical images and associated data from different imaging systems. These solutions are delivered through various modes, including on-premise, hybrid, and cloud, catering to various applications such as standard radiography, advanced body imaging, cardiovascular imaging, neuroradiology, musculoskeletal imaging and pain management, oncology imaging, among others. The end-users for these products include hospitals, clinics, diagnostic centers, and ambulatory surgery centers.
The medical image management market research report is one of a series of new reports from The Business Research Company that provides medical image management market statistics, including medical image management industry global market size, regional shares, competitors with a medical image management market share, detailed medical image management market segments, market trends and opportunities, and any further data you may need to thrive in the medical image management industry. This medical image management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medical image management market size has grown strongly in recent years. It will grow from $4.58 billion in 2023 to $4.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period can be attributed to several factors, including an increase in chronic illnesses, a rise in the number of hospitals, and an increased adoption of image management systems. These factors collectively contributed to the demand for efficient and organized handling of medical images, driving the growth of the medical image management sector during that period.
The medical image management market size is expected to see strong growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing usage of imaging equipment, a growing adoption of image management systems, the expanding use of imaging technology across various medical fields, and the rising volumes of age-related imaging. Major trends in the forecast period include the adoption of AI technology in medical image management, growing opportunities for skill acquisition in various imaging modalities, advancements in diagnostic imaging technologies, and an increasing adoption of image management solutions to enhance efficiency in healthcare settings.
The anticipated increase in the prevalence of chronic illnesses is expected to drive the growth of the medical image management market. Chronic illnesses, characterized by ongoing medical conditions lasting three months or longer, necessitate regular medical imaging to monitor progression over time. This facilitates treatment evaluation, adjustments, and the identification of complications or changes in the patient's condition. A report published by the American College of Cardiology in August 2022 projected significant rises in cardiovascular risk factors in the United States between 2025 and 2060. Notably, diabetes is expected to increase by 39.3%, reaching 55 million individuals, followed by dyslipidemia (27.6% increase to 126 million), hypertension (25.1% increase to 162 million), and obesity (18.3% increase to 126 million). Cardiovascular disease rates are also projected to increase significantly, particularly for stroke (33.8% increase to 15 million) and heart failure (33.4% increase to 13 million). The escalating prevalence of chronic illnesses is a key driver propelling the growth of the medical image management market.
Leading companies in the medical image management market are actively developing advanced technological solutions to gain a competitive edge. Imaging electronic medical record (EMR) software, a specialized digital solution, seamlessly integrates medical imaging data into electronic medical records (EMRs) or electronic health records (EHRs). In December 2022, RamSoft Inc., a Canada-based healthcare IT SaaS provider, launched OmegaAI, a cloud-native, serverless imaging EMR software platform. This innovative platform integrates essential components such as Vendor Neutral Archive (VNA), Enterprise Imaging, Picture Archiving and Communication System (PACS), Radiology Information System (RIS), simplified image exchange or sharing routing and storage, a zero-footprint (ZFP) viewer, and more. It aims to deliver sustainable ROI by connecting doctors and patients through a unified platform, preventing delayed care, enabling secure sharing with consent, fostering patient autonomy, and automating the entire patient journey from referral to study results.
In September 2022, Intelerad Medical Systems Incorporated, a Canada-based technology solutions provider, successfully acquired Life Image for an undisclosed amount. This strategic acquisition reinforces Intelerad's commitment to supporting doctors and patients in transitioning from isolated Picture Archiving and Communication System (PACS) to interoperable picture sharing in the future. Life Image, the acquired entity, is a US-based provider of medical image management solutions.
Major companies operating in the medical image management market report are McKesson Corporation, International Business Machines Corporation, NTT DATA Corporation, Fujifilm Holdings Corporation, Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare, Hologic Inc., Agfa-Gevaert Group, Carestream Health Inc., Change Healthcare, Hyland Software Inc., Intelerad Medical Systems Incorporated, Sectra AB, Merge Healthcare Inc., Infinitt Healthcare Co. Ltd., TeraRecon Inc., Novarad Corporation, Subtle Medical Inc., Mach7 Technologies Ltd., BridgeHead Software Ltd., Zebra Medical Vision Inc., Ambra Health, Vital Images Inc
North America was the largest region in the medical image management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical image management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical image management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical image management market includes revenues earned by entities by providing image recording and distribution, storage and delivery services, documentation quality and accuracy, and teleradiology interpretation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
Medical Image Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical image management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical image management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical image management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.