Medical Image Management Market to Grow at a CAGR of 7.5% During Forecast Period 2021-2026

Medical Image Management Market
Different Technologies and Applications Are Projected to Drive the Growth of Medical Image Management Market During the Forecast Period 2021-2026.

Medical Image Management Market Overview

Medical Image Management Market size is estimated to reach $5.49 billion by 2026, growing at a CAGR of 7.5% during the forecast period 2021-2026. Medical image management is the procedure of handling the medical images by an image management system which includes the combination of an assortment of information systems and therefore permitting the physicians to perform early discovery of the ailment and developing curable results correspondingly. Diagnostic imaging explains different methods of examining the interior of the body to assist in assessing the causes of an ailment or hurt and affirm a diagnosis. Diagnostic medical imaging may assist in diagnosis by permitting one to envision any abnormalities that might be present within the body. For example: In a patient, who has endured a trauma, medical imaging can indicate whether any bones are crumbled or displaced. PAC System is Picture Archiving and Communications System. A picture archiving communication system, or PAC System, is a technology that captures, keeps, organizes, archives, supports, and recovers medical images. PAC System has been utilized in radiology, nuclear medicine imaging, cardiology, pathology, oncology and dermatology. A Radiology Information System is a sophisticated database system that radiology medical professionals utilize to monitor patient data and the huge image files usually produced in the course of diagnosis and treatment. A Radiological Information System (RIS) is a networked software system for administering medical imagery and correlated data. It is particularly beneficial for radiology imaging orders and billing information.

The evolution of big data in healthcare is set to drive the Medical Image Management Market. The soaring significance of medical imaging and diagnostic imaging in the basic diagnosis of ailment is set to propel the growth of the Medical Image Management Market during the forecast period 2021-2026. This represents the Medical Image Management Industry Outlook.

Medical Image Management Market Segment Analysis – By System:

The Medical Image Management Market based on system can be further segmented into Vendor Neutral Archive, Picture Archiving and Communications System (PACS) and Others. The Picture Archiving and Communications System (PACS) Segment held the largest market share in 2020. This growth is owing to its ability to provide access to digital images like x-rays and to store them and examine on screens. The indispensable existence of Picture Archiving and Communications System (PACS or PAC system) in the radiology department of healthcare institutions is fuelling the growth of this segment owing to its efficiency in yielding true outcomes.

Furthermore, the Picture Archiving and Communications System (PACS) segment is estimated to grow with the fastest CAGR of 7.9% during the forecast period 2021-2026 owing to the rise of new technologies like 3D imaging, manual and auto-adaptation of the interface and the soaring application of diagnostic imaging.

Medical Image Management Market Segment Analysis – By End-User:

The Medical Image Management Market based on end-user can be further segmented into Hospitals, Diagnostic Centers and Ambulatory Surgery Centers. The Hospitals Segment held the largest market share in 2020. This growth is owing to the heightening spotlight on the decrease of forthcoming requirements for expensive and time-consuming data migration. The increasing patient population requiring diagnostic imaging, expanding consciousness about the advantages of early diagnosis of ailments, soaring digitization of patient data, and accelerated growth in acceptance of electronic medical records are fuelling the growth of the Hospitals segment.

Furthermore, the Diagnostic Centers segment is estimated to grow with the fastest CAGR of 8.1% during the forecast period 2021-2026 owing to the considerable backing that diagnostic centers provide to hospitals and the increased application of diagnostic imaging to precisely recognize hurts, conditions, and ailments in their initial stages.

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Medical Image Management Market Segment Analysis – By Geography:

The Medical Image Management Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and Rest of the World. North America (Medical Image Management Market) held the largest share with 35% of the overall market in 2020. The growth of this region is owing to the top healthcare structure in the U.S. and the massive count of imaging centers performing diagnostic imaging in the North American region. The continuous research activities, accelerated acceptance of technologically progressive imaging systems, government initiatives towards digitization and heightening acceptance of electronic medical record and data storage and exchange solutions are propelling the acceptance of medical image management in the North American region.

Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like enormous pool of patients, and expanding predominance of different ailments requiring diagnostic imaging in the Asia-pacific region. The boost in medical tourism and the soaring government investments in healthcare infrastructure are fuelling the progress of the Medical Image Management Market in the Asia-Pacific region.

Medical Image Management Market Drivers

Different Technologies And Applications Are Projected To Drive The Growth Of Medical Image Management Market:

Diagnostic medical imaging depends on the application of β€˜invisible’ waves, like electromagnetic radiation, magnetic fields, or sound waves. Though medical imaging is greatly utilized for diagnostic purposes, some of the typical applications of medical imaging include spot diagnosis, supervision of ailment advancement, treatment planning, assessment of the efficiency of treatment and age-related computations. Ultrasound utilizes sound waves to obtain medical images, It is possibly the most secure form of diagnostic medical imaging owing to the absence of electromagnetic radiation. A specially-designed form of ultrasound termed Doppler permits one to envision the motion of blood inside blood vessels. Radiographs are the first form of medical diagnostic imaging. They are usually utilized to envision bones and have greatly been replaced by more progressive medical imaging systems. Mammography and Fluoroscopy are the different kinds of radiographs. Some other technological techniques include computed tomography, magnetic resonance imaging and nuclear medicine imaging. These different technologies and applications are fuelling the growth of the Medical Image Management Market during the forecast period 2021-2026.

Technological Innovations Are Expected To Boost The Demand Of Medical Image Management:

Technological innovations are driving the growth of the Medical Image Management Market. Diagnostic imaging is also termed medical imaging. 2D diagrams of the affected parts of the body assist in partial comprehension. 3D imaging assists in displaying the location of cancers, clots and other issues. 3D augmented reality (AR) as medical imaging technology rescues lives. AR imaging allows surgeons to diagnose problems and design processes perfectly earlier. Current enhancements in augmented reality medical technology result in FDA-approved headsets. Surgeons wearing headsets view 3D scans and medical images at the time of surgery. With the application of fluoroscopy, it enhances surgical precision and curtails hazard. Augmented and virtual reality headsets for medical professionals increase success rates of processes. Consumer medical wearables like FitBits and pulse monitors are trending. MRI gloves and portable MEG imaging are current breakthroughs in medical imaging wearables. MEG stands for magnetoencephalography. The technology allows neurologists to view brain activity at the time of organic movements and activities. These kinds of innovations are driving the growth of the Medical Image Management during the forecast period 2021-2026.

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Medical Image Management Market Challenges

Workload Stress on Medical staff is Challenging the Medical Imaging market :

Besides the effect that stress can have on patient safety, stress can boil over in different ways and come from many different sources. Stress on the imaging staff is an absolutely typical issue. Stress in medical imaging arises from heavier workloads, insufficient training, and errorneous processes. Management needs to regard the patient-safety effect of these stressors and introduce realistic solutions. Administrators need to introduce opportunities for continuous education to boost staff confidence. It is suggested that staff members be frequently inspired and authorized to be part of the procedural process. For example, if a staff member is apprehensive that introducing a possible work-related issue may make them appear poorly, they will not reveal the issue. Rather, staff need to be inspired to introduce problems so that spirited measures can be adopted to prevent a probable problem. The measures could be reorganizing a work schedule to guarantee staff members acquire sufficient sleep between shifts, or building a training course for team members to sharpen their awareness skills. Accredited employees can lead to a less stressful environment. Admins typically are just as stressed as their staff members. Mindfulness Meditation is recommended as a stress-relieving technique. Stress, therefore, is a major challenge if not handled appropriately and hampers the growth of the Medical Image Management Market.

Medical Image Management Market Landscape:

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Medical Image Management Market. Key companies of this market include:

Carestream Health Inc.

Fujifilm Holdings Corporation

IBM Corporation (Merge Healthcare)

Siemens Healthineers

GE Healthcare

McKesson Corporation

Koninklijke Philips N.V.

AGFA-Gevaert Group

Philips Healthcare

Samsung Electronics

Acquisitions/Product Launches:

In April 2021, FUJIFILM Holdings Corporation introduced a novel medium-term management plan, VISION2023, covering the period of three years from fiscal year ending March 2022 (FY2021) to FY2023. The VISION2023 anticipates investments amounting to 1.2 trillion yen over the three-year period to expedite business development with a spotlight on healthcare and greatly-functional materials businesses.In October 2021, FUJIFILM Healthcare Americas Corporation, a chief provider of endoscopic imaging and endosurgical solutions, declared the kick off of its El-740D/S dual-channel endoscope. Fujifilm’s EI-740D/S is the earliest dual-channel endoscope cleared by the U.S. Food and Drug Administration (FDA) for usage in both upper and lower gastrointestinal applications.

Key Takeaways

Geographically, North America Medical Image Management Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the increasing engagement of associations like Association for Medical Imaging Management (AHRA) and the accelerated acceptance of healthcare IT tools and diagnostic imaging by the general population in the North American region.

Medical Image Management Market growth is being driven by the technological innovations in diagnostic imaging and image management and expanding acceptance of electronic medical records (EMR). However, the dearth of leadership is one of the major factors hampering the growth of Medical Image Management Market.

Medical Image Management Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Medical Image Management Market report.

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