DUBLIN–(BUSINESS WIRE)–The “Global Medical Imaging Informatics Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type, Application, and Components” report has been added to ResearchAndMarkets.com’s offering.
The global medical imaging informatics market is expected to grow from US$ 3,671.72 million in 2021 to US$ 5,175.39 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028.
The report highlights trends prevailing in the medical imaging informatics market and factors driving its growth. The increase in the number of medical imaging procedures, rise in prevalence of chronic diseases, and surge in the geriatric population are driving the medical imaging informatics market. However, the lack of expertise to operate medical imaging informatics systems is expected to restrict the market growth during the forecast period.
Medical imaging informatics, also referred to as imaging informatics and radiology informatics, is used to exchange and transfer medical images all over the healthcare systems. The medical imaging informatics market is the center of interest in the healthcare IT market, as it is one of the budding medical image processing and analysis techniques.
Moreover, technological advancements in diagnostic imaging procedures provide advanced imaging techniques for visualizing organs, thereby improving the overall accuracy of the diagnostic procedures.
A surge in the number of medical imaging procedures performed worldwide is propelling the market growth. As per a report published by the National Health Service (NHS) England, ~42.7 million medical images were recorded in the country in 2018 compared to 42.1 million images recorded in 2017, which indicates an increase of 1.4% yearly.
According to the World Health Organization (WHO), ~3.6 billion diagnostic examinations are performed globally every year. Out of these, 350 million tests are performed on pediatric patients. In addition to the rise in diagnoses, a growing emphasis of regional and national governments on early diagnosis of medical conditions to lower the overall healthcare costs is driving the number of patients undergoing magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and X-ray scans worldwide, thereby bolstering the need for medical imaging informatics. The rising geriatric population worldwide increases the demand for various diagnostics devices and procedures and medical imaging informatics, thereby fueling the market growth.
Further, as per the data of the Centers for Disease Control and Prevention, about 1.7 million people are diagnosed with cancer every year in the US alone, and ~600,000 die from it. The cost of cancer care continues to rise and is anticipated to reach ~US$ 240 billion by 2030. Almost 34.2 million Americans are suffering from diabetes, and another 88 million adults are prediabetic, which places them at risk for Type 2 diabetes. Diabetes can cause severe complications, including heart disease, kidney failure, and blindness. Therefore, rising prevalence of chronic diseases and increasing healthcare costs are driving the medical imaging informatics market.
Based on type, the medical imaging informatics market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. The ultrasound segment held the largest share of the market in 2021. However, the mammography segment is anticipated to register the highest CAGR during the forecast period.
Ultrasound is one of the medical industry’s various medical imaging modalities; it has recently experienced a revolution due to modern electronics’ increasing computer power. It is described as a device that captures internal organ images using high-frequency sound waves. Ultrasound devices consist of an ultrasound detector or probe and transducer.
A rise in the prevalence of chronic disorders such as cancer tumors, gallstones, and fatty liver disease and high spending in the healthcare industry are likely to drive sales through the ultrasound segment. Based on application, the medical imaging informatics market is segmented into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. The hospitals segment held the largest share of the market in 2021.
The diagnostics and imaging center segment is anticipated to register the highest CAGR during the forecast period. Further, based on component, the medical imaging informatics market is segmented into software, hardware, and services. The software segment held the largest share of the market in 2021, and the same segment is anticipated to register the highest CAGR during the forecast period.
Various organic and inorganic strategies are adopted by companies operating in the medical imaging informatics market. The organic strategies mainly include product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships.
These growth strategies have allowed the medical imaging informatics market players in expanding their business and enhancing their geographic presence, along with contributing to the overall market growth.
Additionally, growth strategies such as acquisitions and partnerships helped them strengthen their customer base and extend their product portfolios. A few of the significant developments by key players in the medical imaging informatics market are listed below.
In March 2022, Agfa-Gevaert Group announced that Spire Healthcare had chosen to fit a significant number of its 40 hospitals across the UK with Agfa direct radiography (DR) systems and solutions.
In August 2020, Carestream Health launched a new digital radiography detector in the US and Canada, enabling hospitals and imaging centers specializing in long-length imaging to increase productivity while decreasing patient discomfort and dose.
In December 2021, Royal Philips announced that it had signed a 12-year strategic partnership with IJsselland Hospital (Capelle aan den Ijssel, the Netherlands).
Key Market Dynamics
- Increase in Number of Medical Imaging Procedures
- Surge in Geriatric Population
- Rising Prevalence of Chronic Diseases
- Lack of Expertise to Operate Medical Imaging Informatics Systems
- Technological Advancements in Medical Imaging Informatics
- Rising Demand for AI- and Cloud-Based Platforms
- Agfa-Gevaert Group
- Carestream Health
- ESAOTE SPA
- GENERAL ELECTRIC
- Koninklijke Philips N.V.
- Siemens Healthcare GmbH
- Hologic, Inc.
- Konica Minolta, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- FUJIFILM Holdings Corporation
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