Medical Image Management Market Expected to Exceed $5 billion Mark by 2026 end

In the quest to cut down the barriers across provider networks and optimize the patient experience in terms of fewer scans, shorter patient wait time, online consulting solution services, etc medical image management solution emerged. They are thoroughly secure and provide a robust solution to image archiving, radiology, report dictation, study and report storage.

The technological advancements in image management solutions and willingness to invest in image management systems by an array of varied sized hospitals/imaging centres has promoted the overall growth of the medical image management market. The market is expected to register at the CAGR of 7.6% during the forecast period (2019-2026) with an increase in market values from $3.04 billion in 2018 to over $5 billion by the end of 2026 end. Factors such as technological innovations, developments in software, government initiatives are fuelling a considerable hike in the usage of medical image management systems. The entire medical image management market can be segmented on the basis of product type, mode of delivery, geography and end-users.

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Product Type:

The product type or solutions that are available in the market include:
• PACS (Picture Archive and Communication System)
• VNA (Vendor Neutral Archive)
• AICA (Application-Independent Clinical Archive)
• Others

PACS is widely popular in the radiology department and soon penetrating into cardiology, ophthalmology, oncology, endoscopy, dermatology, pathology, neurology, and dentistry. Owing to the increased use of PACS across various healthcare solutions, PACS dominated the market in 2018. The enterprise PACS segment is forecasted to witness the highest market growth during the forecast period. AICA is in the spotlight too due to its easy interfacing with EHRs, quick view and easy access to data, reduced storage costs, reduced migration costs, enhanced image sharing, synchronized cross-departmental workflow, enhanced business continuity and non-image data sharing. Cloud-based solutions and integration of PACS /VNA with digital medical record create tremendous opportunities for players across the industry. The key factors hampering the growth of the global market include budgetary constraints, longer product lifecycle of VNAs, usability and user interface challenges.

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Mode of Delivery:

Medical images are achieved electronically with the help of Medical image management systems capable of collecting, organising and controlling medical imaging data in healthcare systems with various other patient information. Cloud computing benefits range from data back-up and disaster recovery, economies of scale, scalability, flexibility, minimum upfront costs to lower maintenance costs. The multifold rise of BigData coupled with the use of artificial intelligence opened doors for convenient medical diagnostic delivery mode on cloud and hybrid environments.

Geography:

The geographic regions include:
• North America
• Europe
• APAC
• Rest of the World (RoW)

The largest share of the global medical image management market is taken up by North America, then by Europe and lastly by Asia-Pacific. Factors driving the adoption of medical image management and the dominance of North America are:
• a large number of imaging centres in this region
• ongoing research activities
• the rapid adoption of technologically advanced imaging systems
• government initiatives towards digitization, increasing adoption of EHR/EMR

Asia-Pacific is expected to witness significant growth due to emerging economies and rise in medical requirements by population dwelling in this region.
End Users
Hospitals, Imaging Centres, diagnostic labs, Academic institutions and research organisations are main end users. Hospital leads the crowd due to the higher number of patients being treated, ease of access to patient information and of course rise in a number of hospitals due to increasing population.

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Key Takeaways:
• Identification of the high growth market segments in terms of product, delivery models, end-users, and region/countries
• The market forecasts and estimates for the period 2019-2026
• Major drivers, opportunities, and challenges in the medical image management market
• The recent developments in the medical image management market
• Factors to be considered by the major players in the global medical image management market
• Regional trends and high growth countries
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