MEDICAL IMAGE MANAGEMENT MARKET - GROWTH, TRENDS, AND FORECAST (2018 - 2024)

Meticulous Research - leading global market research company published a research report titled "Medical Image Management Market by Product (PACS (Radiology, Mammography, Cardiology, Oncology, Enterprise), VNA, AICA, Universal Viewer), Delivery (On premise, Hybrid, Cloud), End User (Hospitals, Diagnostic Imaging Center, ASC) - Global Forecast to 2024?.

According to this latest publication from Meticulous Research, medical image management market is expected to grow at a CAGR of 7.7% from 2018 to reach $4.89 billion by 2024, driven by growing investments in the medical imaging market, technological advancements, and rising geriatric imaging volumes. This growth is also supported by growing adoption of VNA and other advanced tools, rapidly growing big data in healthcare, rising focus on value-based care, and growing health IT and EHR adoption. However, longer product lifecycle of VNA, and budgetary constraints may hinder the growth of medical image management market to some extent. In addition, integration of PACS/VNA with EMR, penetration of artificial intelligence in medical imaging, rapidly growing field of telehealth, growing adoption of hybrid and cloud-based solutions, and untapped emerging markets present high-growth opportunities for players operating in the global medical image management market.

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Key questions answered in the report-

o Which are the high growth market segments in terms of product, procurement models, delivery models, vendor types, end-users, and region/countries?
o What was the historical market for medical image management market across the globe?
o What are the market forecasts and estimates for the period 2018-2024?
o What are the major drivers, restraints, opportunities, and challenges in the medical image management market?
o Who are the major players in the medical image management market?
o How is the competitive landscape and who are the market leaders in the medical image management market?
o What are the recent developments in the medical image management market?
o What are the different strategies adopted by the major players in the global medical image management market?
o What are the geographical trends and high growth regions/ countries?
o Who are the local emerging players in the medical image management market and how do they compete with the global players?

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Based on product type, PACS commanded the largest share of medical image management market, owing to significant adoption of PACS in radiology department where majority of the imaging studies are handled, managed, and stored; and rising incorporation of PACS into other specialties such as cardiology, ophthalmology, oncology, endoscopy, teleradiology, dermatology, pathology, neurology, and dentistry. However, increasing incidence of data silos & data breaches, incidence of data migration, and emergence of non-DICOM medical data result in greater adoption of VNA which is expected to grow at the fastest CAGR during the forecast period.

Based on delivery mode, on-premise PACS captured a major market share owing to the perception of healthcare systems that it provides greater security, control over images and lower latency than cloud storage. However, web/cloud based PACS models are rapidly gaining traction owing to its flexibility of working from remote areas, easy scalability, no upfront costs and reduced operational costs, and automated updating features of web and cloud-based solutions.

Enterprise VNAs dominated the global VNA market in 2017. Multi-departmental VNAs showcase significant adoption while multi-site VNAs are expected to witness stable growth. Factors such as growing emphasis on collaborative care, patient-centered approach and industry consolidation; move towards enterprise imaging; and the ability of VNA to share data among multiple PACS within the same organization and allow organizations to integrate the viewing and storage of different health IT systems regardless of vendor restrictions makes enterprise VNA a preferred option for several large healthcare organizations.
The AICA market is currently led by big VNA companies offering AICA as an advancement to their imaging portfolio to leverage growth opportunities offered by this segment and are also expected to witness highest growth during the forecast period.

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Hospitals are the leading adopters of medical image management systems and are also expected to witness the fastest CAGR during the forecast period, owing to significant population treated in hospitals; growing number of hospitals especially in developing countries; and greater budget to implement advanced solutions such as VNA, AICA and enterprise/universal viewers in hospitals. This growing adoption is also further supported by increasing adoption of medical imaging equipment leading to rising volume of images to be managed efficiently, growing demand for enterprise-wide image data management in hospitals, and growing emphasis on value-based care.

This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America commanded the largest share of the medical image management market in 2017, followed by Europe and Asia-Pacific. The largest share of this region is primarily attributed to presence of major health IT and medical image management companies in the U.S., implementation of HITECH (Healthcare Insurance Portability and Accountability) and ACA (Affordable Care) in the U.S. which is expected to witness growing adoption of EHRs and VNAs and hospital consolidations in the region, and increasing demand for standard-based medical image archiving and non-DICOM content management. In addition, technological advancements, emergence of AI in medical imaging, and rapidly growing field of telehealth and big data in healthcare further propels the growth of this market. However, Asia-Pacific is expected to witness significant growth, mainly due to increasing amount of patient data and information that would require storage and image management tools, emerging economies and rising healthcare expenditure, increasing government initiatives to improve healthcare and IT infrastructure, rising adoption of EHRs, and growing implementation of advanced imaging modalities.

The major players operating in the medical image management market are Agfa HealthCare, BridgeHead Software Limited, Carestream Health, Inc., FUJIFILM Medical Systems U.S.A., GE Healthcare, Hyland Software, Inc., Merge Healthcare Inc. (IBM Corporation), Mach7 Technologies, McKesson Corporation (Change Healthcare), Novarad Corporation, Koninklijke Philips N.V., and Siemens Healthineers, Sectra AB, INFINITT Healthcare CO., among several others.

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