Medical Image Management Market Segments, New Technologies, Major Players Cost Estimation, Industry Size, Global Market Scope, Upcoming Trends And Regional Outlook To 2027 | Impact of COVID-19 on the Global Medical Image Management Market

Meticulous Research®– leading global market research company published a research report titled Medical Image Management Market by Product {PACS [Departmental (Radiology, Mammography, Cardiology), Enterprise], VNA [(On-premise, Hybrid), [Vendor (PACS, Independent Software, Infrastructure)], AICA, Universal Viewer} and End User – Global Forecast to 2027”.

According to this latest publication from Meticulous Research®, the overall medical image management market is expected to grow at a CAGR of 7.2% from 2020 to reach to $5.76 billion by 2027. The factors such as growing investments in the medical imaging market, technological advancements in diagnostic imaging modalities, rising geriatric imaging volumes, growing demand for advanced imaging equipment, rapidly growing big data in healthcare, and growing healthcare IT and EHR adoption are majorly driving the growth of the overall medical image management market. Also, integration of PACS/VNA with EMR, untapped emerging markets, penetration of artificial intelligence in medical imaging, rapidly growing field of telehealth, and hybrid-cloud-based solutions represent high-growth opportunities for the players operating in this market. However, the factors such as longer product lifecycle of VNAs and budgetary constraints restrict the growth of this market to some extent.

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Impact of COVID-19 on the Global Medical Image Management Market

Since its outbreak in December 2019, the disease has spread in too many countries around the globe with the World Health Organization declaring it a public health emergency. COVID-19 is affecting the global economy mainly in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. With the unavailability of treatment, rise in cases, limited resources, and vulnerability of the medical staff of catching the virus, the healthcare sector is struggling to deal with the pandemic situation.

In order to deal with the issue, the governments are stepping up to maintain the social distancing. Due to this, patients are not able to meet their family or doctors are not able to reach out to patients in order to maintain safety. For this, vendors in this market are focusing on providing teleradiology solutions to healthcare facilities. Teleradiology allows radiologists to read images and generate reports seamlessly same as that of hospital onsite workstations. Through teleradiology, radiologists can continue to provide interpretations and communicate with referring physicians just as they would by being in the hospital, but without the contact. The cloud-based workstations and mobile applications allow radiologists and physicians to access diagnosis, reports, and images irrespective of their location via cloud-based PACS. This allows both radiologists and physicians to provide efficient care for the patient while reducing the risk of spreading or contracting COVID-19. The application of teleradiology platform supported by PACS center is currently in use in Kazakhstan and it is being used for COVID-19 identification in medical imaging studies. The platform is easily integrated with iMedHub (imedhub.org), a decision support system that provides national services for hospitals and doctors helping the remote diagnosis of lung diseases. Anyone can upload an x-ray of the lungs and get a neural network diagnostic result in a few seconds. During the fight against coronavirus, this tool was integrated with the PACS center platform and it is being used in the largest coronavirus control hospitals in Almaty, Kazakhstan. As the COVID-19 has specific site of infection, the demand for related teleradiology solutions is increasing.

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The global medical image management market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The global medical image management market study includes the market analysis by product (Picture Archiving and Communication System, Vendor Neutral Archive, Application Independent Clinical Archive, and Enterprise/Universal Archive) and end user (hospitals, diagnostic imaging centers, and other end users), and geography.The study also evaluates industry competitors and analyzes the market at regional and country level.

Based on product type, the market is segmented into Picture Archiving and Communication System (PACS), Vendor Neutral Archive (VNA), Application Independent Clinical Archive, and Enterprise/Universal Archive. The PACS segment is estimated to account for the largest share of the overall medical image management market in 2020. The large share of this segment is mainly attributed to the considerable adoption of radiology PACS and growing adoption of PACS in other specialty departments.

Based on end user, the medical image management market is broadly segmented into hospitals, diagnostic imaging centers, and other end users which include ambulatory surgical clinics, universities/education centers, government and non-government organizations, and academic research institutes. The hospitals segment is estimated to account for the largest share of the overall medical image management market in 2020, due to the factors such as increasing hospital expenditures for advanced management products, rising number of emergency admissions, and growing need to improve overall value-based care.

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2020, North America is estimated to dominate the global medical image management market, followed by Europe and Asia Pacific. The factors such as higher acceptance of advanced technologies, increasing adoption of electronic medication administration record system, innovation of new solution for data storage, and presence of many leading medical players in the region propels the growth of this market in North America.

TOP 10 COMPANIES IN MEDICAL IMAGE MANAGEMENT MARKET

Key Players:

The key players operating in the overall medical image management market are Novarad Corporation (U.S.), Koninklijke Philips N.V. (Netherland), INFINITT Healthcare Co., Ltd. (South Korea), Siemens Healthineers AG (Germany),Hyland Software, Inc. (U.S.), Agfa-Gevaert Group (U.S.), GE Company (U.S.), Mach7 Technologies (U.S.), FUJIFILM Holdings Corporation (Japan), IBM Corporation (U.S.), Sectra AB (Sweden), BridgeHead Software Ltd. (U.K.), and Change Healthcare Inc. (U.S.) among others.

Key questions answered in the report-

  • Which are the high growth market segments in terms of product type, end user, and region/countries?
  • What was the historical market for medical image management across the globe?
  • What are the market forecasts and estimates for the period of 2020-2027?
  • What are the major drivers, restraints, opportunities, and challenges in the overall medical image management market?
  • Who are the major players in the medical image management market?
  • How is the competitive landscape and who are the market leaders in the overall medical image management market?
  • What are the recent developments in the overall medical image management market?
  • What are the different strategies adopted by the major players in the overall medical image management market?
  • What are the geographical trends and high growth regions/ countries?

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