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(Health-NewsWire.Net, October 23, 2021 ) According to research report the medical image management market is projected to reach USD 4.40 billion in 2023 from USD 3.04 billion in 2018 at a CAGR of 7.7% during the forecast period.
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Based on products, the medical image management market is segmented into PACS, VNAs, AICA, and enterprise/universal viewers. The PACS segment is expected to account for the largest share of the market in 2018.
Based on product, the Medical Image Management Market is segmented into PACS, VNAs, AICA, and enterprise/universal viewers. The PACS segment is expected to account for the largest share of the market in 2018. Factors such as technological advancements in PACS; adoption of PACS in new imaging segments such as endoscopy, ophthalmology, mammography, and oncology; growing adoption of PACS by small hospitals and imaging centers; and government initiatives encouraging healthcare IT adoption are driving the growth of the PACS segment.
By procurement model, the PACS market is segmented into departmental PACS and enterprise PACS. In 2018, the departmental PACS segment is estimated to account for the largest market share. This large share can be attributed to the fact that that PACS were originally designed keeping in mind individual departmental workflows and hence a large number of PACS were adopted in healthcare facilities. The enterprise PACS market, however, is expected to register the highest CAGR of during the forecast period owing to its ability to allow interoperability by allowing integration of results across different hospital departments, enabling seamless access to all patient information at a single point of interaction.
Most key players adopted expansions as their primary growth strategy between 2015 and 2018. The medical image management market is marked by the presence of several big and small players. Prominent players offering medical image management products include McKesson Corporation (US), GE Company (US), Fujifilm Holdings Corporation (Japan), Merge Healthcare Inc. (US) (a part of IBM Corporation), Agfa-Gevaert Group (Belgium), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Carestream Health, Inc. (US) (a part of Onex Corporation), Bridgehead Software (UK), Novarad Corporation (US), Mach7 Technologies Ltd. (US), and INFINITT Healthcare Co., Ltd. (South Korea).
McKesson was the leading player in the medical image management market in 2017. Its leading position can be attributed to its well-diversified and robust product portfolio. As part of its growth strategy, McKesson focuses on product launches to increase its market share in the medical image management market. For instance, in April 2015, McKesson launched Conserus, a suite of flexible, vendor-neutral solutions for healthcare IT enterprise and diagnostic imaging. This vendor-neutral solution enabled the company’s customers to smoothen their workflows by allowing interoperability between the existing systems. The company also engages in inorganic strategies like joint ventures to enhance its position in this market. For instance, in 2017, the company entered into a contribution agreement to form a joint venture to create a new healthcare information technology company—Change Healthcare.
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The medical image management system market is dominated by North America, followed by Europe. The dominance of the North American market is attributed to factors such as the large number of imaging centers in this region, ongoing research activities, and rapid adoption of technologically advanced imaging systems. Additionally, government initiatives towards digitization and increasing adoption of EHR/EMR and data storage & exchange solutions are additional factors driving the adoption of medical image management in this region.
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