According to this latest publication from Meticulous Research®, the global 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, rising geriatric imaging volumes, growing adoption of VNA and other advanced tools, 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 a certain extent.
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PACS captured a major market share of the global medical image management market owing to significant growth in imaging technology and the increasing image management needs of radiology, cardiology, oncology, ophthalmology and other departments. In addition, rapid shift from traditional film-based image retrieval, distribution, and display; increasing adoption of telemedicine and teleradiology; growing amount of medical data in healthcare organizations; and technological advancements in imaging modalities and PACS propels the growth of PACS market.
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The medical image management market is segmented based on product type, procurement model, mode of delivery, and end user. Hospitals are currently the leading adopters of medical image management systems and are also expected to witness highest CAGR, owing to significant patient population treated in hospitals, greater budgets, rising volume of images to be managed efficiently, rising adoption by small hospitals, increasing demand for enterprise-wide imaging, and growing emphasis on value-based care.
Geographically, North America commanded the largest share of the global medical image management market in 2017, followed by Europe and Asia-Pacific. The large share of this region is mainly attributed to presence of major health IT and medical image management companies in the U.S., implementation of HITECH and ACA in the U.S., significant focus on collaborative care, advanced health IT infrastructure, rapidly growing big data in healthcare, emergence of AI in medical imaging, and rapidly growing field of telehealth.
Major players operating in the medical image management market are Agfa HealthCare, BridgeHead Software, Carestream Health, FUJIFILM, GE Healthcare, Hyland Software, Merge Healthcare Inc. (IBM), Mach7 Technologies, McKesson Corporation (Change Healthcare), Novarad, Philips Healthcare, and Siemens Healthineers, Sectra AB, and INFINITT Healthcare CO.
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