ID: MRFR/HC/6840-CR | September 2019 | Region: Global | 127 pages
Oral Cancer Diagnostics Market Research Report - Global Forecast till 2024
The global medical image management market is estimated to register a 7.80% CAGR during the forecast period from 2018-2025. The market size of medical image management will increase up to USD 5971.28 Million. It is used for sharing data of patients and medical test results with physicians. It plays a primary role in making any clinical decision.
Medical images analyzing system helps to store high-quality electronic images and clinical reports. The medical image management systems allow the healthcare providers to give easy access and manage the unorganized data stored in several departments. It is a secure and befitting solution in the field of radiology, the study of reports, imaging archiving, etc.
The outbreak of COVID-19 disease increased health risks among people who already suffered from chronic diseases such as diabetes, heart problems, high blood pressure, etc. Restrictions were imposed on social gatherings, travelling, touching, etc. the technological advancements in medical management systems helped to provide access and storage of unstructured data conveniently. However, the market observed a temporary shutdown, economical drawback, and losses due to manufacturing obstruction.
The global medical image management market is expected to have a significant growth during the forecast period. Due to rising cases of cancer-related diseases and the older-age population, increasing investments by key market players and funds by the government in research and development is expected to drive the market to a new level. Furthermore, the rapid growth of technological advancements in healthcare and imaging centers, selection of least invasive treatments, rising cases of other chronic diseases are major market drivers of the medical image management market.
Also, increasing opportunities for cloud-based systems for the efficient and convenient workflow are expected to propel the market growth.
In the global medical image management market, a few restraints are predicted to hamper its growth. Such as high expenditure of healthcare facilities and increasing costs for the management of unstructured data of patients, and longer lifecycles of Vendor Neutral Archives (VNA) are estimated to hamper the market growth globally.
Also, security concerns regarding patients' data, stricter rules, and regulation by the government, such as delaying of approval by the authorities, are some other restraints that hinder the medical image management market.
The medical image management market is estimated to face severe complexities in computing the data, and the lack of trained professionals is a major challenge for the market's growth. Problems such as user interface and usage of the products may take a longer time to compile and sort the unstructured data. Also, the high costs and lifecycle of VNA is also considered to be a huge challenge in front of the key players of the global medical image management market.
The usage of Vendor Neutral Archives (VNAs) or Picture Archiving and Communication Systems (PACS) along with computed medical records of patients will be a huge opportunity for the medical image management market to thrive. Also, the introduction of cloud-based systems to store the data without worrying about losing them is beneficial for the medical management market.
Cumulative Growth Analysis
Due to the increasing need for cloud bases systems for the global medication management market, it is estimated that the market will look at a Comprehensive Annual Growth Rate (CAGR) of 7.80%. It is projected that the market size will expand up to USD 5971.28 Million during the forecast year 2018-2025.
Value Chain Analysis
The Medical Image Management system is very valuable and efficient for the healthcare centers such as hospitals, clinics, pharmaceuticals, and other sectors in the medical industry. The cloud-based system is expected to help the market bloom positively. It is efficient for the accurate depiction of chronic diseases and provides proper healthcare treatment.
The global Medical Image Management Market is segmented into –
The American region has held the largest market share during the year 2018. It is predicted that the American region will largely dominate the Medical Image Management Market due to the increasing number of diseases such as diabetes, cancer, heart-related diseases, kidney failures, and others are one of the major causes for the exponential growth of the global Medical Image Management Market. Moreover, the increasing adoption of Information technologies such as a cloud-based system for easy workflow is also expected for the boost.
European region holds the second position for the largest market share after Americas according to a report in 2018. It is anticipated that it will grow at an 8.12% CAGR during the forecast period. It is expected that the European region will have a steady growth in the Medical Image Management Market. The major driving factors responsible for the market boost are increasing cases of people suffering from chronic disease, availability of best healthcare facilities, and rising preference for research in ultrasound than other countries across the world.
Asia-Pacific region is expected to have a gradual and steady growth. It has recorded a rapid increase in the rate of development. It became the fastest region to register such growth in a span of few years. The exponential growth of the Medical Image Management Market in the Asia-Pacific region is caused due to increasing demand for trained medical practitioners for the efficient production of cardiac, vascular, orthopedic, and breast images. One of the developing countries like India has recorded about 17.8% in the Asia-Pacific region.
In 2018, the Middle East and African region held the least market share. It is projected to have a steady growth due to increased prices of efficient devices, the absence of skilled professionals in large numbers, and less awareness among people for health.
The major market players used different strategies such as mergers, acquisitions, partnerships, joint ventures, and the launch of new products to expand their business worldwide and generate more revenue. For instance, G.E. Healthcare had recently made around 14 investments and 23 acquisitions to increase its business.
Here is the list of competitive companies in the global Medical Image Management Market-
The Overview of Global Medical Image Management Market Research in the report is below-
The report provides a clear view of the growth and potential of the global market of the medical management system. The report gives insights about its opportunities, restraints, market trends, etc. Furthermore, it aims to give clear and ample information about the key players of the market.
Report Score and Segmentation
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, End-User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), McKesson Corporation (US), Sectra AB (Sweden), Agfa-Gevaert Group (Belgium), Carestream Health (US), Esaote SpA (Italy), Fujifilm Holding Corporation (Japan), and Novarad (US).|
|Key Market Opportunities||The market is expected to witness a profitable growth owing to the rising prevalence of chronic diseases|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The medical image management market is projected to grow at a 7.80% CAGR between 2016-2025.
The Americas are predicted to command the highest share in the medical image management market.
The medical image management market is predicted to touch USD 5,971.28 million by 2025.
Key competitors in the medical image management market include Novarad (US), Fujifilm Holding Corporation (Japan), Fujifilm Holding Corporation (Japan), Esaote SpA (Italy), Carestream Health (US), Agfa-Gevaert Group (Belgium), Sectra AB (Sweden), McKesson Corporation (US), Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), and GE Healthcare (US).
Security & privacy concerns and high costs of software may restrict market growth.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.