ID: MRFR/HC/6840-CR | 127 Pages | Published By Rahul Gotadki on September 2019
Medical Image Management Market To be estimated around USD 8,935.18 Million at a CAGR of around 8% till 2030 with North America dominating the global market.
Medical Image Management Market To be estimated around USD 8,935.18 Million at a CAGR of around 8% till 2030 with North America dominating the global market. The medical image management market is one such market that has its deep significance with the health sector operations and medical research. The medical image management system is based on the reports, and high-quality health reports of the patients and in procuring and storing them efficiently.
The medical image managing software and the medical image processing market have been majorly used in the medical image management market where the technology has been used to develop and procure medical images of every patient to disseminate complete information about the disorder and have a complete overview of the disease which may assist the medical staff at the time of the operations and surgeries.
With the increasing number of chronic cases and to cater to a large segment of the population it would have become difficult for the healthcare professionals and workers to maintain separate records for every individual to monitor his progress and thus the medical image analysis software market came into existence and emerged as a solution to the problems associated with the healthcare sector and boost development. The growth in the market is expected to incline upwards with the medical image market size
COVID 19 Analysis:
The global pandemic or the Covid 19 has impacted each market in a significant way and has reduced the market growth in each sector by minimizing production, reduced demands, forced layoffs, etc. The impact of covid 19 can be very well seen on the medical image management market that due to the social distancing norms and lockdowns imposed in various countries, people were not allowed to visit their family doctors and healthcare professionals except in cases of emergency which had ultimately reduced the demand for medical image management software and systems.
However, the market is said to rise and have positive growth in the upcoming future as and when the restrictions are removed and the lockdown is lifted as the people have been tired of the covid fatigue and have been facing mental issues, health-related issues and thus, the market for medical image management systems is bound to prosper.
The health care sector has always been on a rise as now or then various diseases have been affecting people which has ultimately led to chaos in the healthcare industry if not managed properly. The rising number of chronic diseases and the large population affected by it and the capability to manage such a large bunch of people efficiently requires some technological advancements which could store and collect the medical images, health reports, surgical reports, and other medical documents in one place for future requirements and thus, the demand for the medical image management market shoots up.
In addition to the above key drivers, technological advancement in the field of health care facilities has played a major role in boosting the demand for the medical image management software and devices that were earlier not available due to rudimentary processes and procedures followed by healthcare professionals.
Though the medical image management market has been on a roll and continuously steering its way towards growth, some factors may act as barriers towards such growth which must be analyzed properly and removed. The key restraint which remains a problem for each market involved in developing products for the medical sector is the approval by the Government and compliance with various regulations and norms which is a time-consuming and lengthy process but which needs to be followed.
In addition to this, the data of the patients may be migrated or lost and the privacy to the data is completely lost which has been observed as another major hindrance towards the growth of this market. The high cost of installation and maintenance services of the medical image software and hardware also demotivate the hospitals to adopt such technology. Moreover, it is too difficult to find experienced and trained staff for operating such software efficiently.
Technology Analysis: The medical image management system in itself is an outcome of rapid technological advancements and innovations in the health care sector which has boosted the demand for continuous improvements in this field. The medical image management software and devices are set up in hospitals and clinics which generate medical reports and documents of the patient as and when he is analyzed and the results are shown thereof. These results are then stored and procured for future use by the patient himself or the healthcare professional to analyze changes if any.
Apart from this, the big data medical image management software has been gaining much importance nowadays due to the ever-increasing demand for a medical imaging software and these big data analytics provide the advantage of storing and analyzing big data and thus have been emerging in the healthcare sector.
The medical image management market has been segmented as follows:
○ Application-Independent Clinical Archives
○ Picture Archiving and Communication System
○ Enterprise Viewers/Universal Viewers
○ Vendor Neutral Archive (VNA)
○ Diagnostic Imaging Centers
By Geographical Region
● North America (The U.S. and Canada)
● Latin America (Mexico, Brazil, and rest)
● Asia Pacific (India, Japan, China, Australia, Korea)
● Europe (Germany, France, Spain, Italy, U.K.)
● The Middle East and Africa (GCC, South Africa, and rest)
The medical image management market has been gaining importance and revenue from five different regions namely North America, South America, Europe, Asia Pacific, the Middle East, and Africa. The North American region holds the majority share and has been contributing significantly to the growth of the market in totality.
The major factors responsible for the dynamic growth of the medical image management market in this region is a large number of imaging centers, ongoing research activities, technological developments in terms of advanced imaging systems, and the increased Government expenditure on data storage and collections have played a major role in increasing the medical image management market size.
In addition to this Europe has also been making significant efforts towards the growth of the medical image management market with revenues coming from France, Germany, and Italy commonly. Asia Pacific region is one of the significant rising regions due to a large proportion of population existing in such countries and the rising technological advancements and health expenditures have resulted in making this region highly competitive.
The competitive landscape in terms of the medical image management market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment. The big names from this market are:
The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the medical image management market share and size.
The Global report helps the investors to gain meaningful information about the market and make decisions wisely. The report discusses the steps taken by the market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the medical image management market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the medical image management market. The report also discusses the future growth prospects and the competitive landscape in the surgical navigation industry and lays down the expected growth rate of the market along with the hindrances it might have to face.
|Market Size||2030: USD 8,935.18 Million|
|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||
The medical image management market is projected to grow at a 8% CAGR between 2020-2030.
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 8,935.18 million by 2030.
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.