New York, April 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Medical Imaging Informatics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Digital Radiography, Ultrasound, MRI, CT, Nuclear Imaging, and Mammography), Application (Hospitals, Ambulatory Healthcare Settings, Diagnostics and Imaging Centers, and Others), and Components (Software, Hardware, and Services)”, the global medical imaging informatics market growth is driven by the rising number of diagnostic imaging procedures resulting in the high adoption of medical imaging informatics. However, the lack of a skilled workforce and expertise in operating medical imaging informatics systems hinders the market growth.
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| Report Coverage | Details |
| Market Size Value in | US$ 3.67 Billion in 2021 |
| Market Size Value by | US$ 5.17 Billion by 2028 |
| Growth rate | CAGR of 5.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 197 |
| No. Tables | 84 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, Application, and Components |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Medical Imaging Informatics Market: Competitive Landscape and Key Developments
Agfa-Gevaert N.V.; Carestream Health; ESAOTE SpA; GE Healthcare; Koninklijke Philips N.V.; Siemens Healthineers AG; Hologic, Inc.; Konica Minolta, Inc.; Shenzen Mindray Bio-Medical Electronics Co., Ltd.; and FUJIFILM Holdings Corporation are among the key companies operating in the medical imaging informatics market. Leading players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.
In August 2020, Carestream Health announced the launch of a new product – DRX-L Detector. The company has launched the new product in the US and Canada, enabling hospitals and imaging centers to specialize in long-length imaging to increase productivity and decrease patient discomfort and dose.
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In December 2021, GE Healthcare announced the completion of the acquisition of BK Medical, a pioneer in advanced surgical visualization, from Altaris Capital Partners, LLC. Through this acquisition, the company has strengthened its pre-and post-operative ultrasound capabilities.
North America dominated the medical imaging informatics market in 2021. The US holds the largest share of the medical imaging informatics market in this region due to the high adoption of technologically advanced healthcare IT systems, well-established healthcare infrastructure, and availability of top competitive players in this region. For example, the American College of Radiology report states that the development of universally acceptable image-acquisition protocols in the US has improved consistency by establishing a community consensus and more excellent uniformity in imaging. Further, the rising prevalence of chronic disorders such as cancer and cardiovascular diseases and the increasing geriatric population worldwide are responsible for the adoption of medical imaging informatics. Thus, the rising number of diagnostic imaging procedures is resulting in the high adoption of informatics as a tool for quality imaging and expected to fuel the growth rate of medical imaging informatics market in future.
According to the National Health Service (NHS) report, about 45.2 million imaging tests were conducted in England from October 2018 to September 2019. Among these, 3.58 million imaging tests were reported to have taken place in September 2019. For example, computed tomography (CT) scans accounted for 0.47 million, Magnetic Resonance Imaging (MRI) accounted for 0.30 million, and Ultrasound scans accounted for 0.81 million in September 2019. With rising diagnostic imaging procedures, there are many dimensions required for improving the quality in terms of accuracy of interpretation, communication of imaging results, and measuring and monitoring performance improvement in quality, safety, and efficiency of general practitioners (GPs). Therefore, informatics provides the key technologies that enable physicians to measure and improve quality health of people by offering safety in the treatment of patients. According to the report released by the Radiological Society of North America, medical imaging informatics help ensure that the patients receive the best protocol for clinical conditions through standardization of protocols and electronic communication to the imaging unit. For example, computer-aided design (CAD) is an informatics method used for improving quality by helping radiologists perceive abnormal imaging observations. Additionally, ongoing quality assessment and improvement approaches are costly, time-consuming, and incomplete. The tasks required are challenging for technicians but not for machines. Therefore, the implementation of medical imaging informatics may streamline and improve quality initiatives.
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Further, medical imaging informatics has a crucial role in cancer research and treatment. The NHS report states that the Cancer Imaging Informatics Lab was developed to increase the public availability of high-quality cancer imaging intended for research and enhance research reproducibility. The Cancer Imaging Informatics Lab supports the development of new technologies and methodologies such as clinical imaging data-identification and curation, radiomics, and image characterization, AI and deep learning, and integrative, multi-disciplinary data analysis. With the increasing demand for publicly available diagnostic images with associated clinical data, there is an opportunity to substantially increase the value of the research community by making available imaging data related to clinical trial analysis, associated clinical data, and patient outcomes.
Medical Imaging Informatics Market: Segmental Overview
Based on type, the medical imaging informatics market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. The ultrasound segment accounted for the largest market share in 2021. However, the mammography segment is expected to register the highest CAGR during the forecast period. Based on application, the medical imaging informatics market is segregated into hospitals, ambulatory healthcare settings, diagnostic and imaging centers, and others. The hospitals segment led the market in terms of market share in 2021; it is expected to retain its dominance during the forecast period. However, the diagnostic and imaging center segment is expected to register a higher CAGR during 2021–2028. Based on component, the medical imaging informatics market is segmented into software, hardware, and services. The software segment led the market in 2021, and it is expected to retain its dominance during the forecast period. Also, the software segment will contribute the highest CAGR during the projected period of 2021–2028.
According to the report released by the Radiological Society of North America, the COVID-19 pandemic had a profound impact on radiology practices worldwide. With economic recessions resulting in decreasing healthcare expenditure, radiology activities have experienced a severe economic shock with the need to restrict the availability of imaging. Imaging volumes also decreased with reducing outpatient practices during the pandemic. The American College of Radiology endorsed guidance from the Centers for Disease Control and Prevention and Prevention regarding rescheduling non-urgent outpatient visits, which had a negative impact on screening services (mammography and lung cancer screening). Such factors have resulted in the downfall of medical imaging procedures during the COVID-19 pandemic.
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Therefore, the pandemic severely impacted medical imaging procedures and is likely to implement permanent changes in the coming years. For example, with the high focus of hospitals on transforming digital healthcare will mitigate unprecedented situations like COVID-19 in the long run. As the economy enters the aftermath of the pandemic, the economy and radiology practices will look different. According to the report released by the Radiological Society of North America, radiology preparedness has set up other policies and procedures directly applicable to imaging departments. These include achieving sufficient capacity for continued operation during a healthcare emergency of unprecedented situations, supporting the care of patients if a COVID-19-like problem occurs in the future, and maintaining radiologic diagnostic and interventional support for the entirety of the hospital and healthcare system.
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