Medical Image Management Market Development and Business Trends
Global market size-
According to research report the medical image management market is projected to reach $4.40 billion in 2023, Growing at a CAGR of 7.7% during the forecast period.
Market growth influenced due to following factors-
- Technological advancements in diagnostic imaging modalities and image management software.
- Growing investments in the medical imaging market.
- Government initiatives to encourage EMR adoption.
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Leading Players-
The medical image management market is marked by the presence of several big and small players. Prominent players in this market include McKesson Corporation (US), Siemens Healthineers (Germany), Merge Healthcare Inc. (US), Agfa-Gevaert Group (Belgium), Philips Healthcare (Netherlands), GE Healthcare (US), Fujifilm Holdings Corporation (Japan), Carestream Health, Inc. (US), BridgeHead Software (UK), Novarad Corporation (US), Mach7 Technologies Ltd. (US), and INFINITT Healthcare Co., Ltd.(South Korea).
Top Market Segments-
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.
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.
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Geographic Overview -
In 2018, North America is expected to command the largest share of the market. The large share of this regional segment can be 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.