Medical Image Management Market Worth $5.76 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

Medical Image Management Market Worth $5.76 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

PR Newswire

LONDON, Aug. 24, 2020

LONDON, Aug. 24, 2020 /PRNewswire/ -- According to a new market research report "Medical Image Management Market by Product {PACS [Departmental (Radiology, Mammography, Cardiology), Enterprise], VNA [(On-premise, Hybrid), [Vendor (PACS, Independent Software, Infrastructure)], AICA, Universal Viewer} and End User – Global Forecast to 2027", published by Meticulous Research®, the medical image management market is expected to grow at a CAGR of 7.2% from 2020 to reach $5.76 billion by 2027.

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Medical image management solutions include Picture Archiving and Communication System (PACS), Vendor Neutral Archive (VNA), Application Independent Clinical Archives (AICA), and Enterprise Viewers/Universal Viewers. PACS is a medical imaging technology used primarily in healthcare organizations to securely store and digitally transmit electronic images and clinically-relevant reports. Although PACS is widely adopted in healthcare, VNA technology is rapidly gaining traction. VNA and AICA platforms allow providers to manage and provide access to disparate types of unstructured content among multiple departments, across the entire integrated delivery network and between affiliated providers in the community. An universal image viewer enables viewing of images across departments and enterprises, ultimately enhancing patient care. Thus, the medical image management provides solutions to healthcare facilities for efficient clinical workflow.

Impact of COVID-19 on the Medical Image Management Market: Growing Adoption of Cardiology PACS in Healthcare Facilities during COVID-19 Drives the Growth of the Market

Cardiology PACS helps in supporting retrieval, reviewing, and analysis of multiple cardiovascular imaging modalities such as CT, IVUS, MR, NM, US, and XA. The system supports multiple layouts for viewing diagnostic quality DICOM images to help with diagnostic reporting. Growing number of cardiology departments are using PACS for eliminating film-related costs, reducing test duplication due to misplaced film, and speeding up the workflow.

Cardiovascular disease is the comorbidity that has the highest death rate in COVID-19 patients, at about 10%. Echocardiography therefore is required for the patients with suspected or confirmed COVID-19 to study the cardiovascular complications including pre-existing cardiac disease, acute cardiac injury, and drug-related myocardial damage. ECG findings with COVID-19 can include diffuse ST-elevations as seen in myopericarditis, nonspecific ST changes, and low voltage in the limb leads. The use of point-of-care ultrasound (POCUS) can provide useful information about cardiac function while limiting the number of people that are exposed to an infected patient. Also, the point-of-care cardiac images resulted from screening echocardiogram can be remotely sent to PACS for expert interpretation. Hence, due to COVID-19 pandemic, the increase in adoption of cardiology PACS is observed, resulting in the growth of the medical image management market.

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The medical image management market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027- by product and end user. The study also evaluates industry competitors and analyzes the market at a regional and country level.

Based on product type, Picture Archive Communication System (PACS) segment is estimated to command the largest share of the overall medical image management market in 2020. The largest share of this segment is primarily attributed to the significant adoption of PACS in radiology department where majority of the imaging studies are handled, managed, and stored; and rising incorporation of PACS into other specialties such as cardiology, ophthalmology, oncology, endoscopy, teleradiology, dermatology, pathology, neurology, and dentistry. However, the vendor neutral archive segment is expected to grow at the fastest CAGR during the forecast period, owing to its greater security, control over images, and lower latency than cloud storage.

Further, based on type, the PACS market is segmented into departmental PACS and enterprise PACS. The departmental PACS segment is estimated to command the largest share of the overall PACS market in 2020. The large share of this segment is mainly attributed to the factors such as significant adoption of PACS in radiology department where majority of the imaging studies are handled, managed, and stored; and rising incorporation of PACS into other specialties such as cardiology, ophthalmology, oncology, endoscopy, teleradiology, dermatology, pathology, neurology, and dentistry. However, the enterprise PACS segment offers new revenue pockets for players operating in the PACS market.

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Based on end user, the hospitals segment is estimated to command the largest share of the overall medical image management market in 2020. Significant population treated in hospitals, growing number of hospitals especially in developing countries, greater budget to implement advanced solutions such as VNAs in hospitals, growing burden of chronic diseases associated with rising aging population, and increasing adoption of medical imaging equipment which leads to rising volume of images to be managed efficiently are the key factors driving the growth of medical image management market for hospitals. Moreover, the growing demand for enterprise-wide image data management in hospitals and growing emphasis on value-based care further support the growth of this segment.

Geographically, the global medical image management market is estimated to be dominated by the North America in 2020. The factors such as higher acceptance of advanced technologies, increasing adoption of electronic medication administration record system, innovation of new solution for data storage, and presence of many leading medical players in the region propels the growth of this market in North America. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia Pacific medical image management market are rising investment in the healthcare sector, improving healthcare infrastructure, increased adoption of medical imaging devices, adoption of new technology into the healthcare industry, and developments made for adoption of AI and telehealth services.

The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 4 years (2017–2020). The medical image management market has witnessed number of new product launches, partnerships & collaborations, expansions, and acquisitions in recent years. Some of the key players operating in the market are Novarad Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), INFINITT Healthcare Co., Ltd. (South Korea), Siemens Healthineers AG (Germany), Hyland Software, Inc. (U.S.), Agfa-Gevaert Group (U.S.), GE Company (U.S.), Mach7 Technologies (U.S.), FUJIFILM Holdings Corporation (Japan), IBM Corporation (U.S.), Sectra AB (Sweden), BridgeHead Software Ltd. (U.K.), and Change Healthcare Inc. (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/medical-image-management-market/

Scope of the Report:

Medical Image Management Market, by Product

Medical Image Management Market, by End User

Medical Image Management Market, by Geography

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