Impact of COVID-19 on Medical Image Management Market Regional Analysis, Key Players and Forecasts by 2025

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Global Medical Image Management Market: Information by Product (Picture Archiving and Communication System, Vendor Neutral Archive (VNA), Application-Independent Clinical Archives and Enterprise Viewers/Universal Viewers), End User (Hospitals, Diagnostic Imaging Centers and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2025.The Global Medical Image Management Market is expected to register a CAGR of 7.80% to reach USD 5,971.28 Million till 2025. Medical image management systems are used in hospitals and diagnostic centers for sharing patient data and laboratory results with physicians. These systems are very useful and help in maintaining patient data, which plays an important role in clinical decision making.

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The rising prevalence of chronic diseases, increasing spending on the healthcare it sector, and technological advancements in diagnostics sector are expected to enhance the market growth. However, the high costs of software solutions and privacy and security concerns are projected to curb the growth of the market.

Market Dynamics

The market is expected to witness a profitable growth owing to the rising prevalence of chronic diseases. According to the data by the Government of Canada, in 2017, about 2.3 million people aged 12 and older were diagnosed with diabetes. Additionally, according to the press release by Chiron Health published in June 2016, chronic diseases such as heart disease, stroke, cancer, depression, type 2 diabetes, obesity, and arthritis affected an estimated 117 million people in the Americas. The medical image management technology could be used to address the issues related to the data collection and sharing of laboratory results and rising demand for healthcare services related to the diagnosis of cancer, diabetes, and other diseases in the North American region.Thus, the rising prevalence of chronic diseases is expected to drive the growth of the global medical image management market.

Segmentation

The global medical image management market, by product, has been segmented into picture archiving and communication system, vendor-neutral archive (VNA), application-independent clinical archives, and enterprise viewers/universal viewers.Based on end user, the medical image management market has been categorized as hospitals, diagnostic imaging centers, and others.

Regional Analysis

The global medical image management market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.The Americas accounted for the largest market in 2018 and is estimated to dominate the global medical image management market owing to the increasing prevalence of chronic diseases, rising adoption of healthcare IT by healthcare bodies, and an increasing number of medical imaging procedures performed.

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Europe acquired the second largest market share in 2018. It is expected to register a CAGR of 8.12% by the end of the forecast period. The European market is expected to register a sturdy growth rate during the forecast period due to major driving factors such as the rising patient population of strokes and cardiovascular disorders, increasing research on ultrasound, and availability of advanced treatment facilities amongst others. For instance, according to the 2017 statistics presented by the European Society of Cardiology, there were more than 6 million new cases of cardiovascular diseases in the European Union and more than 11 million in Europe as a whole.

Asia-Pacific is expected to witness significant growth and is projected to be the fastest-growing region over the forecast period. The high growth rate is due to the rising demand for medical practitioners to produce appropriate vascular, orthopedic, breast, and cardiac images and integration of reports, images, and measurements into a patient's complete record. India held a share of 17.8% in the Asia-Pacific medical image management market in 2018.The Middle East & Africa accounted for the least market in 2018 and is forecasted to exhibit steady growth due to the high price of devices, lack of awareness regarding health, and lack of skilled professionals.

Key Players

The prominent players in the global medical image management market are 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).

Some of the key strategies followed by players operating in the global medical image management market were product launch, patent acquisition, partnership, product expansion, and collaborations.In May 2019, GE Healthcare, in collaboration with F. Hoffmann-La Roche Ltd, launched NAVIFY Tumor Board 2.0. The product enables to store complete patient diagnostic information at one location, enabling to decide the treatment plan for cancer patients.

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In March 2019, Koninklijke Philips N.V. announced the expansion of its radiology solutions portfolio with teleradiology services. Teleradiology includes the interpretation of patients' images from medical imaging exams, such as X-ray exams, MR, and CT. This complements the company's organic innovation initiatives to expand its radiology solutions portfolio.In July 2017, Agfa HealthCare, a subsidiary of Agfa-Gevaert Group, received the Food and Drug Administration (FDA) clearance for its product XERO Xtend.

Market Segmentation

Global Medical Image Management Market, by Product

Picture Archiving and Communication System

Vendor Neutral Archive (VNA)

Application-Independent Clinical Archives

Enterprise Viewers/Universal Viewers

Global Medical Image Management Market, by End User

Hospitals

Diagnostic Imaging Centers

Others

Global Medical Image Management Market, by Region

Americas

North America

US

Canada

Latin America

Europe

Western Europe

Germany

France

UK

Italy

Spain

Rest of Western Europe

Eastern Europe

Asia-Pacific

Japan

China

India

South Korea

Australia

Rest of Asia-Pacific

Middle East & Africa

Middle East

Africa

Available Additional Customizations

Company Profiles of Other Key Players

BridgeHead Software Ltd

INFINITT Healthcare Co., Ltd

Mach7 Technologies Ltd

Medical Image Management Market, Industry Trends

Intended Audience

Medical device manufacturers

Research & development organizations

Academic institutes

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