The medical imaging management market is poised to grow at a CAGR of 6.2% by 2025. The technological innovations in diagnostic imaging and image management, rising electronic medical records (EMR) adoption, and the emergence of big data in healthcare are some of the major factors propelling the growth of the medical imaging management market, across the world. The increasing geriatric population, coupled with the rising prevalence of chronic diseases, has led to many developments in medical technology.
New technologies and tools, such as big data, are emerging in healthcare. Big data has already made a good impact on the healthcare industry. The emergence of big data in healthcare is due to the rapid growth in healthcare data, across the world. The ability of big data tools, to securely store and analyze abundant data, is helping the medical imaging management solutions. The healthcare professionals, with the utilization of big data tools, are able to access thousands of patients’ medical history. This helps the professionals in the early diagnosis of particular diseases, and in offering better solutions to the patient. The growing utilization of data analytics and artificial intelligence in medical imaging management systems is creating a huge growth potential in the management.
Key Market Trends
Picture Archiving and Communications Systems are Estimated to Witness the Good Growth, Over the Forecast Period
PACS gives access to digital images, such as X-rays, and allows them to be stored and viewed on screens. It has become an integral part of the radiology department of healthcare institutions, due to its efficacy in fetching the true results. Due to the digitalization of hospitals, the amount of digital data produced in the point of care is increasing, and PACS is providing efficient handling methods for medical imaging. The key players, like Agfa Healthcare and Siemens, are providing high-quality PACS systems, such as IMPAX 6 and Syngo Suite, respectively.
These PACS systems come up with novel technologies, like 3D imaging, manual, and auto-adjustment of the interface. By incorporating such high-quality PACS systems, hospitals are benefitted by cost savings. Along with the above-mentioned benefits, the rise in the health IT adoption and expansion of the use of diagnostic imaging are the factors responsible for the growth of the PACS segment.
North America is Expected to Dominate the Market in Coming Future
The United States has one of the best healthcare structure, and with the help of the foundations and non-profit organizations that make the healthcare system more interesting. One such foundation that are present in the country is AHRA (The Association for Medical Imaging Management), which was established in the year 1973, and is working for the management of all levels of imaging centers, imaging departments of the hospitals, and group practices in the country.
Through corporate fundings and individual donations, AHRA is generating good revenue, which is being used for the betterment of medical imaging management in the United States. The association is contributing to the maintenance of quality in hospitals and imaging centers and providing improved care to the patients. The involvement of such associations and the rapid adoption of healthcare IT tools by the general population are some of the factors augmenting the growth of the medical imaging management market in the country.
With the help of new and advanced technologies in the field of medical imaging, the market in the United States is expected to grow in the forecast period.
The medical imaging management market is moderately competitive and is majorly dominated by global players. Due to the high cost of the systems, the number of players in the market has been limited. However, advances in analytics and artificial intelligence of data management are expected to help the small companies to enter the market
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