Medical Image Management Market Worth $5.76 Billion by 2027, Growing at a CAGR of 7.2% from 2020- Pre and Post COVID-19 Market Opportunity Analysis…

September 10, 2020 09:02 ET | Source: Meticulous Market Research Pvt. Ltd.

London, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Medical image management solutions are used for aiding diagnosis, comparing images between patients or within the same patient at different time points to assess the progress of the disease, and evaluating prognosis. Medical image management solutions also allow the integration of medical image data with patient data in other records, such as the electronic health record, health information system, and radiology information system (RIS).

The medical image management market is expected to grow at a CAGR of 7.2% from 2020 to reach $5.76 billion by 2027. Factors such as the growing investments in the medical imaging market, technological advancements in diagnostic imaging modalities, rising geriatric population, growing demand for advanced imaging equipment, rapidly growing big data in healthcare, and growing healthcare IT & EHR adoption are driving the growth of the medical image management market. In addition, integration of PACS/VNA with EMR, untapped emerging markets, penetration of AI in medical imaging, rapidly growing telehealth market, and rising adoption of hybrid cloud-based solutions offer significant growth opportunities for players operating in the medical image management market. However, the longer product lifecycle of VNAs and budgetary constraints are expected to hinder the growth of the medical image management market to a certain extent.

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The global medical image management market is segmented on the basis of product, end user, and geography.

Based on product, the medical image management market is segmented into Picture Archive Communication System (PACS), Vendor Neutral Archive (VNA), Application-independent Clinical Archives (AICA), and Enterprise Viewers/Universal Viewers. In 2020, the PACS segment is estimated to account for the largest share of the overall medical image management market. Factors driving the growth of this segment include the adoption of PACS in radiology departments and rising incorporation of PACS into other specialties, such as cardiology, ophthalmology, oncology, endoscopy, teleradiology, dermatology, pathology, neurology, and dentistry.

Based on type, the PACS market is segmented into departmental and enterprise PACS. In 2020, the departmental PACS segment is estimated to account for the largest share of the overall PACS market. Factors such as significant adoption of PACS in radiology departments and rising incorporation of PACS into other specialties such as cardiology, ophthalmology, oncology, endoscopy, teleradiology, dermatology, pathology, neurology, and dentistry are driving the growth of this segment.

Based on delivery model, the PACS market is segmented into on-premise and web/cloud-based PACS. In 2020, the on-premise PACS segment is estimated to account for the largest share of the overall PACS market. This can be attributed to various advantages offered by on-premise PACS, such as high security, control over images, and comparatively lower latency than web/cloud-based PACS.

Based on procurement model, the VNA market is segmented into departmental and enterprise VNA. In 2020, the enterprise VNA segment is estimated to account for the largest share of the overall VNA market. Based on delivery model, the VNA market is segmented into on-premise, hybrid, and cloud-based VNA. In 2020, the on-premise VNA segment accounted for the largest share of the overall VNA market. Factors such as greater security, control over images, and lower latency than cloud storage are driving the growth of this segment.

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Based on vendor type, the VNA market is segmented into PACS, independent software, and infrastructure/storage vendors. In 2020, the independent software vendors accounted for the largest share of the VNA market. An increasing number of hospitals, community centers, and diagnostic imaging centers are turning towards independent software vendors due to their vast experience and better functionality, scalability, integration, and support.

Based on the end user, the overall image management market is segmented into hospitals, diagnostic imaging centers, and others. In 2020, the hospitals segment accounted for the largest share of the overall medical image management market. The large share of this segment can be attributed to the growing number of hospital admissions, rising number of hospitals in developing countries, adoption of VNAs in hospitals, and growing demand for enterprise-wide image data management in hospitals.

On the basis of geography, the global medical image management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America is estimated to account for the largest share of the global medical image management market, followed by Europe and Asia-Pacific. The large share of the North American region is mainly attributed to the acceptance of advanced technologies, a well-developed healthcare industry, rising aging population, rising incidence of chronic diseases, and increasing adoption of electronic medication administration record systems.

The medical image management market is highly competitive in nature. Some of the leading players operating in this 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),BridgeHead Software Ltd. (U.K.), IBM Corporation (U.S.), Sectra AB (Sweden), 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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Originally posted here:
Medical Image Management Market Worth $5.76 Billion by 2027, Growing at a CAGR of 7.2% from 2020- Pre and Post COVID-19 Market Opportunity Analysis...