Industry: Healthcare
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP34580
The global medical imaging informatics market is expected to rise from US$2.92 Bn in 2024 to US$4.51 Bn by the end of 2031. The market is anticipated to secure a CAGR of 6.4% during the forecast period from 2024 to 2031.
Key Highlights of the Market
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Attributes |
Key Insights |
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Medical Imaging Informatics Market Size (2024E) |
US$2.92 Bn |
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Projected Market Value (2031F) |
US$4.51 Bn |
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Forecast Growth Rate (CAGR 2024 to 2031) |
6.4% |
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Historical Growth Rate (CAGR 2019 to 2023) |
5.9% |
Increasing cases of chronic diseases globally is fueling the demand for effective and accurate diagnostic tools, which consequently stimulate the market growth. Conditions such as neurological disorders, cancer and cardiovascular diseases need early detection as well as precise monitoring.
Informatics platforms ease the seamless integration as well as management of imaging data and also allow healthcare experts with tools for advanced image analysis. These platforms help in timely diagnosis and treatment planning.
Another key factor driving demand for medical imaging informatics is the integration of artificial intelligence. AI-driven solutions are revolutionizing medical image analysis by automating tasks including pattern recognition, image segmentation and feature extraction. Consequently, enhancing diagnostic efficiency and accuracy.
There are continuous developments in modalities including CT scans, MRI, digital X-rays, and ultrasound which generate large and complex datasets. This fuels the requirement for advanced informatics solutions able to manage process and analyse these data volumes effectively.
Machine learning algorithms trained on vast datasets of annotated medical images may detect subtle anomalies as well as assess disease progression with unprecedented precision. These further allow radiologists and clinicians for making knowledgeable decisions.
Increasing healthcare expenditure, especially in developed countries is increasing investments in advanced imaging technologies as well as informatics solutions with healthcare providers strive to enhance diagnostic capabilities.
Medical imaging informatics (MII) refers to the several processes radiologists need to reach. MII is the development, application, and assessment of information technology (IT) for clinical medical imaging.
There have been notable advancements in medical imaging technologies over the past few decades. The historic growth of the market has been sizeable due to the factors such as transition from analog to digital imaging and advancements in imaging technologies. The market recorded a 3.9% CAGR rate during the historical period.
Advancements in machine learning and intelligence and the integration of imaging informatics with healthcare IT systems bring the flourishing prospects for the future growth of the market. There is increasing emphasis on integrating imaging informatics solutions with broad healthcare IT systems such as enterprise imaging platforms, and integrating imaging informatics segments.
Sales of medical imaging informatics are expected to record a 6.4% CAGR during the forecast period from 2024 to 2031.
Increasing Count of Diagnostic Imaging Procedures
As the number of diagnostic imaging procedures rises, so does the volume and complexity of imaging data generated. MRI, CT scans, and ultrasound produce large amounts of high-resolution images, along with associated patient data.
Managing, storing, retrieving, and analysing this vast and diverse dataset becomes increasingly challenging without sophisticated informatics solutions. Picture Archiving and Communication Systems (PACS), and Vendor-Neutral Archives (VNAs) are the important medical imaging informatics solutions.
Medical imaging informatics solutions play a crucial role in efficiently managing imaging data. Such systems enable healthcare providers to organize, store, and retrieve images and associated patient information securely and efficiently.
The sheer volume of imaging data would overwhelm healthcare facilities and hinder timely access to critical information for diagnosis and treatment planning without such systems.
Growing Demand for Efficient Healthcare Delivery
Healthcare providers are under pressure to reduce diagnostic errors, improve operational efficiency, and optimize resource utilization. Imaging informatics solutions enable streamlined workflows, fast image retrieval and analysis, and integration with clinical decision support systems.
Efficient access to medical imaging data through informatics solutions allows fast diagnosis and treatment planning.
Radiologists and clinicians can access patient images promptly, leading to faster decision-making and timely interventions, which are crucial for improving patient outcomes.
Lack of Expertise in Operating Medical Imaging Informatics Systems
Medical imaging informatics systems require specialized knowledge and training to operate, and many healthcare professionals lack the expertise needed to use them effectively.
The complexity and technical nature of medical imaging informatics systems can make it challenging for healthcare professionals.
Healthcare organizations require ongoing training and support to operate medical imaging informatics systems effectively. The lack of expertise in-house means that organizations may need to rely on vendors for support, which can be costly and time-consuming.
The high cost of purchasing and implementing medical imaging informatics systems and licensing cost of software can make it difficult for smaller healthcare organizations to adopt the technology with low financial resources, thus limiting market growth.
The price of treatment also differs depending on whether it is performed in a private or public hospital, a diagnostic center, or an ASC.
The price of a diagnostic may differ based on the healthcare system. The high expense of medical imaging techniques may prevent more people from using them, particularly in underdeveloped nations.
The cost of maintaining and upgrading medical imaging informatics systems can be high, and many healthcare organizations may not have the necessary expertise to do this in-house. This leads to additional expenses, making the solutions less appealing.
Lack of expertise in operating medical imaging informatics systems and high installation costs are two key factors that can negatively impact the growth of the market in Asia.
Growing Adoption of Telemedicine, and Remote Imaging Services
A significant opportunity stems from increasing adoption of telemedicine and remote imaging services for the medical imaging informatics market players.
Developing informatics solutions tailored to support remote image viewing, interpretation, and consultation can help healthcare providers deliver imaging services.
Industry participants are also able to develop specialized informatics solutions for supporting telemedicine as well as remote imaging services.
Such solutions must include features like remote diagnostic capabilities, secure image sharing and real-time video conferencing. These solutions allow timely diagnosis and treatment planning irrespective of regional location.
Telemedicine, and remote imaging services can also enhance efficiency as well as productivity by lessening requirement for in-person consultations and imaging appointments.
Key participants get an opportunity to develop informatics solutions, which automate image analysis, streamline workflows and facilitate remote diagnosis. These solutions allow healthcare providers to handle a high volume of imaging studies as well as consultations without compromising quality.
Integration of AI, and Machine Learning Technologies
Artificial algorithms, and artificial intelligence can analyse medical images with a consistency and precision level, which can surpass human capabilities in a few tasks. Such capability enhances diagnostic accuracy, leading to early detection of diseases and precise treatment planning.
AI algorithms can analyse medical images including X-rays, MRIs, CT scans for detecting patterns as well as anomalies that may not be easily clear to human radiologists.
For example, AI algorithms have been developed to detect breast cancer from mammograms with high accuracy, possibly reducing missed diagnoses and improving early detection rates. Fast turnaround tiles for image analysis mean fast patient diagnostics as well as treatment initiation.
Routine tasks can be automated by AI-powered algorithms. These tasks are feature extraction, anomaly detection and image segmentation. This automation frees up radiologists' time, allowing them to focus on intricate cases and improving overall workflow efficiency.
Medical Imaging Informatics Systems to be Extensively Used in Ultrasound Applications
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Category |
CAGR through 2031 |
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Ultrasound |
17.5% |
Medical imaging informatics is crucial in enabling minimally invasive operations by delivering precise and detailed images of the targeted area. This enables healthcare providers to precisely pinpoint the target and carry out the surgery with more precision and safety.
Ultrasound imaging is a popular imaging technique for minimally invasive treatments such as biopsies, aspirations, and injections.
The growing need for these procedures drives the demand for medical imaging informatics in the ultrasound segment. The ultrasound segment is set to advance at a 17.5% CAGR during the forecasted period.
Hospitals Hold the Largest Share of the Market
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Attributes |
Share in 2020 |
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Hospitals |
67% |
Hospitals perform a large volume and variety of imaging procedures, including X-rays, CT scans, MRI scans, ultrasound, and nuclear medicine studies.
As a result, hospitals generate a significant amount of imaging data that needs to be managed, stored, and analysed efficiently, driving the demand for informatics solutions.
Hospitals invest in advanced imaging technologies to provide state-of-the-art diagnostic and therapeutic services to patients.
These technologies generate large volumes of complex imaging data that require sophisticated informatics solutions for visualization, analysis, and interpretation.
Hospitals leverage informatics platforms to support advanced imaging technologies such as 3D and 4D imaging, molecular imaging, and functional imaging techniques. The hospitals segment recorded the significant market share of 67% of the market in the 2020.
North America Records Highest Revenue Growth
North America has the highest healthcare spending level worldwide, fueled by factors including increase in the prevalence of chronic diseases, aging population and high healthcare service utilization rates.
Healthcare organization prioritize investments in informatics solutions for enhancing diagnostic accuracy and improve clinical workflows in the region.
This region boasts a few of the most advanced healthcare infrastructure in the world with a high concentration of research institutes, hospitals, clinics, and imaging centers. All these are equipped with state-of-the-art medical imaging technologies.
The growing adoption of advanced imaging modalities generates important volume of imaging data, fueling the demand for informatics solutions to analyse and manage this data efficiently.
January 2023
Konica Minolta announced the launch of its new AeroDR HD flat panel detector for digital radiography. The detector is designed to provide high-quality images with low radiation doses and is compatible with a range of Konica Minolta's digital radiography systems.
March 2021
Fujifilm announced that it had completed its acquisition of Hitachi's diagnostic imaging business. The acquisition is expected to strengthen Fujifilm's position in the medical imaging market, particularly in the areas of computed tomography (CT) and magnetic resonance imaging (MRI).
April 2021
Siemens Healthineers announced that it had completed its acquisition of Varian Medical Systems, a leader in radiation therapy technology. The acquisition is expected to enhance Siemens Healthineers' portfolio of oncology solutions and strengthen its position in the healthcare market.
Competitive landscape for the market is characterized by a mix of established players and innovative start-ups, with a strong focus on technology innovation, strategic partnerships, and global market expansion.
As the healthcare industry continues to evolve and embrace digital transformation, competition in this market is expected to intensify, driving further innovation and advancements in medical imaging informatics solutions.
Established players such as imaging equipment vendors, leading healthcare IT companies and medical device manufactures dominate the market. These companies provide complete solutions including radiology information systems, advanced visualization, and analytical tools.
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Component
By Deployment
By Application
By End User
By Region
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The market is projected to increase from US$2.92 Bn in 2024 to US$4.51 Bn by the end of 2031.
Increasing count of diagnostic imaging procedures is a primary driver for market growth.
Growing adoption of telemedicine and remote imaging services presents a key opportunity in the market.
A few of the leading manufacturers in the market are Medtronic, Inc, Siemens AG, and Koninklijke Philips N.V.
North America records the highest revenue growth in the market.
