Redding, California, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘North America Medical Image Management Market by Product {PACS [Departmental (Radiology, Mammography, Cardiology), Enterprise], VNA [(On-premise, Hybrid), [Vendor (PACS, Software, Infrastructure)], AICA, Universal Viewer}, and End User - Forecast to 2030’, published by Meticulous Research®, the North America medical image management market is projected to reach $2.3 billion by 2030, at a CAGR of 6.0% from 2023 to 2030.
Medical image management solutions are employed to replace the physical archiving of medical image datasets by digitally storing them in a well-organized manner. These solutions find applications in various healthcare facilities where medical modalities are utilized. When integrated with other tools like Electronic Health Record (EHR), these solutions aid in managing and analyzing the overall health status of patients.
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The growth of this market is driven by the rising geriatric population, growing demand for medical imaging equipment, increasing investments in medical imaging technologies, technological advancements in diagnostic imaging modalities, and growing healthcare IT & EHR adoption. However, the long product lifecycle of vendor-neutral archive solutions and budgetary constraints restrains this market's growth.
Additionally, the growing integration of PACS & VNA with EMR, big data in the healthcare sector, penetration of artificial intelligence in medical imaging, adoption of hybrid & cloud-based medical imaging solutions, and telehealth market offer significant market growth opportunities. However, data migration and lack of interoperability are the major challenges for the market’s growth.
The key players profiled in this market study are Novarad Corporation (U.S.), GE HealthCare Technologies Inc. (U.S.), Hyland Software, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), INFINITT Healthcare Co., Ltd. (South Korea), Siemens Healthineers AG (Germany), Agfa-Gevaert NV (Belgium), Mach7 Technologies (U.S.), FUJIFILM Holdings Corporation (Japan), Merative (U.S.), Sectra AB (Sweden), and Change Healthcare Inc. (U.S.). The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market players in the last three to four years. In recent years, the North America medical image management market has witnessed several organic and inorganic strategic developments.
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Increasing Investments in Medical Imaging Technologies
Medical imaging uses various imaging modalities, such as X-ray, Computed Tomography (CT), and Magnetic Resonance Imaging (MRI), to diagnose diseases. Medical imaging helps in viewing and analyzing the body’s internal conditions using various modalities. Factors driving investments in medical imaging technologies include efforts by government bodies to modernize imaging facilities & research, the proliferation of diagnostic imaging centers, the rising global geriatric population & increase in the incidence of chronic diseases, including cancer, technological advancements in diagnostic imaging modalities, and patients’ increasing preference for minimally invasive treatments. Growth in the utilization of diagnostic imaging services has led to the generation of huge volumes of images that require tools such as PACS and VNA for proper storage, organized analysis, archival, sharing, and management.
Funding from government bodies and investments from private organizations in the medical imaging field are critical to the development & implementation of innovative imaging technologies, modernizing imaging facilities, improving patients’ quality of life, and opening up new areas of scientific discovery.
Some of the related key developments in the medical imaging space are as follows:
- In October 2021, DeepSight Technology, Inc. (U.S.) announced raising USD 25 million in Series A funding. DeepSight Technology aims to enhance non-invasive & invasive medical imaging for multiple diagnostic procedures. The company plans to use the funds to advance its medical imaging technology platform and scale its business.
- In November 2020, Subtle Medical, Inc. (U.S.) announced raising USD 12.2 million in Series A funding. The company used the funds to expand its product portfolio and make medical imaging faster and safer.
Investments in medical imaging technologies are expected to increase the adoption of medical imaging modalities in the coming years, driving the growth of the medical image management market.
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The North America medical image management market is segmented by Product [Picture Archive Communication System (PACS), by Type-Departmental {Radiology, Mammography (Traditional Mammography PACS, Vendor Neutral Mammography PACS), Cardiology, Other Departmental PACS}, Enterprise PACS], [Picture Archive Communication System (PACS), by Delivery- On-premise PACS, Web/Cloud-based PACS], [Vendor Neutral Archive (VNA), by Delivery- On-premise VNA, Hybrid VNA, Web/Cloud-based VNA], [Vendor Neutral Archive (VNA), by Procurement Model- Enterprise VNA (Multi-departmental VNA, Multi-site VNA), Departmental VNA], [Vendor Neutral Archive (VNA), by Vendor Type- Independent Software Vendors, PACS Vendors, Infrastructure Vendors], [Application-independent Clinical Archives (AICA), by Vendor Type- VNA Vendors, Native AICA Vendors], Enterprise/Universal Viewers, and Geography. The study also evaluates industry competitors and analyzes the country-level markets.
Among the products, the VNA segment is projected to register the highest CAGR during the forecast period. The primary driver for the growth of this segment is the demand for universalization of medical image archiving, which can be achieved through the use of Vendor Neutral Archives (VNAs). Additionally, there is a need to reduce data storage costs, further contributing to the segment's growth.
Among the end users, in 2023, the hospitals segment is expected to account for the largest share of the North America medical image management market. The large market share of this segment is attributed to the increased number of admissions in hospitals, the rising number of hospitals, the adoption of VNAs in hospitals, and the growing demand for enterprise-wide image data management in hospitals.
Among the geographies, in 2023, the U.S. is expected to account for the largest share of the North America medical image management market. The U.S. is the largest market for medical image management solutions in North America due to the focus on a patient-centered approach. Furthermore, rapid growth in the geriatric population, increased imaging volumes, developed healthcare IT infrastructure, and growing investments in medical imaging are some of the major factors expected to drive the growth of the U.S. medical image management market.
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Scope of the Report:
North America Medical Image Management Market Assessment—by Product
- Picture Archive Communication System (PACS)
- PACS Market, by Type
- Departmental PACS
- Radiology PACS
- Cardiology PACS
- Mammography PACS
- Traditional Mammography PACS
- Vendor Neutral Mammography PACS
- Departmental PACS
- Enterprise PACS
- Departmental PACS
- PACS Market, by Delivery Model
- On-premise PACS
- Web/Cloud-based PACS
- PACS Market, by Type
- Vendor Neutral Archive (VNA)
- VNA Market, by Delivery Model
- On-premise VNA
- Hybrid VNA
- Web/Cloud-based VNA
- VNA Market, by Procurement Model
- Enterprise VNA
- Multi-departmental VNA
- Multi-site VNA
- Departmental VNA
- Enterprise VNA
- VNA Market, by Vendor Type
- PACS Vendors
- Independent Software Vendors
- Infrastructure Vendors
- VNA Market, by Delivery Model
- Application-independent Clinical Archives
- AICA Market, by Vendor Type
- VNA Vendors
- Native AICA Vendors
- AICA Market, by Vendor Type
- Enterprise/Universal Viewers
North America Medical Image Management Assessment—by End User
- Hospitals
- Diagnostic Imaging Centers
- Other End Users
North America Medical Image Management Assessment—by Country
- U.S.
- Canada
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