The medical image management market is projected to reach USD 4.40 billion in 2023 from USD 3.04 billion in 2018, at a CAGR of 7.7% during the forecast period.
Growth in this market is mainly driven by the technological advancements in diagnostic imaging modalities and image management software, growing investments in the medical imaging market, government initiatives to encourage EMR adoption, increasing usage of imaging equipment, growing adoption of image management systems by small hospitals and imaging centers, and rapidly growing big data in healthcare.
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Based on product, the medical image management market is segmented into PACS, VNAs, AICA, and enterprise/universal viewers. The PACS segment is expected to account for the largest share of the market in 2018. Factors such as technological advancements in PACS; adoption of PACS in new imaging segments such as endoscopy, ophthalmology, mammography, and oncology; growing adoption of PACS by small hospitals and imaging centers; and government initiatives encouraging healthcare IT adoption are driving the growth of the PACS segment.
By procurement model, the PACS market is segmented into departmental PACS and enterprise PACS. The enterprise PACS segment is expected to attain the highest CAGR during the forecast period owing to its ability to allow interoperability by allowing integration of results across different hospital departments, enabling seamless access to all patient information at a single point of interaction.
Based on end user, the medical image management market is segmented into hospitals, specialty clinics & ambulatory surgery centers, and other end users. The specialty clinics & ambulatory surgical centers segment is expected to register the highest CAGR during the forecast period. The growing patient pool for the diagnosis and treatment of cataracts in specialty clinics & ASCs due to cost-effective treatments is expected to propel the growth of the medical image management market in this end-user segment.
By delivery model, the VNA market is further categorized into on-premise VNA, hybrid VNA, and fully cloud-based VNA. The hybrid VNA segment is expected to grow at the highest rate during the forecast period. Hybrid VNA enables significant cost reduction and provides a central location for storing data from multiple sites, thus allowing enhanced opportunities for collaboration, data exchange, and disaster recovery. This is one of the prime factors driving the growth of this segment.
Among the four regional segments covered in the medical image management market—North America, Europe, Asia, and the Rest of the World (RoW), Asia is expected to grow at the highest CAGR during the forecast period. The high growth of this regional segment is attributed to factors such as the increase in the geriatric population, growing number of imaging centers in this region, increasing research activities, rapid adoption of imaging systems, improving healthcare infrastructure, and growing government initiatives to boost HCIT adoption in this region.
The untapped emerging markets and cloud-based platforms are also expected to provide a wide range of growth opportunities for players in the market. With their huge population base, developing countries across the world, including China, India, Russia, Brazil, Mexico, and South Africa, pose potential growth opportunities for medical image management providers. Factors such as increasing awareness on early disease diagnosis, changing lifestyles, growing per capita spending, and the introduction of cost-effective therapies are driving leading players in the medical image management market to expand their presence in these emerging markets.
