The medical imaging informatics market size is projected to reach US$ 6.05 billion by 2031 from US$ 4.03 billion in 2023. The market is expected to register a CAGR of 6.0% during 2023–2031. Rising demand for AI- and cloud-based platforms will likely remain a key trend in the market.
Key factors driving the market growth are the increasing number of medical imaging procedures and the surge in the geriatric population. Furthermore, technological advancements in medical imaging informatics have created growth opportunities for the market over the upcoming forecast period.
According to the clinical search engine Radiology Key, imaging informatics involves using information technology (IT) to deliver efficient, accurate, and reliable medical imaging services within a healthcare network. Also referred to as radiology informatics, medical imaging informatics is responsible for storing, managing, and accessing image-related information and data. Medical imaging is broadly used in cardiology, obstetrics, surgery, and gynecology applications, among others, in the healthcare sector. In addition to the rise in diagnoses, a growing emphasis of regional and national governments on early diagnosis of medical conditions to lower overall healthcare costs is driving the number of patients undergoing magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and X-ray scans worldwide, thereby bolstering the need for medical imaging informatics.
The UK, Canada, Japan, China, India, and South Korea, among other economies, have considerably modernized healthcare facilities and services. As a result, the life expectancy of people in these countries has increased, leading to the growth in their geriatric population base. According to data from the WHO, in 2019, the number of people aged 60 years and older was 1 billion, likely to rise to 1.4 billion by 2030 and 2.1 billion by 2050. The elderly population majorly suffers from various chronic diseases, such as cardiovascular diseases (CVD), due to structural and functional changes in their cardiovascular systems associated with aging. Aging leads to the stiffening of the heart and blood vessels. Thus, arrhythmias, as well as coronary artery disease and heart failure, are common risk factors in people aged 75 and above. In the 2019 Heart Disease and Stroke statistical update by the American Heart Association (AAH), the incidence of CVDs was 77.2% in males and 78.2% in females from the age group of 60–79 years. Furthermore, the incidence of CVDs was 89.3% in adult males and 91.8% in adult females of age 80 and above. Thus, the rising geriatric population worldwide increases the demand for various disease diagnosis procedures and medical imaging informatics, fueling market growth.
Developing countries such as China and India present significant market opportunities for medical imaging informatics. With growing populations, increasing healthcare expenditures, and a rising prevalence of chronic diseases, there is a growing demand for advanced medical imaging technologies in these countries. The adoption of digital imaging systems and informatics solutions is rising in China and India, driven by the need for efficient data management, improved diagnostic accuracy, and enhanced patient care. In China, the government's initiatives to modernize healthcare infrastructure and improve access to quality healthcare services have led to an increased adoption of medical imaging informatics solutions. The country's large population and expanding healthcare sector provide a vast market for vendors offering advanced imaging informatics technologies. In India, the growing number of healthcare facilities, coupled with the rising awareness of the benefits of digital imaging, is driving the demand for informatics solutions that can streamline workflows and enhance clinical decision-making. By leveraging these opportunities and addressing the specific needs of these markets, vendors can tap into the tremendous growth potential offered by these developing countries.
Key segments that contributed to the derivation of the medical imaging informatics market analysis are product and end user.
The geographic scope of the medical imaging informatics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In North America, the US is the largest market for medical imaging informatics. The US medical imaging informatics market is expected to grow significantly due to the increasing prevalence of cancer, rising demand for diagnostic imaging, and growing geriatric population across the country. Moreover, various developments done by leading market players in the country and increased government investment to promote the medical device industry are also expected to fuel market growth during the forecast period.
In the United States and around the world, cancer has a significant impact on society. Cancer statistics show what occurs in big groups of people and provide a snapshot of the disease's impact on society across time. According to Globocan 2020, the US had 2,281,658 new cancer cases, which accounted for 612,390 deaths. The most common types of cancer in the country are breast cancer, lung cancer, prostate cancer, colorectum cancer, and others. Thus, the rising prevalence of cancer in the country is expected to fuel the demand for medical imaging tools such as ultrasound, MRI, digital and computed radiography, etc. The demand for medical information informatics will also flourish during the forecast period.
The regional trends and factors influencing the Medical Imaging Informatics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Imaging Informatics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4.03 Billion |
| Market Size by 2031 | US$ 6.05 Billion |
| Global CAGR (2023 - 2031) | 6.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medical Imaging Informatics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medical Imaging Informatics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Medical Imaging Informatics Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the medical imaging informatics market are listed below:
The “Medical Imaging Informatics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the medical imaging informatics market in 2023
Key factors driving market growth are the increasing number of medical imaging procedures and the surge in the geriatric population. However, the lack of expertise in operating medical imaging informatics systems is expected to restrict market growth during the forecast period.
Rising demand for AI- and cloud-based platforms will likely remain a key trend in the market.
Agfa-Gevaert Group, Carestream Health, ESAOTE SPA, General Electric, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hologic, Inc., Konica Minolta, Inc., Shenzen Mindray Bio-Medical Electronics Co., Ltd., Fujifilm Holdings Corporation.
The market is expected to register a CAGR of 6.0% during 2023–2031.