Medical Imaging Informatics Market Growth Report 2021 to 2031
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.
Medical Imaging Informatics Market Analysis
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.
Medical Imaging Informatics Market Overview
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.
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Medical Imaging Informatics Market: Strategic Insights
Market Size Value in US$ 3,671.72 Million in 2021 Market Size Value by US$ 5,175.39 Million by 2028 Growth rate CAGR of 5.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Medical Imaging Informatics Market: Strategic Insights
| Market Size Value in | US$ 3,671.72 Million in 2021 |
| Market Size Value by | US$ 5,175.39 Million by 2028 |
| Growth rate | CAGR of 5.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Medical Imaging Informatics Market Drivers and Opportunities
Surge in Geriatric Population
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.
Dynamic Healthcare Landscapes in China and India
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.
Medical Imaging Informatics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medical imaging informatics market analysis are product and end user.
- Based on type, the medical imaging informatics market is digital radiography, ultrasound, MRI, CT, nuclear imaging, mammography. The ultrasound segment held a largest market share in 2023.
- Based on application, the medical imaging informatics market is segmented by hospital, ambulatory healthcare settings, diagnostic and imaging centers, others. The hospitals segment held a largest market share in 2023.
- Based on component, the medical imaging informatics market is segmented by software, hardware, services. The software segment held a largest market share in 2023.
Medical Imaging Informatics Market Share Analysis by Geography
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.
Medical Imaging Informatics Market Report Scope
Medical Imaging Informatics Market News and Recent Developments
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:
- Philips debuts new AI-enhanced informatics solutions to increase diagnostic confidence with intelligence at every step of the radiology workflow at RSNA (Source: Philips, Company Website, November 2022)
Medical Imaging Informatics Market Report Coverage and Deliverables
The “Medical Imaging Informatics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Medical imaging informatics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Medical imaging informatics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Medical imaging informatics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medical imaging informatics market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Components
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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