Frost & Sullivan’s recent analysis finds that the emergence of new technologies such as artificial intelligence (AI) and the cloud, evolving clinical and administrative/operational needs, and the introduction of new policies and regulations will boost the global medical imaging informatics market. This market comprises radiology IT solutions, ancillary IT solutions, other departmental IT solutions such as cardiovascular information systems, and enterprise imaging IT solutions, estimated to hit $10.4 billion by 2025 from $8.5 billion in 2019, registering a CAGR of 3.5%. However, with the impact of COVID-19, the market will experience a slowdown in 2021 however will have a come back in 2022 with higher growth rates due to the pent-up demand for IT purchases over the past two years.
Suresh Kuppuswamy, Healthcare & Life Sciences Industry Principal, Frost & Sullivan, said: “Medical imaging informatics is poised to play a central role in the intervention and management of illnesses. Digitization in imaging offers several advantages, including higher pixel information, efficient storage and retrieval, and ease in sharing images between the care team members. Radiology IT is forecast to maintain its position as the largest revenue contributor, driven by the adoption of radiology PACS in emerging countries, as most of them are projected to still implement the PACS at the modality or departmental level.”
Kuppuswamy added: “From a regional market viewpoint, the North American market will largely drive the enterprise imaging market, underscored by the need for clinical decision support systems and image exchange solutions. Europe, the Middle East, and Africa (EMEA) are expected to witness growth in ancillary and enterprise imaging segments. Similarly, China, Australia, Korea, and Japan are forecast to be the major economies spurring Asia-Pacific’s revenue growth. Continuous healthcare infrastructure improvements in Southeast Asia and India also provide additional growth opportunities for vendors.”
To tap growth prospects in the medical imaging and informatics market, vendors need to focus on the following:
· New opex business models to encourage small and medium hospitals to adopt modern informatics technology.
· Teleradiology to enable radiologists to work from home and increase their productivity.
· AI integration into the imaging workflow to increase efficiency and quality of care.
· Unsustainable costs in healthcare to shift the focus on precision