The medical imaging informatics market is expected to grow from US$ 3,671.72 million in 2021 to US$ 5,175.39 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028.
Medical Imaging Informatics, a subspecialty of biomedical informatics, aims to provide accurate, helpful, and efficient interpretations of complicated images in a simpler, communicable, and valuable manner within radiologists' healthcare IT sector. Medical imaging informatics mainly comprises the application, development, and assessment of information that is used to treat patients effectively. The increase in the number of diagnostic imaging procedures, high prevalence of chronic diseases, decrease in the cost of storage platforms, and improvements in the healthcare ecosystem are also expected to contribute to the growth of the medical imaging informatics market.The medical imaging informatics market is segmented based on type, application, component, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The medical imaging informatics market report offers insights and in-depth analysis of the market, emphasizing market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.
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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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Lucrative Regions for Medical Imaging Informatics Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Increase in Number of Medical Imaging Procedures to Drive Medical Imaging Informatics Market
Increase in Number of Medical Imaging Procedures to Drive Medical Imaging Informatics Market
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. A surge in the number of medical imaging procedures performed worldwide is propelling the market growth. As per a report published by the National Health Service (NHS) England, ~42.7 million medical images were recorded in the country in 2018 compared to 42.1 million images recorded in 2017, which indicates an increase of 1.4% yearly. Hence, an increase in the number of medical imaging procedures is expected to support the growth of the medical imaging informatics market during the forecast period.
Type Insights
Based on product type, the global medical imaging informatics market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. In 2021, the ultrasound segment held the largest share of the market. However, the mammography segment is expected to register the highest CAGR during 2021–2028. The major factors responsible for the growth of the mammography segment include the growing prevalence of breast cancer and technological advancements in breast imaging.
Medical Imaging Informatics Market, by Type (2021–2028)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Application Insights
Based on application, the global medical imaging informatics market is segmented into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. In 2021, the hospitals segment held the largest market share. Moreover, the diagnostics and imaging centers segment is expected to register the highest CAGR during 2021–2028. The major factors responsible for the growth of the diagnostic and imaging centers market include the rise in the number of diagnostic procedures, the launch of innovative diagnostic products, and investment in technologies in diagnostic applications.
Component Insights
Based on component, the global medical imaging informatics market is segmented into software, hardware, and services. In 2021, the software segment held the largest market share, and it is expected to register the highest CAGR during 2021–2028. The improvement of AI-based software solutions for healthcare is one of the key factors boosting segment growth. The leaders in this market are developing software solutions for various healthcare applications; this is the critical factor complementing the software segment's development. Hence, these factors will drive the market for the software segment during the forecast period.
Product launches and collaborations are highly adopted strategies by the global medical imaging informatics market players. A few of the recent key market developments are listed below:
- In March 2022, Agfa-Gevaert Group announced that Spire Healthcare has chosen to fit a significant number of its 40 hospitals across the UK with Agfa direct radiography (DR) systems and solutions.
- In October 2021, The Agfa-Gevaert Group partnered with Atos. A major part of Agfa's internal information and communication services activities, including the dedicated positions and employees, is to be transferred to Atos. In close cooperation with Agfa, Atos will design and implement first-class IT solutions for the company.
- In March 2022, Royal Philips announced its newest introduction in analytics and interoperability solutions at the HIMSS22 Global Health Conference & Exhibition. Philips HealthSuite Interoperability is a fully integrated cloud-enabled Health IT platform to meet diverse workflow needs across the imaging enterprise.
- In December 2021, Royal Philips announced that it had signed a 12-year strategic partnership with IJsselland Hospital (Capelle aan den Ijssel, The Netherlands).
The COVID-19 pandemic forced many companies in the global medical imaging informatics market to pause business operations for a short term to follow new government regulations to control the spread of the disease. This halt in operations directly impacted the revenue flow of the global medical imaging informatics market. In addition, the manufacturing of industrial products ceased, owing to the lack of raw materials and workforce during the lockdown period. Furthermore, no new consignments were received by companies that operate in this sector. Hence, several months' halt in industrial activities and lockdown affected the global medical imaging informatics industry. The COVID-19 outbreak affected the medical imaging informatics industry's growth due to the lockdown measures in the countries and the delay in manufacturing and production of software and informatics products used in hospitals, specialty clinics, and maternity clinics. The market is anticipated to witness a slow recovery during the forecast period.
Medical Imaging Informatics – Market Segmentation
The global medical imaging informatics market is segmented based on type, application, component, and geography. Based on type, the market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. Based on application, the medical imaging informatics market is segmented into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. Based on component, the medical imaging informatics market is segmented into software, hardware, and services. By geography, the medical imaging informatics market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Company Profiles
- Agfa-Gevaert Group
- Carestream Health
- ESAOTE SPA
- GENERAL ELECTRIC
- Koninklijke Philips N.V.
- Siemens Healthcare GmbH
- Hologic, Inc.
- Konica Minolta, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- FUJIFILM Holdings Corporation
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
Medical imaging informatics (MMI) includes several processes aiming development, application, and assessment of information technology (IT) for clinical medical imaging. Also, MMI occurs at a basic level throughout radiology, from when a clinician considers ordering an imaging study until images and interpretation are used to plan the patient's treatment.
Rising number of diagnostic imaging procedures and technological advancements are the most significant factors responsible for the overall market growth.
Based on type, ultrasound segment took the forefront lead in the worldwide market by accounting largest share in 2020 and is expected to continue to do so till the forecast period.
The hospitals segment dominated the global medical imaging informatics market and accounted for the largest market share of 64.98% in 2021.
Agfa-Gevaert N.V.; Carestream Health; ESAOTE SpA; GE Healthcare; Koninklijke Philips N.V.; Siemens Healthineers AG; Hologic, Inc.; Konica Minolta, Inc.; Shenzen Mindray Bio-Medical Electronics Co., Ltd.; and FUJIFILM Holdings Corporation are among the leading companies operating in the global medical imaging informatics market.
Global medical imaging informatics market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the U.S. is the largest market for medical imaging informatics market. The US is estimated to hold the largest share in the medical imaging informatics market during the forecast period. Increasing adoption of technological advancements and rising research and development activities are projected to accelerate the growth of the medical imaging informatics market. Additionally, advancing healthcare infrastructure is the contributing factor for the medical imaging informatics growth in APAC region is the key factor responsible for the Asia-Pacific regional growth for medical imaging informatics accounting fastest growth of the region during the coming years.
The List of Companies - Medical Imaging Informatics Market
- Agfa-Gevaert Group
- Carestream Health
- ESAOTE SPA
- GENERAL ELECTRIC
- Koninklijke Philips N.V.
- Siemens Healthcare GmbH
- Hologic, Inc.
- Konica Minolta, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- FUJIFILM Holdings Corporation
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:
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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.
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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:
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- 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.
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