Medical Imaging Informatics Market to Reach $4.8 Bn, Globally, by 2030 at 6.2% CAGR: Allied Market Research

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Apr 25, 2022, 09:20 ET

Rise in number of diagnostic imaging procedures, high prevalence of chronic diseases, and decline in costs of storage platforms drive the growth of the global medical imaging informatics market.

PORTLAND, Ore., April 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Imaging Informatics Market by Component (Software, Hardware, Services), by Application (Mammography, CT, MRI, Combined Modality, Ultrasound, Radiographic, Nuclear Imaging), by Deployment (Standalone, Integrated), by End User (Hospitals, Specialized Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global medical imaging informatics industry generated $2.6 billion in 2020, and is expected to reach $4.8 billion by 2030, witnessing a CAGR of 6.2% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Rise in number of diagnostic imaging procedures, high prevalence of chronic diseases, and decline in costs of storage platforms drive the growth of the global medical imaging informatics market. However, lack of expertise to operate IT integrated imaging modalities and high cost of installation restrain the market growth. On the other hand, continuously evolving healthcare ecosystems present new opportunities in the coming years.

Covid-19 Scenario

Owing to lockdown measures and delay in production activities of software during the Covid-19 pandemic, the development activities of informatics products used in specialty clinics, hospitals, and maternity clinics have been affected. This impacted the overall medical imaging informatics market.
The investments in new informatics products were stopped due to economic uncertainties. Companies operating in the sector received no new consignments. This affected the overall revenue in the market.

The software segment to maintain its lead position during the forecast period

Based on component, the software segment accounted for the highest market share in 2020, contributing to nearly two-thirds of the global medical imaging informatics market, and is expected to maintain its lead position during the forecast period. This is due to the focus on production of customer-centric software and customer engagement in the product development process. However, the hardware segment is estimated to manifest the largest CAGR of 6.9% from 2021 to 2030, owing to increase in number of agreements and collaborations.

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The ultrasound segment to maintain its leadership status throughout the forecast period

Based on application, the ultrasound segment held the highest market share in 2020, accounting for nearly one-third of the global medical imaging informatics market, and is expected to maintain its leadership status throughout the forecast period. This is attributed to various benefits such as improved image quality, decreased duplicate studies and imaging costs, and preservation of image quality for billing requirements. However, the mammography segment is projected to witness the fastest CAGR of 7.6% from 2021 to 2030, owing to rise in usage for diagnosis of breast cancer in women who have no signs or symptoms of the disease.

North America to maintain its dominance in terms of revenue by 2030

Based on region, North America contributed the highest market share in terms of revenue in 2020, accounting for nearly half of the global medical imaging informatics market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to rise in adoption rate of healthcare IT systems, innovative and advanced applications of medical imaging informatics software, and increase in investment in healthcare IT. However, LAMEA is projected to portray the highest CAGR of 8.7% during the forecast period, owing to rise in number of agreements and collaborations for the installation and integration of imaging informatics hardware with the imaging modalities.

Leading Market Players

Koninklijke Philips N.V.
General Electric Company
Siemens AG
Agfa Gevaert N.V.
Medtronic, Inc.
McKesson Corporation
Lexmark International, Inc.
Toshiba Corporation
Esaote SpA
Dell Technologies Inc.

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