In a recent published report, Kenneth Research has updated the market report for Medical Image Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Image Management Market products.
Kenneth Research has recently added a report titled Medical Image Management Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
Recently, a significant growth in healthcare spending have been observed in the low- and middle-income nations. In the middle-income nations, healthcare spending rose by 6.3% a year between 2000 and 2017, while the economy rose by 5.9% a year. Additionally, health spending in low-income countries also observed a growth by 7.8% a year in the same period. The growth in the healthcare spending of these nations can be attributed to the increasing focus of the governments in these nations to meet the laid down targets of the Sustainable Development Goals (SDGs) of 2030. Such factors are anticipated to drive the growth of the Medical Image Management Market during the forecast period.
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Market analysis
Generally, medical image managing systems are used in hospitals and diagnostic centers for sharing patient data and laboratory results with physicians. These systems are very useful and help in maintaining patient data, which plays a vital role in clinical opinion making. The market is expected to witness a profitable growth owing to the rising prevalence of chronic diseases. Agreeing to the data by the Administration of Canada, in 2017, about 2.3 million people aged 12 and older were identified with diabetes. The ever-increasing popularity of chronic infections, ever-increasing outlay on the healthcare it sector, and scientific improvements in diagnostics sector are expected to enhance the market growth.
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However, the high costs of software solutions and secrecy and protection worries are projected to curb the growth of the market. The Global Medical Image Management Market is expected to register a CAGR of 7.80% to reach USD 5,971.28 Million till 2025. Additionally, permitting to the press release by Chiron Health published in June 2016, chronic illnesses such as heart disease, stroke, cancer, hopelessness, type 2 diabetes, obesity, and stiffness affected an estimated 117 million people in the Americas. Thus, the rising occurrence of chronic diseases is predictable to drive the growth of the global medical image management market. The medical image management technology could be used to discourse the issues related to the data assortment and sharing of laboratory results and rising demand for healthcare services related to the judgement of cancer, diabetes, and other diseases in the North American region.
Market segmentation
The Global Medical Image Management Market is segmented based into picture archiving and communication system, vendor-neutral archive (VNA), application-independent clinical archives, and enterprise viewers/universal viewers. Based on end user, the medical image management market has been categorized as hospitals, diagnostic imaging centers, and others respectively. In March 2019, Koninklijke Philips N.V. announced the expansion of its radiology solutions portfolio with teleradiology services. Teleradiology includes the interpretation of patients’ images from medical imaging exams, such as X-ray exams, MR, and CT. This complements the company’s organic innovation initiatives to expand its radiology solutions portfolio.
All potential factors that affect the market included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final numerical and qualitative statistics. This data was consolidated and added to comprehensive inputs and evaluation are thus submitted in this report. In May 2019, GE Healthcare, in collaboration with F. Hoffmann-La Roche Ltd, launched NAVIFY Tumor Board 2.0. The product enables to store complete patient diagnostic information at one location, enabling to decide the treatment plan for cancer patients. In July 2017, Agfa HealthCare, a subsidiary of Agfa-Gevaert Group, received the Food and Drug Administration (FDA) clearance for its product XERO Xtend.
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Regional analysis
Geographically the Global Medical Image Management Market is split in regions like North & South America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. Asia-Pacific is expected to corroborate considerable growth and is projected to be the fastest-growing region over the forecast period. The high growth rate is due to the rising demand for medical practitioners to produce appropriate vascular, orthopedic, breast, and cardiac images and assimilation of reports, images, and weights into a patient’s complete record. India held a share of 17.8% in the Asia-Pacific medical image management market in 2018.
The Americas settled for the largest market in 2018 and is estimated to control the global medical image management market owing to the snowballing occurrence of chronic diseases, rising adoption of healthcare IT by healthcare bodies, and an increasing number of medical imaging actions completed. The Middle East & Africa accounted for the least market in 2018 and is forecasted to exhibit steady growth due to the high price of devices, lack of knowledge regarding health, and lack of skilled specialists. Europe acquired the second largest market share in 2018. It is expected to register a CAGR of 8.12% by the end of the review period.
The European market is credible to best a robust growing rate during the forecast period due to major pouring stimuluses such as the rising patient population of hits and cardiovascular infections, cumulative investigation on ultrasound, and obtainability of advanced behavior amenities amongst others. For instance, in agreement to the 2017 numbers produced by the European Association of Cardiology, there were more than 6 million new instances of cardiovascular diseases in the European Union and more than 11-12 million in Europe entirely.
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Major players
The proposed spectators in the Global Medical Image Management Market are hospitals, medical manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global Medical Image Management Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Medical Image Management Market are companies like Siemens Healthineers AG (Germany), GE Healthcare (US), Siemens Healthineers AG (Germany), McKesson Corporation (US), Sectra AB (Sweden), Agfa-Gevaert Group (Belgium), Carestream Health (US), Esaote SpA (Italy), Fujifilm Holding Corporation (Japan), Novarad (US) and Koninklijke Philips N.V. (Netherlands).
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