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Pharmacy benefit management market
MEDICAL IMAGING INFORMATION SYSTEMS MARKET REPORT OVERVIEW
The global medical imaging information systems market size was USD 855.6 million in 2021 and will touch USD 1073.8 million by 2028, exhibiting a CAGR of 3.2% during the forecast period.
A medical imaging information system is a software used for the management of medical imagery and associated data. This system is particularly useful for tracking radiology imaging orders and billing information. In addition, medical imaging can also be used in conjunction with PACS and Vendor Neutral Archive (VNAs) to manage image archives, billing, and record-keeping. Medical imaging refers to techniques for generating images of the human body for various clinical applications, such as procedures and diagnoses, as well as medical science, which includes the investigation of typical anatomy and function.
Medical imaging includes measurement and recording methods such as electroencephalography (EEG) and magnetoencephalography (MEG), producing data visualized as maps rather than images. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
LATEST TRENDS
"Use Of Innovative Products To Boost The Market Growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
MEDICAL IMAGING INFORMATION SYSTEMS MARKET SEGMENTATION
By Type Analysis
According to type, the market can be segmented into integrated RIS/PACS, hospital information systems, specialty software
Integrated RIS/PACS will capture the maximum market share through forecast period.
- Integrated RIS/PACS –It includes systems that combine (RIS) with (PACS). These integrated systems offer a comprehensive solution for managing images and associated data, streamlining workflows from image capture, storage, retrieval, to distribution within a healthcare setting. They are crucial for radiology departments aiming for efficiency and improved patient care.
- Hospital information systems – HIS are comprehensive, integrated information systems designed to manage all aspects of a hospital's operations, such as medical, administrative, financial, and legal issues, and the corresponding processing of services. While not exclusively focused on imaging, HIS often includes modules or integrations for managing medical imaging data as part of the broader hospital workflow.
- Specialty software - It includes software tailored to specific types of medical imaging, such as mammography, orthopedics, cardiology, or dental imaging. Specialty software may offer advanced features for image analysis, reporting, and integration with specific modalities, catering to the unique needs of different medical specialties.
By Application Analysis
According to application, the market can be segmented into hospitals, clinics, ambulatory surgical centers
- Medical imaging information systems market players cover segment as hospital will dominate the market share during forecast period.
- Hospitals – Hospitals are the primary users of medical imaging information systems, utilizing these technologies across various departments to diagnose, monitor, and treat patients. The demand in hospitals is driven by the need for comprehensive and integrated systems that can support a wide range of imaging modalities and patient care activities.
- Clinics - Clinics including outpatient and specialty clinics, use medical imaging information systems to provide diagnostic services. In this setting, the focus may be on efficiency and the ability to share images and reports easily with referring physicians or other healthcare providers.
- Ambulatory surgical centers - Ambulatory surgical centers are facilities that provide same-day surgical care, including diagnostic and preventive procedures. In these centers, medical imaging information systems are used to support pre-operative and post-operative care, requiring efficient workflow and integration with electronic health records (EHRs) and other healthcare systems.
DRIVING FACTORS
"Increasing Prevalence Of Chronic Illnesses To Boost The Market Growth"
The rise in chronic diseases such as cancer, cardiovascular diseases, and neurological disorders has led to an increased demand for medical imaging services for diagnosis and treatment monitoring. The widespread occurrence of numerous chronic diseases among people has also been linked to a sizeable portion of the market's robust growth.
"Technological Advancement and Innovation To Upsurge The Market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the medical imaging information systems market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Imaging techniques are needed to detect structural abnormalities and pathological changes in the body because traumatic injuries are common and frequent. Continuous improvements in imaging technology, including AI and machine learning applications, have enhanced the capabilities of medical imaging systems. These advancements help in providing more accurate diagnoses, thereby driving the market growth.
Restraining Factor
"Lack of Skilled Professionals To Hamper The Market Growth"
There is a shortage of skilled professionals, such as radiologists and technicians, capable of operating advanced imaging systems and interpreting results, which can limit the effective use of medical imaging technologies. Technical difficulties will reduce the industry revenue.
MEDICAL IMAGING INFORMATION SYSTEMS MARKET REGIONAL INSIGHTS
"Asia Pacific to Dominate the Region Due To Rising Incidences Of Chronic Diseases"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.
Asia Pacific is further expected to witness growth in the medical imaging information systems market share. The region is dominating the market due to rising incidences of chronic diseases and the high demand for advanced imaging devices. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
KEY INDUSTRY PLAYERS
"Key Players Focus On Partnerships To Gain Competitive Advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.
List Of Market Players Profiled
- Esaote (Italy)
- Fonar Corp (U.S.)
- Fujifilm Corp (Japan)
- Fujifilm Sonosite (U.S.)
- Ge Healthcare (U.S.)
INDUSTRIAL DEVELOPMENT
April 2021: Ge Healthcare medical imaging software was disclosed. Radiologists can identify and priotize crucial cases with the use of AI powered software which can lead to better patientoutcomes.
REPORT COVERAGE
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 855.6 Million in 2021 |
Market Size Value By |
US$ 1073.8 Million by 2028 |
Growth Rate |
CAGR of 3.2% from 2021 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the medical imaging information systems market expected to touch by 2028?
The medical imaging information systems market is expected to reach USD 1073.8 million by 2028.
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What CAGR is the medical imaging information systems market expected to exhibit by 2028?
The medical imaging information systems market is expected to exhibit a CAGR of 3.2% by 2028.
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What are the driving factors of the medical imaging information systems market?
Increasing prevalence of chronic disease & technological development and advancement are expected to deliver profitable opportunities for the medical imaging information systems market.
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What are the medical imaging information systems market segments?
The medical imaging information systems market segmentation that you should be aware of, which include, Based on type the medical imaging information systems market is classified as integrated RIS/PACS, hospital information systems, specialty software. Based on application the medical imaging information systems market is classified as hospitals, clinics, ambulatory surgical centers.