Medical Imaging Informatics Market Share, Size and Growth Analysis By 2029

The global market for medical imaging informatics is projected to expand from US$ 3,671.72 million in 2021 to US$ 5,175.39 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.0% during the period from 2021 to 2028. This report outlines the prevailing trends in the medical imaging informatics sector and identifies key factors contributing to its growth. The increasing volume of medical imaging procedures, the rising incidence of chronic diseases, and the growing elderly population are significant drivers of this market. Conversely, a shortage of skilled professionals capable of operating medical imaging informatics systems may hinder market expansion in the forecast period.

Medical imaging informatics, often referred to as imaging informatics or radiology informatics, facilitates the exchange and transfer of medical images across healthcare systems. This sector is a focal point within the healthcare IT market, representing a rapidly developing area of medical image processing and analysis. Furthermore, advancements in diagnostic imaging technologies are enhancing the precision of imaging techniques used to visualize organs, thereby improving the overall accuracy of diagnostic procedures.

A notable increase in the number of medical imaging procedures conducted globally is driving market growth. According to a report from the National Health Service (NHS) England, approximately 42.7 million medical images were recorded in 2018, up from 42.1 million in 2017, marking a 1.4% annual increase. The World Health Organization (WHO) estimates that around 3.6 billion diagnostic examinations are performed worldwide each year, with 350 million of these tests conducted on pediatric patients. The growing focus of regional and national governments on early diagnosis to reduce overall healthcare costs is also contributing to the rising number of patients undergoing various imaging procedures, including magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and X-ray scans. This trend is further amplified by the increasing geriatric population, which heightens the demand for diagnostic devices and procedures, thus propelling the medical imaging informatics market.

Moreover, data from the Centers for Disease Control and Prevention (CDC) indicates that approximately 1.7 million individuals are diagnosed with cancer annually in the United States, with around 600,000 fatalities attributed to the disease. The financial burden of cancer care is escalating, projected to reach about US$ 240 billion by 2030. Additionally, nearly 34.2 million Americans are living with diabetes, and another 88 million adults are prediabetic, placing them at risk for developing Type 2 diabetes. The complications associated with diabetes, such as heart disease, kidney failure, and blindness, further underscore the importance of medical imaging informatics in managing chronic diseases and rising healthcare costs.

The medical imaging informatics market is categorized by type into several segments: digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. In 2021, the ultrasound segment held the largest market share, while the mammography segment is expected to exhibit the highest CAGR during the forecast period. Ultrasound technology, which utilizes high-frequency sound waves to create images of internal organs, has undergone significant advancements due to improvements in electronic computing power. The increasing prevalence of chronic conditions such as cancer, gallstones, and fatty liver disease, coupled with heightened healthcare spending, is likely to drive growth in the ultrasound segment.

In terms of application, the medical imaging informatics market is divided into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. The hospitals segment accounted for the largest market share in 2021, while the diagnostics and imaging center segment is anticipated to achieve the highest CAGR during the forecast period. Additionally, the market is segmented by component into software, hardware, and services, with the software segment holding the largest share in 2021 and expected to maintain the highest CAGR moving forward.

Companies in the medical imaging informatics market are employing various organic and inorganic strategies to enhance their market presence. Organic strategies primarily involve product launches and approvals, while inorganic strategies include acquisitions, collaborations, and partnerships. These strategies have enabled market players to expand their operations and improve their geographic reach, contributing to overall market growth. Notable developments by key players in the medical imaging informatics market include:

• In March 2022, Agfa-Gevaert Group announced that Spire Healthcare would implement Agfa direct radiography (DR) systems across its 40 hospitals in the UK.


• In August 2020, Carestream Health introduced a new digital radiography detector in the US and Canada, aimed at enhancing productivity and reducing patient discomfort in long-length imaging.


• In December 2021, Royal Philips revealed a 12-year strategic partnership with IJsselland Hospital in the Netherlands.

Key primary and secondary sources utilized in the preparation of this report include the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), International Society of Radiology (ISR), and The International Society of Radiographers and Radiological Technologists (ISRRT).