Medical Imaging Informatics Market for Ultrasound Segment to Grow Significantly During 2021-2028

According to our new research study on "Medical Imaging Informatics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, Component, and Geography," the 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. The report highlights trends prevailing in the market and factors governing the growth of the medical imaging informatics market. Technological advancement is anticipated to accelerate the overall medical imaging informatics market revenue during the forecast period. However, challenges associated with the adoption of medical imaging informatics in terms of costs and the lack of expertise in operating medical imaging informatics systems limit the market potential.

Medical imaging informatics (MII) includes several processes aiming development, application, and assessment of information technology (IT) for clinical medical imaging. Therefore, technological advancements prove to be the most impactful factor responsible for the growth of the global medical imaging informatics market. According to a report released by The American Society of Mechanical Engineers, the advent of technologies is the next logical avenue for innovation. For example, instead of exposure to diagnosticians tackling humongous data and conversely subjecting complex data to poor laboratory technicians through the influx of advanced technological analytics such as advanced, implementation of algorithms assists in the analysis and interpretation of medical images. Computer-aided Design (CAD) is the most popular example of advanced technologies evolving in diagnosis. Therefore, with the technology influx, radiologists will experience ease in diagnostic medical imaging, basing their clinical decisions solely on information supplied through technology-based algorithms.

Additionally, technological influx plays an enormous role in developing efficient medical imaging tools today, due to which competitive players are focusing heavily on the development of efficient products in the global market. For instance, in November 2021, Philips announced the launch of a new AI-enabled magnetic resonance imaging (MRI) based diagnostic system. The newly launched product optimizes workflow solutions and integrated clinical solutions. Additionally, in October 2021, Siemens Healthineers announced receiving approval from the US Food and Drug Administration (USFDA) for its new diagnostic imaging device, "NAETOM Alpha." This new product is the first major technology-based product intended for CT imaging that FDA has cleared in nearly a decade. Such factors ultimately contribute to the overall market growth and revenue during the forecast period.

On the other hand, the lack of expertise in operating medical imaging informatics hinders market size and growth. As many radiologists lack the knowledge and skills required for medical imaging informatics, the adoption of such advanced technology-based products is still low. Therefore, radiologists and residents agree that academic training related to imaging informatics should be implemented to overcome such a situation.

COVID-19 Pandemic Impact on Medical Imaging Informatics Market

After the onset of the COVID-19 pandemic, the global healthcare systems have been severely challenged with an explosive surge of positive cases, resulting in a significant increase in the demand for medical care. From the early days of the pandemic, the large science and technology community rolled into action for fighting the pandemic, starting from sequencing the genome to the development of a highly sensitive and specific RT-PCR test and development of personal protection equipment (PPE). With the drastic drop in medical imaging procedures worldwide, big biomedical data, advanced informatics, and artificial intelligence contributed an important role in healthcare. For example, in imaging informatics, routine CT or X-ray imaging data have been utilized for monitoring the progression and detection of COVID-19 disease with the support of RT-PCR for improving the accuracy of COVID-19 diagnosis as per the report published by IEEE.

Therefore, there is no doubt that effective, safe, and high-quality medical imaging has a crucial role in healthcare. With the number of global imaging procedures increasing, the importance with respect to decision-making and minimization of unnecessary interventions cannot be emphasized enough. Today, COVID-19 acts as a catalyst for changing development in healthcare. For example, solid influx and adoption of artificial intelligence (AI) in medical imaging services harnessed in medical imaging to tackle COVID-19. Therefore, looking forward, AI will contribute utmost in relation to empowering radiologists and radiographers present globally and addressing the challenges brought about by COVID-19. Therefore, it is now time for medical imaging to back technology-based products such as AI to offer lucrative opportunities to present the post-COVID-19 to the population for better patient outcomes.

Based on type, the medical imaging informatics market is segregated into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. The ultrasound segment led the market in 2021; it is expected to retain its dominance during the forecast period. According to the report released by HealthManagement.org, the wide extent of ultrasound adoption intended for multifaceted applications over the last decade has resulted in the high adoption of medical imaging procedures. This is mainly due to ultrasound device adoption results in improvements in image quality and application-specific technology is responsible for having such a long-lasting impact on the people. For records, global ultrasound revenues are forecasted to grow by 27% over the next few years. The highest growth will be witnessed in the Asia Pacific region, accounting for 37%. At the same time, America and EMEA regions are forecasted to grow by 26% and 16%, respectively. This acts as a standalone factors positively influencing high adoption of ultrasound devices, ultimately accounting for considerable market share and size, driving the overall medical imaging informatics market during the forecast period.

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 medical imaging informatics market.

The report segments the medical imaging informatics market as follows:

The medical imaging informatics market is segmented based on type, application, and components. Based on type, the medical imaging informatics market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. Based on application, the medical imaging informatics market is segregated into hospitals, ambulatory healthcare settings, diagnostic and imaging centers, and others. Based on component, the medical imaging informatics market is segmented into software, hardware, and services.

By geography, the global medical imaging informatics market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SCAM).

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