Medical Imaging Informatics Market Expected to Reach $4.8 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled,  The medical imaging informatics market size was valued at $2.6 billion in 2020, and is estimated to reach $4.8 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030. The medical imaging informatics market forecast from 2020 to 2030.

The major factors that boost the growth of the global medical imaging informatics industry include increase in number of diagnostic imaging procedures, high prevalence of chronic diseases, decline in cost of storage platforms, and improvements in healthcare ecosystem. In addition, the developing countries such as China and India are expected to provide huge growth opportunities for the medical imaging informatics market. However, lack of expertise to operate medical imaging informatics solutions and their high installation cost of hamper the market growth.

The global medical imaging informatics market size is segmented into component, application, deployment, end user, and region. On the basis of component, the market is fragmented into software, hardware and services. In 2020, the software segment accounted for the largest share of 61.3% of the overall medical imaging informatics market.

Depending on application, the medical imaging informatics market analysis is categorized into digital radiography, ultrasound, MRI, CT, nuclear imaging, combined modality, and mammography. The ultrasound segment held the largest medical imaging informatics market share of 31.0% of the medical imaging informatics market in 2020, owing to frequent use of ultrasound in healthcare facilities for medical imaging procedures.

By deployment mode, the medical imaging informatics market is bifurcated in standalone and integrated. The standalone segment garnered the largest market share of 63.0% in 2020.

As per end user, the market is differentiated into hospital, specialty clinics, and others. The hospitals segment dominated the market in 2020.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America exhibited the highest growth in 2020, owing to improvement in healthcare infrastructures and rise in expenditure in emerging markets (India and China) to overcome the unmet medical needs. Technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for market growth.

The key players profiled in the market report include such as Afga-Gevaert N.V., Carestream Health, General Electric Company, Hologic, Inc., Konica Minolta, Inc., Koninklijke Philips N.V., Mindray Medical International Ltd., Siemens AG, Esaote SpA, and Mckesson Corporation.

Major players are adopting product launch and acquisition as key developmental strategies to improve the product portfolio of warehouse robots. For instance, in December 2019, Hologic Inc. acquired Alpha Imaging LLC for a purchasing price of $18.0 million. This will improve the product portfolio of the company.

Several manufacturers in the global medical imaging informatics market stopped their business activities in 2020 due to lockdowns implemented in developed and developing countries, owing to ban on industrial activities due to the COVID-19 pandemic. This halt in production activities impacted the revenue of the medical imaging informatics manufacturing companies. For instance, net sales of Konica net sales dropped by 11.2% from April 2020 to March 2021. In addition, lack of manpower and raw materials affected the supply chain of the global medical imaging informatics market. However, the market is projected to cover from the 1st quarter of 2023, due to reduced restrictions and reopening of the global medical imaging informatics industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the market re-opened at full pace with a start of 2022.