(I-BusinessNews.Com, September 23, 2020 ) According to research report the medical image management market is projected to reach USD 4.40 billion in 2023 from USD 3.04 billion in 2018 at a CAGR of 7.7% during the forecast period.
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The growth in the medical image management market is mainly driven by the technological advancements in diagnostic imaging modalities and image management software, growing investments in the medical imaging market, government initiatives to encourage EMR adoption, increasing usage of imaging equipment, growing adoption of image management systems by small hospitals and imaging centers, and rapidly growing big data in healthcare. On the other hand, budgetary constraints and longer product lifecycle of VNA are expected to limit market growth during the forecast period.
Most key players adopted expansions as their primary growth strategy between 2015 and 2018. The medical image management market is marked by the presence of several big and small players. Prominent players offering medical image management products include McKesson Corporation (US), GE Company (US), Fujifilm Holdings Corporation (Japan), Merge Healthcare Inc. (US) (a part of IBM Corporation), Agfa-Gevaert Group (Belgium), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Carestream Health, Inc. (US) (a part of Onex Corporation), Bridgehead Software (UK), Novarad Corporation (US), Mach7 Technologies Ltd. (US), and INFINITT Healthcare Co., Ltd. (South Korea).
McKesson was the leading player in the medical image management market in 2017. Its leading position can be attributed to its well-diversified and robust product portfolio. As part of its growth strategy, McKesson focuses on product launches to increase its market share in the medical image management market. For instance, in April 2015, McKesson launched Conserus, a suite of flexible, vendor-neutral solutions for healthcare IT enterprise and diagnostic imaging. This vendor-neutral solution enabled the company’s customers to smoothen their workflows by allowing interoperability between the existing systems. The company also engages in inorganic strategies like joint ventures to enhance its position in this market. For instance, in 2017, the company entered into a contribution agreement to form a joint venture to create a new healthcare information technology company—Change Healthcare.
GE Healthcare is another prominent player in the medical image management market. The leading position of the company is attributed to its technological expertise, vast market presence across the globe, and broad healthcare IT product portfolio. To further strengthen its product portfolio and market presence, the company focuses on product launches, expansions, and collaborations as its key growth strategies. In accordance with this, the company expanded its Healthcare IT Centre of Excellence in Szeged (Hungary) in June 2015 and introduced the GE Health Cloud in November 2015. Furthermore, in September 2012, the company collaborated with the University of Wisconsin-Milwaukee (UWM) (US) to build a team of Wisconsin-based medical imaging software developers and researchers.
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Agfa-Gevaert Group is another important player in this market. The company has a vast product portfolio and strong geographic presence across the globe. With its highly used imaging management software, the company has gained a significant position in the global market. To maintain its position in the market, the company focuses on product launches as its key growth strategy. The company also has a steady focus on research and development activities. There was a marked increase in its R&D expenditure from 8.4% in 2016 to 8.8% in 2017. A notable example of this strategy is the launch of its Enterprise Imaging Exchange Program in May 2015. This program is a health information exchange network that helps health providers to exchange and share medical imaging data. This launch has enabled the company to further enhance its product portfolio. For enhancing its market presence, the company has a keen focus on both organic as well as inorganic strategies, which is reflected in the series of product launches, upgrades, agreements, and collaborations.
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