Medical Imaging Management Market Size

Medical Image Management Market Analysis

The Medical Imaging Management Market size is estimated at USD 4.59 billion in 2024, and is expected to reach USD 6.43 billion by 2029, growing at a CAGR of 6.96% during the forecast period (2024-2029).

COVID-19 had a significant impact on the growth of the market over the pandemic period. This was mainly due to the high demand for medical imaging in the diagnosis of COVID-19, which in turn impacted the demand for medical imaging management. For instance, the Europe PMC article published in May 2021 mentioned that medical imaging played an essential role in the diagnosis, management, and disease progression surveillance of COVID-19 disease. The report also mentioned that chest radiography and computed tomography are commonly used imaging techniques globally during the pandemic. Thus, the COVID-19 outbreak had a notable impact on medical imaging management owing to the increased usage of medical imaging and management for the diagnosis of the disease. In addition, the demand for medical imaging management is expected to remain intact due to the emergence of mutant strains of SARS-CoV-2 and the rising demand for effective diagnosis and management, thereby contributing to the market's growth.

The increasing geriatric population, coupled with the rising prevalence of chronic diseases among the global population, is expected to drive the demand for medical imaging management, thereby propelling the market's growth.

For instance, the British Heart Foundation (BHF) data published in January 2022 reported that in 2021, the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million) and atrial fibrillation (60 million). The report also mentioned that the prevalence of heart and circulatory diseases in North America was 46 million, in Europe 99 million, in Africa 58 million, in South America 32 million, in Asia and Australia 310 million. As per the World Health Organization factsheet published in February 2022, in 2021, there were an estimated 1.9 million new cancer cases diagnosed in the United States. The report also mentioned that each year, approximately 400,000 children develop cancer globally. Cervical cancer is the most common in 23 countries, such as Eswatini, India, South Africa, Latin America, and others. Such increasing prevalence of various chronic diseases among the global population is expected to drive the demand for effective medical imaging, thereby driving the growth of the market.

Additionally, the report published by the UN in 2022 mentioned that the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. Such an increasing geriatric population who are susceptible to developing chronic disorders is also expected to boost the demand for medical imaging management, thereby propelling the growth of the market.

On the other hand, the increasing product developments by various key market players are also expected to contribute to the market's growth. For instance, in August 2021, RamSoft, launched Omega AI VNA, a vendor-neutral archive that enables the seamless exchange of images and imaging data across healthcare enterprises. Omega AI VNA consolidates images and data from any system to allow clinicians to see the complete picture of a patient's medical history.

However, factors such as the cost associated with the implementation of medical imaging management solutions and a decrease in the supply of SPECT and PET systems due to the shortage of radioisotopes are expected to restrain the growth of the market over the forecast period.