Medical Imaging Informatics Market Key Players and Growth
Valued at $5.5 billion in 2023, the medical imaging informatics market is projected to reach $11.4 billion by 2034, growing at a 6.85% CAGR. Increasing adoption of advanced technologies and the need for efficient patient data management are driving this growth, highlighting the market’s critical role in modern healthcare.
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Medical Imaging Informatics Market Trends and Insights
Recent Developments
In November 2024, the American Board of Imaging Informatics (ABII) recognized outstanding certified imaging informatics professionals, celebrating their contributions and continuing its efforts to certify and register over 1,000 professionals globally.
In October 2024, the National Institute of Biomedical Imaging and Bioengineering (NIBIB) funded initiatives at historically Black colleges and universities to advance education, research, and innovation in biomedical engineering.
Singapore also announced a $150 million investment in generative AI technologies, aiming to enhance public health and accelerate the adoption of medical imaging AI by 2025.
Market Dynamics
Drivers
Clinical data repositories have revolutionized data management by aggregating information from electronic health records, radiology and pathology archives, biospecimen repositories, and genomic sequencing devices. These tools support efficient tracking and research, fostering innovation in medical imaging.
Restraints
Challenges include technical and clinical issues such as accuracy, automation reliability, and data security. The high cost of advanced diagnostic tests also limits access for low-income populations, hindering market growth.
Opportunities
Advances in imaging technologies, including high-resolution CT, MRI, and ultrasound systems, as well as functional imaging like PET-CT and molecular imaging, are opening new avenues in diagnosing complex conditions such as cancer, neurodegenerative disorders, and cardiovascular diseases.
Segmental Insights
- Radiology: The radiology segment dominated in 2023, driven by investments in imaging techniques that enhance diagnostic accuracy for various diseases.
- Cardiology: This segment is projected to grow rapidly due to the increasing prevalence of cardiovascular diseases and the need for precise diagnostics.
- Cloud-Based Solutions: Cloud-based deployment led in 2023, offering scalability, remote access, and seamless integration with telehealth and AI tools.
- On-Premise Systems: Expected to grow significantly due to their robust security features, which are essential for data privacy and regulatory compliance.
- Software: The software segment dominated the market by streamlining data management, analytics, and research in genomics, proteomics, and clinical biochemistry.
- Hardware: Hardware is the fastest-growing component, with advancements in imaging devices improving diagnostic efficiency.
- Hospitals: Hospitals held the largest market share in 2023, reflecting their reliance on imaging technologies for patient care and diagnostics.
- Diagnostic Centers: Diagnostic centers are the fastest-growing segment, driven by their expanding facilities and cutting-edge diagnostic services.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/medical-imaging-informatics-market-sizing
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