Global medical imaging & informatics market thrives with AI and cloud
by CM Staff
The global medical imaging and informatics market is estimated to hit US$37.10 billion in 2021 from US$33.90 billion in 2020, registering growth at 9.4%, finds Frost & Sullivan
SANTA CLARA, Calif. — The healthcare sector’s emphasis on meeting its Quadruple Aim goal—cost reduction, clinical outcomes, enhance the patient and caregiver experience, and improve the work-life of healthcare providers—encourages the medical imaging and informatics industry to use advanced technologies to tap into growth prospects.
Frost & Sullivan’s recent analysis, Global Medical Imaging & Informatics Outlook, 2021, finds that the market opportunity is estimated to hit $37.10 billion in 2021 from $33.90 billion in 2020, registering growth at 9.4% under an aspirational scenario.
“As the medical imaging and informatics industry evolves rapidly, there are opportunities for vendors to grow by inorganic routes and widen their portfolio of artificial intelligence (AI) offerings. With some AI programs being reimbursed, strong business cases with proven return on investment (ROI) will emerge from the industry,” said Imran Khan, Senior Analyst, Healthcare & Life Sciences at Frost & Sullivan in a statement. “The deployment of AI in the sector has seen commendable success in developed countries such as North America and Western Europe, mainly due to national policies and reimbursement guidance.”
Khan added: “Following the pandemic, the focus on efficiency and productivity will reach new heights in the near to medium terms. Imaging IT consolidation is essential to achieving these efficiencies. Additionally, reforms in national health policies, the changing reimbursement landscape, and budget constraints will help drive the gradual move to non-CAPEX business models for several healthcare providers. Rapid changes in technology and greater provider focus on precision diagnostics and treatment will necessitate a continuous refresh of imaging equipment.”
With advancements in AI and the cloud, the medical imaging and informatics industry experiences rapid transformation, creating growth opportunities for its market participants, including:
- Emphasis on cloud-based imaging informatics: Vendors can sign business associate agreements with cloud service providers to assume responsibility in the event of data breaches.
- Enterprise-level, long-term partnerships: By leveraging technology, the proposition can be unique by committing on equipment uptime and mean time between failures.
- AI imaging to optimize workflow and improve clinical outcomes: Addressing pain points along the imaging workflow, such as missed appointments and inappropriate examinations, can create a comprehensive AI portfolio for vendors.
- Inorganic growth emerging as a preferred route: With growth stagnating in the traditional segments of imaging and informatics, vendors operating in these segments are constantly looking to accelerate their revenue growth by entering adjacent areas.