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Medical Imaging Management Market: Overview

Medical imaging has made tremendous strides on the back two pillars: continuous technological advancements and the sheer pace of digital transformation in radiology. Enormous advancements in content management and ICTs have underpinned new workstations used in medical imaging, driving the evolution of the medical imaging management market.

As more and more datasets were generated during the growing penetration of medical imaging, the need for efficient technologies to managing them became imperative. Systems with advanced image processing capabilities became a part of the routine work of radiologists. The evolution of electronic records in both capacity and complexity has propelled the adoption of various picture archiving and communication systems (PACS), thereby propelling the growth of the medical imaging management market. Various other radiology information system and hospital information systems have been integrated with the workflows.

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Medical Imaging Management Market: Drivers, Current Growth Dynamics, Lucrative Avenues

The demand for imaging modalities in the medical imaging management market is growing in use in range of areas notably including wellness and screening of cancer and life-threatening diseases. An emerging case in point is growing demand for magnetic resonance imaging (MRI), and positron emission tomography (PET) in the management of common genitourinary cancers Concomitantly, the use of digital technologies such as PACS has been used by clinicians and radiologists to manage the patient data.

Medical imaging management systems are gaining relevance in clinical education in case-based teaching. Rise in healthcare costs is a key trend aspect that has pressed the need for addressing the overutilization of radiology imaging. This, more than ever, has led to concerns of burn-out for radiologists, and raised the out-of-pocket expenses in some populations. Hence, the need for medical imaging management system is also growing.

The growing use of imaging modalities in nuclear medicine has created a new avenue for players in the medical imaging management market.

Medical Imaging Management Market: Competition Landscape and Key Developments

Prominent players are keen on leveraging AI-based tools and methods to manage data in medical imaging systems. In effect, the adoption of machine learning (ML) has been growing. Several players are exploring the potential of ML-based CAD uses algorithms to gain a competitive edge in the medical imaging management market. New systems that utilize health analytics helps in boost the performance of healthcare services. In recent years, several hospitals have collaborated. A Saudi Arabia-based tertiary care Center King Faisal Specialist Hospital and Research Center is harnessing the potential of medical imaging management for improving services in emergency units, and found the output to be encouraging.

Some of the key players in the medical imaging management market are Carestream Health, Inc., Fujifilm Holdings Corporation, IBM, Siemens Healthineers, and GE Healthcare. Various players are keen on advancing the features in the newly launched products in the medical imaging management market to pave the way to medical decision-making. Improvements in image acquisition, analysis, transfer, and storage functionalities have been boosting the performance of products in the medical imaging management market.

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Medical Imaging Management Market: Regional Landscape

Asia Pacific is one of the prominently lucrative regions in the medical imaging management. The rapidly increasing penetration of electronic medical records in hospitals and clinics in various economies of the region has accelerated the adoption of medical imaging management systems, notably PACS. Software vendors are keen on exploiting the latent opportunities in the developing countries and in emerging market. North America medical imaging management market has been contributing sizable opportunities to software vendors. The growing utilization of Big Data is one of the key trends of emerging markets. In developed markets, the rise in elderly population has unlocked new avenues for players in the medical imaging management market.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Medical Imaging Management Market