According to a new research report published by Markets and Markets, the global market for medical image management is projected to reach $4.4 billion in 2023, up from $3.04 billion in 2018, at a compound annual growth rate of 7.7% during the forecast period.

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 are factors that are expected to drive the growth of the medical image management market.

Based on product, the medical image management market is segmented into PACS, VNAs, AICA, and enterprise/universal viewers, in the new market analysis. The PACS segment is expected to account for the largest share of the market in 2018. Factors such as technological advancements in PACS; adoption of PACS in new imaging segments such as endoscopy, ophthalmology, mammography, and oncology; growing adoption of PACS by small hospitals and imaging centers; and government initiatives encouraging healthcare IT adoption are driving the growth of the PACS segment.

By procurement model, the PACS market is further segmented by the researchers into departmental PACS and enterprise PACS. In 2018, the departmental PACS segment is estimated to account for the largest market share. This large share can be attributed to the fact that that PACS were originally designed keeping in mind individual departmental workflows and hence a large number of PACS were adopted in healthcare facilities, according to the market analysis. The enterprise PACS market, however, is expected to register the highest CAGR of during the forecast period owing to its ability to allow interoperability by allowing integration of results across different hospital departments, enabling seamless access to all patient information at a single point of interaction, the researchers add.

Based on end users of medical image management software, the report is segmented into hospitals, diagnostic imaging centers, and other end users, which includes ambulatory surgical centers, small clinics, and contract research organizations. In 2018, the hospitals’ segment is expected to account for the largest share of the market, driven by the rising patient population, growing awareness about the benefits of early disease diagnosis, technological advancements in imaging modalities, increasing digitization of patient data, and rapid growth in EMR adoption, among other factors.

While based on region, the market researchers predict that North America will continue to dominate the global medical image management market through 2023, which they attribute to the large number of imaging centers in this region, ongoing research activities, and rapid adoption of technologically advanced imaging systems.