Medical Imaging Information Market: By Service Type (Hardware, Software), By Application (Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Digital Radiography, Nuclear Imaging, X-ray, Ultrasound, Mammography. Others), By Deployment Mode (Cloud-Based, Web-Based, On-Premise), By End-User (Hospitals, Diagnostic Centres, Ambulatory Surgical Centres), and Geography

 

The global medical imaging information market size was valued at USD 16.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2027. Medical Imaging system also known as imaging information is used to transfer the medical images throughout the healthcare system. Medical imaging is carried to reveal the internal organ functions of the body as well as to diagnose the disease. Most commonly used medical imaging systems are X-ray, Magnetic Resonance Imaging (MRI), Computed Tomography (CT), ultrasonography, and endoscopy among others. This imaging information is transferred by using software to provide better treatment for the disease. Increase in the prevalence of chronic diseases such as neurological disorders leads to rise in number of diagnostic imaging procedures, development in imaging procedures, advanced and innovative applications of medical imaging software, and reduce in the cost of storage platforms are anticipated to fuel the market. Moreover, increase in storage of medical information, rise in preference for better treatment, and technological advancements in transferring of images are expected to boost the medical imaging information market. However, security issues with data storage, lack of skilled professionals, and high cost for initial investments are expected to impede the growth of market. The increased demand for early-stage diagnosis of chronic disease and the ageing demographics, which are predicted to boost demand for diagnostic imaging around the world, are two major reasons driving the business. Technological developments, together with government investments and funding, are likely to contribute, particularly in developing countries like India and China.