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Future Growth Potential Enhanced by Growth Opportunities in Enterprise Imaging IT
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The global medical imaging and informatics industry is undergoing rapid change with the emergence of new technologies, evolving clinical and administrative needs, and the introduction of new policies and regulations, making it necessary for industry participants to continuously innovate to maintain their competitive edge. New technologies such as Artificial Intelligence (AI) and the cloud are opening up new opportunities that did not exist a few years ago. The COVID-19 pandemic exacerbates already overstretched financial resources at healthcare institutions, prompting a drastic change in the engagement mode with vendors. With the entry of startups, competition in imaging informatics is set to intensify to such an extent that many industry leaders are competing to establish strategic partnerships with small startups to expand their solutions portfolio. Medical imaging informatics is poised to play a central role in the management of illnesses. Digitization of imaging data offers several advantages, including higher pixel information, efficient storage and retrieval, and ease in sharing images. Advances in informatics have increased the capability to exploit pixel information to automated detection, triage, and diagnosis via computer-aided technologies, e.g., computer-aided detection, computer-aided triage, and computer-aided diagnosis. The quantum of data imaging being generated is enormous. Efficient image management can create significant benefits for the institution in the form of increased efficiency, better productivity, reduced dose for patients, and a lower number of repeat examinations. Over the years, usage of Picture Archiving and Communications Systems (PACS) has given rise to large imaging datasets; however, these have been restricted by siloed and proprietary protocol-based usage, creating new unmet demand in terms of accessing and sharing the data across the hospital enterprise. The archive’s architecture is a crucial factor that enables it to store and share images across numerous platforms. Newer developments in imaging technologies such as cloud and Vendor Neutral Archives (VNA) are being designed to work with multiple vendor-agnostic platforms, paving the way for truly customized treatments based on individual patient care needs.
The scope of the study is global and includes the analysis of 4 key segments of the imaging informatics market, namely, Radiology IT, Ancillary IT, Other Departmental IT, and Enterprise Imaging IT. The study provides an overview of the key trends in each major region—North America, Europe, the Middle East, and Africa (MENA), and Asia-Pacific. The COVID-19 pandemic forced many institutions to defer capital expenditure and investment, resulting in a drop in overall revenues.
Author: Suresh Kuppuswamy
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