Report : North America Medical Imaging Informatics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Digital Radiography, Ultrasound, MRI, CT, Nuclear Imaging, and Mammography), Application (Hospital, Ambulatory Healthcare Settings, Diagnostic and Imaging Centers, and Others), and Component (Software, Hardware, and Services)
At 4.9% CAGR, the North America Medical Imaging Informatics Market is speculated to be worth US$ 2,355.71 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America medical imaging informatics market was valued at US$ 1,683.73 million in 2021 and is expected to reach US$ 2,355.71 million by 2028, registering an annual growth rate of 4.9% from 2021 to 2028. The rising prevalence of chronic diseases and surge in geriatric population and prevalence of chronic diseases are the critical factors attributed to the market expansion.
Chronic diseases such as heart diseases, cancer, and diabetes are the leading causes of death and disability in the US. These diseases are also the leading contributor to the annual health care costs of US$ 3.8 trillion in this country. According to the Centers for Disease Control and Prevention (CDC), 6 in 10 Americans have at least one chronic disease, such as CVDs, stroke, diabetes, or cancer. Over 877,500 Americans, which is one-third of all deaths, die of CVDs every year. These chronic diseases take an economic toll of US$ 216 billion per year in healthcare costs in the US. According to the CDC, ~1.7 million people are annually diagnosed with cancer in the US, and ~600,000 associated deaths are registered due to cancer. The cost of cancer care has been rising and is anticipated to reach ~US$ 240 billion by 2030. Moreover, ~34.2 million Americans have diabetes, and another 88 million adults are prediabetic, which places them at risk for Type 2 diabetes. Diabetes can cause severe complications, such as heart disease, kidney failure, and blindness.
On the contrary, a lack of expertise in operating medical imaging informatics systems hurdles the growth of North America medical imaging informatics market.
Based on type, the market is segmented into digital radiography, ultrasound, MRI, CT, nuclear imaging, and mammography. The ultrasound segment held 30.7% market share in 2021, amassing US$ 516.98 million. It is projected to garner US$ 712.32 million by 2028 to expand at 4.7% CAGR during 2021–2028.
Based on application, the market is categorized into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. With 64.9% share of the domain, the hospitals segment dominated the market in 2021. It accrued US$ 1,093.41 million in 2021 and is estimated to generate US$ 1,541.24 million by 2028 to grow at a CAGR of 5.0% over the forecast period.
Based on component, the market is segmented into software, hardware, and services. The software segment held 63.3% market share in 2021, amassing US$ 1,066.25 million. It is projected to garner US$ 1,502.95 million by 2028 to expand at 5.0% CAGR during 2021–2028.
Based on country, the North America medical imaging informatics market is categorizsed into the US, Canada, and Mexico. Our regional analysis states that US captured 93.1% market share in 2021. It was assessed at US$ 1,566.81 million in 2021 and is likely to hit US$ 2,200.71 million by 2028, exhibiting a CAGR of 5.0% during the forecast period.
Key players dominating the North America medical imaging informatics market are Agfa-Gevaert Group; Carestream Health; ESAOTE SPA; GENERAL ELECTRIC; Koninklijke Philips N.V.; Siemens Healthcare GmbH; Hologic, Inc.; Konica Minolta, Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; and FUJIFILM Holdings Corporation among others.
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