Report : Europe 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 5.1% CAGR, the Europe Medical Imaging Informatics Market is speculated to be worth US$ 1,367.77 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe medical imaging informatics market was valued at US$ 963.21 million in 2021 and is expected to reach US$ 1,367.77 million by 2028, registering an annual growth rate of 5.1% from 2021 to 2028. The surge in geriatric population and increase in number of medical imaging procedures are the critical factors attributed to the market expansion.
The UK, Italy, among other economies, have considerably modernized healthcare facilities and services. As a result, the life expectancy of people in these countries has increased, leading to the growth in their geriatric population base. The elderly population majorly suffers from various chronic diseases, such as cardiovascular diseases (CVD), due to structural and functional changes in their cardiovascular systems associated with aging. Aging leads to the stiffening of the heart and blood vessels. Thus, arrhythmias, as well as coronary artery disease and heart failure, are common risk factors in people of age 75 and above. Thus, the rising geriatric population worldwide increases the demand for various disease diagnoses procedures, as well as medical imaging informatics, thereby fueling the market growth.
On the contrary, a lack of expertise in operating medical imaging informatics systems hurdles the growth of Europe 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 31.6% market share in 2021, amassing US$ 304.03 million. It is projected to garner US$ 425.17 million by 2028 to expand at 4.9% CAGR during 2021–2028.
Based on application, the market is categorized into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. With 64.6% share of the domain, the hospitals segment dominated the market in 2021. It accrued US$ 622.41 million in 2021 and is estimated to generate US$ 890.42 million by 2028 to grow at a CAGR of 5.2% over the forecast period.
Based on component, the market is segmented into software, hardware, and services. The software segment held 62.8% market share in 2021, amassing US$ 605.03 million. It is projected to garner US$ 865.58 million by 2028 to expand at 5.2% CAGR during 2021–2028.
Based on country, the Europe medical imaging informatics market is categorizsed Germany, Italy, Spain, France, the UK, and the Rest of Europe. Our regional analysis states that Germany captured 25.7% market share in 2021. It was assessed at US$ 247.61 million in 2021 and is likely to hit US$ 354.35 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the Europe 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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