Report : Middle East and Africa 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 3.5% CAGR, the Middle East and Africa Medical Imaging Informatics Market is speculated to be worth US$ 112.58 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East and Africa medical imaging informatics market was valued at US$ 88.66 million in 2021 and is expected to reach US$ 112.58 million by 2028, registering an annual growth rate of 3.5% from 2021 to 2028. The technological advancements in medical imaging informatics and rising demand for AI- and cloud-based platforms are the critical factors attributed to the market expansion.
Technological integration has played an enormous role in developing efficient medical imaging tools in recent years. Medical imaging informatics is used to diagnose physical injuries, and locate and identify tumors in the human body. Considering the massive potential held by medical imaging, companies are looking to invest heavily in the development of efficient products to expand their clientele. Increasing regulatory approvals for advanced products, paired with the focus on product innovations, are likely to have a huge impact on the growth of the overall medical imaging informatics market in the coming years. In November 2021, Philips launched a new AI-enabled Magnetic Resonance (MR) portfolio of smart diagnostic systems, optimized workflow solutions, and integrated clinical solutions. The MR portfolio of smart diagnostic systems is an intelligent integrated solution designed to speed up MR examination, streamline workflows, optimize diagnostic quality, and help ensure operational efficiency and sustainability. In July 2020, FUJIFILM Sonosite, Inc. announced the Sonosite PX ultrasound system launch. The company claims that this product is the next generation in Sonosite POCUS, with the most advanced image clarity. Moreover, in April 2019, Canon Medical Systems launched its new ultrasound system that delivers higher performance than its counterparts. The Aplio-A series introduced by the company is used for various clinical purposes and is available at an affordable price. The availability of such low-cost products with high efficiency is likely to favor the growth of the overall medical imaging informatics market in the coming years.
On the contrary, a lack of expertise in operating medical imaging informatics systems hurdles the growth of Middle East and Africa 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 32.3% market share in 2021, amassing US$ 28.61 million. It is projected to garner US$ 35.78 million by 2028 to expand at 3.2% CAGR during 2021–2028.
Based on application, the market is categorized into hospitals, ambulatory healthcare settings, diagnostics and imaging centers, and others. With 64.3% share of the domain, the hospitals segment dominated the market in 2021. It accrued US$ 57.05 million in 2021 and is estimated to generate US$ 72.97 million by 2028 to grow at a CAGR of 3.6% 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$ 55.63 million. It is projected to garner US$ 71.18 million by 2028 to expand at 3.6% CAGR during 2021–2028.
Based on country, the Middle East and Africa medical imaging informatics market is categorizsed into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East and Africa. Our regional analysis states that UAE captured 31.3% market share in 2021. It was assessed at US$ 27.79 million in 2021 and is likely to hit US$ 35.86 million by 2028, exhibiting a CAGR of 3.7% during the forecast period.
Key players dominating the Middle East and Africa medical imaging informatics market are Agfa-Gevaert Group; Carestream Health; 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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