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Home Industry Verticals Government and Public Services

Cloud and AI to drive global imaging informatics surge

FutureCIO Editors by FutureCIO Editors
March 12, 2021
Photo by Gustavo Fring from Pexels

Photo by Gustavo Fring from Pexels

Frost & Sullivan says new technologies such as artificial intelligence (AI) and the cloud, evolving clinical and administrative/operational needs, and the introduction of new policies and regulations will boost the global medical imaging informatics market.

In turn, this will drive revenue in developed markets as hospitals try to improve productivity and efficiency within imaging departments, said the analyst.

This market—which comprises radiology IT solutions, ancillary IT solutions, other departmental IT solutions such as cardiovascular information systems, and enterprise imaging IT solutions—is estimated to hit $10.4 billion by 2025 from $8.5 billion in 2019, registering a compound annual growth rate (CAGR) of 3.5%.

However, with the impact of COVID-19, the market will experience a slowdown in 2021 as hospitals delay investments in capital purchases and divert most funding to COVID-19 care. Still, it will bounce back in 2022 with higher growth rates due to the pent-up demand for IT purchases over the past two years.

“Medical imaging informatics is poised to play a central role in the intervention and management of illnesses. Digitization in imaging offers several advantages, including higher pixel information, efficient storage and retrieval, and ease in sharing images between the care team members,” said Suresh Kuppuswamy, Healthcare & Life Sciences industry principal at Frost & Sullivan.

He noted that radiology IT is forecast to maintain its position as the largest revenue contributor, driven by the adoption of radiology PACS in emerging countries, as most of them are projected to still implement the PACS at the modality or departmental level.

Kuppuswamy added: “China, Australia, Korea, and Japan are forecast to be the major economies spurring Asia-Pacific’s revenue growth. Continuous healthcare infrastructure improvements in Southeast Asia and India also provide additional growth opportunities for vendors.”

Recommendations

  • New opex business models to encourage small and medium hospitals to adopt modern informatics technology: Although opex models are mostly utilized in developed countries, the future potential is large in developing countries because the high demand for modern informatics solutions in these markets is constrained by the associated capital costs.
  • Teleradiology to enable radiologists to work from home and increase their productivity: Create the necessary infrastructure for radiologists to work remotely without compromising quality and speed of work.
  • AI integration into the imaging workflow to increase efficiency and quality of care: A large segment of the work is currently focused on modalities such as CT, MRI, and mammography. Algorithms can increase the accuracy and efficiency of radiologists in these areas.
  • Unsustainable costs in healthcare to shift the focus on precision medicine and precision imaging: Ample opportunities exist for the imaging industry to further refine the imaging process by integrating innovative technologies along the imaging path, e.g., 3D camera at the point of acquisition to ensure centring is accurate and to avoid a repeat exam.
Related:  Innovations across NetApp release innovations in intelligent data infrastructure
Tags: Artificial IntelligenceCOVID-19medical imaginmedical informatics
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