The market for medical imaging IT technology continues to shift, with a pair of surging independent players growing rapidly in a sector that’s long been dominated by multinational OEMs. That’s according to the latest report on the imaging IT market by UK market intelligence firm Signify Research.
The new report is projecting that the global market for imaging information technology will grow 18% over the next few years, from $5.6B in 2023 to $6.6B in 2028.
- Radiology will continue to dominate with a majority of sales, with cardiology IT a distant – but growing – second. Advanced visualization and operational workflow tools will make up the rest.
In terms of vendors, the top three market leaders of 2023 were GE HealthCare, Philips, and Fujifilm, but more recently, Visage Imaging and Sectra have been gaining market share.
- The report echoes recent news that has seen some of the largest multi-site enterprise imaging installations going to Visage and Sectra; a recent KLAS Research report also showed both companies’ growing momentum.
Some of the other major points from the report include …
- Major growth in cloud deployment will occur – by 2028, 37% of the global imaging IT market will be in either hybrid or fully hosted environments
- Cloud will represent 44% of the total radiology IT market by 2028
- On a regional basis, the Middle East will see “significant growth” in imaging IT from 2024 to 2026, particularly in the Gulf States
- Recovery is expected in China and the ASEAN nations, while India’s growing economy is driving healthcare digitization
- Latin America is showing rising interest in AI and cloud technologies, but national elections could complicate matters
The Takeaway
The new Signify Research report underscores the evolving nature of the imaging IT market, as independent vendors rise to challenge multinational OEMs that dominated the sector for years. Be sure to check out Signify’s helpful infographic on LinkedIn that succinctly wraps up the changes.
