Medical Imaging Information Systems Market – Replacement of Legacy Systems

March 22, 2012 - PRLog -- The global market for Medical Imaging Information Systems (MIIS) was valued at $3.7 billion in 2010 and is forecast to reach $7.3 billion in 2017 at a Compound Annual Growth Rate (CAGR) of 10%. Future growth of the MIIS market will be driven by digitization of medical imaging, replacement of existing or legacy systems and a greater focus on healthcare IT by hospitals. Digitization of medical imaging is expected to increase in order to reduce hospital and radiology costs associated with film and paper. The significant increase in the number of diagnostic imaging procedures, due to the rising aging population, will also boost the adoption of MIIS. The replacement of earlier versions of Picture Archiving and Communication Systems (PACS) and Radiology Information Systems (RIS), which have limited functions and features, with recently launched advanced PACS and RIS will also contribute towards market growth.

The US is the biggest market for MIIS and contributed 53% towards the global revenue in 2010. The US market for MIIS was valued at $1.9 billion in 2010 and is forecast to reach $4.1 billion in 2017 at a CAGR of 11%. The growth in this market will be driven by the replacement of legacy PACS and RIS, an increase in the adoption of advanced PACS such as web-based PACS which allows access from remote location, an increase in the adoption of cardiology information systems,  and stimulus funds into healthcare IT by the Obama government.

In 2010, GE Healthcare was the leader in the global market for MIIS with a share of 16%, followed by Philips Healthcare and Fujifilm Medical with a market share of 14% each. Agfa Healthcare, McKesson Corporation, Siemens Healthcare and Carestream Health also have a significant market presence. GE Healthcare’s leadership in the market can be attributed to its strong portfolio of products. The company’s portfolio of Centricity products meets the needs of healthcare providers in acute, ambulatory and home care settings, laboratories and pharmacies, and big hospitals. Furthermore, the Centricity systems can establish connectivity with iPhones as well as iPads. The company’s product portfolio also includes web-based and cloud-based health IT solutions. In addition to this, GE Healthcare also has a leading presence in the diagnostic imaging equipment market, a strong focus on emerging countries and strategic partnerships which give it strong competitive advantage

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The increase in sales of digital diagnostic imaging equipment, which helps to reduce the costs associated with medical films, has played a significant role in the increased adoption of MIIS in hospitals. MIIS play a substantial role in the effective management and utilization of digital patient information including medical images. There has been a surge in the acquisition of digital imaging systems such as the digital X-ray systems in the US, Europe and Japan, while the sales of filmbased analog X-ray systems is on the decline. Furthermore, the cost of films has increased significantly in the recent past due to an increase in the price of silver, a key ingredient in medical film. In fact, Agfa Healthcare has reported that the cost of silver has tripled since 2010. Companies are unable to operate profitably due to such a price rise and are forced to increase the prices of film. In May 2011, Agfa Healthcare and Fujifilm Medical announced a significant increase in the price of medical films.
GBI Research’s report, “Medical Imaging Information Systems Market - Replacement of Legacy Systems and Advances in Software Present Growth Opportunities” provides key data, information and analysis on the global Medical Imaging Information Systems (MIIS) market. The report provides information on the market landscape and market dynamics for the three market categories: Picture Archiving and Communication Systems (PACS), Radiology Information Systems (RIS) and Cardiology Information Systems. The report provides comprehensive information on the key factors affecting these categories, as well as key analytical content on the market dynamics and strategic competitive analysis. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.

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