US Medical Imaging Industry Faces Transition


Reading time ( words)

Medical imaging is a notoriously data intensive field with its volume, variety and speed of data generation multiplying every day. Conventional tools are incapable of efficiently managing such large and complex datasets; posing limits on scalability, sustainability and usability. As the U.S. medical imaging field evolves from being not only data-intensive but also data-driven, big data tools are expected to better handle medical imaging, patient records, and improve workflow efficiency, diagnostic accuracy, treatment decisions and health management.

Analysis from Frost & Sullivan, Big Data Opportunities in the US Medical Imaging Market, finds the market earned revenues of $39 million in 2014 and estimates this to reach $82 million by 2019 at a compound annual growth rate of 16 percent.

The U.S. medical imaging industry is experimenting with big data analytics solutions to measure, demonstrate and improve its value proposition. The next frontier will enhance data interoperability and data liquidity in order to translate static data into a dynamic database that gains actionable analytics and delivers care more efficiently.

"While current big data analytics applications for medical imaging are limited to descriptive analytics, such as operational performance monitoring, there are clear signs of the advent of advanced comparative benchmarking and predictive capabilities," said Frost & Sullivan Connected Health Industry Manager Natasha Gulati. "Imaging data management will also be a major area for investment as vendors design enterprise-wide solutions that allow a comprehensive view of all the data available to an organization."

Currently, there is no clear-cut definition for the right set of big data analytic solutions in the marketplace. Healthcare providers generally begin their Big Data journey with a goal or a particular use case in mind. Expanding the analytic solution in scope and functionality will be needed as both vendor and customer move along the learning curve.

The market is currently fragmented with disparate large-scale projects. Nevertheless, the standardization of best practices will gather momentum in the next few years, strengthening the functional framework.

"The future lies in the convergence of big data management and big data analytics," said Frost & Sullivan Advanced Medical Technology Health Principal Analyst Nadim Daher. "As the techniques for big data management, analytics in healthcare and medical imaging mature, their integration will spur a wave of partnerships and collaborations among different types of imaging IT vendors. This will pave the way for holistic solutions in the U.S. market."

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Share

Print


Suggested Items

Telecom (Compute and Storage) Infrastructure Market to Reach $16.35B in 2022

09/03/2018 | IDC
A new forecast from IDC sizes the market for compute and storage infrastructure for Telecoms at nearly $10.81 billion in 2017. However, as Telecoms aggressively build out their infrastructure, IDC projects this market to see a healthy five-year compound annual growth rate (CAGR) of 6.2% with purchases totaling $16.35 billion in 2022.

What’s Coming in 3D Printing Technology in 2018

12/27/2017 | Cullen Hilkene, 3Diligent
First, the arrival of extrusion metal printing. Today's extrusion printers are the most prevalent and, arguably, user-friendly 3D Printers in the market. Now, after years of there being zero metal extrusion printers, there will be two in the new year from Desktop Metal and Markforged. These technologies promise new materials and a higher degree of user friendliness for metal printing.

Global LED Market Expected to Record a CAGR of close to 17% until 2020

05/26/2016 | Business Wire
This research report titled ‘Global LED Market 2016-2020’ provides an in-depth analysis of market growth in terms of revenue and emerging market trends. The market size is calculated on the basis of revenue generated from four segments, including general lighting, backlighting, automotive lighting, and others.



Copyright © 2019 I-Connect007. All rights reserved.