SANTA CLARA, California, presidentpost.com – Latest analysis of the medical imaging informatics field by Frost & Sullivan finds that the waste and inefficiency inherent in the conventional siloed on-premises IT models will soon vanish. In the era of big data and healthcare integration, it is unsustainable for each facility or enterprise to buy, operate and maintain its own IT solutions. The adoption of cloud-based medical imaging informatics will accelerate as IT managers search for more cost-effective and flexible solutions to help manage their stakeholders’ growing enterprise imaging needs.
Frost & Sullivan’s research, Growth Opportunities in the Global Cloud-based Medical Imaging Informatics Market, sheds light on imaging informatics technology in the cloud, assesses critical business strategic considerations that are aiding and hampering market adoption, and evaluates areas that present opportunities for growth.
“After years of scepticism, the future of medical imaging informatics is firmly tied to the cloud,” said Nadim Daher, Medical Imaging & Imaging Informatics Industry Principal.
“As we have moved past the innovator stage and well into the early adopter phase, amidst an industry-wide imperative for greater data usability and interoperability in healthcare, the vendor community has taken notice and is preparing for a major realignment around cloud-based models. Today, only a few mid-sized and many small-sized vendors have fully embraced the cloud, so the market opportunity is really still in its infancy, with only the long-term image archiving use case being relatively mature,” Nadim explained.
The total revenue of the global cloud-based medical imaging informatics market is expected to remain on a very strong growth trajectory over the next few years, growing from $285.4 Million in 2016 to $830.5 Million in 2021, at an impressive compound annual growth rate of 23.8%. This will dramatically grow the contribution of cloud-based solutions to the overall imaging informatics market, which today stands at a mere 3.8%.
Cloud-based platforms, deployed through various software-as-a-service (SaaS), subscription or hybrid cloud models, open up new market access for imaging application developers, expand the prospective user base, and break down many adoption barriers for imaging providers. Yet the shift does pose challenges for vendors and customers alike, as shifting imaging informatics from capital-intensive to operational expenditure (OpEx), and from on-premises to hosted models, dramatically alters operational, security and financial risk profiles.
Over the next few years, the cloud’s synergistic convergence with advanced imaging analytics, machine learning, imaging research, interoperability standards and healthcare blockchains, will open new applications and opportunities for adoption by a wide range of stakeholders across the medical imaging value chain.
Growth Opportunities in the Global Cloud-based Medical Imaging Informatics Market is part of Frost & Sullivan’s Transformational Health — Digital Health Growth Partnership Service program.
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. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. (PRN/TPP)