Frost & Sullivan has noted that the healthcare sector’s emphasis on meeting its Quadruple Aim goal of cost reduction, clinical outcomes, enhance the patient and caregiver experience, and improve the work-life of its medical professionals, nurses and paramedics encourages the medical imaging and informatics industry to use advanced technologies to tap into growth prospects.

In its recent analysis, on the Global Medical Imaging & Informatics Outlook, 2021, F&S finds that the market opportunity is estimated to hit $37.10 billion in 2021 from $33.90 billion in 2020, registering growth at 9.4% under an aspirational scenario. The report helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

“As the medical imaging and informatics industry evolves rapidly, there are opportunities for vendors to grow by inorganic routes and widen their portfolio of artificial intelligence (AI) offerings. With some AI programmes being reimbursed, strong business cases with proven return on investment (ROI) will emerge from the industry,” said Imran Khan, Senior Analyst, Healthcare & Life Sciences at Frost & Sullivan.

“The deployment of AI in the sector has seen commendable success in developed countries such as North America and Western Europe, mainly due to national policies and reimbursement guidance,” he added.

“Following the pandemic, the focus on efficiency and productivity will reach new heights in the near to medium terms. Imaging IT consolidation is essential to achieving these efficiencies. Additionally, reforms in national health policies, the changing reimbursement landscape, and budget constraints will help drive the gradual move to non-CAPEX business models for several healthcare providers. Rapid changes in technology and greater provider focus on precision diagnostics and treatment will necessitate a continuous refresh of imaging equipment.”