The increase would represent a 3.5% compound annual growth rate compared with the $8.5 billion produced in 2019 by the medical imaging informatics market, which includes radiology IT, ancillary IT, other departmental IT, and enterprise imaging IT systems, the company said. 2021 will be sluggish, however, due to the ongoing pandemic and hospital decisions to delay capital investments and divert funding to COVID-19 needs, according to Frost & Sullivan.
However, the firm expects the market will bounce back in 2022 with higher growth rates due to the pent-up demand for IT purchases over the past two years. Furthermore, radiology IT is predicted to remain as the largest revenue generator, powered by the adoption of PACS in emerging countries.
The enterprise imaging sector will be driven largely by the North American market, thanks to the need for clinical decision-support and image exchange software, according to the company. It also expects the Europe, the Middle East, and Africa (EMEA) region to grow in the ancillary and enterprise imaging segments.
The full report may be accessed on Frost & Sullivan's website.
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