April 13, 2012 — The spiraling cost of silver is making medical films more and more obsolete, as new and more efficient medical imaging information systems (MIIS) continue to emerge, according to a new report by pharmaceutical and medical intelligence analysts GBI Research.
The new report shows that the replacement of legacy picture archiving and communication systems (PACS) and radiology information systems (RIS) will help companies generate revenue from the market by improving on limited technological functions and features found on the legacy PACS, many of which are more than five years old.
Hospitals will soon witness the complete digitization of medical imaging through the replacement of existing systems, which will lead to a greater focus placed on healthcare IT and growth in the MIIS market. MIIS can effectively manage digital patient information, including medical images, and sales are expected to soar due to the need to reduce hospital and radiology costs associated with films and paper. The price of medical films has increased significantly in recent times, due to escalating prices of the key ingredient, silver.
These developments not only benefit manufacturers, but hospitals too. Increased adoption of advanced PACS, such as web-based PACS, which allow access from remote locations, will help fulfill the demanding workflow requirements of healthcare personnel. Many advanced PACS offer features such as a one-desktop solution via web-based access, allowing health workers to access images at multiple locations, increasing their mobility and allowing treatment of more patients. This also allows collaboration between physicians for analysis of medical images, and information access at the bedside of a patient’s home or in hospital.
The Obama government has been keen to release stimulus funds into the healthcare IT market in the United States, resulting in the country becoming the largest market for MIIS in the world, contributing 53 percent toward global market revenue in 2010.
The global MIIS market 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 percent. The U.S. 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 percent.
The report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GBI Research. To access the report, click here.
For more information: www.gbiresearch.com