- Next-generation data management and analytics tools anchor medical imaging's transition to value-based business models, finds Frost & Sullivan
MOUNTAIN VIEW, California, June 29, 2015 /PRNewswire/ -- 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 (https://www.frost.com/nf5b), 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.
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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."
Big Data Opportunities in the US Medical Imaging Market is part of the Connected Health (http://www.connectedhealth.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Opportunities in Healthcare Cloud in US and Europe, Next Generation Healthcare: Global Advanced Medical Technologies and Pulse of Telehealth. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Big Data Opportunities in the US Medical Imaging Market
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SOURCE Frost & Sullivan