As the pandemic fades, the global market for imaging IT has hit $5.2b in 2022
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2nd June 2023 – Contribution by Annabel Dimmock and Amy Thompson – Featured in Circle Square Digital Health Trends – June 2023
The short term outlook is expected to offer an abundance of opportunities for vendors, with the tail end of a US radiology IT market replacement cycle, public investment bolstering markets in Western Europe and Latin America, and the Middle Eastern region ripened for
double digit growth.
Beyond the strong growth prospects short term, vendors must turn attention to 2025 onwards. Many markets globally are anticipated to encounter risk, whether that aligns to political elections, implications from the Russia / Ukraine war, or the ongoing economic instability offered by the global crisis. Rebuilding sales pipelines at the latter end of the forecast period is going to be unpredictable.
To mitigate future risk, alongside tackling increased business and staffing costs, vendors are evaluating and implementing price increase strategies. Although prospective rises could be between 5 20%, the reality is very context specific by product, customer, and geography. In actuality, it is expected parts of the imaging IT portfolio will be commoditized, such as operational workflow or analytics, so instead of the market inflating from price increases, vendor revenue will be redistributed across its portfolio.
Providers are evaluating vendors, not only on technical competency today, but their roadmaps for delivering long term strategies such as enterprise imaging, AI orchestration and cloud native platforms.
Editorial: Annabel Dimmock and Amy Thompson, analysts at Signify Research report that for many global vendors, their dominant markets are competitively saturated, such as Western Europe and North America, the key to securing success will lie in a vendor’s ability to deliver on the long term strategy and accomplish the promised integration across its native, acquired, and partnered IT ecosystem. For those looking towards the lucrative emerging markets, vendors need to act with intention as these markets are high reward, but high risk.
