The business of precision medical imaging is poised to take off in the next few years, according to a new analysis by Frost & Sullivan.
The market research firm’s report, “Growth Opportunities in Precision Medical Imaging, Forecast to 2022,” said new technologies and processes in diagnostic and therapeutic imaging could spur the market to grow from $120 million in 2017 to more than $8 billion by 2027. Technology advances such as clinical decision support software, sensors, 3D printing, and precision analytics capabilities like deep learning and artificial intelligence (AI) will be applied to medical imaging.
A few firms have pulled ahead, and the rest won’t be far behind, the firm predicted.
“While most major imaging companies are keen to make the most of the opportunities in precision imaging, they are at various levels of adoption. For instance, Siemens Healthineers has fully embraced the precision trend since it offers multi-pronged value through its solutions portfolio,” said Frost & Sullivan VP of research in transformational health Siddharth Saha in a prepared statement. “At Philips Healthcare, a few precision hot spots have been forming, notably in image-guided therapies and oncology informatics. GE Healthcare, on the other hand, is looking to combine the precision paradigm with applied intelligence.”
The report listed growth opportunities in the market as:
- Evidence-based study ordering, which can help tie imaging activity to specific patient needs by enabling more efficient models.
- Advanced imaging techniques and personalized image acquisition protocols, which strengthen the capabilities of imaging for definitive diagnosis and prognosis.
- Adaptive, anatomical, and applied machine intelligence.
- Precision reporting with informed and correlated study interpretation.
- Quantitative imaging and radiomics, defined as the extraction and conversion of quantitative features from images into mineable data to support medical desicion-making. Combined with genomics, radiomics can yield the highly transformative technology of radiogenomics.
- Image-based, 3D-printed implants and anatomical guides.
- Real-time, image-guided interventions such as external beam radiotherapy and focused ultrasound, which are raising the profile of interventional oncology.
- Precise oncologic radiation dose therapy. A new generation of treatment planning and dose measurement applications is driving radiotherapy toward more precise and adaptive radiation therapy.
- Molecular imaging of theranostic radiotracers.
- Imaging study value, quality, and outcomes analytics. Operational and financial analytics are evolving beyond tracking basic key performance indicators related to imaging to covering complete business intelligence platforms.
“Precision medical imaging has tremendous potential to improve all aspects of the care continuum, thus supporting emerging care approaches that are more targeted, predictive, translational, personalized and effective,” Saha said. “AI-enriched imaging equipment will help adapt and personalize the imaging protocols and procedures while precise radiomic and phenomic datasets from the given clinical context will enable deep learning, thereby reinforcing medical imaging’s contribution to precision medicine.”