The global market for medical image analysis software will show a linear increase from US$ 2,318.4 million in 2017 to US$ 4,642.1 million by 2026 with a CAGR increase of 8.1 per cent from 2018 to 2026.
Market Insights
Health care agencies around the world have focused on accurate pre-diagnosis of chronic diseases in order to determine treatment regimens for the manifestation of the disease. The availability of multimodality imaging platforms with inherent features such as high resolution imaging, quick analysis and easy access to healthcare professionals reduces the high cost burden of chronic disorders. Dearth of skilled personnel to operate sophisticated software solutions related to medical imaging acts as a hindrance to the market growth of medical image analysis software.
Integrated software solutions dominate the market for medical image analysis software. The provision of single point access and the ability to obtain a streamlined clinical workflow result in an increasing demand for integrated software solutions. Standalone software solutions are popular due to low maintenance costs and increasing popularity among multi-specialty clinics and hospitals worldwide.
Radiographic imaging techniques are holding the largest market in modality type for medical image analysis software market. Cost effective diagnostic procedures and rapid advancement in clinical radiology together drive the radiographic imaging market. Ultrasound imaging techniques will be the fastest growing market during the forecast period owing to inherent features such as rapid analysis, high accuracy and safe diagnosis.
Orthopedics is the leading application segment of the medical image analysis software market. Rising prevalence of musculoskeletal disorders and burgeoning demand for accurate diagnosis of soft tissue damage are driving market growth in orthopedic applications. Cardiology and oncology together will generate impressive growth during the forecast period, mainly due to the increasing demand for computer aided minimally invasive surgical procedures for cancerous tumors or atherosclerotic plaques.
North America is presently holding 32% market share and is the clear leader in medical image analysis software market. The major factors responsible for its overwhelming growth are increasing healthcare expenditure and soaring adoption of latest technology pertaining to medical imaging. Europe with a share of 29% stands second in the regional segment on account of stringent actions imposed by European Medical Agency (EMA), related to preliminary diagnoses of chronic ailments. Asia Pacific represents 20% market share owing to increasing medical tourism and strategic collaboration between western giants and local emerging players specializing in medical imaging.
IT healthcare companies actively engaged in the production of medical image analysis software market are Aquilab GmbH, Agfa-Gevaert Corporation, Bruker Corporation, Carestream Health, Inc., GE Healthcare, MIM Software, Inc., Philips Healthcare, Siemens Healthineers, Toshiba Medical Systems Corporation and Xinapse Systems Ltd.
Key Market Movements:
- Rising number of chronic disorders worldwide resulting in increasing preliminary diagnostic procedures performed
- Increasing healthcare expenditure in emerging economies
- Significant rise in the number of hospitals and multispecialty clinics opting for integrated and standalone software solutions pertaining to medical image analysis
Get Sample Copy of This Report With Covid19 Impact Analysis: https://www.credenceresearch.com/sample-request/59636
