With the rising prevalence of chronic diseases, such as cancer and various other cardiovascular disorders, the global market for medical image analysis software has witnessed a substantial rise in its size and scope.
Global Medical Image Analysis Software Market: Snapshot
Analysts foresee an upward growth is this market over the next few years, thanks to the advent of 4D imaging technique and the swelling demand for medical imaging. The market, which presented an opportunity worth US$2.35 bn in 2015, is anticipated to expand at an 8.10% CAGR between 2016 and 2024 and touch a value of US$4.66 bn by the end of 2024.
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Integrated Software to Enjoy Higher Demand than Standalone Software
Integrated software and standalone software are the two main types of medical image analysis software available across the world. Among the two, the integrated software segment, which has been leading this market since the last few years, is projected to dominate it as well over the forthcoming years, thanks to the rising awareness about the advantages of integrated software systems, such as interlinking of the database and storing of the images for further analysis.On the other hand, the standalone segment is estimated to likely to witness a decline in its share in the near future due to the increasing trend of incorporating all medical imaging devices with integrated software systems.
Hospitals, clinics, diagnostic centers, research and academic institutes, and ambulatory surgical centers (ASCs) have surfaced as the key end users of medical image analysis software, worldwide. The hospital segment, among these, emerged as the key contributor to this market in 2015 and is predicted to retain its lead throughout the forecast period.
The presence of a well-established medical and healthcare industry and a favorable reimbursement scenario in developed regions, such as North America and Europe, have been driving the demand for medical image analysis software in hospitals and are expected to remain doing so over the next few years.
Rising Incidence of Cancer to Ensure Lead of North America
Geographically, Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America have been considered as the main segments of the worldwide market for medical image analysis software. North America acquired the leading position in this market in 2015 with a share of 33.7% on the grounds of the rising incidence of cancer and cardiovascular diseases.
Researchers anticipate the North America medical image analysis software market to maintain its dominance over the forthcoming years.
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Europe, which was second in 2015, is projected to retain its position in the years to come. The economic developments, leading to the improvement in the healthcare facilities, are expected to prompt the key players to invest in this regional market for research and development activities, which may propel it substantially over the years to come.
Asia Pacific, on the other hand, is predicted to be driven by the increasing prevalence of cancer, cardiovascular diseases, and other chronic disorders in countries, such as India and China and the rising awareness among consumers regarding early diagnosis of these diseases in the near future.
GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc., Pie Medical Imaging, Media Cybernetics Inc., AQUILAB, MIM Software Inc., Merge Healthcare Inc., and ScienceSoft USA Corp. are some of the key vendors of medical image analysis software across the world.
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