According to a new market intelligence report by BIS Research, titled "Global Medical Image Analytics Market- Analysis and Forecast, 2017-2025", the global medical image analytics market was estimated at $2.43 billion in 2016 and is estimated to grow over $4.26 billion by 2025. Rising incidence rate of chronic diseases, increasing geriatric population, favourable governmental policies, continuous technological advancement (hybrid PET/CT & MRI/CT image analytics software), rising demand of automated image analytics techniques, growing application of computer aided diagnosis and the advent of artificial intelligence in medical imaging, are the factors expected to fuel the demand for medical image analytics software solutions in the near future.
As per the World Health Organization (WHO), the burden of chronic diseases is rapidly increasing worldwide. Cancer, heart disease, neurological disease and other chronic conditions which usually kill more than 24 million people a year impose an increasing burden of suffering and disability on several others. Further, the heart disease and stroke which are already the leading causes of death in the developed nations are expected to become much more common in the developing and underdeveloped countries as well.
Among all, two of the chronic diseases (heart disease and cancer) accounts for 52% of all the deaths and continuous increment of chronic indications plays a vital role in the growth of medical image analytics market.
As per WHO, cancer is one of the leading causes of death globally and the incidence rate of cancer is expected to rise by 70% over the next two decades.
Medical image analytics is the science of solving and analyzing medical problems based on different imaging modalities such as mammography, magnetic resonance imaging (MRI), computed tomography (CT) and positron emission tomography (PET) and ultrasound, among others. Further, the main purpose of medical image analysis is the extraction of meaningful information to support disease diagnosis and therapy. The individual analysis algorithms are however rarely used standalone in clinical practice and usually multiple algorithms are integrated into dedicated clinical applications.
Furthermore, the software which is a program plays a vital role in meeting the demand of radiologists and other healthcare specialists dealing with the handling and interpretation of large volume of medical data and images. A very important function that the medical software application performs after the image has been acquired in the digital form is the analysis of the acquired image to extract medically or clinically relevant information for diagnosis and treatment planning. Software capable of performing these functions are known as medical image analytics software.
The standalone software or the integrated software which are available integrated with various imaging modalities witness a potential tool in image analytics due to their advantages such as flexibility, capability of handling medical image data from different modalities, user friendly interface to visualize, observe and process the medical image data. Moreover, the interlinking of the database and storing the images for further analysis which allows multiple user to view as well as process the data and provide real time viewing features for expedited analysis make these software widely adopted medical image analytics solutions.
Moreover, the most significant development in the field of medical image analytics is the advent of machine and deep learning algorithms. These algorithms when properly trained can detect very complex and difficult to find abnormalities in almost any interior part of the body. In few cases these algorithms have achieved reading accuracy and consistency at par or in certain cases more than an experienced medical practitioner. These evolved algorithms when used in tandem with cloud based computing capabilities and very large data processing capacities usher in a new era of data-driven medicine leading to transparent, effective and affordable healthcare for everyone.
According to Abdul Wahid, a lead analyst at BIS Research, " With the advent of technological advanced & digital imaging systems and their analytics software solutions, the global market is expected to grow substantially to meet the rising needs of healthcare professionals confronting the diagnosis of big pool of chronic disease patients, especially people with cardiovascular, oncology, neurological, gynaecological and orthopaedics indications. The market for integrated software is expected grow at the highest CAGR of 7.9% from 2017 to 2025. Among all the imaging modalities and applications, the major contributor to the medical image analytics market is ultrasound and obstetrics & gynaecology, respectively."
- Based on the product segment, standalone software accounts for the largest market share and is expected to reach $2,468.5 million by 2025. This is attributed to the increasing usage of standalone software due to its significant advantages such as flexibility, user friendly interface to visualize observe, evaluate and process the medical image data among others
- Based on the imaging modality segment, ultrasound is the major revenue generator and is anticipated to grow at the CAGR of 5.6% from 2017 to 2025.
- Based on the application, obstetrics & gynaecology accounts for the largest market share and is expected to reach $1,021.4 million by 2025.
- Based on end users, hospitals are the most significant consumer of medical image analytics solutions and is anticipated grow at the CAGR of 4.7% from 2017 to 2025.
- Based on geography, North America is the largest revenue generator for the medical image analytics market and is expected to reach $1,310.8 million by 2025. Further, Latin America and Asia Pacific are expected to be the fastest growing regions with a CAGR of 7.5% and 7.0%, respectively, during the forecast period 2017 to 2025.
Source: BIS Research Analysis
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This market intelligence report provides a multidimensional view of the global medical image analytics market in terms of market size and growth potential. This research report aims at answering various aspects of the global medical image analytics market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that is going to shape the future trajectory of the market expansion. The study considers the growth-share matrix model for a comprehensive study of the global medical image analytics market and assesses the factors governing the same.
Key questions answered in the report:
- What are the major market drivers, challenges and opportunities of the global medical image analytics market?
- How the medical image analytics evolve and what is its scope in the future?
- What were the market shares of the leading segments and sub-segments of the global medical image analytics market in 2016 and what will be the shares in 2025?
- How will each segment of the global medical image analytics market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2025?
- How will the market share of the leading companies change in 2016 and which country will lead the market in 2017?
- How will the industry evolve during the forecast period 2017-2025?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- How the market has been segmented on the basis of product, imaging modality, application, end-user and region?
- Which product, imaging modality, application and end-user will dominate the global medical image analytics market by the end of the forecast period and which one is growing at the highest CAGR during the forecast period 2017-2025?
- What will be the growth rate of different segments during the forecast period? Which is the leading segment by product, imaging modality, application, end-user and region?
- Who are the key players for the medical image analytics market?
- Which geographical region will lead the global medical image analytics market by the end of the forecast period?
- Which country is growing at the highest CAGR during the forecast period?
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