Advancements In Radiology To Drive Demand Within Global Medical Image Analysis Software Market

Global Medical Image Analysis Software Market - Snapshot

The global medical image analysis software market was valued at approximately US$ 2.6 Bn in 2017. It is anticipated to reach a value of approximately US$ 5.4 Bn by 2026, expanding at a CAGR of more than 8.1% from 2018 to 2026. The global medical image analysis software market is driven by an increase in the incidence of chronic diseases, rise in geriatric population, increase in the adoption of 4D imaging techniques, and rise in demand for medical imaging. Furthermore, high healthcare investment and increase in the awareness related to technologically advanced products are expected to create new opportunities in the emerging nations. However, high cost associated with medical imaging procedures and technical limitations associated with the software are expected to restraint the market during the analysis period.

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The global medical image analysis software market has been segmented based on software type, imaging type, modality, application, end-user, and region. In terms of software type, the global market has been classified into integrated software and standalone software. Based on imaging type, the medical image analysis software market has been categorized into 2D imaging, 3D imaging, and 4D imaging. In terms of modality, the market has been bifurcated into CT, MRI, PET, SPECT, ultrasound, radiographic imaging, and other modalities. Based on application, the market has been segregated into cardiology, orthopedic, oncology, neurology, nephrology, dental, gynecology, and others. In terms of end-user, the market has been split into hospitals, clinics, research and academic institutes, diagnostic centers, and ambulatory surgical centers. Based on region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Based on software type, integrated software was a highly attractive segment of the market in 2017. The segment is expected to remain highly attractive during the forecast period. Expansion of the segment is attributed to the increasing usage of medical imaging devices and need for advanced diagnostic techniques. In terms of imaging type, the 4D imaging segment is expected to expand at a rapid pace during the forecast period, due to the advanced technology used in 4D imaging. Presently, 3D imaging is the widely used technique, since it provides three-dimensional analysis, which makes diagnosis easier. Based on modality, the ultrasound segment dominated the market, in terms of revenue, and held a major share, in 2017. Significant use of ultrasound is done during the term of pregnancy for validating the progression of the fetus. Furthermore, rise in population is boosting the usage of ultrasound technology. Consequently, the segment is projected to account for a substantial share of the market during the forecast period. Based on application, the oncology segment accounted for a notable share of the market owing to the increasing incidence of cancer, globally, which in turn drives the segment. Based on end-user, the hospitals segment accounted for a prominent share of the market in 2017. It is expected to dominate the market during the forecast period. Increase in patient population and improvement in health care infrastructure are expected to drive the segment during the forecast period.

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In terms of geography, North America held a significant share of the global medical image analysis software market in 2017. In North America, increasing incidence of cancer and cardiovascular diseases is an important factor driving the market in this region. Europe followed North America, in terms of share of the global medical image analysis software market. Innovation in medical technology, rising demand for diagnosis, and improved per capita income have propelled the medical image analysis software market in this region. Latin America and Asia Pacific are likely to be lucrative markets during the forecast period. Cumulatively, they accounted for 29.4% share of the global market in 2017. Asia Pacific is a highly lucrative market due to the increasing incidence of diseases and investment of key players in this region. The market in Middle East & Africa is expanding at a sluggish pace due to sluggish economic growth, less awareness, and low per capita income in the region.

Major players operating in the medical image analysis software market are GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc., Pie Medical Imaging, Media Cybernetics, Inc., AQUILAB, MIM Software Inc., Merge Healthcare Incorporated., and ScienceSoft USA Corporation.