Medical Image Analysis Software Market Set to Record Exponential Growth by 2024

Transparency Market Research (TMR) has published a new report titled, ‘Medical Image Analysis Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global medical image analysis software market was valued at US$ 2.91 Bn in 2018 and is projected to expand at a CAGR of 8.1% from 2019 to 2027.

Overview

  • Medical Imaging refers to different technologies that can be used to view anatomical and physiological process of the human body. Medical imaging is done in order to diagnose, monitor, or treat medical conditions.
  • Each type of technology guide us for different functions of our body which are been studies for treatment. Medical imaging has made interventions of treatment especially for diseases such as cancer and cardiovascular diseases.
  • Medical imaging software plays a vital role in capturing of images and creating a database for the same

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Increasing demand for medical imaging to Drive Market

  • Medical imaging provides diagnosis of various diseases such as cancer, cardiovascular diseases, and neurological and gynecological disorders. Undergoing the medical imaging procedures such as CT, MRI, ultrasound, PET, and SPECT has various benefits such as early diagnosis of a disease, less need for surgery, fewer hospital admissions, and reduction in hospital stay.
  • In the emergency department, medical imaging has shortened the patient’s waiting time. According to American College of Radiology, the diagnostic imaging industry has expanded over a decade due to the population being covered under Medicare, particularly for expensive techniques such as CT, MRI, and PET.
  • According to NHS England, 39.8 million imaging tests were reported in England by the end of March 2017, as compared to 37.9 million imaging tests by the end of March 2014. Among these, 22.6 million tests were radiography, 8.57 million were ultrasound, 4.20 million were CT, and 2.89 million were MRI scan.
  • The increasing demand for medical imaging is likely to boost the medical imaging analysis software market during the forecast period.

Integrated Software Segment to Dominate Market

  • Based on software type, the global medical image analysis software market has been divided into integrated software, and standalone software.
  • The integrated software segment dominated the global medical image analysis software market in 2018 and the trend is projected to continue during the forecast period.
  • The increase in the market share is attributed to rising applications of integrated software. Integrated software allows interconnecting the databases, thereby making medical images easily accessible.

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3D Imaging to be Highly Lucrative Segment

  • In terms of imaging type, the global medical image analysis software market has been classified into 2D imaging, 3D imaging, and 4D imaging.
  • 3D imaging is projected to be the most attractive segment during the forecast period.
  • Growth of the segment is attributed to increasing applications of 3D imaging technique and rising incidence of diseases such as cardiovascular, cancer, neuro and others. Currently, 3D imaging technique is widely used in imaging modalities such as CT, MRI, PET, ultrasound, and radiography.

Cardiology to be Fastest Growing Segment

  • In terms of application, the global medical image analysis software market has been classified into cardiology, orthopedic, oncology, neurology, nephrology, dental, gynecology, and others.
  • Cardiology is projected to be the fastest growing segment during the forecast period.
  • Growth of the cardiology segment is attributed to increasing incidence of cardiovascular cases due to rising obesity and sedentary lifestyle.

North America to Dominate Global Market

  • In terms of region, the global medical image analysis software market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical image analysis software market in 2018, followed by Europe.
  • North America accounted for major share of the global medical image analysis software market in 2018. Its dominance can be attributed to well-established health care facilities and reimbursement policy.
  • The medical image analysis software market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Growth of the market in the region is driven by favourable reimbursement structure and approval of medical imaging devices in the emerging nations. The trend is expected to continue during the forecast period due to increasing incidence of chronic diseases.

Competitive Landscape

  • The global medical image analysis software market is fragmented in terms of number of players. Key players in the global market include 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.

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