Hike in Government Initiatives to Boost Infrastructure Can Influence Medical Imaging Software Market Growth
Market Scenario
The global market report covering the medical imaging software market projects that the market is set to leap from its previous valuation of USD 2.66 billion in 2017 with a CAGR of 8.4% between 2018 and 2023. Market Research Future (MRFR) discussed this time-frame in their report as the forecast period. The software is known for its ability to produce modern medical diagnostics that would ensure better patient care and enhanced operating productivity.
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The software provides ample opportunities in having a precise picture of various tissues, organs, and other human body parts. Factors improving the market scenario are the growing technological support with 3D and 4D imaging technologies, better investment from various organizations to install such devices, hike in research-related investment, growth in the demand for early diagnosis of various diseases to find better cure, government initiatives, and increasing private participation can inspire better growth for the market. However, the high cost of these devices can restrict the growth of the market.
Segmentation
The global Medical Imaging Software Market for comprises imaging type, software type, application, modality, and end user. These segments are known for their decent impact on the process of reviewing the market owing to which better strategic decisions can be shaped for the coming years.
By software type, the market report covering the medical imaging softwaremarket includes integrated software and stand-alone software.The integrated software segment is finding high traction.
By imaging type, the report encompassing the medical imaging software marketincludes 2D imaging, 3D imaging, and 4D imaging. The 3D imaging segment covers a large part of the diagnostic market.
By modality, the market report on the medical imaging softwaremarket has been segmented into MRI (Magnetic Resonance Imaging), ultrasound, thermography, Computed Tomography (CT), photoacoustic imaging, nuclear medicine, echocardiography, radiography, and others. The MRI segment is witnessing a strong surge in its demand.
By application, the medical imaging softwaremarket includesurology & nephrology, oncology, neurology, cardiology, obstetrics &gynecology, musculoskeletal, dental, and others.
By end user, the medical imaging software market includes research laboratories, diagnostic centers, clinics & hospitals, and others. The clinics & hospitals segment is getting suitable traction owing to its high investment capacity and space allocation.
Regional Analysis:
The region-specific analysis reveals a possibility for the Americas to dominate the medical imaging software market as the regional governments and private players are investing substantially in developing a top-class market ambience for its growth. The regional market also has a better scope for the adoption of the latest technologies that the research and development sector is providing all. In the US and Canada, the market would have a strong impact as the scope to integrate advanced technologies is relatively higher than in other countries. In Europe, the growth would get similar facilities. Countries like France, the UK, and Germany are going to inspire growth as their economic growth is relatively stable than the others. Hike in their healthcare spending is also going to inspire better growth for the market. Research and development facilities, by launching innovations, can inspire heightened market intake. Hike in scientific researches can make sure that the market gets ample opportunities for growth.
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Countries likethe Republic of Korea, Australia,India, China, Japan, and others are set to put the Asia Pacific market on a growth curve by investing notably in the development of their respective healthcare segments. This would be triggered by the increasing demand for advanced software solutions to ease the operational systems. The market would also notice a hike in investment for infrastructure and inclusion of the latest technologies, which can ensure promising returns in the coming years.
Competitive Landscape:
The market for medical imaging software is thriving as it is getting the benefits of strategic modifications of various segments. These companies are known for their impressive run in the market. Their strategies include a detailed discussion of investment, innovation, and other factors. These companies are Agfa-Gevaert N.V., GE Healthcare, Siemens Healthineers, Pie Medical Imaging, Hologic Inc., AQUILAB, Media Cybernetics, Inc., Merge Healthcare Incorporated, MIM Software Inc., Acuo Technologies, ScienceSoft USA Corporation, IBM Corporation, Fujifilm Holding Company, and others.
In November 2019, Partners Healthcare announced that they would work in collaboration with Laurel Bridge Software to improve their medical image workflow automation.