Medical Image Analysis Software Market, Sector / Industry Report & Analysis, 2018-2024
Trusted Business Insights presents the Latest Study on Medical Image Analysis Software Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Medical Image Analysis Software Market
The global medical image analysis software market size was estimated at USD 2.41 billion in 2016 and is expected to witness a CAGR of 8.1% over the forecast period. Increase in demand for diagnostic imaging software in fields such as dental, orthopedics, urology, neurology, and oncology is likely to contribute toward market growth in the coming years.
Growing adoption of ultrasound imaging systems to facilitate faster diagnosis, particularly of chronic diseases, is expected to propel demand. In addition, continuous developments in the field of imaging technology, such as computer-aided diagnosis (CAD), is anticipated to bolster demand for these platforms.
Introduction of technologically advanced products such as multimodality imaging platforms and 3D imaging and benefits associated with the use of these systems, such as high-resolution imaging, convenient use, and flexibility, are contributing to growing demand.
Hospitals are the leading end users of these solutions, thanks to introduction of technologically advanced products and advent of efficient information management systems. High focus on innovation in medical image analysis has given rise to certain measures that are being implemented.
Diagnostic and research centers are expected to emerge as crucial end users as well, owing to rising demand for efficient solutions for better patient outcomes. These segments accounted for smaller revenue shares in the market as they commonly outsource imaging services from hospitals.
Market Segmentation, Outlook & Viewpoint: Global Medical Image Analysis Software Market
Type Market Segmentation & Outlook (Revenue, USD Million, 2013 – 2024)
Modality Market Segmentation & Outlook (Revenue, USD Million, 2013 – 2024)
Magnetic Resonance Imaging
Positron Emission Tomography
Single-Photon Emission Tomography
Application Market Segmentation & Outlook (Revenue, USD Million, 2013 – 2024)
Obstetrics & Gynecology
Urology & Nephrology
End-use Market Segmentation & Outlook (Revenue, USD Million, 2013 – 2024)
Key Players, Recent Developments & Regional Insights: Global Medical Image Analysis Software Market
The orthopedic segment held the dominant share as of 2015. Ultrasound image analysis is considered as a fast emerging diagnostic technique in the field of orthopedics. 2D ultrasound technology used for orthopedic-related diagnosis helps reduce time spent in optimizing images and improves efficiency of diagnostic tests. For instance, Merge OrthoPACS by Merge Healthcare Incorporated is a standalone platform designed to view, measure, compare, and manipulate orthopedic images.
The cardiology and oncology segments are anticipated to witness significant growth in the coming years as prevalence of these diseases is increasing at an alarming rate. This is likely to result in growing demand for diagnostic solutions over the forecast period.According to a study conducted by the American College of Surgeons Clinical Congress in 2014, surgeons are focusing on advancing computer technologies to improve visualization of cancerous tumors. This is anticipated to boost the adoption of these software solutions in the years to come.
Radiographic systems held the dominant share in the medical image analysis software market in 2015 owing to associated advantages such as cost effectiveness. Owing to early introduction of radiography x-ray systems, adoption of these instruments has increased over the years. Radiography involves use of x-rays and as such, poses a related risk of harmful radiation through prolonged exposure. However, the associated benefits of radiography far exceed the risks that are presented with these procedures. This segment is expected to grow at a steady rate over the forecast period.
The ultrasound image analysis software segment is anticipated to witness lucrative growth over the coming years due to its benefits of rapid analysis and accuracy. In addition, ultrasound imaging is non-invasive and there is no ionizing radiation exposure associated with it. This is a major factor driving segment growth.
By way of end use, the market has been segmented into diagnostic, hospitals, and research centers. Hospitals held the dominant share of around 32.0% in 2015. One of the key factors aiding the growth of this end-use segment is supportive infrastructure, which is crucial in performing surgical interventions using medical imaging software.
Compared to research and diagnostic centers, the installed base of diagnostic imaging systems and solutions is higher in hospitals. In addition to this, patient inflow is also relatively much higher. This continues to keep the end-use segment in the lead. Moreover, favorable reimbursement initiatives by governments around the world have resulted in greater surgery volumes, thereby boosting demand for imaging devices.
North America held the dominant share in terms of revenue, accounting for over 30.0% in 2015. Presence of well-established healthcare facilities with advanced diagnostic equipment and favorable government initiatives to support adoption of healthcare IT are contributing to its large revenue share. In addition, increasing R&D investments and presence of key market players in this region are contributing toward market growth.
Asia Pacific is anticipated to exhibit lucrative growth in the next few years owing to increasing adoption of medical imaging software by healthcare professionals in the region. Growing awareness pertaining to associated benefits of these systems is a key factor expected to propel growth. Furthermore, increasing healthcare expenditure and disposable income levels in countries such as China and India are contributing toward industry growth.
Medical Image Analysis Software Market Share Insights
Some prominent market players are Toshiba Medical Systems Corporation; Bruker Corporation; Xinapse Systems Ltd.; Esaote Inc.; ClaroNAv Inc.; Merge Healthcare Inc.; Aquilab GmbH; Spacelabs Healthcare Inc.; MIM Software Inc.; Carestream Health Inc.; Agfa-Gevaert Corporation; Philips Healthcare; Siemens Healthineers; and GE Healthcare.
The industry is highly competitive in nature, with a handful companies dominating the global market. The industry is technology driven as there is continuous R&D being undertaken for development of cost-effective diagnostic solutions. Competitors are adopting strategies such as collaborative agreements, partnerships, mergers and acquisitions, regional expansions, and new product developments to gain an edge over the rest.
Key Insights Covered: Global Medical Image Analysis Software Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Medical Image Analysis Software industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Medical Image Analysis Software industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Medical Image Analysis Software industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Medical Image Analysis Software industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Medical Image Analysis Software industry.
Research Methodology: Global Medical Image Analysis Software Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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