- Radiographic imaging techniques are holding the largest market in modality type.
- Dearth of skilled workforce to operate sophisticated software solutions related to medical imaging acts as a hurdle in medical image analysis software market growth.
- North America is the clear leader in medical image analysis software market.
The latest market report published by Credence Research, Inc. “Global Medical Image Analysis Software Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global medical image analysis software market will be showcasing linear growth from $2.3 billion in 2017 to $4.6 billion by 2026 expanding at a CAGR of 8.1% from 2018 to 2026.
Healthcare agencies worldwide has laid emphasis in accurate preliminary diagnosis of chronic ailments in order to determine treatment regimen as per the disease manifestation. Availability of multimodality imaging platforms with inherent features such as high resolution imaging, quick analysis and easy access to healthcare professionals reduce the high cost burden associated with chronic disorders. Dearth of skilled workforce to operate sophisticated software solutions related to medical imaging acts as a hurdle in medical image analysis software market growth.
Integrated software solutions are dominating the type segment for medical image analysis software market. Provision for single point access and capability to obtain streamline clinical workflow leads to the increasing demand for integrated software solutions. Standalone software solutions are popular owing to low maintenance cost and its rising popularity among multi-specialty clinics and hospitals worldwide.
Radiographic imaging techniques are holding the largest market in modality type for medical image analysis software market. Cost effective diagnostic procedures and rapid advancement in clinical radiology together drive the radiographic imaging market. Ultrasound imaging techniques will be the fastest growing market during the forecast period owing to inherent features such as rapid analysis, high accuracy and safe diagnosis.
Orthopedics are reigning the application segment for medical image analysis software market. Rising prevalence of musculoskeletal disorders and burgeoning requirement of accurate diagnosis of soft tissue damage drive the orthopedic applications market growth. Cardiology and oncology together will garner impressive growth during the forecast period primarily due to increasing demand for computer aided minimally invasive surgical procedures pertaining to cancerous tumor or atherosclerotic plaques.
North America is presently holding 32% market share and is the clear leader in medical image analysis software market. The major factors responsible for its overwhelming growth are increasing healthcare expenditure and soaring adoption of latest technology pertaining to medical imaging. Europe with a share of 29% stands second in the regional segment on account of stringent actions imposed by European Medical Agency (EMA), related to preliminary diagnoses of chronic ailments. Asia Pacific represents 20% market share owing to increasing medical tourism and strategic collaboration between western giants and local emerging players specializing in medical imaging.
IT healthcare companies actively engaged in the production of medical image analysis software market are Aquilab GmbH, Agfa-Gevaert Corporation, Bruker Corporation, Carestream Health, Inc., GE Healthcare, MIM Software, Inc., Philips Healthcare, Siemens Healthineers, Toshiba Medical Systems Corporation and Xinapse Systems Ltd.
Key Market Movements:
- Rising number of chronic disorders worldwide resulting in increasing preliminary diagnostic procedures performed
- Increasing healthcare expenditure in emerging economies
- Significant rise in the number of hospitals and multi-specialty clinics opting for integrated and standalone software solutions pertaining to medical image analysis