The medical image analysis software market is expected to reach USD 4.5 billion by 2024, according to a new report by Grand View Research, Inc. The clinical urgency to incorporate medical image analysis software for the diagnosis of chronic diseases is presumed to fuel the market growth throughout the forecast period. Moreover, the increased use of electronic health records to efficiently store, manage, and distribute patient health information in the form of medical images is also contributing towards the market growth. Additionally, continuous advancements in the technology, such as computer-aided diagnosis (CAD) are expected to provide potential growth opportunities for the utilization of the new and improved medical image software tools in a wide range of disease application areas including cancer and urology.
The steady demand for diagnostic and treatment procedures with greater efficiency have consequentially boosted the industry share of the medical image analysis software tools with enhanced features. Improved image quality, high resolution, and multi-modal imaging platforms are the key associated benefits driving the physician preference, thereby fuelling the market demand. Furthermore, the incorporation of the software tools facilitates sharing of medical image records among physicians to facilitate rapid and accurate treatment delivery, thus the implied demand for the medical image analysis software systems. These aforementioned factors are expected to drive the emergence of the medical image analysis software market over the forecast period.
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Further key findings from the study suggest:
- On the basis of software type, the stand-alone software segment is anticipated to grow at a lucrative CAGR of over 7.5% over the forecast period due largely to the associated benefits, such as the systems with a user-friendly interface in use, which eliminates the requirement of skilled workforce to operate these systems
- In terms of modality, ultrasound imaging is expected to register a lucrative growth rate of over 8.9% in the coming eight years. According to a report by NCBI, the ultrasound imaging segment can detect around 92.5% of the breast lumps. Moreover, the use of high-frequency radiation is not involved, thus ensuring patient safety; the high diagnosis efficiency and patient safety factors are anticipated to further fuel this segment’s demand.
- On the basis of applications, the cardiology segment is expected to register the fastest growth owing to the rising in corporation of medical imaging systems used for the diagnosis of cardiovascular diseases (CVDs), such as Merge Cardio, which integrates digital health records from various cardiology-based modalities thus furnishing cardiologists with comprehensive patient record files with additional features, such as remote location access, along with the high prevalence rate of the CVDs synergistically accelerating the growth of this segment.
- Diagnostic centers are anticipated to grow at a lucrative CAGR amongst the end-use market segment as a consequence of the increasing number of imaging diagnostic labs and the government initiatives in this direction. For example, Moldovan Ministry of Health along with International Finance Corporation are trying to attract private sector investors through public-private partnerships to set up and modernize radiology and diagnostic imaging.
- As of 2015, North America dominated the regional medical image analysis software market at over 33.0%as a result of the presence of leading industry players and the supportive reimbursement policies. The rising government funding directed towards improving the imaging facility is also a prime growth driver for this regional market.
- Asia Pacific is expected to be growing at the fastest CAGR of over 9.0% during the forecast period due to the rising penetration of the medical imaging systems in fast emerging economies of the Asia pacific region, such as China and India, investments in the healthcare industry, high R&D intensity by the major market players, and the presence of untapped opportunities
- Some key players catering to this industry are Philips Healthcare, Siemens Healthineers, Toshiba Medical Systems Corporation, ClaroNav, Inc., GE Healthcare, Agfa Gevaert Corporation, Spacelabs Healthcare, Inc., Aquilab GmbH, MIM Software, Inc., Merge Healthcare, Inc., Carestream Health, Inc., Esaote, Inc., Bruker Corporation, and Xinapse Systems Ltd.
- These market players are adopting strategies, such as technological innovation, new product development, and strategic collaborations as well as mergers & acquisitions to maximize their industry share. In August 2015, GE Healthcare received an FDA approval for its low dose Computed Tomography for lung cancer screening thereby expanding its product portfolio.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.