The global medical image analysis software market was valued at USD 2.2 billion in 2015. Increasing usage rate of the medical imaging systems facilitates faster diagnosis, particularly of chronic diseases; the increased uptake of these products serves as the key driver of the medical image analysis software market. As a result, this upsurge in the medical imaging software market is expected to be maintained over the forecast period.
Moreover, the rising incorporation of the computer-aided diagnosis (CAD) for improved care delivery is contributing towards the overall market growth. In addition, the rising incidence of chronic diseases, such as cancer, cardiovascular diseases (CVDs), and neurological diseases necessitates improved medical imaging systems for a fast and effective diagnostic process, is further pushing forward the demand for these rapid testing tools.
Technological advancements including the revolutionary 3D imaging, the availability of multimodality imaging platforms, and the launch of enhanced workflows supporting interdisciplinary co-operations in clinical settings with integrated IT and imaging solutions are the potential drivers, which are presumed to contribute towards the high demand for medical image analysis software in the coming years.
Consequentially, benefits of such advancements as high resolution imaging and flexibility, as well as the convenience of use related to multi-modal integrated workflows are anticipated to bolster the market penetration during the forecast period.
North America medical image analysis software market, by modality, 2013-2024 (USD Million)
Radiographic imaging held the largest share of over 30.0% of the modality segment; the associated cost effectiveness and wide-scale availability are the key factors responsible for the substantial share captured by the segment. The ultrasound imaging segment is anticipated to be the fastest growing segment on the basis of modality owing to its accuracy and as it enables rapid analysis. Moreover, the risk of radiation-induced side-effects is relatively low with this technique. All these aforementioned factors are contributing towards a steady market growth during the forecast period.
Software Type Insights
The segment, integrated software held the largest market share of over 55.0%. This can be attributed to the increased usage owing to the associated benefits, such as centralized data storage and cost effectiveness. In addition, via integrated software, multiple users can view as well as process the data thereby providing real-time viewing features for expedited analysis. These above-mentioned factors are primarily responsible for driving the preference of the healthcare providers and physicians towards the use of integrated software options thereby increasing the adoption rate over the forecast period. Stand-alone software is anticipated to grow lucratively at a CAGR of over 7.5% during the forecast period owing to the user friendly interface, which eliminates the requirement of skilled personnel.
One of the largest applications of the medical image analysis platforms was found to be the orthopedic segment, which held a substantial share in 2015. As per the CDC, 52.5 million US adults were diagnosed with orthopedic disorders in the year span of 2010-12, which is presumed to widen the scope of applications of the medical image analysis software for the orthopedic disorders. Furthermore, the soaring geriatric population count and the favorable timelines associated with product approvals for the orthopedic medical imaging systems is expected to further propel the growth throughout the forecast period.
Based on end-users, the hospitals segment held the largest share of over 32.0%. The large share can be attributed to the presence of supportive infrastructure required to facilitate accurate operative medical imaging procedures. In addition, the presence of favorable reimbursement policies by the Medicaid and Medicare in the U.S. are leading to the increased inpatient surgery volumes, wherein the medical imaging devices form an inherent part of the procedures; hence, further contributing towards the large market share.
North America held the largest revenue share of the medical image analysis software market in 2015 at over 33.0%. The continual deployment of R&D investments, the rising implementation of the EHR, supportive government initiatives, and the presence of prominent players domiciled in this region are major drivers promoting the dominance of this regional market.
The Asia Pacific region is expected to witness lucrative growth with a CAGR of over 9.7%in the forecast period owing to the improving healthcare infrastructure with supportive government policies to incorporate medical imaging devices and software with the aim of achieving accurate diagnostic outcomes within a shorter timeline and the rising healthcare expenditures in the emerging economies, such as China and India.
Competitive Market Share Insights
Some key players in the medical image analysis software market include GE Healthcare, Inc., Philips Healthcare, Carestream Health, Inc., Siemens Healthineers, Toshiba Medical Systems Corporation, Agfa-Gevaert Corporation, Spacelabs Healthcare, Inc., Aquilab GmbH, MIM Software, Inc., Merge Healthcare, Inc., Esaote, Inc., ClaroNav, Inc., Bruker Corporation, and Xinapse Systems Ltd.
The industry is highly competitive in nature and the players are involved in sustainability strategies, such as new product launches, strategic collaborations, mergers& acquisitions, and technological innovation inputs. For instance, In May 2016, Siemens Healthineers acquired NEO new oncology AG in an attempt to increase their R&D efforts and diversify their product portfolio for cancer treatment.
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