Global Medical Image Analysis Software Market: Overview
A host of new entrants compete with numerous big players in the global medical image analysis software market. As a result the market is fragmented. To gain a competitive edge, different manufacturers of medical software have come up with various technologies to effectively aid in the diagnostic procedures. The two prominent end users in the global market for medical image analysis software are hospitals and diagnostic centers. Among them, the diagnostic centers are expected to generate robust demand on account their increasing number and favorable government initiatives supporting them.
In the report, Transparency Market Research provides a granular analysis of the opportunities present in the global medical image analysis software market. By segmenting the market based on various parameters, it offers an insightful peek into it. Apart from end users, for example, the report also segments the market on the basis of imaging modalities into magnetic resonance imaging (MRI), ultrasound, computed tomography, positron emission tomography (PET) and single photon emission computed tomography (SPECT), microscopy, and X-ray. Among them, the ultrasound imaging segment rakes in substantial revenue due to its high efficiency in detecting breast lumps and the patient safety it ensures.
An assessment of the current vendor landscape has been presented in the report, which includes a look at their strengths and weaknesses. Leveraging popular analytical tools, the report uncovers the threats and opportunities that these companies may face in the forecast period between 2016 and 2024.
Global Medical Image Analysis Software Market: Trends and Opportunities
Driving growth in the global market for medical image analysis software market are factors such as technological advancements which includes cloud-based solutions, fusion of imaging technologies, increasing applications of computer-aided diagnosis (CAD), and rising investments both from the public and private sectors. Moreover, the growing use of electronic health records to effectively store, manage, and distribute patient health information in the form of medical images is also fueling an uptick in demand. Other factors contributing to the market are a burgeoning aging population and growing instances of chronic diseases. The under-penetrated emerging markets present strong opportunities for growth to the players operating in the global market for medical image analysis software.
Countering the growth in the market is the cost factor and the shortage of skilled professionals in the sector. Yet another factor is the rising hacking-related risks associated with the use of medical equipment and software. Going forward, the global market for medical image analysis software is slated to be further boosted by the technological progress, particularly in computer-aided diagnosis (CAD).
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Global Medical Image Analysis Software Market: Regional Outlook
North America leads the global medical image analysis software market and Europe comes in a second position. Factors at the forefront of driving growth in the market in the two continents are the swift pace of technological advancements, and the increasing demand for platform-independent and n-dimensional image processing and visualization. Asia Pacific too has emerged as a promising market due to the increasing incidences of diseases, especially in the densely populated emerging economies, which require diagnostic tools and the growing pool of patient data. Besides, economic development coupled with favorable government initiatives, improving healthcare facilities, increasing spending capacity, a large patient base is also bolstering the market in the region.
Companies Mentioned in Report
Some of the key players in the global market for medical image analysis software listed in the report are Philips, GE Healthcare, Agfa Healthcare, EsaoteSpA, Xinapse Systems Ltd., Siemens AG, and Toshiba Medical Systems.