According to Transparency Market Research, the market is foreseen to experience significant growth with a strong CAGR of 8.10% within the forecast period, to attain a value of US$4.66 bn by 2024. Geographically, North America leads the race and in 2015 held 34% of overall market shares.
Rising Trend of Using of EHR to Propel Demand of Medical Image Analysis Software
Owing to rise in number of chronic illness around the world, the demand for medical image analysis software is a rising. Furthermore, the trend of utilizing electronic health records to store, circulate and manage patient’s health information as medical images is also boosting the medical image analysis software market. Besides, as a result of constant medical innovations, for example, computer aided diagnosis, there is a scope for tremendous progress in the usage of new and improved medical image software devices supporting in the treatment of a various types of sicknesses like tumor.
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In the medical image analysis, the health related issues are examined with the help of computerized image and different other imaging modalities. Medical image analysis software is used to improve the adequacy and proficiency of medical treatment. The upsides of utilizing such kind of software are upgraded image quality, high determination of images and multi-modular imaging stages which are favored by doctors. It also enables sharing of medical image records among specialists and healing centers thereby making the task of diagnosing and treating much easier. These are the components driving the worldwide medical image analysis software market.
Increase in Investments by Public and Private Firm to Fuel Overall Market Growth
The development of the market is credited to progress in medical imaging frameworks and analysis software, private and public investments in the medical imaging market, expanding utilization of imaging devices because of increase in the cases of chronic ailments, and rising uses of computer aided diagnosis. Developing requirement for automated image analysis devices, rising acceptance of cloud-based imaging systems, and undiscovered developing markets are expected to offer critical development scope for manufacturers in the coming few years.
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With the emergence of various leading players the overall medical image analysis software market exhibits an exceptionally fragmented landscape. Some of the prominent participants in the market are Siemens Healthineers, GE Healthcare, Hologic Inc., Pie Medical Imaging, Agfa-Gevaert N.V., Carestream Health, Inc., AQUILAB, Esaote SpA, Philips Healthcare, Sciencesoft USA Corporation, Mirada Medical Limited, Analogic Corporation, Merge Healthcare Inc., and Toshiba Medical Systems Corporation. These players, all things considered, are foreseen to account for 23.5% of the entire market in year in 2015. The report likewise profiles organizations that are predicted to stay dynamic in the worldwide medical image analysis software market till 2022. As of now, organizations are effectively engaged with product development to gain a competitive edge over their companions. Nevertheless, an attempt towards mergers and collaborations can be seen over the coming years.
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Medical Image Analysis Software Market witness handsome growth in upcoming years with technological advancements
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.
Medical Image Analysis Software Market Dynamics and Opportunities Report by Transparency Market Research
As per a new research report by Transparency market Research (TMR), the global medical image analysis software is expected to gain a substantial momentum in the next few years. The study, titled “Medical Image Analysis Software Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023,” further states that the consistent technological advancements and the rising demand for platform independent, n-dimensional image processing and visualization are the key factors behind the phenomenal growth of this market.
According to the study, the escalating demand for diagnostic procedures, together with continual innovation and reliable support for the development of this software is projected to drive this market remarkably throughout the forecast period. However, the dearth of knowledge about the usage of medical image analysis software among consumers and the high cost associated with it may create obstructions in the growth trajectory of this market in the coming years, states the research report.
In this research study, the global medical image analysis software market has been analyzed on three fronts: The imaging modality, end user, and the geography. Based on the imaging modality, the market has been classified into positron emission tomography and single photon emission computed tomography, computed tomography, magnetic resonance imaging, microscopy, ultrasound, and X-ray. Based on the end user, the market has been categorized diagnostic centers and general hospitals.
Geographically, North America, Asia Pacific, Europe, and the Rest of the World have been identified as the key segments of the worldwide market for medical image analysis software. Among these, Asia Pacific has surfaced as the leading regional market on account of the increasing prevalence of life-threatening diseases and medical conditions. Researchers expect the scenario to remain same over the period of forecast, notes the market study.
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The competitive landscape of the worldwide market for medical image analysis software has also been assessed in this research report. Researchers have thoroughly reviewed the profiles of the key players and have also studied the historical performance future prospects of each of participants in order to determine the present hierarchy in this market. The leading developers of medical image analysis software mostly rely on product innovation and advancements in technologies for sustenance. They have also begun to focus on partnerships, mergers, and acquisitions to expand their businesses across geographies.
Some of the prominent enterprises in the global market for medical image analysis software are GE Healthcare, Agfa Healthcare, Philips, Spacelabs Healthcare, Xinapse Systems Ltd., EsaoteSpA, Claron Technologies, Toshiba Medical Systems, and Siemens AG, states the research report.
Medical Image Analysis Software Market Dynamics and Opportunities Report by Transparency Market Research
A new market research report by Transparency Market Research, titled “Medical Image Analysis Software Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, is a comprehensive study elaborating on the prime roles of medical image analysis software. Aspects such as the current size of the market and the predicted growth trends in the forecast period from 2015 to 2013 have also been included in this study. In addition, the report also throws light on the chief performing products in the market, along with stating the estimated performance of these products all through the forecast horizon. Furthermore, the top application segments as well as end-use segments have also been presented via this research report in order to provide a detailed study on the market for medical image analysis software.
According to this research report, the advantages associated with the utilization of medical image analysis software such as easy readability, sharing and storing of images, and rising productivity are boosting the market for medical image analysis software. In addition, factors such as the rising geriatric population resulting in increased diagnostic check-ups and the rising convenience owing to image availability on mobile devices are also amongst the chief factors fuelling the market, as per this study. On the other hand, factors such as the issues of data security and the soaring costs of software may have a negative effect on the growth of the market.
On the basis of imaging modality, the report segments the market into magnetic resonance imaging (MRI), single photon emission computed tomography (SPECT) and positron emission tomography (PET), x-ray, computed tomography (CT), microscopy, and ultrasound. In terms of end use, the market for medical image analysis software is segmented into diagnostic centers and general hospitals.
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The report, on the basis of geography, segments the market into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, North America leads the market and is trailed by Europe. This is owing to the swift technological advancements and the increasing demand for n-dimensional and platform-independent image processing and visualization in these two regions. On the other hand, as per the report, Asia Pacific emerged as the most lucrative medical image analysis software market and is poised to grow at a rapid rate in the coming years. This is owing to the rising occurrence of diseases requiring diagnostic tools, enhancement in health care facilities, and increasing government initiatives in this region.
Carestream Health, Toshiba Medical Systems Corporation, Bruker Corporation, and Merge Healthcare, among others, are the major players operating in the market, as per this study.
A medical image analysis software enables quantitative analysis and visualization of medical images of a range of modalities including MRI, CT, X-ray, ultrasound, PET and SPECT. The comprehensive tool for quantitative analysis and processing of biomedical images has allowed healthcare experts and surgeons to explore such images efficiently and productively. Medical image analysis software aids in the development of computational methods and algorithms in order to quantify medical data. With the development of medical image analysis software, various medical expertise have gained a lot with regards to personalized treatment and efficient data management. In addition, healthcare experts and researchers at remote sites can easily share the medical image data with the use of medical image analysis software, thereby enhancing their ability to diagnose, monitor and treat fatal diseases.
Based on imaging modalities, the medical image analysis software market has been segmented as follows:
Positron emission tomography (PET) and single photon emission computed tomography (SPECT)
- Magnetic Resonance Imaging (MRI)
- Computed tomography (CT)
Based on end-users, the medical image analysis software market has been segmented as follows:
- General hospitals
- Diagnostic centers
Geographically, the medical image analysis software market can be segmented into four major regions: North America, Europe, Asia Pacific and Rest of the World (RoW). North America is leading themedical image analysis softwaremarket followed by Europe. The major driving factors for the growth of the medical image analysis softwaremarket in these regions arerapid technological advancement, and the growing demand for platform-independent and n-dimensional image processing and visualization. Additionally, increasing demand for diagnostic procedures globally with continuous innovative development and reliable support is expected to drive the market growth during the forecast period. Hence, all these factors are collectively driving the demand for medical image analysis software. However, certain factors such as limited knowledge of people in terms of software usage, and expensive nature of such medical software can pose to be a major hindrance in the growth of medical image analysis software market in developed regions.
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Asia Pacific is one of the most profitable markets for the growth of medical image analysis software market and is developing at a sharp rate. The factors which will augment the growth of this market in Asia Pacific are increasing incidences of diseases which require diagnostic tools, coupled with greater amount of patient data. Furthermore, development of natural user interfaces for medical practitioners in order to achieve better diagnostic platform is also anticipated to boost the growth of medical image analysis software market in Asia Pacific. Economic development, improving healthcare facilities,rising disposable incomes and government initiatives provide a large base of patient population with access to healthcare facilities at an affordable rate, hence driving the developing countries market growth.
Various manufacturers of medical software companies are launching novel technological platformto effectively cater to the diagnostic procedures. Technological innovation and advancements among a range of medical image analysis software is one of the most significant aspects for the manufacture of such medical software. Some of the top major players operating in the medical image analysis software market are GE Healthcare, Philips, Agfa Healthcare, Spacelabs Healthcare, EsaoteSpA, Xinapse Systems Ltd., Claron Technologies, Siemens AG, Toshiba Medical Systems, and others.