Medical Image Analysis Software Market Is Set To Grow At A CAGR of 8.1%

Medical Image Analysis Software Market Is Set To Grow At A CAGR of 8.1%

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 US$ 2,318.4 Mn in 2017 to US$ 4,642.1 Mn by 2026 expanding at a CAGR of 8.1% from 2018 to 2026.

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Market Insights 

Health care agencies around the world have concentrated on effective pre-diagnosis of chronic diseases in order to determine therapies for the appearance of the disease. The introduction of multimodality imaging systems with inherent functionality such as high resolution imaging, fast diagnosis and easy access to healthcare professionals decreases the high cost burden of chronic disorders. Dearth of qualified staff to operate sophisticated software solutions related to medical imaging acts as a hindrance to the market growth of medical image analysis systems.

Integrated software solutions dominate the market for medical image analysis software. The availability of single point access and the ability to obtain a simplified medical workflow result in an increasing demand for integrated software solutions. Standalone software solutions are common due to low maintenance costs and increasing popularity among multi-specialty clinics and hospitals worldwide.

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Radiographic imaging techniques have the largest market for the type of medical image analysis software market. Cost-effective diagnostic procedures and rapid progress in medical radiology together drive the market for radiographic imaging. 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.

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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 multispecialty clinics opting for integrated and standalone software solutions pertaining to medical image analysis

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