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(MoneyNewsWire.Net, April 20, 2018 ) The medical image analysis software market is expected to reach USD 3.88 Billion by 2022 from USD 2.61 Billion in 2017, at a CAGR of 8.2% during the forecast period. A number of factors such as technological advancements in medical imaging systems & analysis software, growing public- and private-sector investments in the medical imaging market, increasing use of imaging equipment due to rising prevalence of chronic diseases, fusion of imaging technologies, and growing applications of computer-aided diagnosis are driving the demand for medical image analysis software. On the other hand, the budgetary constraints among end users are the factor that may hinder the overall growth of this market.
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This report segments the medical image analysis software market into type, image type, modality, application, end user, and region. On the basis of type, the market is segmented into integrated and standalone software. In 2017, the standalone software segment is expected to account for the largest share of the market. This segment offers high flexibility and easy-to-use tools to inspect, evaluate, and process imaging data.
By application, the medical image analysis software market is segmented into orthopedics, dental applications, neurology, cardiology, oncology, obstetrics & gynecology, mammography, respiratory applications, and urology & nephrology. The cardiology segment is expected to grow at the highest CAGR during the forecast period. The large share of this segment can primarily be attributed to factors such as increasing innovations in cardiac imaging technologies and the growing number of cardiac imaging tests due to the rising incidence of cardiac disorders.
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In 2017, North America is expected to dominate the medical image analysis software market. Factors such as growing geriatric population, high incidence/prevalence of various diseases, the large number of imaging centers in this region, ongoing research, fast adoption of technologically advanced imaging systems, and increasing awareness about the benefits of early disease diagnosis are some of the key factors driving the growth in this region.
Budgetary constraints among end users are a major factor restraining the growth of the global market.
The medical image analysis software market is highly competitive with several big and small players. Prominent players in the global market include AGFA Healthcare (Belgium), AQUILAB (France), Carestream Health, Inc. (US), Esaote S.p.A (Italy), GE Healthcare (US), Image Analysis (UK), INFINITT Healthcare Co, Ltd. (South Korea), Merge Healthcare, Inc. (US), MIM Software Inc. (US), Mirada Medical Limited (UK), Philips Healthcare (Netherlands), ScienceSoft USA Corporation (US), Siemens Healthineers (Germany), Toshiba Medical Systems Corporation (Japan), and Xinapse Systems Ltd. (UK).
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