Global Medical Image Analysis Software Market to Reach US$4.66 Bn by the end of 2024
With the presence of a number of leading players, namely, GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc., and Pie Medical Imaging at the global level, the worldwide medical image analysis software market demonstrates a highly fragmented and competitive landscape, states a new study by Transparency Market Research (TMR). These players, collectively, could hold only 23.5% of the overall market in 2015.
Currently, participants are being actively involved in technological innovation in order to gain a competitive edge over their peers. However, a shift in their focus towards partnerships and collaborations can be observed over the forthcoming years.
In 2015, the opportunity in the global market for medical image analysis software was worth US$2.35 bn, reports the report. Researchers expect this market to rise at a CAGR of 8.10% during the period from 2016 to 2024 and attain a value of US$4.66 bn by the end of the period of forecast. The demand for integrated software has been higher than the standalone one and is projected to remain so over the next few years, thanks to the growing awareness among consumers regarding the features of integrated software systems, such as storing the images for further analysis and interlinking the database, notes the study.
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Continued Lead of North America Supported by Rising Prevalence of Cancer
Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America have been considered as the prominent geographical segments of the worldwide market for medical image analysis software in this research study. Acceding to it, North America led the global market in 2015 with a share of nearly 34%. The rising incidence of cancer and cardiovascular diseases drove this regional market substantially in the past and are expected to continue doing so over the years to come, ensuring its continued dominance.
Europe and Asia Pacific also reported considerable growth in their market size over the last few years. Researchers expect these regional markets to experience a healthy growth rate over the forecast period. The Europe market for medical image analysis software is anticipated to gain from the economic developments in the region, which is likely to reflect positively on the healthcare facilities, prompting players to increase investments in research and development activities.
Asia Pacific, on the other hand, is expected to be propelled by the strengthening economy in countries, such as India and China, which is increasing the disposable income of consumers, enabling them to spend on expensive medical procedures, reports the study.
Increasing Incidence of Cancer to Fuel Demand for Medical Image Analysis Software
“The increasing prevalence of cancer, cardiovascular disorders, and various other chronic diseases is the root cause behind the significant rise in the global market for medical image analysis software,” says a TMR researcher. With nearly 8.2 million deaths and 14 million new cases every year, as stated by the WHO, cancer has emerged as a serious concern among people across the world. The growing awareness about the benefits of early diagnosis of cancer in its treatment is boosting the demand for CT and MRI imaging devices across the world, which consequently, is boosting the worldwide market for medical image analysis software.
In addition, the advent of 4D imaging technique, which provides detailed information regarding the temporal and spatial evolution of 3D blood flow with full volumetric coverage of any of the cardiac regions, is anticipated to support the market to rise phenomenally over the forecast period. However, the high cost of the medical imaging procedures may limit the uptake of medical image analysis software, restricting the future growth of this market to some extent, states the report.
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