Medical Image Analysis Software Market Opportunity will Rise to US$4.66 bn by 2024

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 - Current status and future trends

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)
• X-ray
• Ultrasound
• Microscopy

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.