Medical Image Analysis Software Market: Ultrasound to Remain Leading Modality Segment until 2024
Albany, NY, Aug. 29, 2018 (GLOBE NEWSWIRE) — According to the market intelligence study by Transparency Market Research. In 2017, the global market for medical image analysis software was worth US$2,664.3 mn. The market is expected to reach a value of US$4,668.8 mn by the end of 2024, exhibiting a promising 8.34% CAGR between 2017 and 2024.
North America and Europe to Observe High Growth in Coming Years
The global medical image analysis software Market has been categorized on the basis of geography. Among the key regional segments, North America is anticipated to account for a large share of the global market in the next few years, further followed by Europe. The strong growth of these two regions can be attributed to the high rate of adoption of new technology, rapid development of the healthcare infrastructure, and the rising prevalence of cardiovascular diseases. In addition to this, the presence of a large number of players is another major factor that is predicted to enhance the growth of these regions in the coming few years. On the other hand, Asia Pacific is projected to register a fast growth rate in the coming years, thanks to the rising focus on technological advancements.
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On the basis of software type, the global market for medical image analysis software has been categorized into standalone and integrated. Among these, the standalone segment is expected to witness high growth with a large share of the overall market throughout the forecast period. On the other hand, the integrated software segment is estimated to witness high growth, owing to the rising need of interlinking several databases and images. In addition to this, the huge amount of data requires to be stored and integrated software allows a single output from multiple programs, which is expected to enhance the growth of the market in the near future.
Adoption of Cloud-based Image Analysis Solutions to Enhance Growth
The rising focus on technological advancements in the medical imaging systems and analysis software and the increasing awareness in the medical imaging industry are the key factors that are projected to encourage the growth of the market in the next few years. The fusion of imaging technologies and the increasing adoption of artificial intelligence are further projected to encourage the growth of the market in the near future.
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On the flip side, lack of skilled professionals and the budgetary constraints are projected to restrict the growth of the global medical image analysis software market in the coming years. Nonetheless, the rising opportunities in the developing nations and the introduction of cloud-based image analysis solutions are likely to accelerate the growth of the global market in the coming few years.
The global market for medical image analysis software is considered as a highly competitive in nature with a large number of players operating in it, states a new market research study by Transparency Market Research. The level of competition is expected to get intense with the rising focus on technological advancements and the expansion of the product portfolio. In addition to this, the rise in the number of players that are likely to enter the global medical image analysis software market is another factor strengthening the overall competitive scenario in the next few years. The players in the market are emphasizing on the research and development activities, which is likely to offer potential growth opportunities throughout the forecast period. Some of the leading players that are operating in the medical image analysis software market across the globe are Pie Medical Imaging, Philips Healthcare, Siemens Healthineers, Hologic Inc., Toshiba Medical Systems Corporation, GE Healthcare, Sciencesoft USA Corporation, and Agfa-Gevaert N.V.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Medical Image Analysis Software Market (Software Type – Integrated Software and Standalone Software; Imaging Type – 2D Imaging, 3D Imaging, and 4D Imaging; Modality – CT, MRI, PET, SPECT, Ultrasound, and Radiographic Imaging; Application: Cardiology, Orthopedic, Oncology, Neurology, Nephrology, Dental, and Gynecology; End Users – Hospital, Clinics, Research and Academic Institution, Diagnostic Centers, and Ambulatory Surgical Centers) – Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2017 – 2024.”
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Key Takeaways:
- The rising adoption of artificial intelligence in medical imaging analysis to encourage the growth of the market in the next few years.
- The rising prevalence of cardiovascular diseases and the increasing research and development activities to accelerate the growth of the global medical image analysis software market in the near future.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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