Medical Image Analysis Software Market to Reach US$4,668.8 Million Growing at CAGR 8.34% by 2024
Global Medical Image Analysis Software Market: Snapshot
Early and assured detection of a disease goes a long way towards providing adequate care to the patients. For a few decades, we have had medical imaging techniques such as magnetic resonance imaging (MRI) and computed tomography (CT) scan for diagnosis of diseases pertaining to cardiology, neurology, orthopedic, nephrology, and others. However, detailed analysis of those medical images has never been as accurate as now with the advent of 3D imaging and 4D ultrasound techniques.
In the near future, software-controlled medical imaging is promising never-achieved efficiency of medical image analysis and the market for the same is flourishing. According to this business intelligence report, the demand in the global medical image analysis software market will expand at healthy CAGR of 8.34% during the forecast period of 2017 to 2024. Revenue-wise, the analyst of the report has estimated that there will be opportunities worth US$4,668.8 mn in the market for software for medical image analysis across the globe by the end of 2024, substantially more than the market’s evaluated valuation of US$2,664.3 mn as of 2017.
Some of the key factors driving the medical image analysis software market are: advent of 3D and 4D imaging technologies, growing investments into the field of medical imaging by government and private agencies, prevalence of several chronic diseases, growing application of computer-aided diagnostic methods, and improving healthcare infrastructure across several emerging economies. On the other hand, high cost of the equipment, deep penetration of standalone software vendors, and dearth of skilled professions are a few restraints hindering the prosperity of the medical image analysis software market. Nevertheless, the vendors of this market stand to gain fresh opportunities from the integration of artificial intelligence, cloud-based image analysis solution, and expansion into the emerging economies.
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Integrated Software Gaining Over Standalone Segment
Based on software type, the medical image analysis software market has been segmented into integrated and standalone. As of 2017, the standalone software segment provided for slightly more than 53% of the total demand. However, the integrated software segment, driven by growing need of interlinking various images and databases, is poised to provide for a demand that will be worth US$2,581.8 mn by 2024. This will constitute for more than 55% of the total demand, taking over the position of leading segment of this market. Integrated software allows large amount of data to be stored and also allows a single output from multiple programs.
3D Imaging Segment Showing Stronger Growth Prospects than 2D and 4D
On the basis of imaging type, the market for software to analyze medical images has been bifurcated into 2D imaging, 3D imaging, and 4D imaging. As of 2017, the 3D imaging segment provided for a revenue of US$1,400.0 mn and is primed to further gain ground over other segments. By 2024, the 3D imaging segment is estimated to be worth US$2,556.0 mn, representing 54.7% of the total demand in this market. Growth of the segment is attributed to increasing applications of 3D imaging technique and rising incidence of diseases such as cardiovascular, cancer, neuro and others. Currently, 3D imaging technique is widely used in imaging modalities such as CT, MRI, PET, ultrasound, and radiography.
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Ultrasound to Remain Leading Modality Segment until 2024
Based on modality, the report has classified the medical image analysis software market into CT, MRI, SPECT, PET, ultrasound, radiographic imaging, and other modalities. Among these, ultrasound and radiographic imaging are the two segments that provided for the most prominent chunk of demand in this market as of 2017. By the end of 2024, the two segments are estimated to attain a valuation of US$1,471.8 and US$1,255.5 mn respectively. The growth of the ultrasound segment is due to increasing cases of gynecological disorders and thyroid cases whereas the radiographic imaging segment is driven by increasing application in orthopedics, dental, and other chronic conditions such as pneumonia.
The report has also segmented the medical image analysis software market on the basis of application into gynecology, dental, nephrology, neurology, oncology, orthopedic, cardiology, and others. Moreover, analyst has included the potential of demand that can be expected out of all prominent end users, viz. ambulatory surgical centers, diagnostic centers, research and academic institutes, hospitals, and clinics.
Asia Pacific a Region with Lucrative Potential
Geographically, this business intelligence report on the medical image analysis software market highlights three regions: North America, Europe, and Asia Pacific. As of 2017, North America and Europe generated a demand for the software that was worth US$893.5 mn and US$710.9 mn respectively. High adoption rate of new technology, high prevalence of cardiovascular diseases, and robust healthcare infrastructure are some of the factors driving these two regions. However, the demand from Asia Pacific is projected to expand at an above average CAGR of 9.5% during the period of 2017 to 2024, and attain a valuation of US$1,022.5 mn. Asia Pacific is vastly populated and as the cost of the technology and equipment fall, this region will provide for strong opportunities.
GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Philips Healthcare, Hologic Inc., Pie Medical Imaging, and Sciencesoft USA Corporation are a few key players currently ahead of the curve in the global medical image analysis software market.
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