Medical Image Analysis Software Market
Medical Image Analysis Software Market (Software Type - Integrated Software, Standalone Software; Imaging Type - 2D Imaging, 3D Imaging, 4D Imaging; Modality - CT, MRI, PET, SPECT, Ultrasound, Radiographic Imaging, Other Modalities; Application - Cardiology, Orthopedic, Oncology, Neurology, Nephrology, Dental, Gynecology; End user - Hospitals, Clinics, Research and Academic Institutes, Diagnostic Centers, Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global medical image analysis software market for the historical period 2017–2018 and forecast period 2019–2027, increase in the incidence of chronic diseases, rise in geriatric population, increase in the adoption of 4D imaging techniques, and rise in demand for medical imaging are projected to drive the global medical image analysis software market during the forecast period
- According to the report, the global medical image analysis software market was valued at US$ 2.91 Bn in 2018 and is anticipated to expand at a CAGR of 8.1% from 2019 to 2027
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Increasing demand for medical imaging: Key Drivers
- Medical imaging provides diagnosis of various diseases such as cancer, cardiovascular diseases, and neurological and gynecological disorders. Undergoing the medical imaging procedures such as CT, MRI, ultrasound, PET, and SPECT has various benefits such as early diagnosis of a disease, less need for surgery, fewer hospital admissions, and reduction in hospital stay.
- In the emergency department, medical imaging has shortened the patient’s waiting time. According to American College of Radiology, the diagnostic imaging industry has expanded over a decade due to the population being covered under Medicare, particularly for expensive techniques such as magnetic resonance imaging (MRI), CT, and PET.
- According to NHS England, 39.8 million imaging tests were reported in England by the end of March 2017, as compared to 37.9 million imaging tests by the end of March 2014. Among these, 22.6 million tests were radiography, 8.57 million were ultrasound, 4.20 million were CT, and 2.89 million were MRI scan.
- The increasing demand for medical imaging is likely to boost the medical imaging analysis software market during the forecast period.
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Increasing Incidence of Chronic Diseases such as Cancer and Cardiovascular Diseases Boost Market Growth
- Cancer is a serious health problem affecting large population across the globe. Diagnosis at an early stage and treatment for cancer when it affects the immune system pose a challenge for health care service providers. According to WHO, in 2017, there were 14 million new cases of cancer and approximately 8.2 million deaths caused by cancer every year. Around 70% rise in the number of cancer cases across the globe is expected in the decade, with 60% of these cases from Africa, Asia, and Latin America.
- Cardiovascular diseases are also highly prevalent across the globe and is a major cause of deaths in developed countries. Increasing incidence of obesity, changing lifestyles of people, and their unhealthy eating habits lead to increase in the incidence of cardiovascular diseases. According to WHO, 17.5 million people die of cardiovascular diseases every year, which accounts for 31% of the total deaths.
- Thus, increasing incidence of cancer and cardiovascular diseases would boost the CT and MRI imaging market which will in turn drive the software market during the forecast period
High Cost Associated With Medical Imaging Procedures to Hamper Market
- Medical imaging has become an essential test for diagnosis of diseases and also, before the surgery.
- The cost associated with medical imaging is very high; for instance, the average cost of MRI scan is US$ 400 – US$ 3,500, CT scan is US$ 1200, ultrasound is US$ 200 – US$ 1,000, PET scan is US$ 3,000 – US$ 20,000, and SPECT scan is US$ 3,500. With the increasing number of diseases, requirement for undergoing diagnostic procedures at every stage of a disease is high.
- High cost associated with imaging techniques and the medication becomes a hindrance to several people that belong to the middle-income group.
- Due to the cost associated with medical imaging and treatment, the people in low-income countries, who are not covered under medical insurance, hesitate to avail medical services. This causes a major hindrance for growth of the medical imaging analysis software market.
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Global Medical Image Analysis Software Market: Competitive Landscape
- This report profiles major players in the global medical image analysis software market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Leading players operating in the global medical image analysis software market are
- GE Healthcare
- Siemens Healthineers
- Agfa-Gevaert N.V.
- Hologic Inc.
- Pie Medical Imaging
- Media Cybernetics, Inc.
- MIM Software Inc
- Merge Healthcare Incorporated.
- ScienceSoft USA Corporation.
Global Medical Image Analysis Software Market: Key Developments
Key players in the global medical image analysis software market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global medical image analysis software market. A few expansion strategies adopted by players operating in the global medical image analysis software market are:
- In October 2017, Philips features new IntelliSpace Cardiovascular image and information management at Toronto’s Canadian Cardiovascular Congress.
- In September 2017, a spine and specialty hospital updated Carestream Vue PACS to add new capabilities.
- In July 2017, GE Healthcare announced it will provide PACS and VNA systems for Adventist Health, a health delivery system serving over 70 communities in California, Hawaii, Oregon, and Washington
- In May 2017, Agfa HealthCare announced successful launch of new PACS installation at King Khalid Eye Specialist Hospital (KKESH), in Riyadh, Saudi Arabia.
- In June 2016, 3M Health Information Systems integrated McKesson InterQual Connect into 3M ClinTrac Product Suite.
The report on the global medical image analysis software market discussed individual strategies, followed by company profiles of manufacturers of medical image analysis software. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global medical image analysis software market.
TMR’s report on the global medical image analysis software market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global medical image analysis software market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global medical image analysis software market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global medical image analysis software market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global medical image analysis software market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global medical image analysis software market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global medical image analysis software market.
The report delves into the competitive landscape of the global medical image analysis software market. Key players operating in the global medical image analysis software market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global medical image analysis software market that have been profiled in this report.
Key Questions Answered in Global Medical Image Analysis Software Market Report
- What is the scope of growth of companies in the global medical image analysis software market?
- What will be the Y-o-Y growth of the global medical image analysis software market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global medical image analysis software market?
- Will North America continue to be the most profitable market for medical image analysis software providers?
- Which factors are anticipated to hamper the growth of the global medical image analysis software market during the forecast period?
- Which are the leading companies in the global medical image analysis software market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global medical image analysis software market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global medical image analysis software market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the medical image analysis software market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the medical image analysis software market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global medical image analysis software market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global medical image analysis software market more reliably and accurately.
Regional Segmentation of Medical Image Analysis Software Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Medical Image Analysis Software Market – Segmentation
Integrated software type
Standalone software type
Research and Academic Institutes
Ambulatory Surgical Centers (ASCs)
Middle East & Africa