Global Medical Image Analysis Software Market: Snapshot
With the rising prevalence of chronic diseases, such as cancer and various other cardiovascular disorders, the global market for medical image analysis software has witnessed a substantial rise in its size and scope. Analysts foresee an upward growth is this market over the next few years, thanks to the advent of 4D imaging technique and the swelling demand for medical imaging. The market, which presented an opportunity worth US$2.35 bn in 2015, is anticipated to expand at an 8.10% CAGR between 2016 and 2024 and touch a value of US$4.66 bn by the end of 2024.
Integrated Software to Enjoy Higher Demand than Standalone Software
Integrated software and standalone software are the two main types of medical image analysis software available across the world. Among the two, the integrated software segment, which has been leading this market since the last few years, is projected to dominate it as well over the forthcoming years, thanks to the rising awareness about the advantages of integrated software systems, such as interlinking of the database and storing of the images for further analysis. On the other hand, the standalone segment is estimated to likely to witness a decline in its share in the near future due to the increasing trend of incorporating all medical imaging devices with integrated software systems.
Hospitals, clinics, diagnostic centers, research and academic institutes, and ambulatory surgical centers (ASCs) have surfaced as the key end users of medical image analysis software, worldwide. The hospital segment, among these, emerged as the key contributor to this market in 2015 and is predicted to retain its lead throughout the forecast period. The presence of a well-established medical and healthcare industry and a favorable reimbursement scenario in developed regions, such as North America and Europe, have been driving the demand for medical image analysis software in hospitals and are expected to remain doing so over the next few years.
Rising Incidence of Cancer to Ensure Lead of North America
Geographically, Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America have been considered as the main segments of the worldwide market for medical image analysis software. North America acquired the leading position in this market in 2015 with a share of 33.7% on the grounds of the rising incidence of cancer and cardiovascular diseases. Researchers anticipate the North America medical image analysis software market to maintain its dominance over the forthcoming years.
Europe, which was second in 2015, is projected to retain its position in the years to come. The economic developments, leading to the improvement in the healthcare facilities, are expected to prompt the key players to invest in this regional market for research and development activities, which may propel it substantially over the years to come. Asia Pacific, on the other hand, is predicted to be driven by the increasing prevalence of cancer, cardiovascular diseases, and other chronic disorders in countries, such as India and China and the rising awareness among consumers regarding early diagnosis of these diseases in the near future.
GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc., Pie Medical Imaging, Media Cybernetics Inc., AQUILAB, MIM Software Inc., Merge Healthcare Inc., and ScienceSoft USA Corp. are some of the key vendors of medical image analysis software across the world.
Global Medical Image Analysis Software Market: Overview
Medical imaging is a process and technique for creating visual representations of the anatomical and physiological functions taking place inside the human body. Depending on the technique used the analysis of bones, muscles and organs. Along with the anatomical and physiological functions of the body the study of tumor growth, its movement and other abnormalities can also be detected with the help of medical imaging. The software used in these devices for analyzing and creating an image is of utmost important.
The research is a combination of primary and secondary research, conducted for understanding and arriving at trends, used to forecast the expected revenue of the medical image analysis software market in the near future. Primary research formed the bulk of our research efforts with information collected from in-depth interviews and discussions with a number of key industry experts and opinion leaders. Secondary research involved study of company websites, annual reports, press releases, investor presentations, analyst presentation and various international and national databases.
The report provides estimated market size in terms of US$ Mn for each by software type, imaging type, modality, application, end user, and geography for the period 2014 to 2024, considering the macro and micro environmental factors. The revenue generated from each product was calculated by considering number of products used in the procedures and their market demand as per their use, prevalence rate of disease, number of product launched, annual revenue generated by products of each sub segment, trends in industry, end user trend, and adoption rate across all the geographies.
Global Medical Image Analysis Software Market: Segmentation
The global medical image analysis software market is segmented by software type, imaging type, modality, application, end users and geography. By software type the medical image analysis software market is segmented into integrated software and standalone software, by imaging type the medical image analysis software market is segmented into 2D imaging, 3D imaging and 4D imaging. In terms of modality the medical image analysis software market is segmented into CT, MRI, PET, SPECT, Ultrasound, Radiographic imaging and other modalities.
By application the medical image analysis software market is segmented into cardiology, orthopedic, oncology, neurology, nephrology, dental, gynecology and others. In terms of end users the medical image analysis software market is segmented into hospitals, clinics, research and academic institutions, diagnostic centers and ambulatory surgical centers. According to geography the medical image analysis software market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
The market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on modality, technology, end-user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints and opportunities that influences the medical image analysis software market in the current and future scenario.
Global Medical Image Analysis Software Market: Competitive Analysis
Market share analysis among the market players is analyzed to signify the contribution of these players in the market in terms of percentage share. All these factors will help the market players to decide about the business strategies and plans to strengthen their positions in the global market. Based on geography, the market has been analyzed for major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The study also covers detailed country analysis contributing majorly in the medical image analysis software market.
The report also profiles the major players in the market and provides various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major companies profiled in the medical image analysis software market are GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc., Pie Medical Imaging, Media Cybernetics, Inc., AQUILAB, MIM Software Inc., Merge Healthcare Incorporated., ScienceSoft USA Corp., and others.
The medical image analysis software market has been segmented as follows:
By Software Type
By Imaging Type
- 2D imaging
- 3D imaging
- 4D imaging
- Radiographic imaging
- Other Modalities
By End Users
- Research and academic institutes
- Diagnostic centers
- Ambulatory Surgical Centers
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- Rest of MEA