According to a new market research report “ Medical Image Analysis Software Market by Type (Standalone), Images (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound), Application (Orthopedic, Dental, Oncology, Nephrology), End User (Hospital, Diagnostic Centre, Research) – Global Forecasts to 2022″, published by MarketsandMarkets™, the market is expected to reach USD 3.88 Billion by 2022 from USD 2.61 Billion in 2017, at a CAGR of 8.2% during the forecast period.
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The growth of the market is attributed to technological advancements in medical imaging systems & analysis software, growing public- and private-sector investments in the medical imaging market, increasing use of imaging equipment due to rising prevalence of chronic diseases, fusion of imaging technologies, and growing applications of computer-aided diagnosis. Growing need for automated image analysis tools, rising adoption of cloud-based imaging solutions, and untapped emerging markets are expected to offer significant growth opportunities for manufacturers in the coming years.
Integrated software to dominate the market in 2017
Based on type, the Medical Image Analysis Software Market is segmented into integrated and standalone software. In 2017, the integrated software segment is expected to account for the largest share of the Medical Image Analysis Software Market. The compatibility of the software with the equipment is examined by the manufacturer beforehand and easy handling and fast processing are additional factors that contribute to the adoption of integrated image analysis software. However, the standalone software segment is expected to grow at the highest CAGR during the forecast period. Standalone software offers high flexibility and easy-to-use tools to inspect, evaluate, and process imaging data. These advantages are driving its growth in the market.
On the basis of end user, hospitals are projected to grow at the highest CAGR
By end user, the Medical Image Analysis Software Market is segmented into hospitals, diagnostic centers, and research centers. Hospitals are expected to register the highest CAGR during the forecast period. The greater use of medical imaging software in hospitals & the higher installed base of diagnostic imaging systems (as compared to diagnostic and research centers) and high patient inflow (as compared to diagnostic centers) are expected to boost the demand for medical image analysis software in this segment.
North America to dominate the market followed by Europe
In 2017, North America is expected to account for the largest share of the market. The high growth of the North American market is attributed to the factors such as the growing geriatric population, high incidence/prevalence of various diseases, the large number of imaging centers in this region, ongoing research, fast adoption of technologically advanced imaging systems, and increasing awareness about the benefits of early disease diagnosis. In 2017, Europe is expected to hold the second largest share of this market.
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Factors such as rising incidence of chronic diseases and injuries, increasing demand for non-radiation diagnostic solutions, technological advancements and new product launches, large number of ongoing research activities, and increasing government and public-private investments are expected to fuel the market growth in this region.
The Medical Image Analysis Software Market is highly competitive with the presence of several small and big players. Some of the players in the Medical Image Analysis Software Market include AGFA Healthcare (Belgium), AQUILAB (France), Carestream Health, Inc. (US), Esaote S.p.A (Italy), GE Healthcare (US), Image Analysis (UK), INFINITT Healthcare Co, Ltd. (South Korea), Merge Healthcare, Inc. (US), MIM Software Inc. (US), Mirada Medical Limited (UK), Philips Healthcare (Netherlands), ScienceSoft USA Corporation (US), Siemens Healthineers (Germany), Toshiba Medical Systems Corporation (Japan), and Xinapse Systems Ltd (UK).