Medical Image Analysis Software Market Share and Manufacture Development Analysis Report By 2024

Latest Research Report on Medical Image Analysis Software Market begins with a deep introduction and then delves broad into specific segments such as raw material, application, end user, and region, policy study, value chain structure, and upcoming trends in particular segments or regions. The report on Medical Image Analysis Software prepare a case for investments in different regions based on a practical view of their regulatory outline, manufacturing dynamics, and availability of skills and resources in that region.

Medical Image Analysis Software Market Report by Material, Application, and Geography – Global Forecast to 2024 is a professional and in-depth research report on the world’s major regional Medical Image Analysis Software Market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, united Kingdom, Japan, South Korea and China).

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Market size and trends

The global Medical Image Analysis Software Market size is estimated to reach USD 4.51 billion by 2024 and is anticipated to grow with a CAGR of 8.1% throughout the forecast period. High growth of the market is majorly attributed to the increase in usage and uptake of imaging software for the diagnosis purpose. This technology is widely used for the diagnosis in the field of orthopedic, dental, neurology, oncology, urology and others.

In addition, shifting in focus to provide enhance care has led to the incorporation of various computer aided diagnosis systems, which is further contributing towards market growth. Continuous increasing in the prevalence of chronic disorders such as neurological diseases, cardiovascular diseases and cancer require medical imaging systems to provide effective and fast diagnosis. This fact will further push the market demand of medical imaging software, leading to drive the market growth.

Introduction of technologically advanced products such as 3D imaging, multimodality imaging platforms is also presumed to augment the market over the coming years. Furthermore, various benefits including flexibility and high-resolution imaging, along with convenient use of multi modal integrated workflows are expected to bolster the demand and increase product penetration throughout the forecast period.

Modality Insights

The largest share of around 30.0% was held by radiographic imaging in the modality segment owing to wide scale availability and cost-effectiveness, which are presumed to be key drivers for the market. The fastest growing segment is anticipated to be ultrasound imaging because of its accuracy and ability for rapid analysis. In addition, the radiation-induced side effects are minimized by use of these techniques, which is considered to be the potential factor for the segment growth.

Software Type Insights

Integrated software held the largest share of more than 55.0%. Dominance can be attributed to high adoption of the software due to its benefits including, cost effectiveness and centralized data storage. Moreover, multiple users can process and view the data with the use of integrated software which provides live viewing features.

The aforementioned factors are presumed to drive the preference of physicians and healthcare providers towards use of this integrated software. Also, lucrative growth rate is expected to be witnessed by stand-alone software with a CAGR of 7.5% throughout the forecast period due to its user friendly interface.

Application Insights

The major application of medical image analysis with a substantial market share was seen in the orthopedic segment in 2015. According to a report by CDC, over 52.5 million people in the U.S. were diagnosed with orthopedic related disorders in the period of 2010-12, which is expected to increase the utilization of medical image software in near future. Moreover, increasing geriatric population base and frequent product approvals for use of medical imaging systems in orthopedic is projected to boost the market growth.

End-user Insights

The largest share of around 32.0% was held by hospitals in end user segment. Supportive infrastructure, which helps in performing surgical intervention with medical imaging software. Moreover, favorable reimbursement by Medicare and Medicaid are increasing surgery volumes, where these devices form an important part of the procedures and contribute to market share.

Regional Insights

The largest share of over 33.0% in terms of revenue was held by North America in 2015. Presence of key market players, favorable initiatives by government, and high R&D investments are anticipated to be major drivers for the regional dominance. Asia Pacific region is to be considered as the highest growing region with CAGR of 9.7% throughout the forecast period. Growing in this region is majorly supported by the favorable government policies for incorporation of medical imaging software and devices to achieve accurate diagnostic results. Furthermore, increasing expenditure on healthcare in developing economies including India and China supports the growth of this region during the future period.

Competitive Market Share Insights

Some prominent market players are, Xinapse Systems Lts., Bruker Corporation, ClaroNAv Inc., Esaote Inc., Merge Healthcare Inc., MIM Software Inc., Aquilab GmbH, Spacelabs Healthcare Inc., Agfa-Gevaert Corporation, Toshiba Medical Systems Corporation, Siemens Healthineers, Carestream Health Inc., Philips Healthcare, and GE Healthcare.

The industry shows a high competitive rivalry owing to various strategic initiatives such as technological innovation inputs, acquisitions and merger, collaborations, and product launches. For instance, NEO new oncology AG was acquired by Siemens Healthineers in May 2016 to enhance their R&D capabilities product portfolio for treatment of cancer.

Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, the global medical image analysis software market has been segmented on the basis of software type, modality, application and end user and region:

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