Market growth is driven by technological advancements in medical imaging systems and 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.
The report “Medical Image Analysis Software Marketis 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.
However, budgetary constraints are restraining the growth of this medical image analysis software market to a certain extent. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.
Major Market Developments
- In December 2016, Pickering Electronics Philips Healthcare (US) introduced Signed a 10-year partnership with Expert Group of Companies (Russia) to jointly improve the efficiency of the delivery of patient care in Russia.
- In June 2015, Siemens Healthcare (Germany) signed a contract with William Osler Health System (Canada) to expand its presence in the Canadian market.
- In November 2015, Vital Images, Inc. (US) partnered with Heilind Electronics (US), a global distributor to expand the company’s sensor product line through Stratasys, Ltd. (US) to develop print-on-demand services using Vital’s industry-leading Vitrea advanced visualization software and Stratasys’ 3D printing services.
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Market Drivers:-
- Technological advancements in medical imaging systems and 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
- Growing applications of computer-aided diagnosis
Regional Analysis:-
Of the various regions, North America is projected to account for the largest share of the global medical image analysis software market by 2022. A recently published report of the World Health Organization (WHO) stated that by 2020, chronic diseases would account for nearly 73% of all deaths and 60% of the global burden of disease. Moreover, the number of imaging centers is increasing in the region in tandem with the growing geriatric population and the increasing prevalence of various diseases.
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Top Key Players:-
The increasing presence of new and established players in the medical image analysis software market is likely to intensify the competition. A few prominent market players operating in this market include AQUILAB (France), AGFA Healthcare (Belgium), Esaote S.p.A (Italy), Carestream Health, Inc. (US), and GE Healthcare (US).
