The report “Medical Image Analysis Software 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. 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.
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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- 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
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.
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).