The report “Medical Image Analysis Software Market by Type (Integrated, Standalone), Image (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound, Radiography), Application (Orthopedic, Oncology, Nephrology), End User (Hospital, Research Center) – Global Forecasts to 2020″ ,analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia, and the Rest of the World (RoW).
The global medical image analysis software market is expected to reach USD 3,135.3 Million by 2020 from USD 2,143.7 Million in 2015, at a CAGR of 7.9% during the forecast period.
Growth in this market is mainly driven by factors such as technological advancements, growing public- and private-sector investments, rapid growth in aging population, fusion of imaging technologies, growing applications of computer-aided diagnosis (CAD), rising incidence of chronic diseases, and increasing usage of imaging equipment. Moreover, factors such as rising demand for automated image analysis techniques, growing impact of cloud-based solutions, and untapped emerging markets are expected to offer significant growth opportunities to players operating in the medical image analysis software market. However, financial constraints, growing hacking-related risks associated with the use of medical equipment and software, and dearth of skilled professionals are expected to restrain the growth of this market in the coming years.
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This report segments the medical image analysis software market based on software type, image type, modality, application, end user, and region. Based on software type, the medical image analysis software market is segmented into integrated and standalone software. The integrated software segment is expected to account for the largest market share in 2015, primarily due to the growing adoption of imaging systems.
Based on region, the medical image analysis software market is segmented into North America, Europe, Asia, and Rest of the World (RoW). The North American market is subsegmented into the U.S. and Canada; the European market is subsegmented into Germany, France, the U.K., and Rest of Europe (RoE); and the Asian market is subsegmented into Japan, China, India, and Rest of Asia (RoA). In 2015, North America is expected to dominate the market, followed by Europe. Major factors such as rising geriatric population, technological advancements, and favorable reimbursement policies are driving the medical image analysis software market in North America. However, the Asian market is expected to witness higher growth in the coming years, majorly due to the increasing government initiatives for the modernization of healthcare infrastructure, growth in the number of new and advanced products being launched in emerging Asian countries, and rising number of ongoing research activities.
The medical image analysis software market is highly fragmented, with several big and emerging players operating in the market. Some of the key market players include Agfa HealthCare (Belgium), Aquilab (France), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), GE Healthcare (U.K.), Merge Healthcare, Inc. (U.S.), MIM Software Inc. (U.S.), Philips Healthcare (Netherlands), Siemens Healthcare (Germany), and Toshiba Medical Systems Corporation (Japan).
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