Medical Imaging Software Market Highlights
The global medical imaging software market is likely to expand by exhibit growth at a CAGR of 8.4% during the forecast period owing to a surge in adoption of medical imaging software for its improved productivity. The market stood at a value of USD 2.66 billion in 2017, as the software is considered as a foundation of modern diagnostics. The medical imaging software offers the benefits and ease of handling and flexibility for handling the body parts and organs. Thanks to its effectiveness, the use of the software has been increased from the past few years and is likely to be the same in the coming years. Further, the market is expected to gain benefits from increasing precision in the medical diagnosis and treatment of several deadly diseases.
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The other factors, including the emergence of 4D imaging technologies, increasing geriatric population that is more prone to diseases, and government investment for research and development, are anticipated to fuel the market growth in the coming years. The demand for an advanced medical imaging software and devices for the treatment of diseases such as arthritis and cancer are augmenting its adoption and market growth. Additionally, advancements in the medical imaging software empower the doctors to access the minute details of the patients. The trend of automation in the healthcare industry and the benefits of the software during surgeries and treatments is propelling growth of the global medical imaging software market.
Some of the prominent players in the global medical imaging software market include GE Healthcare, Agfa-Gevaert N.V., Siemens Healthineers, Hologic Inc., Media Cybernetics, Inc., Pie Medical Imaging, AQUILAB, Merge Healthcare Incorporated, MIM Software Inc., ScienceSoft USA Corporation, Fujifilm Holding Company, Acuo Technologies, and IBM Corporation.
The medical imaging software market is segmented by software type, imaging type, modality, application, and region.
On the basis of software type, the market is bifurcated into integrated and stand-alone. On the basis of imaging type, the market is segmented into 2D, 3D, and 4D. On the basis of modality, the market is divided into CT and MRI. On the basis of application, the market is segmented into neurology and cardiology. On the basis of the end user, the market is segmented into clinics and hospitals.
In October 2019, UC San Francisco has introduced the Center for Intelligent Imaging, which will empower the medical imaging software application with artificial intelligence. This tool is developed, aiming at the evaluation of health and disease.
October 2019, EOS imaging announced the presentation of spine solutions which include the EOS System and spineEOS online software in combination with EOSlink.
In October 2019, Subtle Medical announced the FDA clearance for its solution, SubtleMR. This algorithm will improve the quality of MR images. Additionally, it is compatible with MRI scanners and PACS solutions available in the market.
Regionally, the medical imaging software market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Of these, the Americas are forecasted to remain dominant in the global medical imaging software market in the coming period owing to higher investment for R&D and clinical testing in the region. Additionally, increasing government support in terms of funding and implication of reimbursement policies in the region, which eventually is likely to benefit market growth. Europe region is estimated to stand at the second-leading position in terms of revenue owing to the strong presence of the key players in the region coupled with their massive funding for R&D and business expansion. The increase in number of diagnostics centers across the region, along with raising awareness among people about the benefits of early screening of diseases, is augmenting adoption of the medical imaging software market.
However, the Asia Pacific is estimated to expand with the highest CAGR during the estimated time frame owing to robust population and unmet needs for the patients suffering from chronic diseases. In addition to this, robust investment for adopting newer technologies coupled with improving healthcare infrastructure in the region is benefiting the market. The penetration of the Internet is also playing a vital role in surge in adoption of medical imaging software in the region.
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