Global Medical Imaging Software Market: Snapshot
The demand in the global medical imaging software market is expected to expand at a notable CAGR during the forecast period of 2017 to 2025. The prosperity of this market can be attributed to a number of factors such as growing public and private sector, technological advancements in the medical imaging systems and analysis software, fusion of imaging technologies, increasing usage of imaging equipment as a result of growing prevalence of chronic diseases, and expand applications of computer-aided diagnosis, which significantly improves the accuracy. On the other hand, constraints pertaining to budget, deep penetration of standalone software vendors, potential of hacking, and dearth of skilled professionals to operating the software are a few restraints obstructing the global medical imaging software market from attaining its true potential.
Nevertheless, the vendors operating in the global medical imaging software market are poised to gain new opportunities from the emerging concept of artificial intelligence, cloud-based imaging analysis, and untapped emerging market. This report has been freshly compiled for targeted audiences such as diagnostic imaging equipment vendors and service providers, standalone image analysts software and workstation providers, healthcare IT service providers, diagnostic centers, hospital organizations, and venture capitalists.
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Based on product type, the market for medical imaging software can be segmented into integrated and standalone. Image type can be 2D imaging, 3D imaging, and 4D imaging. Application-wise, the market can be bifurcated into urology and nephrology, orthopedics, neurology, dental applications, oncology, cardiology, mammography, obstetrics and gynecology, and respiratory applications. End users of the market can be hospital organizations, diagnostic centers, and research centers. Modality-wise classification of the market can be done into tomography including CT, MRI, PET, and SPECT, ultrasound imaging, radiographic imaging, and combined modalities including PET/CT, PET/MR, and SPECT/CT.
Global Medical Imaging Software Market: Overview
Medical imaging software encompasses technologies and other solutions for various imaging modalities and processes to image a body for the purpose of diagnosis and treatment of diseases. Popular modalities include radiography, magnetic resonance imaging, ultrasound, and tomography. These solutions help in the visualization and analysis of the images for clinical interventions and facilitate storage and transmission of patient data and other useful diagnostic information.
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The shift from analog to digital medical imaging systems has led to constant evolution of medical imaging software. Development of modern technology platforms and visualization methods, coupled with the use of automation technologies in the healthcare sector, enables clinicians to produce high-resolution 2D and 3D images for improving clinical outcomes. This has positively impacted the medical imaging software market.
Global Medical Imaging Software Market: Key Trends
Continuous modernization of analog imaging systems to computed radiography systems across hospitals and other diagnostic centers is a key factor propelling the medical imaging software market. The development of cost-effective solutions such as retrofit kits for large-scale conversion of analog X-ray systems to digital systems has boosted the market. The demand for point-of-care ultrasound equipment for disease diagnosis in home-based settings has stimulated the demand for imaging software.
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The advent of automation solutions for effective storage and communications of patients’ data across different clinical settings is anticipated to fuel the demand from the global medical imaging software market in the coming years. The growing popularity of mobile and cloud-based medical imaging systems for real-time visualization has bolstered the demand for advanced imaging software. Furthermore, the launch of solutions compatible across a range of medical imaging equipment is expected to create exciting opportunities for developers and vendors in the global medical imaging software market.
Global Medical Imaging Software Market: Market Potential
The launch of customizable imaging solutions catering to specific imaging needs of a large number of healthcare providers has expanded the horizon of the medical imaging software market, leading to transformative effects in the healthcare industry.
Novarad, a U.S.-based provider of medical imaging software solutions, collaborated in March, 2017 with Microsoft to develop a cutting-edge technology by combining its imaging software with HoloLens—the augmented reality glasses developed by the technology giant. The high-end technology, not yet released to consumers, will enable clinicians, especially surgeons, to create 3D holograms of MRI scans, CT scans, and X-rays. The scanned images of patients are uploaded to the cloud platform for doctors and surgeons to easily access them through HoloLens’s built-in computer. These holograms can then be superimposed on patients to provide enhanced visualization to surgeons during operations. Dr. Steve Cvetko, Director of R&D at Novarad and Dr. Wendell Gibby, the founder of the company, opine that the combined technology platform will significantly boost clinical and surgical outcomes. They are working intensively to patent the technology and efforts are ongoing to get it approved by the U.S. FDA to expand its potential. The augmented reality technology platform, believe the developers, will further prove beneficial to new doctors and medical students who want to witness surgeries at close quarters.
Global Medical Imaging Software Market: Regional Outlook
The Americas are a prominent market for medical imaging software and are anticipated to offer lucrative avenues over the forecast period. Spiraling revenue from leading players in various countries such as the U.S. and significant technological advances in medical imaging devices, particularly automation, are expected to propel this regional market. Furthermore, the robust medical infrastructure in the U.S. and the soaring popularity of minimally invasive surgical processes are anticipated to bolster the demand for medical imaging software in the Americas.
Global Medical Imaging Software Market: Competitive Analysis
Several players are forming collaborations with various technology companies and medical device manufacturers to launch innovative solutions in order to consolidate their market shares in major regions. Companies vying for a significant share in the medical imaging software market include Siemens Healthineers, Toshiba Medical Systems Corporation, Esaote SpA, IBA Dosimetry, GE Healthcare, Carestream Health, and Agfa-Gevaert N.V.