The global medical image analysis software market is estimated to gain a value of US$ 5.87 Bn by 2027, as per assessment by Transparency Market Research (TMR). Furthermore, the TMR assessment notes that the market is prognosticated to expand at a CAGR of 8.1% during the forecast period, from 2019 to 2027.
The global medical image analysis software market outlook provides in-depth analysis of major factors impacting the market growth. Hence, this study covers thorough assessment on the growth drivers, R&Ds, growth restraints, regional analysis, competition landscape, and emerging trends in the medical image analysis software market. This aside, the report sheds light on the recent developments in the medical image analysis software market.
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Rise in Prevalence of Health Disorders Globally Boosts Demand for Medical Imaging Procedures
The use of different medical imaging procedures including MRI, CT, PET, SPECT, and ultrasound can help in the timely diagnosis of a disease. Moreover, it also offer other benefits such as fewer hospital admissions, reduction in hospital stay, and less need for surgery. These advantages are expected to result into increase in the sales opportunities in the global medical image analysis software market in the near future.
Integrated software type and standalone software type are the two types of software available today in the market. Medical image analysis software is being increasingly adopted in different segments of the healthcare industry including the orthopaedic, cardiology, neurology, oncology, dental, nephrology, and gynecology segment. This wide product application is expected to drive the growth avenues in the medical image analysis software market in the upcoming years.
Over the period of past few years, there has been increase in the older population across the globe. This aside, the incidences of chronic diseases such as cardiovascular diseases are being increasing globally. Some of the key reasons for rise in the prevalence of cardiovascular diseases include obesity, unhealthy eating habits, and changing lifestyles of people. This factor, in turn, is leading to increasing need for medical image analysis software. This aside, the market is being driven by a surge in the use of medical imaging and 4D imaging techniques across the worldwide healthcare sector.
The cases of cancer are being increasing across the globe. As a result, the demand for CT and MRI imaging is being increasing in the recent years. This factor is boosting the growth opportunities in the medical image analysis software market, note analysts at TMR.
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Players Medical Image Analysis Software Market Experience High Competition Levels
Some of the leading players in the medical image analysis software market include Siemens Healthineers, GE Healthcare, Hologic Inc., Agfa-Gevaert N.V., Media Cybernetics, Inc., Pie Medical Imaging, MIM Software Inc, AQUILAB, ScienceSoft USA Corporation, and Merge Healthcare Incorporated.
The existence of many leading companies makes the competition levels in the medical image analysis software market highly intense. Hence, players are using different strategies such as new product launches, mergers, acquisitions, partnerships, and collaborations so as to maintain their leading positions in the market for medical image analysis software. Moreover, many enterprises are investing heavily in R&Ds. These moves are expected result into rapid expansion of the global medical image analysis software market in the forthcoming years.
In terms of region, the global medical image analysis software market is spread across many segments including North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Of them, North America is leading market region owing to many factors including the presence of a sturdy healthcare infrastructure and rise in the prevalence of different diseases in the region. Moreover, increase in the adoption of advanced technologies in the regional healthcare sector is propelling the North America medical image analysis software market.