Medical Image Analysis Software Market will Expand at Healthy CAGR of 8.34% During 2017 – 2024

Although the opportunities in the market for medical image analysis software will continue to progressively expand in the near future as a result of improving healthcare infrastructure across the world, the competitive landscape will also remain fragmented owing to increasing number of participating companies – notifies the analyst of a fresh business intelligence report by Transparency Market Research. There is a large pool of suppliers in the global Medical Image Analysis Software Market and the end users have plenty of options to choose from. That being said, a handful of players do hold a position of strength over their competitors, such as Siemens Healthineers, GE Healthcare, Agfa-Gevaert N.V., Hologic Inc., Philips Healthcare, Pie Medical Imaging, Sciencesoft USA Corporation, and Toshiba Medical Systems Corporation. The prominence of these players is a result of their technologically advanced products.

For instance, Siemens Healthcare offers Syngo medical imaging software that makes analysis, storage, and sharing of diagnostic images an efficient clinical process. The software makes magnetic resonance and computed tomography results readily available to the caregivers. On the other hand, GE Healthcare offers CardEP, which is an integrated software for image analysis for the applications of electrophysiology and cardiovascular. The software makes it possible to display the process of heart anatomy and pulmonary veins, reformat them, and analyze as a 2D or 3D cardiac ST images. For the newer players to make a mark in this market, they will have to develop innovative technology to counter the technology and healthcare giants.

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According to the evaluations of the TMR report, the global medical image analysis software market will attain a valuation of US$4,668.8 mn by the end of 2024, with the demand projected to proliferate at a CAGR of 8.34% during the forecast period of 2017 to 2024. The report has segmented the market for the software to analyze medical images on the basis of software type (standalone and integrated), imaging type (2D, 3D, and 4D), modality (radiographic imaging, ultrasound, PET, SPECT, MRI, and CT), application (orthopedic, neurology, cardiology, oncology, nephrology, gynecology, dental, and others), and end users (research and academic institutes, clinics, hospitals, diagnostic centers, and ambulatory surgical centers). Geographically, North America is highlighted as the region with maximum potential in terms of demand, although Europe and Asia Pacific are other two regions with similar lucrativeness.

The demand for the software that can efficiently analyze medical image is expanding on the back of the prevalence of several chronic diseases such as cancer and CVDs. Percentage of geriatric population is on the rise too, which is extending the demand for tools that can enhance assessment of diagnostic images and detect diseases at an early stage. In addition to that, advent of 4D imaging technique is expected to be a boon for the medical image analysis software market. The 4D imaging provides detailed information about temporal and spatial evolution of 3D blood flow with full volumetric coverage of any cardiac region. The 4D imaging in MRI is useful to assess blood flow parameters associated with markers of Doppler ultrasound and echocardiography. Hence, the 4D imaging is beneficial for the evaluation of cardiovascular diseases.