Medical Image Analysis Software Market: An Outlook to the Future Global Opportunities

Market growth is driven by technological advancements in medical imaging systems and analysis software, growing public- and private-sector investments in the medical imaging market, increasing use of imaging equipment due to rising prevalence of chronic diseases, fusion of imaging technologies and growing applications of computer-aided diagnosis.

The report Medical Image Analysis Software Market is expected to reach USD 3.88 billion by 2022 from USD 2.61 billion in 2017, at a CAGR of 8.2% during the forecast period.

However, budgetary constraints are restraining the growth of this medical image analysis software market to a certain extent. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.

Major Market Developments

• In December 2016, Pickering Electronics Philips Healthcare (US) introduced Signed a 10-year partnership with Expert Group of Companies (Russia) to jointly improve the efficiency of the delivery of patient care in Russia. 
• In June 2015, Siemens Healthcare (Germany) signed a contract with William Osler Health System (Canada) to expand its presence in the Canadian market.
• In November 2015, Vital Images, Inc. (US) partnered with Heilind Electronics (US), a global distributor to expand the company’s sensor product line through Stratasys, Ltd. (US) to develop print-on-demand services using Vital’s industry-leading Vitrea advanced visualization software and Stratasys’ 3D printing services.

Market Drivers:-

• Technological advancements in medical imaging systems and analysis software
• Growing public- and private-sector investments in the medical imaging market
• Increasing use of imaging equipment due to rising prevalence of chronic diseases
• Fusion of imaging technologies
• Growing applications of computer-aided diagnosis

Regional Analysis:-
Of the various regions, North America is projected to account for the largest share of the global medical image analysis software market by 2022. A recently published report of the World Health Organization (WHO) stated that by 2020, chronic diseases would account for nearly 73% of all deaths and 60% of the global burden of disease. Moreover, the number of imaging centers is increasing in the region in tandem with the growing geriatric population and the increasing prevalence of various diseases.

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Top Key Players:-
The increasing presence of new and established players in the medical image analysis software market is likely to intensify the competition. A few prominent market players operating in this market include AQUILAB (France), AGFA Healthcare (Belgium), Esaote S.p.A (Italy), Carestream Health, Inc. (US), and GE Healthcare (US).

Medical Image Analysis Software Market Size - Global Forecast to 2022

The report "Medical Image Analysis Software Market by Type (Standalone), Images (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound), Application (Orthopedic, Dental, Oncology, Nephrology), End User (Hospital, Diagnostic Centre, Research) - Global Forecasts to 2022" The medical image analysis software market is expected to reach USD 3.88 billion by 2022 from USD 2.6 billion in 2017, at a CAGR of 8.2% during the forecast period. The growth of the market is attributed to technological advancements in medical imaging systems & analysis software, growing public- and private-sector investments in the medical imaging market, increasing use of imaging equipment due to rising prevalence of chronic diseases, fusion of imaging technologies, and growing applications of computer-aided diagnosis. Growing need for automated image analysis tools, rising adoption of cloud-based imaging solutions, and untapped emerging markets are expected to offer significant growth opportunities for manufacturers in the coming years.
                                         
Browse 303 Market Data Tables and 43 Figures spread through 313 Pages and in-depth TOC on "Medical Image Analysis Software Market “.

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Integrated software to dominate the market in 2017
Based on type, the medical image analysis software market is segmented into integrated and standalone software. In 2017, the integrated software segment is expected to account for the largest share of the medical image analysis software market. The compatibility of the software with the equipment is examined by the manufacturer beforehand and easy handling and fast processing are additional factors that contribute to the adoption of integrated image analysis software. However, the standalone software segment is expected to grow at the highest CAGR during the forecast period. Standalone software offers high flexibility and easy-to-use tools to inspect, evaluate, and process imaging data. These advantages are driving its growth in the market.

On the basis of end user, hospitals are projected to grow at the highest CAGR
By end user, the medical image analysis software market is segmented into hospitals, diagnostic centers, and research centers. Hospitals are expected to register the highest CAGR during the forecast period. The greater use of medical imaging software in hospitals & the higher installed base of diagnostic imaging systems (as compared to diagnostic and research centers) and high patient inflow (as compared to diagnostic centers) are expected to boost the demand for medical image analysis software in this segment.

North America to dominate the market followed by Europe
In 2017, North America is expected to account for the largest share of the market. The high growth of the North American market is attributed to the factors such as the growing geriatric population, high incidence/prevalence of various diseases, the large number of imaging centers in this region, ongoing research, fast adoption of technologically advanced imaging systems, and increasing awareness about the benefits of early disease diagnosis. In 2017, Europe is expected to hold the second largest share of this market. Factors such as rising incidence of chronic diseases and injuries, increasing demand for non-radiation diagnostic solutions, technological advancements and new product launches, large number of ongoing research activities, and increasing government and public-private investments are expected to fuel the market growth in this region.

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The medical image analysis software market is highly competitive with the presence of several small and big players. Some of the players in the medical image analysis software market include AGFA Healthcare (Belgium), AQUILAB (France), Carestream Health, Inc. (US), Esaote S.p.A (Italy), GE Healthcare (US), Image Analysis (UK), INFINITT Healthcare Co, Ltd. (South Korea), Merge Healthcare, Inc. (US), MIM Software Inc. (US), Mirada Medical Limited (UK), Philips Healthcare (Netherlands), ScienceSoft USA Corporation (US), Siemens Healthineers (Germany), Toshiba Medical Systems Corporation (Japan), and Xinapse Systems Ltd (UK).

Technological Advancements in Medical Imaging Systems and Analysis Software

The report "Medical Image Analysis Software Market by Type (Standalone), Images (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound), Application (Orthopedic, Dental, Oncology, Nephrology), End User (Hospital, Diagnostic Centre, Research) - Global Forecasts to 2022" The medical image analysis software market is expected to reach USD 3.88 billion by 2022 from USD 2.6 billion in 2017, at a CAGR of 8.2% during the forecast period.

Further more information in details about Medical Image Analysis Software Market Best Chance to increase growth in revenue of your company.

The growth of the market is attributed to technological advancements in medical imaging systems & analysis software, growing public- and private-sector investments in the medical imaging market, increasing use of imaging equipment due to rising prevalence of chronic diseases, fusion of imaging technologies, and growing applications of computer-aided diagnosis. Growing need for automated image analysis tools, rising adoption of cloud-based imaging solutions, and untapped emerging markets are expected to offer significant growth opportunities for manufacturers in the coming years.


In 2017, North America is expected to account for the largest share of the market. The high growth of the North American market is attributed to the factors such as the growing geriatric population, high incidence/prevalence of various diseases, the large number of imaging centers in this region, ongoing research, fast adoption of technologically advanced imaging systems, and increasing awareness about the benefits of early disease diagnosis.

Medical Image Analysis Software Market Size - Global Forecast to 2022

The Medical Image Analysis Software Market is expected to reach USD 3.88 billion by 2022 from USD 2.61 billion in 2017, at a CAGR of 8.2% during the forecast period. Factors such as technological advancements in medical imaging systems and analysis software, growing public- and private-sector investments in the medical imaging market, increasing use of imaging equipment due to rising prevalence of chronic diseases, fusion of imaging technologies, and growing applications of computer-aided diagnosis are driving the demand for medical image analysis software.

Browse 303 Market Data Tables and 43 Figures spread through 313 Pages and in-depth TOC on "Medical Image Analysis Software Market. 

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Mergers, acquisitions, and partnerships accounted for the largest share of the overall growth strategies mapped from 2014–2017. Some of the leading players who adopted these strategies include Philips Healthcare (US), Merge Healthcare (US), and Toshiba Medical Systems Corporation (Japan).

 
The medical image analysis software market is highly competitive with several big and small players. Prominent players in the medical image analysis software market include AGFA Healthcare (Belgium), AQUILAB (France), Carestream Health, Inc. (US), Esaote S.p.A (Italy), GE Healthcare (US), Image Analysis (UK), INFINITT Healthcare Co, Ltd. (South Korea), Merge Healthcare, Inc. (US), MIM Software Inc. (US), Mirada Medical Limited (UK), Philips Healthcare (Netherlands), ScienceSoft USA Corporation, Siemens Healthineers (Germany), Toshiba Medical Systems Corporation (Japan), and Xinapse Systems Ltd. (UK).

In 2016, GE Healthcare dominated the medical image analysis software market. The company has managed to create its identity in this market due to its robust product portfolio and large geographic presence. To further strengthen its product portfolio and market presence, the company focuses on product launches, expansions, and collaborations as its key growth strategies. A notable example of its focus was the expansion of its Healthcare IT Center of Excellence in Szeged, Hungary, in June 2015.

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Philips Healthcare was the second leading player in the medical image analysis software market in 2016. As part of its growth strategy, Philips focuses on organic growth strategies like product launches and approvals. The company also lays emphasis on inorganic growth strategies like partnerships, acquisitions, and collaborations to increase its market presence in the medical image analysis software market. This growth of the company in this market can be attributed to its dedication towards product development and innovation. Its recent product launches and upgrades like IntelliSpace Portal 9.0 (November 2016), SkyFlow (December 2015), IntelliSpace Portal 8.0 (November 2015), and more have ensured that the company’s solutions are up-to-date and relevant