Nov 07, 2019- Million
Insights Market Research has published a new report titled ‘Medical Image Analysis Software Market – Global Industry Analysis, Size, Share,
Growth, and Forecast, 2018–2026.’ Medical Image Analysis Software market
report helps analyze trends and significant developments in the industry.
The global Medical Image Analysis Software Market size is
estimated to reach USD 4.51 billion by 2024 and is anticipated to grow with a
CAGR of 8.1% throughout the forecast period. High growth of the market is
majorly attributed to the increase in usage and uptake of imaging software for
the diagnosis purpose. This technology is widely used for the diagnosis in the
field of orthopedic, dental, neurology, oncology, urology and others.
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The largest share of around 30.0% was held by radiographic
imaging in the modality segment owing to wide scale availability and
cost-effectiveness, which are presumed to be key drivers for the market. The
fastest growing segment is anticipated to be ultrasound imaging because of its
accuracy and ability for rapid analysis. In addition, the radiation-induced
side effects are minimized by use of these techniques, which is considered to
be the potential factor for the segment growth.
Software Type
Insights
Integrated software held the largest share of more than
55.0%. Dominance can be attributed to high adoption of the software due to its
benefits including, cost effectiveness and centralized data storage. Moreover,
multiple users can process and view the data with the use of integrated
software which provides live viewing features.
The aforementioned factors are presumed to drive the
preference of physicians and healthcare providers towards use of this
integrated software. Also, lucrative growth rate is expected to be witnessed by
stand-alone software with a CAGR of 7.5% throughout the forecast period due to
its user friendly interface.
Application Insights
The major application of medical image analysis with a
substantial market share was seen in the orthopedic segment in 2015. According
to a report by CDC, over 52.5 million people in the U.S. were diagnosed with
orthopedic related disorders in the period of 2010-12, which is expected to
increase the utilization of medical image software in near future. Moreover,
increasing geriatric population base and frequent product approvals for use of
medical imaging systems in orthopedic is projected to boost the market growth.
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The largest share of over 33.0% in terms of revenue was held
by North America in 2015. Presence of key market players, favorable initiatives
by government, and high R&D investments are anticipated to be major drivers
for the regional dominance. Asia Pacific region is to be considered as the
highest growing region with CAGR of 9.7% throughout the forecast period.
Growing in this region is majorly supported by the favorable government
policies for incorporation of medical imaging software and devices to achieve
accurate diagnostic results. Furthermore, increasing expenditure on healthcare
in developing economies including India and China supports the growth of this
region during the future period.
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