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”, With the increasing advancements in the healthcare solutions and production of innovative solutions by manufacturers in the healthcare industry, the medical image analysis software is projected to record significant growth between 2017 and 2022. By 2022, the medical image analysis software market is expected to reach USD 3.9 billion by 2022, registering a CAGR of 8.2%.
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The adoption of smart technology solutions is gradually transforming the approach and treatment procedures practiced in the healthcare industry. To offer cost-effective and quick medical solutions, software developers are focusing on integrating intelligent features such as cloud-based services that provide improved practice management, allow quick access to patient data saved on mobiles & other wearable devices, and monitor quality measures. In addition, developers are concentrating on aligning their products with the increasing prevalence of chronic diseases.
Integrated Software Solutions Outpaced the Sales of Standalone Software Solutions in 2017
As the need for quick access to essential medical information and X-rays for analysis among doctors and surgeons persists, the adoption of integrated software solutions continues to remain high. Integrated software generated the highest revenues in the medical image analysis software market in 2017. Surgeons and doctors prefer using this software, as it offers fast processing features, and developers examine the compatibility of the equipment before it is offered for sale. On the other hand, standalone software solutions provide end users with easy-to-use tools for inspecting, processing, and evaluating imaging data, due to which this segment is projected to record a higher CAGR during the forecast period.
Adoption of Medical Image Analysis Software Solutions to Remain High in Hospitals through 2022
With the increasing number of chronic cases, and the growing number of clinical trial and research studies on medical conditions, the demand for medical analysis software solutions continues to remain high in the healthcare industry. Diagnostic centers, hospitals, and research centers are increasingly adopting these software solutions to maintain patient records and analyze the outcome of various treatment procedures. Due to these factors, the hospital segment is projected to record the highest growth in the medical image analysis software market during the projected period.
North America to Be a Leading Revenue Contributor to the Medical Image Analysis Software Market
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.
Besides North America, the market in Europe is projected to account for the second-largest share during the forecast period. With the increasing demand for non-radiation diagnostic solutions in the healthcare industry and research organizations, the sales of these software products are projected to remain high in this region. The increasing investments by the government in European countries are further anticipated to encourage adoption of these software solutions in hospitals, clinics, and research institutes.
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).