- According to Transparency Market Research’s latest report on the global medical image analysis software market for the historical period 2017–2018 and forecast period 2019–2027, increase in the incidence of chronic diseases, rise in geriatric population, increase in the adoption of 4D imaging techniques, and rise in demand for medical imaging are projected to drive the global medical image analysis software market during the forecast period
- According to the report, the global medical image analysis software market was valued at US$ 2.91 Bn in 2018 and is anticipated to expand at a CAGR of 8.1% from 2019 to 2027
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Increasing demand for medical imaging: Key Drivers
- Medical imaging provides diagnosis of various diseases such as cancer, cardiovascular diseases, and neurological and gynecological disorders. Undergoing the medical imaging procedures such as CT, MRI, ultrasound, PET, and SPECT has various benefits such as early diagnosis of a disease, less need for surgery, fewer hospital admissions, and reduction in hospital stay.
- In the emergency department, medical imaging has shortened the patient’s waiting time. According to American College of Radiology, the diagnostic imaging industry has expanded over a decade due to the population being covered under Medicare, particularly for expensive techniques such as CT, MRI, and PET.
- According to NHS England, 39.8 million imaging tests were reported in England by the end of March 2017, as compared to 37.9 million imaging tests by the end of March 2014. Among these, 22.6 million tests were radiography, 8.57 million were ultrasound, 4.20 million were CT, and 2.89 million were MRI scan.
- The increasing demand for medical imaging is likely to boost the medical imaging analysis software market during the forecast period.
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Increasing Incidence of Chronic Diseases such as Cancer and Cardiovascular Diseases Boost Market Growth
- Cancer is a serious health problem affecting large population across the globe. Diagnosis at an early stage and treatment for cancer when it affects the immune system pose a challenge for health care service providers. According to WHO, in 2017, there were 14 million new cases of cancer and approximately 8.2 million deaths caused by cancer every year. Around 70% rise in the number of cancer cases across the globe is expected in the decade, with 60% of these cases from Africa, Asia, and Latin America.
- Cardiovascular diseases are also highly prevalent across the globe and is a major cause of deaths in developed countries. Increasing incidence of obesity, changing lifestyles of people, and their unhealthy eating habits lead to increase in the incidence of cardiovascular diseases. According to WHO, 17.5 million people die of cardiovascular diseases every year, which accounts for 31% of the total deaths.
- Thus, increasing incidence of cancer and cardiovascular diseases would boost the CT and MRI imaging market which will in turn drive the software market during the forecast period
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High Cost Associated With Medical Imaging Procedures to Hamper Market
- Medical imaging has become an essential test for diagnosis of diseases and also, before the surgery.
- The cost associated with medical imaging is very high; for instance, the average cost of MRI scan is US$ 400 – US$ 3,500, CT scan is US$ 1200, ultrasound is US$ 200 – US$ 1,000, PET scan is US$ 3,000 – US$ 20,000, and SPECT scan is US$ 3,500. With the increasing number of diseases, requirement for undergoing diagnostic procedures at every stage of a disease is high.
- High cost associated with imaging techniques and the medication becomes a hindrance to several people that belong to the middle-income group.
- Due to the cost associated with medical imaging and treatment, the people in low-income countries, who are not covered under medical insurance, hesitate to avail medical services. This causes a major hindrance for growth of the medical imaging analysis software market.
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Global Medical Image Analysis Software Market: Competitive Landscape
- This report profiles major players in the global medical image analysis software market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Leading players operating in the global medical image analysis software market are
- GE Healthcare
- Siemens Healthineers
- Agfa-Gevaert N.V.
- Hologic Inc.
- Pie Medical Imaging
- Media Cybernetics, Inc.
- AQUILAB
- MIM Software Inc
- Merge Healthcare Incorporated.
- ScienceSoft USA Corporation.
Global Medical Image Analysis Software Market: Key Developments
Key players in the global medical image analysis software market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global medical image analysis software market.
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