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The global market for medical image analysis software was estimated to be worth USD 2,169 million in the year 2015 and is projected to reach USD 3,470 million by the end of 2021, growing at an estimated CAGR of 8.14% during the forecast period 2016-2021.
Changing lifestyles and an increasing aging population are driving the demand for new technologies and solutions that can help in effective early diagnosis of diseases. The Government’s focus on population management is also a major contributing factor for investment in such technologies. The demand for new advanced solutions has seen investments grow exponentially in R&D. One such field that witnessed such growth is medical imaging.
Medical imaging is the process of creating a visual portrayal of a body for clinical analysis and medical intervention. The scanning software generates images that are stored in the memory and are later analyzed. The analysis is a process of improving the quality of images and the quantitative aspects. The analysis is done using computer-aided diagnosis (CAD), adaptive wavelet image enhancement, and data driven optimized image segmentation & registration. Increasing demand for these solutions presents a unique opportunity for Medical Imaging Software vendors, and in turn, has made it an attractive market.
The global medical image analysis software market can be segmented by image type into 2Dimensional Image, 3Dimensional Image and 4Dimensional Image. By imaging modality, the market is segmented into X-Ray, Computed Tomography (CT), Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), Magnetic Resonance Imaging (MRI) and Ultrasound. Each type of technology gives different information about the area of the body being studied or treated, related to the possible disease, injury, or the effectiveness of medical treatment. Medical imaging analysis software is used in hospitals and imaging centers.
North America is considered to be the largest market for medical image analysis software due to the demand for better detection and post-diagnostic treatment. Asia-Pacific is an upcoming market because of the rise in per-capita income and advancements in diagnostic technology.