Global medical imaging analysis software market is anticipated to reach $3,335.3 million with a significant CAGR of 8.2% during 2016-2023. The medical imaging analysis software market growth is primarily attributed by the increasing investment in medical imaging technologies and increasing chronic disorders across the globe. Furthermore, the rapid increase in demand for technically progression market for imaging devices and increasing number of enduring research activities which results in the development of innovative and advanced products in the market is also adding meaningful growth in the global medical imaging analysis software market. However, high cost of software and rising hacking concerns is the primary factor that is restricting the growth in the global medical imaging analysis market.
The medical imaging analysis software market is segmented on the basis of software, image, modality, application and end-user. According to software segment, the market is further segmented such as integrated software and standalone software. On the basis of image segment, the market is further subdivided into 2D imaging, 3D imaging, and 4D imaging. On the basis of modality segment, the market is further divided into tomography (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET) and Single-Photon Emission Tomography (SPECT)), ultrasound imaging, radiographic imaging, and combined modalities. On the basis of application segment, the market is further subdivided into orthopedic application, dental applications, neurology, cardiology application, oncology applications, mammography applications and urology and nephrology applications. On the basis of end-user segment, the market is further subdivided into hospitals, diagnostic centers, and research centers.
On the basis of geography, the global medical imaging analysis software market is segmented into four major regions such as North America, APAC, Europe and RoW. In 2016 North America is accounted to be the largest market share for medical image analysis software due to increasing cloud based image analysis solutions and increasing incidences of chronic disease.. Asia Pacific is projected to be growing upward at the rapid CAGR during the prediction period due to rise in per capita income, technological advancements in diagnostic technology, and the increasing saturation of the medical imaging systems in fast developing economies of the Asia Pacific, such as India and China and increasing medical investment. Along with this, there are many other driving factors that are contributing to overall growth of the market such as high R&D investment in product launching, product innovation etc. by the major market player such as GE Healthcare, Philips Healthcare etc. , and investments in the healthcare industry.
Key manufacturing vendors actively engaged in the global image analysis market are Esaote S.p.A (Italy), Agfa HealthCare (Belgium), Carestream Health, Inc. (U.S.), Aquilab (France), GE Healthcare (U.K.), MIM Software Inc. (U.S.), Philips Healthcare (Netherlands), Merge Healthcare, Inc. (U.S.), Siemens Healthcare (Germany), and Toshiba Medical Systems Corporation (Japan).