“The increasing prevalence of cancer, cardiovascular disorders, and
various other chronic diseases is the root cause behind the
significant rise in the global market for medical image analysis
software,” says a TMR researcher. With nearly 8.2 million deaths
and 14 million new cases every year, as stated by the WHO, cancer has
emerged as a serious concern among people across the world. The
growing awareness about the benefits of early diagnosis of cancer in
its treatment is boosting the demand for CT and MRI imaging devices
across the world, which consequently, is boosting the worldwide
market for medical image analysis software.
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In addition, the advent of 4D imaging technique, which provides
detailed information regarding the temporal and spatial evolution of
3D blood flow with full volumetric coverage of any of the cardiac
regions, is anticipated to support the market to rise phenomenally
over the forecast period. However, the high cost of the medical
imaging procedures may limit the uptake of medical image analysis
software, restricting the future growth of this market to some
extent, states the report.
Asia Pacific, Europe, Latin America, the Middle East and Africa, and
North America have been considered as the prominent geographical
segments of the worldwide market for medical image analysis software
in this research study. Acceding to it, North America led the global
market in 2015 with a share of nearly 34%. The rising incidence of
cancer and cardiovascular diseases drove this regional market
substantially in the past and are expected to continue doing so over
the years to come, ensuring its continued dominance.
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Europe and Asia Pacific also reported considerable growth in their
market size over the last few years. Researchers expect these
regional markets to experience a healthy growth rate over the
forecast period. The Europe market for medical image analysis
software is anticipated to gain from the economic developments in the
region, which is likely to reflect positively on the healthcare
facilities, prompting players to increase investments in research and
development activities.
Asia Pacific, on the other hand, is expected to be propelled by the
strengthening economy in countries, such as India and China, which is
increasing the disposable income of consumers, enabling them to spend
on expensive medical procedures, reports the study.
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In 2015, the opportunity in the global market for medical image
analysis software was worth US$2.35 bn, reports the report.
Researchers expect this market to rise at a CAGR of 8.10% during the
period from 2016 to 2024 and attain a value of US$4.66 bn by the end
of the period of forecast. The demand for integrated software has
been higher than the standalone one and is projected to remain so
over the next few years, thanks to the growing awareness among
consumers regarding the features of integrated software systems, such
as storing the images for further analysis and interlinking the
database, notes the study.
With the presence of a number of leading players, namely, GE
Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc.,
and Pie Medical Imaging at the global level, the worldwide medical
image analysis software market demonstrates a highly fragmented and
competitive landscape, states a new study by Transparency Market
Research (TMR). These players, collectively, could hold only 23.5% of
the overall market in 2015.
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Currently, participants are being actively involved in technological
innovation in order to gain a competitive edge over their peers.
However, a shift in their focus towards partnerships and
collaborations can be observed over the forthcoming years.
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