ALBANY, New York, October 17, 2018 /PRNewswire/ --
TMR prophesies the global medical image analysis software market to record an 8.34% CAGR between 2017 and 2024 to obtain a valuation of US$4.6 bn by the end of the final forecast year. In 2017, the global medical image analysis software market was worth a US$2.6 bn.
Among different imaging types, 3D imaging could take the lead in the global medical image analysis software market by the end of 2024 as it bags a 54.7% share. It is commonly employed in PET, MRI, CT, and other imaging modalities. Geographically, the global medical image analysis software market is foreseen to witness North America showing great growth potential owing to impressive adoption of new technologies.
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High Prevalence of Chronic Diseases to Increase Demand in Market
The global medical image analysis software market is foretold to achieve growth while riding on the growing incidence of cardiovascular disease, cancer, and other chronic diseases. High demand for tools that could help identify the presence of diseases in the human body at an early phase could set the tone for significant growth of the global medical image analysis software market.
On the other hand, the rising need to improve the examination of diagnostic images is anticipated to stoke the demand in the global medical image analysis software market. This could be supported by the increase in geriatric population in key regions of the global medical image analysis software market.
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Deep Penetration of Standalone Software Vendors to Threaten Market
The global medical image analysis software market may encounter challenges in the light of the shortfall in the required number of skilled professionals and high penetration of standalone software companies. The demand in the global medical image analysis software market could show lethargic growth due to the expensive cost of products.
However, the introduction of 4D imaging in the global medical image analysis software market is envisaged to create lucrative business opportunities. Players could look to expand into developing countries for extending their presence in the global medical image analysis software market. Moreover, the integration of cloud-based image analysis solutions and AI is projected to augur well for the global medical image analysis software market.
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The global medical image analysis software market is prognosticated in a report by Transparency Market Research (TMR) to stay highly fragmented due to the presence of multitudinous players. End users have a number of options at their disposal because of the availability of a massive pool of companies operating in the global medical image analysis software market.
The competitive landscape could witness a few players showing dominance over other participants in the global medical image analysis software market. For instance, Agfa-Gevaert N.V., GE Healthcare, and Siemens Healthineers are expected to take command over the global medical image analysis software market. This could be by dint of the inclusion of technologically sophisticated offerings in their product portfolio.
The information presented here is based on a TMR report titled "Medical Image Analysis Software Market (Software - Integrated and Standalone; Imaging - 2D, 3D, and 4D; Modality - CT, MRI, PET, SPECT, Ultrasound, and Radiographic Imaging; Application - Cardiology, Orthopedic, Oncology, Neurology, Nephrology, Dental, and Gynecology; End User - Hospitals, Clinics, Research and Academic Institutes, Diagnostic Centers, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2017 - 2024."
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