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Washington, January 17, 2022 (GLOBE NEWSWIRE) — Global Medical Image Analysis Software Market The size is expected to exceed USD 5.97 billion by 2028, growing at a CAGR of 7.9% during the forecast period.
Market overview
Growing demand for diagnostic imaging software in areas such as orthopedics, urology, dentistry, oncology, and neurology is expected to contribute to market growth. Vantage Market Research published a report titled “By Type (Integrated Software, Standalone Software), Image Type (2D Imaging, 3D Imaging, 4D Imaging), Application (Orthopedics, Dental Applications, Neurology, Cardiology), Region (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016-2021) and Forecast (2022-2028)”.
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List of Key Players in Medical Image Analysis Software Market:
- AQUILAB (France)
- Agfa Healthcare (Belgium)
- Carestream Health, Inc. (US)
- Esaote SpA (Italy)
- INFINITT Healthcare Co, Ltd. (South Korea)
- GE Healthcare (US)
- Image Analysis (UK)
- MIM Software Inc. (US)
- Consolidated Healthcare Corporation (US)
- Mirada Medical Ltd (UK)
- ScienceSoft America Inc. (USA)
- Philips Healthcare (Netherlands)
- Siemens Healthineers (Germany)
- Xinapse Systems Ltd. (UK)
- Toshiba Medical Systems Co., Ltd. (Japan)
Market dynamics:
Driver: Increase in CAD adoption
Computer-aided diagnosis (CAD) is expected to provide a method of data interpretation through computerized software. CAD integrates computer vision, image processing, physics, statistics, and mathematics into computerized techniques to aid radiologists in their decision-making and analysis processes. Image analysis through computer-aided diagnosis involves image refinement, image feature extraction, and initial detection including segmentation. This helps radiologists reduce data interpretation errors that can occur manually, and also aids in abnormal diagnoses that are often forgotten during manual analysis. This technique was originally used for mammography image analysis. But its application has now expanded to the analysis and detection of lung, liver, colon and prostate cancers. Hence, the increasing use of CAD technology is likely to drive the growth of the image analysis software market.
Constraints: high cost
High costs associated with imaging equipment, high software licensing and implementation costs are key factors restraining market growth, especially in countries with poor reimbursement. For example, most medical institutions in developing countries, such as diagnostic centers and hospitals, cannot afford these systems due to high maintenance and installation costs. Healthcare providers in developing countries are reluctant to invest in technologically advanced systems due to low financial resources and high system costs. Additionally, subscription/licensing and implementation fees for advanced imaging tools are a major financial burden for end users.
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regional trends
North America is expected to hold the largest share in 2021. This is due to improved healthcare facilities, favorable government initiatives and advanced diagnostic equipment to support the adoption of healthcare IT. Furthermore, factors such as the presence of key market players and increasing R&D investments in the region are boosting the market growth.
Asia Pacific is likely to witness considerable growth over the forecast period owing to the increasing adoption of medical image analysis software by healthcare professionals. Increasing awareness of the benefits of these systems is a major factor driving the market growth.
recent developments
- Hospitals with a significant share: Hospitals dominate the market. One of the main factors for the growth is the supportive infrastructure, which is essential for surgical interventions using this medical imaging software. The installed base of diagnostic imaging solutions and systems is higher in hospitals compared to diagnostic and research centers. In addition, the patient inflow is relatively large. This keeps the end-use segment in the lead. also, …
The full story is available on Benzinga.com
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