Global Medical Image Analysis Software Market is poised to reach USD 3.56 billion by 2021

The Global Medical Image Analysis Software Market was worth USD 2.46 billion in 2016 and estimated to be growing at a CAGR of 7.72%, to reach USD 3.56 billion by 2021. A medical image analysis software facilitates the quantitative study and visualization of medical images of a range of modalities such as MRI, X-ray, CT, PET, ultrasound, and SPECT.

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This software assists in the growth of computational techniques and algorithms in order to measure medical data. With the progress of medical image analysis software, several medical procedures have grown a lot with regards to individualized treatment and effectual data management.

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The growth of the Global Medical Image Analysis Software Market is mainly driven by factors such as technological advancements, upsurge in frequency of cancer cases, increase in demand for imaging modalities, and favourable government schemes. The growing need for improved efficiency in medical procedures is another major factor driving the growth of the market. However, factors such as high cost of software data, hacking concerns, and data security issues are preventing the growth of the market.

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The Global Medical Image Analysis Software market is segmented based on Image Type, Imaging Technology, Application, and End User. The market for Medical Image Analysis Software, on the basis of Image Type is segmented into 2D Imaging, 3D Imaging, and 4D Imaging. The 3D Imaging segment leads the global market on the basis of Image Type and is also projected to witness a higher growth rate during the forecast period. On the basis of Imaging Technology, the global Medical Image Analysis Software market is segmented into X-Ray, Computed Tomography, Positron Emission Tomography, Single Photon Emission Computed Tomography, Magnetic Resonance Imaging, Ultrasound, and Radiographic Imaging. Computed Tomography is further segmented into high-End Slice CT, mid-End Slice CT, and low-End Slice CT, whereas Magnetic Resonance Imaging is further classified into open MRI Systems and closed MRI Systems. Under this segment, Computed Tomography leads the market followed by X-Ray and Magnetic Resonance Imaging (MRI). On the basis of Application, the global Medical Image Analysis Software market is segmented into Cardiovascular, Neurology, Dental, Urology, Orthopaedic, Oncology, Obstetrics and Gynaecology, and Mammography. The Cardiovascular segment leads the global market on the basis of application, followed by orthopaedic and neurology. On the basis of End User, the global Medical Image Analysis Software market is segmented into Hospitals, Research Centres, and Diagnostic Centres.

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The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. In 2015, North America led the global Medical Image Analysis Software market in terms of both value and capacity. However, the Asia Pacific region is projected to grow the highest during the forecast period due to various factors such as presence of ample untapped opportunities, increase in per capita income, advancements in diagnostic technology and growing awareness among people regarding medical imaging techniques and their advantages.

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This market is extremely disjointed with numerous big and developing players operating in the business. The major companies dominating the global Medical Image Analysis Software market are Agfa HealthCare, Medviso AB, Aquilab, Bruker Corporation, Carestream Health Inc., Esaote S.p.A, GE Healthcare, Spacelabs Healthcare, Merge Healthcare Inc., Xinapse Systems Ltd., MIM Software Inc., Philips Healthcare, Claron Technologies, Siemens Healthcare, and Toshiba Medical Systems Corporation.

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