Medical Imaging Software Market Size to represent a significant expansion at by 2027
Medical Imaging Software Market Research Report: Information by Software Type (Integrated & Stand-Alone), Imaging Type (2D, 3D, & 4D), Modality (CT & MRI), Application (Neurology & Cardiology), & End User (Clinics & Hospitals) — Global Forecast till 2027
Market Snapshot
The latest report by Market Research Future (MRFR) suggests that the Medical Imaging Software Market Size is poised to expand significantly over the coming years, and was worth USD 2.66 billion in 2017. Moreover, the market is expected to surge at a CAGR of 8.4% during the forecast period (2018-2023).
Growth Factors and Key Barriers
There has been a sharp rise in the demand for medical imaging software in order to provide advanced treatment to those afflicted with cancer, arthritis, etc., leading to the emergence of advanced versions of the software across the globe. The advanced image rendered by this software is utilized for enhancing the patient care, in addition to improving the operating productivity by helping the doctors and other healthcare professionals gain more knowledge regarding the condition of the patient.
With the rising trend of electronic health records for storing, distributing and managing the patient health information with the help of medical images, the market for medical imaging software is gaining immense traction at a global level. This statement holds true since medical imaging software is used in hospitals and clinics, for keeping track of the patient, based on which the appropriate solutions can be provided to the patients
To illustrate, Philips had launched its range of innovations within the field of radiology that allowed precision diagnosis along with improved productivity, in November 2018. The medical imaging software are developed for the sole purpose of connecting people with technology and data along with catering to need for enhanced outcomes, improved patient experience, elevated staff satisfaction, and reduced cost of care delivery. Despite these favorable factors, the dearth of skilled medical professionals could slow down the growth rate of the worldwide market in the coming years. Yet, the boost in the demand for health care services, particularly among the geriatric population is expected to do wonders for the healthcare industry, which will have a gainful effect on the medical imaging software market. In addition, the developments in 3D/4D platforms as well as multimodality imaging platforms are projected to act as catalysts in the growth of the market in the following time frame.
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Market Segmentation
The global medical imaging software market has been segmented on the basis of software type, imaging type, modality, application, and end user.
In terms of the software type, the market can be broken down into integrated software and stand-alone software.
Depending on the imaging type, the market can be considered for 2D imaging, 3D imaging, and 4D imaging.
Modality-wise, the market caters to Computed Tomography (CT), MRI (Magnetic Resonance Imaging), radiography, photoacoustic imaging, nuclear medicine, echocardiography, ultrasound, thermography, and others.
The applications covered in the report are neurology, cardiology, oncology, musculoskeletal, dental, obstetrics & gynecology, urology & nephrology, and others.
The market, based on end user, covers the segments like clinics & hospitals, diagnostic centers, research laboratories, and others.
Regional Insight
The global market for medical imaging software is spread across the key regions of the Americas, Asia Pacific, Europe, and the Middle East & Africa.
Leading the global medical imaging software market, the Americas controls the biggest share in the overall market due to the lofty budgets assigned for conducting clinical research and development (R&D) by both governments along with public and private organizations within the medical imaging sector as well as the growing adoption of sophisticated technologies. Additionally, the surge in the prevalence of elderly population combined with the consequent increasing incidence of different diseases will aid the market growth further. As per the World Health Organization (WHO), over 20% of the entire population in the United States (U.S.) is set to be more than 65 years or over by 2030. Thus, the burgeoning patient pool within the region is expected to elevate the position of the market in the conjectured period.
Bagging the second spot in the global market, Europe is projected to be one of the strong contenders with the second largest share owing to the presence of an established academic & research base paired with the rise in the funding for research in the countries. Citing a reference, the European Research Council (ERC) is known for granting massive funds in order to advance the technology as well as scientific research that take place in the European Union (EU). Apart from this, a growing number of diagnostics centers, strong healthcare infrastructure and increasing awareness among the general population regarding early detection of diseases are going to be favorable factors backing the growth of the regional market during the evaluation period.
The Asia Pacific medical imaging software market can be broken down into countries like India, Japan, China, Australia, Republic of Korea, and the Rest of the region. The regional market is presumed to have the fastest rate of growth during the review period based on the rising demand for technologically sophisticated software, high standards of the healthcare infrastructure and the hike in the growth opportunities for renowned industry vendors looking to set up their base in the region.
Lastly, the Middle East & Africa is predicted to be accountable for the lowest share of the worldwide medical imaging software market. Out of these, the substantial share of the regional market will be held by the Middle East, on account of the increasing government initiatives to expand the healthcare sector in the region.
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Prominent Companies
Acuo Technologies, Agfa-Gevaert N.V., Hologic Inc., Siemens Healthineers, Media Cybernetics, Inc., AQUILAB, GE Healthcare, Merge Healthcare Incorporated, ScienceSoft USA Corporation, MIM Software Inc., Fujifilm Holding Company, IBM Corporation, Pie Medical Imaging, are among some of the prominent companies operating within the global medical imaging software market.
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