Changing lifestyle and rising cases of the aging population is driving the demand for new technologies and solutions which can help in effective and early diagnosis of diseases. Government focus on population management is also a major contributing factor for investment in such technologies. The demand for new advanced solutions has seen investments grow exponentially in research and development. One such field which has witnessed such growth is medical imaging.
Medical imaging is a technique, process and art of creating visualizations of the interior of a body that helps in clinical diagnosis and medical intervention. It seeks to reveal internal structures as well as diagnose and treat diseases. Increasing demand for these solutions presents a unique opportunity for medical imaging software vendors and in turn has become an attractive market. Actually, this market is growing at a faster rate than medical imaging equipment market.
Healthcare sector in Europe is different in each country, but in many countries, it is run nationally through universal health coverage. On an average, the public expenditure on healthcare in this region is estimated to increase from 8% of GDP in 2000 to 14% by 2030. We can already see an increase in the funding with France spending 16% of its expenditure on healthcare, as a percentage of the total government expenditure and Germany spending close to 18%, in the year 2012.The proportion of Europeans aged 65 years and older will grow from 16% in 2000 to 24% by 2030. This increase in the aging of the population has increased the demand for medical imaging devices. It is one of the major driving forces for the medical imaging devices and is set to grow largely in the period to come.
Medical imaging includes a set of several different technologies that are used to view the human body in order to diagnose, monitor, or treat medical conditions. Each type of technology gives different information about the area of the body being studied or treated, related to a possible disease, injury, or the effectiveness of medical treatment.
The medical imaging software market is driven by changing healthcare sector where a large number of private players have entered to take advantage of expanding healthcare market with its applications in radiography, ultrasound, MRI, nuclear medicine and others.
The applications of this software range from radiography, magnetic resonance imaging (MRI), nuclear medicine, ultrasound, tactile imaging, thermography, and tomography to others.
Some of the major vendors mentioned in the report are Toshiba, Philips, QI Imaging, Medviso and MIM Software.
The growing demand for medical imaging devices, increasing the number of players in healthcare, and the rise in the number of applications of CAD are some of the factors driving the growth of the medical imaging software market.
The issue that may come up with the medical imaging software market is the security issue associated with it. Security issues could compromise the authenticity of the data that is stored while using these very devices. Also, if the right kind of software isn’t bought, there may be issues while using the same. The costs associated with these products is also high depending on the kind of device you are using the software for.
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