The market accounted for a market value of USD XX billion in 2016 and is expected to reach USD XX billion by 2021, growing at a CAGR of XX% during the forecast period. Changing lifestyle and rising cases of ageing population are driving the demand for new technologies and solutions which can help in effective 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 to grow exponentially in research and development. One such field which has witnessed such growth is medical imaging.
Medical imaging is the process of creating visual portrayal of a body for clinical analysis and medical intervention. The scanning software generates images which are stored in the memory and are later analyzed. The analysis is a process to improve the quality of images and the quantitative aspects as well. The analysis is done using computer-aided diagnosis (CAD), adaptive wavelet image enhancement, and data driven optimized image segmentation & registration. Increasing demand for these solutions presents a unique opportunity for Medical Imaging Software vendors and in turn has become an attractive market.
The Global Medical Image Analysis Software Market can be categorized on the basis of Image Type into 2Dimensional Image, 3Dimensional Image and 4Dimensional Image. Based on Imaging Modality, the market is categorized into X-Ray, Computed Tomography (CT), Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), Magnetic Resonance Imaging (MRI) and Ultrasound. Each type of technology gives different information about the area of the body being studied or treated, related to possible disease, injury, or the effectiveness of medical treatment. Medical imaging analysis software is used in Hospitals and Imaging Centers.
North America is considered to be the largest market for medical image analysis software due to the demand for better detection and post-diagnostic treatment. Asia Pacific is an upcoming market because of rise in per capita income and advancements in diagnostic technology. The market has been geographically segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and South America. The segmentation on North America includes USA, Canada and Mexico. The Europe segment have been subdivided into UK, France, Italy, Germany, Benelux, Scandinavia, and Spain. The segmentation on Asia-Pacific have been subdivided into China, Japan, India, South Korea, Australia, and New Zealand. The Middle-east & North Africa segment includes GCC, Egypt, and others. The South America region includes Brazil, Argentina, and others.
The key players in this market are GE Healthcare, Siemens Healthcare, Philips Healthcare, Toshiba Medical Systems, Sonosite, Merge Healthcare and IBM Watson.