The global medical imaging analysis market was valued at approximately US$ 2.6 Bn in 2017. It is projected to register a cumulative annual growth rate (CAGR) of more than 8.1% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Medical Imaging Analysis Software Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in the patient population are projected to augment the global market from 2018 to 2026. North America and Western Europe are likely to account for a dominant share of the global medical image analysis software market owing to advancements in healthcare and products and business expansion by various market leaders. Development of health care infrastructure and high medical expenditure by governments in emerging markets, such as China and India, are likely to boost the medical image analysis software market in Asia Pacific at a CAGR of around 8.9% from 2018 to 2026.
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Technical limitations associated with software to restrain market
Using software for technically accurate results can be dangerous, at times. Several cases of hacking of data are being registered owing to technological advancements. This hacking of data can raise confidentiality issues, as a few medical conditions need to be maintained confidential. Hacking of data can wipe out the data, which can hamper the database of a hospital. High dependence on software can be prove to be dangerous. Once the software collapses or is detected with virus, the entire data can get corrupted. These major technical limitations associated with software are expected to hamper the medical imaging analysis software market in the near future.
Asia Pacific market to expand significantly
The market in Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The market is estimated to expand at a CAGR of 8.9% during the forecast period. India, China, and Japan are expected to drive the medical image analysis software market in Asia Pacific. Increasing prevalence of cardiovascular diseases and cancer in countries such as India and China, increasing awareness regarding early diagnosis of chronic diseases and improving economic condition are expected to fuel the market. According to Indian Council of Medical Research, prevalence of cancer in India is around 2.5 million people among which, 800,000 new cases are detected and 550,000 deaths occur every year due to cancer. In reference to the study published by A Cancer Journal for Clinicians, cancer has been the leading cause of death in China since 2010. An article published by American Cancer Society, states that 4.3 million new cancer cases were detected in 2015, with 2.8 million deaths due to cancer.
GE Healthcare, Siemens Healthineers, and Agfa Gevaert N.V. to lead market
The report also provides profiles of leading players operating in the global medical image analysis software market. They include GE Healthcare, Siemens Healthineers, and Agfa Gevaert N.V. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the market during the forecast period.
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