Global Medical Imaging Analysis Software Market - Segmented by Image Type, Imaging Technology, End Users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global medical imaging analysis software market is expected to register a CAGR of 8.1% during the forecast period of 2018–2023. Medical imaging is the process of creating a 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 and registration.
Simplification of Medical Imaging Process
With the advancements in technology, there have been several accomplishments in the imaging technology. Imaging is now faster, more accurate, and affordable for patients. Medical imaging software is being improvised to make it more user-friendly and agile enough to use them rapidly and effectively. The medical imaging analysis software can be applied to a variety of modalities such as ultrasound, digital X-ray, magnetic resonance imaging among many others. The availability of software for various modalities platforms makes it simpler for medical professionals. Imaging software allows image acquisition, archiving, and storage of images. Since there is a need to collaborate with doctors in treating patients with complex disorders, the software allows multiple user access to images and share images. The current need for the convenience of medical imaging is driving the medical imaging software market to provide better solutions to medical personnel, thereby, driving the medical imaging analysis software market.
The other factors, such as standardization across imaging modalities and ease of upgrading are also driving the medical imaging analysis software market.
High Cost of Associated Hardware
The nature of business is shifting from hardware to software and solutions. High-quality and specialized hardware for imaging is experiencing high sales growth. Manufacturers of diagnostic imaging systems (ultrasound, CT, PET, and MRI scans) know that the best way to increase their sales is to grow the market while targeting specific applications. Such improvements can bring a surge in the cost of the hardware. As technology improves, imaging rates increase. PACS hardware cost is around USD 2.5 million. The high cost of hardware as in PACS is one of the reasons for not achieving a return on investment. A study says that spending on new health technology makes up as much as two-thirds of the 6% annual increase in healthcare costs. So, this high cost of associated hardware is hindering the growth of the medical imaging analysis software market. The other factor, such as concerns over data security is also hindering the growth of the market.
United States Leads the Market in North America
In 2017, the United States medical imaging analysis software market held the largest share in North America, driven by the growing R&D activities in medical science. Particularly in the US Health and Human Services (HHS), which is governed by the cabinet-level department of the United States federal government, and is very liberal in funding and maintaining technological research in medical sciences.
Key Developments in the Market
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