Medical Image Analysis Software Market to Exceed US$ 5.0 Bn by 2026; Rise in the Incidence of Chronic Diseases and Increase Demand for Medical Imaging to Drive Market
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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Increasing incidence of chronic diseases such as cancer and cardiovascular diseases across the globe to propel market
Cancer is a serious health problem affecting a large population across the globe. Diagnosis at an early stage and treatment for cancer when it affects the immune system pose a challenge for health care service providers. According to WHO, in 2017, there were 14 million new cases of cancer and approximately 8.2 million deaths caused by cancer every year. Around 70% rise in the number of cancer cases across the globe is expected in the decade, with 60% of these cases from Africa, Asia, and Latin America. Cardiovascular diseases are also highly prevalent across the globe and is a major cause of deaths in developed countries. Increasing incidence of obesity, changing lifestyles of people, and their unhealthy eating habits lead to an increase in the incidence of cardiovascular diseases. According to WHO, 17.5 million people die of cardiovascular diseases every year, which accounts for 31% of the total deaths. Thus, increasing incidence of cancer and cardiovascular diseases would boost the CT and MRI imaging market, which in turn is projected to drive the software market during the forecast period.
Increasing demand for medical imaging
Medical imaging provides diagnosis of various diseases such as cancer, cardiovascular diseases, and neurological and gynecological disorders. Undergoing medical imaging procedures, such as CT, MRI, ultrasound, PET, and SPECT, has various benefits such as early diagnosis of a disease, less need for surgery, fewer hospital admissions, and reduction in hospital stay. In the emergency department, medical imaging has shortened the patient’s waiting time. According to American College of Radiology, the diagnostic imaging industry has expanded over a decade due to the population being covered under Medicare, particularly for expensive techniques such as CT, MRI, and PET. According to NHS U.K., 39.8 million imaging tests were reported in U.K. by the end of March 2017, as compared to 37.9 million imaging tests by the end of March 2014. Among these, 22.6 million tests were radiography, 8.57 million were ultrasound, 4.20 million were CT, and 2.89 million were MRI scan. Increasing demand for medical imaging is likely to boost the medical imaging analysis software market during the forecast period.
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.
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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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