Medical imaging software market in North America is expected to reach over USD 3 billion by 2026.
According to the latest Arizton's market research report, the medical image analysis software market size to reach around USD 9 billion by 2026, growing at a CAGR of over 7% during the forecast period.
Growth Enablers of the Medical Image Analysis Software Market
The numerous advantages associated with hybrid imaging systems are high; many hospitals are now replacing their standalone systems with hybrid systems. SPECT-MRI is an emerging hybrid modality and will be a competing technology for SPECT-CT in the future. An increase in investments in AI-based solutions is supported by high investments in the cloud infrastructure. Most investments in the cloud are by large healthcare or software companies such as Paraxel, Thermo Fisher, or Digital Gateway including some startups as well. AI is converting various medical devices into smarter devices and witness a boom in the global market. The use of 3D and 4D ultrasound imaging is gaining momentum in healthcare settings. Advances in hybrid imaging systems have increased the use of machine learning and artificial intelligence for imaging applications such as computer vision.
Interesting Facts to Know?
- GE healthcare investing for the future by launching more than 40 new products and acquiring Prismatic sensors that specialize in photon-counting CT technology.
- AI-based telehealth allows a new generation of affordable and accurate sensing devices that can be used to examine, monitor, or diagnose patients remotely.
- The geography segment in the global medical image analysis software market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa (MEA).
- Big players such as IBM, Philips, Siemens Healthineers, and many others are actively involved in mergers and acquisitions.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by type, modality, application, imagine type, end-user, and geography
- Competitive Landscape – 11 Key Company Profiles and 25 Other Prominent Vendors
North America to Generate High Revenues in the Medical Image Analysis Software Market
The presence of well-established players and a major shift towards digital imaging are leading the growth of the medical image analysis software market in North America. Imaging rates were significantly higher in 2016 for all imaging modalities than nuclear medicine compared to 2000. The increase in the number of healthcare settings is witness growth in the medical image analysis software market. The medical imaging software market in North America is expected to reach over USD 3 billion by 2026. High healthcare expenditure in the US and Canada has also improved the growth of the market in the region. In the US, alone there are more than 10,000 diagnostic centers equipped with imaging and diagnostic systems and creating immense growth opportunities for the players to invest.
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Strategies Adopted by Players in the Medical Image Analysis Software Market
Players in the medical image analysis software market are offering a wide range of software services. The market is highly competitive, several players are looking for partnerships and collaboration to maintain their competitive edge. Large players are forming strategic alliances and entering co-marketing agreements to increase their competitiveness and penetration in the market. The incorporation of AI in medical imaging has grown at a higher level in recent years. Several analytics companies and startups have come up with software that uses AI to quickly shift through massive amounts that result in the best test or imaging to make a diagnosis or even offer differential diagnoses. The rapidly advancing medical device industry has made a significant impact on the growth of the medical image analysis software market.
IBM developed an image recognition software which it plans to merge with Watson creating advanced opportunities in imaging and diagnostics software. IBM Watson has 25 years of experience to bring technologies that help to reduce cost, improve efficiencies, and enhance the quality of healthcare. The company plans to capture new customers and a good market share through investments, customer spending, partnerships, acquisitions, and many others. The company has strong leadership in patents laying the foundation for smarter business.
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