The global market for medical image analysis software is expected to reach $3.14 billion by 2020, according to research firm MarketsandMarkets.
The market is expected to climb from $2.14 billion in 2015 to $3.14 billion by 2020 with a compound annual growth rate (CAGR) of 7.9% during the forecast period.
Growth will mainly be driven by factors such as technological advancements, increased public- and private-sector investments, rapid growth in the aging population, fusion of imaging technologies, more applications of computer-aided detection (CAD), rising incidence of chronic diseases, and increasing usage of imaging equipment. Also, factors such as rising demand for automated image analysis techniques, growing impact of cloud-based software, and untapped emerging markets are expected to offer growth opportunities, the firm said.
However, financial constraints, growing risks from hacking associated with the use of medical equipment and software, and a dearth of skilled professionals are expected to restrain the growth of this market in the coming years, MarketsandMarkets added.
The integrated software segment was expected to account for the largest market share in 2015, primarily due to the growing adoption of imaging systems.
In 2015, North America was expected to dominate the market, followed by Europe. Major factors such as a rising geriatric population, technological advancements, and favorable reimbursement policies are driving the market in North America. However, the Asian market is expected to witness higher growth in the coming years, mainly due to the increasing government initiatives for the modernization of healthcare infrastructure, growth in the number of new and advanced systems being launched in Asian countries, and the rising number of ongoing research activities.
