LONDON--(BUSINESS WIRE)--The global medical imaging software market is projected to grow to USD 4,759.21 million by 2021, at a CAGR of close to 7% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global medical imaging software market for 2017-2021. Based on the product type, the market is divided into radiographic imaging, ultrasound imaging, tomography, MRI, and nuclear imaging segments.
Medical imaging is the process of creating visual representations of the interior of the human body for medical applications and clinical analysis. The increased need for early diagnosis and preventive medicine is resulting in the rising adoption of medical imaging software solutions, thereby driving the growth of the global market.
Technavio’s research study segments the global medical imaging software market into the following regions:
Medical imaging software market in the Americas
“The Americas occupy a majority 59% of the global medical imaging software market. The growth in the market segment will be fueled by the increased revenue generation from the key players in the region, such as GE Healthcare and Siemens Healthcare,” says Ishmeet Kaur, a lead analyst at Technavio for enterprise application research.
The US is the major revenue contributor to the market, driven by the better medical infrastructure and knowledge about technological advances in the country. The most common 3D medical imaging platforms used are magnetic resonance imaging (MRI), ultrasound, computed tomography (CT) scan, and positron electron tomography (PET) scan.
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Medical imaging software market in EMEA
The medical imaging software market in EMEA is projected to be worth over USD 1,100 million by 2021. Technological advances fueled by successful R&D efforts is the key factor driving the growth of the market segment over the forecast period. The UK, Germany, France, Italy, and Spain are the leading revenue contributor to the market from the region, driven by factors such as an increase in the aging population, increased prevalence of diseases, and continuous development in technologies. The market is dominated by CR X-ray systems, PET/CT scanners, which are quickly gaining popularity in the medical field.
Medical imaging software market in APAC
“APAC is projected to be the fastest-growing market segment, showcasing a CAGR of over 7% over the forecast period. Emerging countries, such as Japan, China, South Korea, India, and Malaysia, are expected to contribute toward the market significantly during the forecast period,” says Ishmeet.
The major factors driving the growth of the market are the aging population, the rise in the number of diseases, and advances in medical imaging systems. The rising implementation of picture archiving and communication system (PACS) in digital X-ray systems to enhance image quality and processing time will be a key revenue generator.
The top vendors in the global medical imaging software market highlighted in the report are:
- Carestream Health
- GE Healthcare
- Siemens Healthineers
- Toshiba Medical Systems
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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