Medical Imaging Software Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The medical imaging software market was valued at USD 3.16 billion in 2020 and expected to reach USD 4.86 billion by 2026 and grow at a CAGR of 9.01% over the forecast period (2021 - 2026). Machine learning and artificial intelligence have attracted the healthcare industry as these innovative analytics strategies have become more accurate and precise.

- The need for medical imaging software for advanced treatment for people who have arthritis, cancer, etc., is demanding an advanced version for the software. This advanced image is used for the advancement of patient care and improved operating productivity by empowering doctors and other healthcare professionals, by providing more details about patient conditions.

- The increase in the trend of using electronic health records to store, distribute, and manage patient health information in the form of medical images is also boosting the medical image analysis software market because this software is very useful for hospitals and clinics. They keep the track of patient and on the basis of that they provide the solutions to patients

- For instance, in November ...
... 2018, Philips unveiled its innovations in radiology to enable precision diagnosis and enhance productivity. These are designed to connect people, data and technology and meet the requirements for improved outcomes, enhanced patient experience, increased staff satisfaction, and lowered cost of care delivery.
- However, the equipment is costly, which is a hindrance for this market. At the same time, the handling of these software requires skilled professionals. The lack of availability of skilled medical professionals is one of the major drawbacks for this market.

Key Market Trends

Mammography Imaging is Expected to Have a Significant Share in the Market Landscape

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- According to WHO, breast cancer is the most frequent cancer among women, impacting 2.1 million women each year and also causing the largest number of cancer-related deaths among women. In 2018, it was estimated that 627,000 women died from breast cancer - that is approximately 15% of all cancer deaths among women. While breast cancer rates are higher among women in more developed regions, rates are also increasing in nearly every region globally. Early detection is thus, very necessary.

- The same report also stated that mammography uses low-energy X-rays to identify abnormalities in the breast. It has been shown to reduce breast cancer mortality by approximately 20% in high-resource settings.
- New advancements in this field for better service to the client is happening at a faster pace. For instance, in March 2018, Hologic Inc.

announced that clarity HD high-resolution 3-D imaging and intelligent 2-D imaging technology received premarket approval (PMA) from the US Food and Drug Administration (FDA) and are now available on the 3-Dimensions breast tomosynthesis system. The system provided higher resolution 3-D breast images for radiologists, enhanced workflow for technologists, and a more comfortable mammography experience with low-dose options for patients.

Asia-Pacific is Projected to Have the Highest Growth Rate

- In Asia-Pacific, China accounts for the largest number of women. According to the demographics of China, the female population in China accounts for approximately 49% of the entire population. With such a huge population of females, the medical imaging software market in that region is expected to grow.

- It was also stated by WHO (2018) that breast cancer accounts for over 200,000 deaths per year in Asia-Pacific. So many deaths are a major concern. Mammography is a leading method for breast cancer screening in the Asian countries. Other popular available methods are MRI and ultrasound. This region has a huge demand for medical imaging software to grow. An increase in the awareness about the different cancers and the growing number of working women in these regions is creating a market. The rise in disposable income will also act as a supplement for the market.

Competitive Landscape

The competitive rivalry in this market is high because of the presence of dominant players like Siemens Healthcare, Philips Healthcare, GE Healthcare Inc., IBM Corporation, etc. The players in this industry are constantly working on developing their product portfolio to gain competitive advantages with mergers and acquisitions, partnerships, and constant innovations.

- January 2019 - GE Healthcare and Vanderbilt University Medical Center partnered for safer, more precise immunotherapy cancer treatment. Multiple diagnostic tools will be developed to help predict both the efficacy of an immunotherapy treatment and its adverse effects for a specific patient before the therapy is administered. They will also develop new positron-emission tomography (PET) imaging tracers, which together with the apps, will help physicians to stratify cancer patients for clinical trials.

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