Medical Imaging Software Market 2019 Analysis By GENERAL HEALTHCARE COMPANY, PHILIPS HEALTHCARE, SIEMENS HEALTHCARE, TOSHIBA MEDICAL SYSTEMS CORPORATION, IBM, AGFA-GEVAERT HEALTHCARE

The global medical imaging software market was valued at USD 2.46 billion in 2017, and is expected to reach a value of USD 4.1 billion by 2023, witnessing a CAGR of 8.9% over the forecast period, 2018-2023. The emergence of diagnostic imaging technologies, over the past few decades, has made strides in the history of applied sciences and medicine to a major extent. This progress in medical imaging is visualizing the functioning of the human body and anatomy, thus empowering the medical experts to detect, exclude, and characterize in treating diseases. This has revolutionized the medicine healthcare industry over the past decade.

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The medical sector has become entirely dependent on techniques, such as magnetic resonance imaging (MRI), computed ultrasound, tomography, and more recently, Positron Emission Tomography (PET scan), as well as combined hybrid technologies, such as PET-CT and PET-MRI. The data from these medical imaging systems need to be analyzed to provide diagnosis. Globally, the increase in incidence of diseases made it difficult for the hospitals to store and generate diagnosed reports. The growing need for a consistent software solution is driving the medical imaging software market.

Key Developments in the Market
• July 2017 - Radiology Partners (RP), the largest physician-led and owned radiology practice in the United States, collaborated with IBM Watson Health Medical Imaging to introduce cognitive imaging into daily practice, hence, helping the doctors to address illnesses (cancer, diabetics, diseases related to brain, cardiovascular, and eye system).
• May 2017 - Relaymed and Siemens Healthineers collaborated to enable automatic patient test result delivery to EHR systems, in an effort to reduce errors caused by manual data input.
• May 2017 - Siemens Healthineers and Imricor’s strategic relationship was aimed to improve procedures with MRI scans of the heart.

Major Players: GENERAL HEALTHCARE COMPANY, PHILIPS HEALTHCARE, SIEMENS HEALTHCARE, TOSHIBA MEDICAL SYSTEMS CORPORATION, IBM CORPORATION, AGFA-GEVAERT HEALTHCARE, NOVORAD CORPORATION, CARESTREAM HEALTH INC., ESAOTE SPA., MIM SOFTWARE INC., ACUO TECHNOLOGIES, AND FUJIFILM HOLDING COMPANY, amongst others.

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Emerging Cloud-based Imaging Software Solutions is Driving the Market
Several companies have started offering medical image analysis as a service through their cloud-based platforms. Zebra Medical Vision is one company that is pioneering this shift to cloud with its medical image analytics platform. This trend is also recently observed in the case of Fujifilm’s recent partnership with Teramedica, to bring the medical image analysis abilities to its cloud clinical archive. This proves how prominent the cloud-based services are going to be in the future, as Teramedica Clinical Archive is currently the world’s largest medical image archive. Many companies are following the aforementioned trend, as cloud-based and centralized image analysis services have tremendous potential to replace the conventional medical image analysis software in the future.

X-Ray Radiographic Imaging is expected to Dominate the Market Landscape
X-ray radiographic imaging has its applications in the examination of bone or tissues samples, and X-ray imaging data can be deduced from using imaging software for later analysis of reports. Currently, the medical imaging software has become an integral part of the diagnostic machines to provide the better-quality images in shorter times. With the development of medical X-ray image analysis software, treatment and data management have become easy for the medical personnel. The data generated from the device can be shared between the healthcare providers or researchers at remote sites, which is expected to drive the medical imaging software market over the forecast period. . The X-ray, analysis, and documentation can be readily exported to Electronic Medical Records (EMR) as PDF files or JPG images. The increasing demand for imaging modalities, because of the emerging advancements in medical technologies, is driving the global market.

North America expected to Dominate the Market
The market in the North American region is mainly driven by the growing R&D activities in medical science. Particularly in the US Health and Human Services (HHS), which is governed by the cabinet-level department of the US federal government, and is very liberal in funding and maintaining the technological research in medical sciences. The rapid technological developments growing in the medical field, like medical imaging software solutions, are boosting the market growth in the region. There is a strong focus on improving public health conditions, as well as tackling the adverse effects of the rising health issues and infections. For this, there is a need for constant diagnostic and monitoring services, which are driving the US medical imaging software market. The United States has the largest market share in the North American medical imaging software market. The healthcare facilities in the country are of the highest standards and are accessible to the population, because of favorable policies making healthcare affordable to all. The rise in reliance of physicians on imaging in everyday practice and prominence of imaging in physician-developed practice guidelines across a range of medical conditions have boosted the medical imaging software demand.

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