Computer-Aided Diagnosis Benefitting Medical Image Analysis Software
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According to Goldstein Research, the medical image analysis software market is anticipated to reach USD 4.1 billion by 2024 from USD 2.52 billion in 2016, at a CAGR of 7.9% during the forecast period due to the increased reliability, reproducibility and validity of study data.
Based on product type i.e. integrated and standalone software, integrated software is the dominating segment and is projected to reach the valuation of USD 1.5 billion by 2024 while in the end user segment, hospitals hold the highest CAGR and expected to dominate the medical image analysis software market over the forecast period.
In 2016, North America accounted for the largest share of the medical image analysis software market with the considerable CAGR owing to better decision making and enhanced patient care outcomes.
Key players catering to this industry are Philips Healthcare, Siemens Healthineers, Carestream Health, Inc., Esaote SpA, GE Healthcare Inc., Siemens Healthineers, Sciencesoft USA Corporation, Philips Healthcare, Toshiba Medical Systems Corporation, Mirada Medical Limited, Merge Healthcare Inc. and Analogic Corporation, etc. These market vendors are adopting strategies, such as technological innovation, new product development, and strategic collaborations as well as mergers & acquisitions to maximize their revenue share. For instance, in 2015, GE Healthcare got an FDA approval in the low dose Computed Tomography that is utilized for lung cancer screening and expanding its product portfolio.
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