The medical image analysis software industry has garnered $3,112.7 million revenue in 2021, and it is projected to generate $6,388.9 million revenue in 2030, advancing at a rate of 8.3% in the coming years. It is attributed to the surging population and increasing incidences of chronic diseases, with wide usage of computer-aided diagnosis.
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In addition, the rising demand for diagnostic imaging in oncology, urology, orthopedics, neurology, and cardiology propels the industry's growth.
Healthcare technologies such as radiography, MRI, nuclear imaging, and ultrasonography are utilized for the diagnosis of chronic disorders or non-communicable diseases, as they produce pictures of the inside organs of the body. The surging requirement for modern software and enhanced imaging technologies is projected to boost industry growth.
North America leads the healthcare R&D, with a rising number of healthcare and diagnostic centers in the region. It captures the largest industry share, globally. In addition, the industry players are focusing on introducing new products that aid effective diagnosis and image-guided surgeries.
The U.S. has a higher demand for computer programs to facilitate better medical image analysis, led by the massive investments from private and government sectors, rising penetration of healthcare facilities, and increasing frequency of chronic diseases, including CVDs, and cancer.
Moreover, the European medical imaging analysis industry is projected to rise at a fast pace. It is ascribed to the rising adoption of telemedicine, increasing healthcare expenditure, technological advancements, rising awareness of the early diagnosis of diseases, and penetration of established players.
The major players operating in the industry are:
1- Siemens Healthineers
2- Canon Inc.
3- AQUILAB SAS
4- Xinapse Systems Ltd.
5- Agfa Gevaert N.V.
6- INFINITT Healthcare Co. Ltd.
7- Agfa Gevaert N.V.
Therefore, rising incidences of CVDs propel the demand for medical imaging analysis software for effective diagnosis.
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