NEW YORK, May 10, 2016 /PRNewswire/ -- The medical image analysis software market is projected to reach USD 3,135.3 million by 2020 from USD 2,143.7 million in 2015, at a CAGR of 7.9% from 2015 to 2020. This market is segmented on the basis of software type, image type, modality, application, end user, and region.
Major factors contributing to the growth of the global medical image analysis software market include technological advancements, growing public- and private-sector investments, rapid growth in aging population, fusion of imaging technologies, growing applications of computer-aided diagnosis (CAD), rising incidences of chronic diseases, and increasing usage of imaging equipment. On the other hand, financial constraints, growing hacking-related risks associated with the use of medical equipment and software, and dearth of skilled professionals are the major factors restraining the growth of this market.
Various initiatives are being undertaken by governments across the globe to develop advanced imaging technologies. In this regard, the Government of Canada announced an investment of USD 750,000 (in July 2015) for the Canadian Imaging Research Centre to enhance research and commercialization opportunities in the health and life sciences sector. Moreover, the Chinese government announced the supply of updated and upgraded equipment to lower-tier rural and higher-tier hospitals, and the establishment of hospitals with modern equipment throughout the country.
Asia is expected to be the fastest-growing regional segment in the medical image analysis software market. The high growth in this market can be attributed to the increasing government initiatives for modernizing healthcare infrastructure, growth in the number new and advanced products being launched in emerging Asian countries, growing number of ongoing research activities, and expansion of various major players in a number of Asian countries.
In addition to the comprehensive geographic analysis, product analysis, and market sizing, this report also provides a competitive landscape that covers the growth strategies adopted by industry players in the last three years. Also, the company profiles comprise basic views on key players and their product portfolios, developments, and growth strategies. The abovementioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographic focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the medical image analysis software market.
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the medical image analysis software market
- Competitive Assessment: In-depth assessment of market strategies, geographic and business segments, and product portfolios of the leading players in the medical image analysis software market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for various medical image analysis software products, services, and software, across regions
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the medical image analysis software market
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