The worldwide medical image analysis software market is expected to climb at a compound annual growth rate (CAGR) of 8.1% during the period of 2016 to 2024, according to a report by market research firm Transparency Market Research.
The market is expected to reach a value of $4.66 billion U.S. (4.33 billion euros) by the end of the forecast period, driven primarily by the rising incidence of cancer and cardiovascular disease.
The demand for integrated software has been higher than for standalone applications, and it is projected to remain so over the next few years, thanks to the growing awareness regarding the features of integrated software systems, the firm said.
Also, the advent of 4D imaging is anticipated to help the market rise over the forecast period. However, the high cost of medical imaging procedures may limit the uptake of medical image analysis software, restricting the future growth of this market to some extent.
North America led the global market in 2015 with a share of nearly 34%. Europe and Asia-Pacific also reported considerable growth in their market size, with growth expected to continue. The European market for medical image analysis software is anticipated to gain from the economic developments in the region. The Asia-Pacific region is expected to be propelled by the strengthening economy in countries such as India and China.