The medical image analysis software market is expected to see significant growth over the next four years, spurred by changes in demographics and growing economies in developing countries, according to a new report from New York-based Persistence Market Research.
Medical imaging analysis uses digital imaging processing techniques and various imaging modalities to help identify features on an image. It’s used in virtually every aspect of imaging because it increases the efficiency and effectiveness of medical procedures.
Right now, North America has the largest market for this segment of software, simply because the U.S. has a highly developed healthcare infrastructure, routine technological advancements and a growing demand for it. Europe has the second-largest market.
But markets in Asia will soon catch up to North America and Europe due to growth in healthcare infrastructure, primarily in India and China. In addition to improved infrastructure, ongoing technology innovations and an aging population that needs advanced visualization will contribute to growth by 2021, according to the report.
In spite of all the growth factors, however, hacking and cyber security remain major issues facing healthcare providers and software developers. The report suggests that these drawbacks could slow down growth across all markets.