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Global medical imaging software market on track to exceed $4.7 billion by 2021

by Lauren Dubinsky , Senior Reporter
The global medical imaging software market is expected to reach more than $4.8 billion by 2021 at an annual growth rate of 7 percent, according to a new market report from Technavio.

The market is carved up into radiographic imaging, ultrasound imaging, tomography, MR and nuclear medicine segments. A strong focus on preventive medicine and early diagnosis has contributed to the increased adoption of medical imaging software solutions in these segments.

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The Americas account for 59 percent of the market, and the region will exceed revenues of $2.8 billion by the end of the forecast period. The most popular 3-D medical imaging platforms in this region are MR, ultrasound, CT and PET — and GE Healthcare and Siemens Healthineers are responsible for the majority of the growth.

The medical imaging software market in Europe, the Middle East and Africa was worth $782 million in 2016, and is projected to reach more than $1.1 billion by 2021. The U.K., Germany, France, Italy and Spain are the main revenue-generators in these regions.

Factors including successful R&D efforts, an aging population, the rising prevalence of diseases, and ongoing technological improvements are driving the growth of the market. This market is dominated by CR X-ray systems and PET/CT scanners.

The Asia Pacific market is expected to grow the fastest, increasing at an annualized rate of 7 percent over the forecast period. Japan, China, South Korea, India and Malaysia are expected to contribute the most to the market, where the growing popularity of PACS for digital X-ray systems is expected to be a major revenue generator.

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