Global ultrasound image analysis software market is speculated to grow with a CAGR of around 9.1% during the forecast period 2019-2026. It is expected to reach USD 1.2 billion by 2025. The growing prevalence of chronic diseases is an active growth driver for the ultrasound image analysis software market. In addition, a widening senior population base, standing vulnerable to the development of chronic diseases is expected to heighten the demand for ultrasound image analysis software in the future. According to a research published in Medscape, chronic diseases are responsible for high mortality rate in the U.S. As a consequence, the demand to utilize advanced diagnostic and imaging alternatives is once again, increased. The aforementioned factor is expected to widen the scope for growth throughout the chosen forecast period.
Oncology and cardiology happen to be the major applications that have adopted medical image analysis platforms owing to the rise in cardiovascular diseases and cancer. The competent nature of the softwares has facilitated efficient execution of complex medical procedures such as placing stents.
Changing demographics and lifestyle take a toll on the masses
According to the European Heart Network, there were approximately 11.3 million new cases of CVD in Europe and 6.1 million new cases of CVD in the EU in 2015. More than 85 million people in Europe and almost 49 million people in the EU were found to be living with CVD in the same year. According to the Center of Disease Control and Prevention, approximately 28.4 million adults were diagnosed with heart disease in 2015 in America and close to 5.7 million adults suffered from heart failure. Furthermore, cardiovascular disease was considered as the main cause of death and approximately 801,000 deaths took place in America in 2016 i.e. 1 out of every 3 deaths in the US is due to cardiovascular diseases.
Cancer is the second leading cause of death after cardiovascular diseases, as per Our World in Data (University of Oxford, England). National Cancer Institute (NCI, USA), has defined cancer as a collection of various diseases in which abnormal cells divide and spread to neighboring tissues. About 19 million people worldwide suffered from cancer in 1990 and this figure precipitously doubled to 42 million in 2016. In addition, breast cancer has been identified as the leading type of cancer with 8 million diagnoses in 2016. This is coupled with the 6.3 million who were diagnosed with colon and rectal cancer, 5.7 million with prostate cancer and 2.8 million with bronchus and lung cancer in the same year. 8.9 million deaths across the globe were noted due to various types of cancer in 2016. A growing ageing population, increasing population size, chemical or toxic compound exposures, and poor dietary habits are some of the reasons for the escalating number of cancer deaths globally.
Some of the leading market players in global ultrasound image analysis software market are:
- GE Healthcare,
- Phillips Healthcare,
- Esaote SpA,
- Siemens Healthcare,
- IBM, etc.
All these companies adopt various strategies such as collaboration, partnership, product development etc. In order to gain competitive advantage, we see key participants having employed sustainability strategies. For instance, in May 2015, GE Healthcare worked with OneMedNet Corporation to exercise and expand medical image sharing solutions such as web-based sharing.