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According to the new research report titled “Multimodal Image Fusion Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis” published by The Insight Partners, the market is expected to reach US$ 552.30 million by 2028, registering a CAGR of 8.1% from 2021 to 2028.
Healthcare spending by government and private organizations has been increasing over the years. These high spending across the world is enhancing the healthcare infrastructure and influencing the adoption of various technologically advanced solutions for improving their treatment plans and diagnostic procedures. At present, the US ranks first among developing countries in terms of healthcare spending. According to the Organization for Economic Co-operation and Development (OECD) data published in 2019, the US average healthcare spending was a whopping US$11,072 per capita. Similarly, in 2019, Switzerland had the second-highest healthcare spending, with nearly US$8,000 per capita expenditures, followed by Germany and Norway . The other countries with high healthcare expenditure include Austria, Sweden, Netherlands, Canada, France, Ireland, Australia, Japan, Iceland, the UK, and Finland.
Along with the investment in overall healthcare infrastructure, the government bodies have been assigning funds for enhancing various diagnostics processes, such as magnetic resonance imaging (MRI) and computed tomography (CT) scan. For instance, in February 2017, British Columbia's Health Ministry announced an additional US$ 25 million funding to expand access to surgeries and MRI scans in the province. According to the British Columbia Ministry of Health, diagnostic imaging such as magnetic resonance imaging is an integral aspect of surgical system treatment. In March 2018, the department allocated an additional US$ 11 million to expand resource and capability, allowing the country to perform ~225,000 MRI scans during 2018–2019. Further, in October 2017, the Australian Government's Department of Health funded access to high-quality health facilities, including MRI, to ensure that patients have access to ongoing, accessible, and convenient diagnostic imaging services. In December 2016, the Indian government declared that bona fide residents of New Delhi with an annual income of less than US$ 4,172.0 (INR 3 lakhs) will be eligible for free MRI and CT scans in private labs. Thus, the above-mentioned initiatives to promote various diagnostics processes are fueling the growth of the multimodal image fusion software market.
Impact of COVID-19 Pandemic on North America Multimodal Image Fusion Software Market
North American countries are known for the highest acceptance for technologies, which boosts the pace of new technological developments in these countries. Rapid technological developments can be attributed to the favorable government policies to boost innovation and reinforce infrastructure capabilities. Thus, any hindrance on industries directly restrains the economic development in the region. The US is the world's worst-affected country due to the COVID-19 outbreak, thus leading to the sudden stands still across all the industries present in the region. However, the healthcare sector in many North American countries has remained unaffected during the pandemic. In addition, with the rising COVID-19 confirmed cases across the US, Canada, and Mexico, the high prevalence of diseases other than other COVID-19 propel the demand for all healthcare equipment and solutions. As of 2020, there were ~5.8 million Americans suffering from Alzheimer’s disease. Thus, the COVID-19 pandemic has a negligible impact on the demand for multimodal image fusion software in the region.
Key Findings of Study:
The multimodal image fusion software market is segmented on the basis of type, application, and geography. By geography, the market is segmented into North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). North America held the largest share of the market in 2020, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. Based on type, the global multimodal image fusion software market is bifurcated into preclinical multimodal imaging and clinical multimodal imaging. The clinical multimodal imaging segment represented a larger share of the overall market in 2020. In terms of application, the global multimodal image fusion software market is segmented into hospitals, diagnostic centers, and academic & research institutes. In 2020, the hospitals segment accounted for the largest share of the market..