Medical Image Analysis Software Market

Global Medical Image Analysis Software Market Size (2022 to 2027)

As per the report published by MarketDataForecast, the global medical image analysis software market was valued at USD 3.07 billion in 2022 and is estimated to be growing at a CAGR of 7.72% to reach USD 4.45 billion by 2027.

Medical imaging analysis software diagnoses the disease accurately and helps physicians to make decisions over the treatment procedures easily in very little time. The complete analysis will ensure to improve the diagnosis procedures conveniently. This software will extract the information from the multiple images and finally conclude if any issues. Based on most recent studies and research activities, medical professionals have found that genetic analysis and advanced medical imaging can improve cancer treatment therapies.

MARKET DRIVERS:

The emergence of imaging techniques with the latest technology in the medical sector is primarily expected to drive growth for the global medical image analysis software market.

Y-O-Y growth in the incidence of chronic diseases worldwide, the growing geriatric population, and rising awareness of imaging techniques further propel market growth. Increasing prevalence for the computer-aided diagnosis system is likely to bolster the market's demand to the extent. Rising investments in the healthcare centers by both public and private organizations is to set up growth opportunities for the market. Furthermore, increasing capita income in developed and developing countries is outshining the growth of the market.

Additionally, a rise in the number of patients suffering from various chronic diseases such as cancer and others is likely to outshine the demand of the medical image analysis software market. Another major driving factor of this market is the increase in demand for diagnostic imaging software and the growing adoption of ultrasound systems to get faster results, especially in chronic diseases.

MARKET RESTRAINTS:

However, factors such as the high cost of software data, hacking concerns, and data security issues prevent the global medical image analysis software market growth.

The regulatory framework with stringent rules is a significant challenge for critical players in the market, obstructing the development of the global medical image analysis software market. Other factors that are restraining the growth of the medical image analysis software market are high costs associated with imaging techniques and software licensing. The reluctance in adopting technologically advanced systems, especially in developing countries and among end-users due to high maintenance and implantation costs, unfavorable reimbursement policies in developing countries also negatively impact the market.

Covid-19 Impact on the global medical image analysis software market:

The Global pandemic covid-19 is posing significant health risks across the world. COVID-19's diagnostic test sensitivity is reduced due to specimen handling irregularities. COVID-19 is derived from medical photographs and used as an auxiliary research tool to increase diagnostic sensitivity. Medical imaging is a non-invasive technique that uses photographs of internal tissues of the human body or a part of the human body to make health diagnosis or recovery plans.  Computed radiography is used to create medical photographs, including CT scans and X-rays, stored in the DICOM (Digital Imaging and Communications in Medicine) format. CT-data is three-dimensional data made up of slices taken along the z-axis of a two-dimensional grayscale map.  During the projected period, the demand for medical image processing applications increased at a rapid pace.

The use of image processing techniques has exploded in popularity in the medical field. As a result, these methods were ideal for analyzing COVID-19. The current research highlights the contributions of deep learning and medical image processing strategies to combating the COVID-19 pandemic. It includes a comprehensive analysis of the state-of-the-art architectures produced by these technologies. Governments have begun to spend generously and enthusiastically in COVID-19 vaccine development and testing. In addition to this effort, a significant number of research and development resources are being directed toward the COVID-19 pandemic. COVID-19 was detected using X-ray image datasets from GitHub, Cohen, the Radiology Society of North America (RSNA), and the Italian Society of Medical and Interventional Radiology (SIRM). Related references to knowledge fusion applications to fill the lag of data unavailability and produce improved output predictions can be found in the text's later parts.

REPORT COVERAGE:

This research report on the global medical image analysis software market segmented and sub-segmented based on the image type, imaging technology, application, end-user, and region.

Medical Image Analysis Software Market - By Image Type:

• 2D Imaging
• 3D Imaging
• 4D Imaging

Based on the image type, the 3D imaging type accounts for leading the market's highest shares. The growing prevalence for effective diagnosis to make appropriate treatment procedures is propelling the market's demand.

Medical Image Analysis Software Market - By Imaging Technology:

• X-Ray
• Computed Tomography
  • High-End Slice CT
  • Mid-End Slice CT
  • Low-End Slice CT
• Positron Emission Tomography
• Single Photon Emission Computed Tomography
• Magnetic Resonance Imaging
  • Open MRI Systems
  • Closed MRI Systems
• Ultrasound
• Radiographic Imaging

Based on imaging technology, X-ray imaging technology is accounted for to have significant shares of the market. A rise in support from private and public organizations is escalating the growth of the market.

Medical Image Analysis Software Market - By Application:

• Cardiovascular
• Neurology
• Dental
• Urology
• Orthopedic
• Oncology
• Obstetrics and Gynaecology
• Mammography

By application, the cardiovascular application has the highest growth rate in the coming years. Growing focus on the latest technological advancements in the medical sector significantly influences the growth of the market.

Medical Image Analysis Software Market - By End-User:

• Hospitals
• Research Centres
• Diagnostic Centres

Based on end-user, the hospital sector is holding dominant shares of the market. Increasing the construction of hospitals with the latest equipment is straightforwardly forwarding the growth rate of the market.

Medical Image Analysis Software Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

In 2019, North America led the global Medical Image Analysis Software market in terms of value and capacity. The rise in the health consciousness among people and the growing adoption of the latest technologies and innovative equipment favor the market in this region.

However, the Asia Pacific region is projected to grow the highest during the forecast period due to various factors such as ample untapped opportunities, an increase in per capita income, advancements in diagnostic technology, and growing awareness among people regarding medical imaging techniques and their advantages.

Among different countries in Europe, Germany is holding prominent shares of the market. A rise in revenue is a significant factor leveraging the demand of the market. Also, a growing tendency to provide effective treatment in concern towards the patient’s health condition elevates the growth of the Medical Image Analysis Software Market in Germany. In the United Kingdom, adopting a sedentary lifestyle and food habits changes leads to several health disorders, fueling market demand.

The Middle East and Africa are anticipated to have significant growth opportunities in the coming years.

NOTABLE COMPANIES IN THIS MARKET:

List of key market participants leading the global medical image analysis software market analyzed in this report are Agfa HealthCare, Medviso AB, Aquilab, Bruker Corporation, Carestream Health Inc., Esaote S.p.A., GE Healthcare, Spacelabs Healthcare, Merge Healthcare Inc., Xinapse Systems Ltd., MIM Software Inc., Philips Healthcare, Clarion Technologies, Siemens Healthcare, and Toshiba Medical Systems Corporation.

HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• On February 12, 2020, Sirtex Medical, a leading manufacturer of liver cancer therapies, announced the collaboration with MIM Software Inc., a global provider of practical imaging solutions.
• On June 24, 2018, MIM Software Inc., a leading global imaging and Nuclear Medicine software company, announced that it has partnered with Spectrum Dynamics Medical to provide MIM-SD with advanced and quantitative and visualization software VERITON.
• On January 16, 2019, MIM Software, a leading global medical imaging software provider, has announced that it has received 510(K) from the U.S. FDA for molecular radiation therapy (MRT) dosimetry.