Medical Image Analysis Software Market

Global Medical Image Analysis Software Market Size (2023 to 2028)

The global medical image analysis software market was valued at USD 3.30 billion in 2023 and is estimated to grow at a CAGR of 7.72% to reach USD 4.79 billion by 2028.

Global Medical Image Analysis Software Market Share Insights:

• Based on image type, the 3D imaging segment accounted for 40.08% of the global market share in 2022.
• Based on application, the cardiovascular segment held 18.9% of the global market share in 2022.
• Based on end-user, the hospital segment occupied 43% of the global market share in 2022.
• Based on region, North America held 34.7% of the global market share in 2022.

Medical imaging analysis software is an application that allows the visualization of medical images from CT, PET, MRI, or microscopy quantitatively, which help researchers easily share research data and analysis via the Internet or any remote sites, improving their ability to, diagnose, monitor, investigate, and treat medical disorders. Medical imaging analysis software diagnoses the disease accurately and helps physicians to make decisions about treatment procedures easily in very little time. The complete analysis will ensure the improvement of the diagnosis procedures conveniently. In addition, this software will extract the information from multiple images and conclude if there are 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. Generally, it is a Java application run on any Java-compatible platform, making it much easier to access.

MARKET DRIVERS:

The emergence of imaging techniques with the latest medical sector technology is expected to drive growth for the global medical image analysis software market. The growing incidence of chronic diseases worldwide, the growing geriatric population, and rising awareness of imaging techniques further propel market growth. The rising prevalence of the computer-aided diagnosis system and the capability of medical imaging analysis software to meet various objectives like developing tools ability to analyze biomedical data and support the discovery with the advancement of biomedical knowledge, development of computational methods to analyze and quantify biomedical data using algorithms and collaborate with colleagues from other research centers for visualization of biomedical research problems contribute to the market growth.

In addition, rising investments in healthcare centers by public and private organizations, increasing per capita income in developed and developing countries, increased demand for diagnostic imaging software and the growing adoption of ultrasound systems to get faster results, especially in chronic diseases propel the market growth. The need for medical imaging analysis software in various industries like biomedical research and clinical practice, by various professionalisms like Biologists to generate 3D confocal microscopy datasets by studying cells, virologists to generate 3D reconstructions of viruses, radiologists to quantify tumors from MRIs and CT scans for cancer detection by functional magnetic resonance imaging and regional cerebral metabolic activity from PET contributes to the market growth. Therefore, along with advancements in the hardware and devices used to generate medical images, the manufacturers' need for sophisticated computer tools for quantification and visualization is also being focused on, thereby driving the market growth.

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 restraining the growth of the medical image analysis software market are the high costs associated with imaging techniques and software licensing. In addition, the reluctance to adopt technologically advanced systems, especially in developing countries and among end-users due to high maintenance and implantation costs and unfavorable reimbursement policies in developing countries, also negatively impacts the market.

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

The global pandemic covid-19 is posing significant health risks across the world. However, COVID-19's diagnostic test sensitivity is reduced due to specimen handling irregularities. COVID-19 is derived from medical photographs and used as an additional 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 diagnoses 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 comprised of slices taken along the z-axis of a two-dimensional grayscale map. The demand for medical image processing applications increased rapidly during the projected period.

REPORT COVERAGE:

This research report on the global medical image analysis software market is 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 segment held the major share of the global market in 2022 and the segmental domination is expected to continue during the forecast period due to factors such as the ability of 3D imaging to capture and analyze detailed anatomical structures in three dimensions providing a more comprehensive understanding of the human body, rising demand for 3D imaging in orthopedics, dental and surgical applications and increasing number of improvements in 3D imaging technology such as higher resolution and faster processing times. The rising adoption of 3D printing in healthcare, enabling the creation of patient-specific anatomical models for surgical planning, increasing number of advancements in AI and machine learning algorithms, allowing for automated analysis of 3D images and integration of 3D imaging with other modalities, such as CT and MRI, enabling more comprehensive analysis further boost the growth rate of the segment.

The 4D imaging segment is anticipated to grow at a promising CAGR during the forecast period. Factors such as the rising demand for real-time imaging in surgical and interventional procedures, the ability of 4D imaging to capture and analyze dynamic physiological processes in real-time and the growing number of advancements in 4D imaging technology such as faster processing times and higher resolution propel the segmental growth. The rising adoption of 4D imaging in cardiology, obstetrics, and gynecology applications, the growing availability of specialized 4D imaging software tools for specific medical applications and the integration of 4D imaging with other modalities, such as ultrasound and MRI, enabling more comprehensive analysis of further boost the segmental growth.

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, the X-ray imaging segment held the major share of the global market in 2022 and the segmental domination is estimated to continue during the forecast period. The wide availability and low cost of X-ray imaging systems compared to other imaging modalities majorly drive segmental growth. Established use of X-rays in clinical diagnostics, particularly for orthopedic and dental applications and the ability to capture high-resolution images of bones and other dense tissue further boost the segmental growth. The rising availability of specialized X-ray imaging software tools for specific medical applications, integration of X-ray imaging with other modalities, such as CT and MRI, enabling more comprehensive analysis and an increasing number of advances in X-ray technology such as digital radiography and computed radiography to improve image quality and reduce radiation exposure contributes to the growth rate of the segment.

The CT segment accounted for a substantial share of the global market in 2022 and is expected to grow at a notable CAGR during the forecast period. The ability of computed tomography to capture detailed anatomical structures in three dimensions to provide a more comprehensive understanding of the human body and the rising demand for CT imaging in oncology, neurology, and cardiology applications propel segmental growth. The growing number of advancements in CT technology, such as faster scanning times and higher resolution, rising availability of specialized CT imaging software tools for specific medical applications, integration of CT imaging with other modalities, such as PET and MRI and growing adoption of CT angiography for non-invasive diagnosis of cardiovascular disease further boost the growth rate of the segment.

Medical Image Analysis Software Market - By Application:

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

By application, the cardiovascular segment held the major share of the global medical image analysis software market in 2022 and the segmental domination is expected to continue in the coming years. The rising of cardiovascular disease worldwide, the increasing number of advancements in cardiovascular imaging technology such as CT angiography and cardiac MRI and the rising adoption of non-invasive imaging techniques such as coronary CT angiography and echocardiography primarily drive the segmental growth. The rising demand for image analysis software for personalized treatment planning and management of cardiovascular disease, growing emphasis on early detection and prevention of cardiovascular disease and increasing adoption of mobile cardiac telemetry and remote patient monitoring further contribute to the segmental growth.

The neurology segment had a considerable share of the global market in 2022 and is predicted to register a healthy CAGR during the forecast period. The rising prevalence of neurological disorders, such as Alzheimer's disease and Parkinson's disease is one of the major factors propelling segmental growth. The growing number of improvements in neuroimaging technology, such as fMRI and PET, rapid adoption of non-invasive imaging techniques, such as CT and MRI and increasing demand for image analysis software for personalized treatment planning and management of neurological disorders further boost the growth rate of the segment.

Medical Image Analysis Software Market - By End-User:

• Hospitals
• Research Centres
• Diagnostic Centres

Based on end-user, the hospital segment accounted for the major share of the global market in 2022 and the domination of the segment is estimated to continue throughout the forecast period. Hospitals are the primary end-users of medical image analysis software. The growing demand for medical imaging services in hospitals due to the growing prevalence of chronic diseases and the need for accurate and timely diagnosis is one of the major factors propelling segmental growth. The rising trend of digitalization in healthcare, the growing adoption of image analysis software for better patient outcomes and enhanced operational efficiency and increasing demand for advanced diagnostic imaging technology, such as MRI and CT, in hospitals further promote segmental growth. The rising need for personalized medicine and patient-specific treatment planning, growing investments by key market players in developing cloud-based image analysis software solutions and an increasing number of initiatives promoting the adoption of medical imaging and analysis technologies in hospitals are anticipated to have a favorable impact on the segmental growth during the forecast period.

Medical Image Analysis Software Market - By Region:

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

Geographically, the North American medical image analysis software market held the major share of the global market in 2022 and the regional domination is estimated to continue during the forecast period. The presence of well-established healthcare infrastructure and the increasing demand for advanced medical imaging and analysis technologies to enhance patient outcomes in North America primarily propel the North American market growth. The rising prevalence of chronic diseases and the need for accurate and timely diagnosis, increasing number of government initiatives by North American countries to promote the adoption of medical imaging and analysis technologies to reduce healthcare costs and enhance healthcare outcomes further boost the growth rate of the North American market. The presence of key market players, the growing emphasis on research and development activities in the region, the rising adoption of cloud-based image analysis software solutions for remote access and collaboration among healthcare professionals and patients, the increasing trend of digitalization in healthcare and the growing need for advanced imaging technology and analysis software to support telemedicine and other digital healthcare services are expected to favor the market growth in North America. The U.S. led the medical image analysis software market in North America in 2022 and the trend is estimated to continue during the forecast period owing to the rapid adoption of artificial intelligence (AI) and machine learning (ML) in medical imaging analysis, increasing patient population of CVDs, rising demand for telemedicine services due to the COVID-19 pandemic and the presence of key market participants such as GE Healthcare, IBM Watson Health, and Philips Healthcare.

The Europe medical image analysis software market accounted for a substantial share of the global market in 2022 and the European market is also predicted to register a noteworthy CAGR during the forecast period. The growing number of research and development activities, the rising prevalence of chronic diseases, an increasing need for advanced medical technologies and the shift from traditional imaging techniques to digital imaging techniques in Europe majorly drive the growth of the European market. The presence of favorable government initiatives and policies, rapid adoption of mobile health technologies and growing demand for remote patient monitoring and telemedicine further boost the growth rate of the European market. The UK held the leading share of the European market in 2022, followed by Germany and France. The UK market is also predicted to witness a healthy CAGR during the forecast period due to the growing population suffering from neurological disorders, the rising adoption of cloud-based image analysis software solutions, the rising focus on research and development activities and the presence of key market players such as Siemens Healthineers, Canon Medical Systems, and Agfa Healthcare.

The APAC medical image analysis software market is predicted to be the most lucrative regional market for medical image analysis software globally. It is estimated to witness the highest CAGR during the forecast period. The rising adoption of digital technologies in healthcare, growing prevalence of chronic diseases, increasing geriatric population, increasing healthcare expenditure and growing awareness regarding early disease diagnosis primarily boost the regional market growth. The growing demand for home-based healthcare, rising trend of medical tourism and the increasing adoption of cloud-based healthcare solutions further promote the market growth in the Asia-Pacific region. China, Japan and India captured the major share of the APAC market in 2022.

The Latin America medical image analysis software market held a considerable share of the worldwide market in 2022 and is predicted to grow at a healthy CAGR during the forecast period owing to favorable government initiatives for improving healthcare infrastructure, rising penetration of mobile devices and internet connectivity and rising demand for point-of-care diagnostics. Brazil followed by Mexico dominated the market in 2022.

The MEA medical image analysis software market occupied a moderate share of the global market in 2022. However, the MEA market is estimated to register a steady CAGR during the forecast period due to the growing demand for telemedicine and e-health solutions, rising trend of medical tourism and favorable initiatives from the governments of MEA countries to promote healthcare tourism.

KEY MARKET PLAYERS:

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.

RECENT HAPPENINGS IN THIS MARKET:

• In October 2022, Deepnoid offered AI solutions to help staff make diagnostic decisions by detecting abnormal areas. For example, deep Chest is an invention that offers pulmonary sclerosis and pneumothorax through chest X-ray images. In addition, deep Neuro detects brain abnormalities through MRI with the help of the brain's head and neck region aneurysms.
• In October 2022, Carestream Health announced an expansion of its family of DR detectors with the addition of Focus HD 35 and Focus HD 43 detectors. They offer a higher resolution for magnification of the image and a higher definition for improved image quality for better visibility of small objects and microstructures.