Medical Image Analysis Software Market

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

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 grow at a CAGR of 7.72% to reach USD 4.45 billion by 2027.

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.

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.

In addition, the increasing prevalence of the computer-aided diagnosis system is likely to bolster the market's demand to an extent. The primary factor driving the market growth is 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. In addition, rising investments in healthcare centers by both public and private organizations set up growth opportunities for the market. Furthermore, increasing per capita income in developed and developing countries is outshining the market's growth. Additionally, a rise in the number of patients suffering from various chronic diseases such as cancer is likely to outshine the demand of the medical image analysis software market. Another major driving factor of this market is the increased demand for a diagnostic imaging software and the growing adoption of ultrasound systems to get faster results, especially in chronic diseases. Another major factor includes 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. 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.

Covid-19 Impact 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.

Image processing techniques have 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 on COVID-19 vaccine development and testing. In addition to this effort, many 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 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

The 3D imaging type leads the market's highest shares based on the image type. 3D medical images are a technique integrated into the treatment for Imaging of ultrasound, radiation, and other technologies, helping a neurosurgeon identify abnormal tissue resulting in a more comfortable patient experience, better fit, and greater patient satisfaction. In addition, the growing prevalence of effective diagnoses to make appropriate treatment procedures propels the market's demand.

4D medical Imaging is also foreseen to dominate the market since this technique combines three-dimensional (3D) images over time to observe more accurate movements and variations. In addition, 4D ultrasound offers a real-time assessment of the prenatal condition of the fetus over 2D ultrasound.

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. X-ray imaging is the most commonly used imaging modality for diagnostic purposes with advances in technology, improved processing and managing patient data, reduced training requirements, and the advantage of easy sharing between healthcare providers. In addition, a rise in support from private and public organizations is escalating the market's growth.

Computed Tomography (CT) is also estimated to hold a significant market share over the forecast period. This scan diagnoses disease or injury and plans surgical treatment by viewing almost every body part. Tumors are once such most commonly diagnosed disorder by CT scans, which can also be used for tissue or fluid biopsy to help diagnose and investigate internal bleeding.

Medical Image Analysis Software Market - By Application:

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

By application, the cardiovascular application will have the highest growth rate in the coming years. This is because cardiovascular diseases, being the leading causes of death, mainly in developed countries, are also widespread in the world since  17.5 million people die from cardiovascular diseases every year according to the WHO, because of the changing lifestyles of people, increasing incidence of obesity, and poor eating habits, which ultimately leads to an increase in the incidence of cardiovascular diseases.

The neurology sector is also estimated to hold a significant market share over the forecast period, owing to the rising incidence of brain cancer, tumors, and other brain-related disorders, leading to the increased adoption of CT and MRI, in turn driving the software market over the forecast period. In addition, the growing focus on the latest technological advancements in the medical sector significantly influences the market's growth.

Medical Image Analysis Software Market - By End-User:

• Hospitals
• Research Centres
• Diagnostic Centres

Based on end-user, the hospital sector holds dominant shares of the market. Increasing the construction of hospitals with the latest equipment is straightforwardly forwarding the market's growth rate. This is mainly attributed to the supporting infrastructure, which is one of the essential steps for performing surgeries using medical imaging software.

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 holds prominent shares of the market. A rise in revenue is a significant factor leveraging the market's demand. Also, a growing tendency to provide adequate treatment for 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.

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.