Medical Image Analysis Software Market

Market Snapshot

Market Synopsis

Global Medical Image Analysis Software market is valued at USD 3.52 Billion in 2021 and is projected to attain a value of USD 5.97 Billion by 2028 at a CAGR of 7.9% during the forecast period, 2022–2028. Medical Image Analysis Software is developing rapidly to facilitate the physician and the patients in delivering the treatment effectively and efficiently. Today, medical image analysis market is valued over 3.5 billion and is expected to grow significantly over the forecast period due growing demand for qualitative and quantitative imaging analysis services. Demand for Medical Image Analysis Software is increasing owing to increase in number of applications for facilitating quality treatment delivery with increased accuracy. Moreover based on large scale clinical studies, it has been reported that proper usage of imaging systems can help in making more accurate diagnosis and treatment.

Growing Demand for Diagnostic Imaging Systems and Treatments Using these Imaging Systems is Expected to Drive Growth Medical Image Analysis Software Market

Medical Image Analysis Software helps in analyzing variety of tissues such as bones, muscles and organ's structure. It also facilitates in evaluating results with better accuracy given superior technology support. This makes it stand out from other technologies such as X-Rays which provide images with relatively poor contrast among different body structures. Other than this, Medical Image Analysis Software provides high resolution images that help physicians and radiologists to provide precise treatment procedures. In addition, it provides better quality images with lesser need for multiple pictures to analyze the patient's condition. Hence, these factors are expected to provide significant growth opportunities for Medical Image Analysis Software during the forecast period.

Segmentation:

Lack of Awareness May Hamper Medical Image Analysis Software Market to Some Extent

However, lack of awareness about benefits provided by medical image analysis is expected to hamper market growth over the next few years. Additionally, it is important for companies operating in this market to explore regulatory issues regarding usage of Medical Image Analysis Software . Moreover, high initial capital requirement and complexities associated with installation and integration of software are some other challenges faced by manufacturers of Medical Image Analysis Software .

Nonetheless, growing demand from individual healthcare providers including diagnostic imaging centers and hospitals is expected to drive the industry trends during the forecast period. Increased technological advancements such as rise in usage of 3D Medical Image Analysis Software will fuel the demand for surgical planning and navigation systems. In addition, rise in number of chronic diseases such as obesity, diabetes and cancer is expected to increase demand for patient screening and monitoring tools. This along with technological advancements is expected to propel market growth over the forecast period.

By application, Cardiac Segment to Dominate the Medical Image Analysis Software Market

The number of medical imaging devices have increased over the years and it is expected that there will be a noticeable increase in the next two decades. The use of new technology has contributed to positive results from early diagnosis, resulting in effective treatment of complex diseases such as cancer.

The number of procedures performed will continue to rise with new technology being developed and introduced into clinical practice. As technologies advance so does the need for technological expertise to maintain diagnostic accuracy, ensure proper patient management and improve health care processes. An example can be seen in cardiac computed tomography angiography (CTA) which is becoming an integral part of modern-day cardiovascular disease management. It has the potential to become the gold standard for diagnosing coronary artery disease by providing accurate identification of anatomy, pathophysiology and prognosis. Cardiac CTA is particularly useful in cases where anatomical information is required which cannot be obtained through other imaging modalities such as ultrasound which provides functional information rather than anatomical information.

North America is the Largest Market for Medical Image Analysis Software

North America is the largest market for Medical Image Analysis Software followed by Europe and Asia Pacific. In addition, increasing demand from healthcare providers such as hospitals and diagnostic imaging centers coupled with rising number of chronic diseases are expected to boost regional market growth. In North America, GDP per capita has been constantly increasing due to high rate of industrialization which has resulted in increased burden on population due to increase in chronic diseases such as obesity. This has become a prominent reason for demand for advanced healthcare services including Medical Image Analysis Software among others which is expected to drive regional industry trends over the forecast period.

In terms of growth, Asia Pacific Medical Image Analysis Software market is projected to grow at a high CAGR during the forecast period. This can be attributed due to increasing number of diagnostic equipment manufacturers and availability of skilled workforce coupled with rising health awareness in this region which has resulted in increased incidence of chronic diseases. For instance, China and India are among largest markets for medical imaging software and diagnostic equipment manufacturers. In addition, rise in number of MR guided procedures such as MRI and CT scans will likely fuel the demand for advanced Medical Image Analysis Software .

Competitive Landscape

Some of the key players are AQUILAB (France), AGFA Healthcare (Belgium), Carestream Health, Inc. (US), Esaote S.p.A (Italy), INFINITT Healthcare Co, Ltd. (South Korea), GE Healthcare (US), Image Analysis (UK), MIM Software Inc. (US), Merge Healthcare, Inc. (US), Mirada Medical Limited (UK), ScienceSoft USA Corporation (US), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), Xinapse Systems Ltd. (UK), and Toshiba Medical Systems Corporation (Japan).

The Medical Image Analysis Software is Segmented as Follows: