The global medical image analysis software market size is expected to reach USD 5.49 billion, expanding at a CAGR of 7.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing incidence of chronic diseases creates demand for effective diagnostics solutions, which spurs the demand for medical image analysis software. The high growth is majorly attributed to a rise in the usage and uptake of image analysis solutions for diagnosis. Furthermore, the rising demand for medical image analysis software is being driven by the increased use of imaging equipment due to the rising prevalence of chronic diseases and developing applications of computer-aided diagnosis.
Medical Image Analysis Software Market Report Highlights
- The oncology application segment is expected to witness the fastest CAGR over the forecast period due to the increased application scope of image analysis software in cancer diagnostics
- The hospitals end-use segment held the largest revenue share in 2021 owing to the high product adoption in the diagnosis of various diseases
- Asia Pacific is expected to showcase the fastest CAGR during the forecast years owing to the unmet clinical needs
- The global market is highly fragmented and companies witness fierce competition as the industry is technology-driven
- Strategies implemented by key players include collaborative agreements, new product launches, and geographical expansions
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According to data by the National Health Council, in 2020, around 133 million Americans were affected by chronic diseases, accounting for more than 40% of the country’s total population. Thus, increasing cases of chronic diseases lead to an upsurge in the usage of medical imaging techniques. In addition, shifting focus to providing enhanced care has led to the incorporation of various computer-aided diagnosis systems, which is further contributing to the market growth. The introduction of technologically advanced products, such as 3D/4D platforms and multimodality imaging platforms, is also presumed to boost the demand for the software. An increase in medical imaging procedures will further drive the market growth.
According to Science Direct, in the U.S. alone, around 600 million imaging operations are performed each year. This shows the potential demand for medical image analysis software solutions.Various benefits, such as flexibility and high-resolution images, along with convenient use of multi-modal integrated workflows are expected to bolster the demand and increase product penetration over the forecast period. Stand-alone platforms are anticipated to witness steady growth. These platforms are user-friendly, and cost less as compared to integrated solutions. These solutions offer more details and features and are used by researchers, allowing them to share and access research data and analyses, thereby enhancing their ability to diagnose, research, monitor, and treat disorders.
For instance, GE healthcare’s ViewPoint 6 (for MFM) is a standalone software designed for dedicated ultrasound reporting and image management. Artificial Intelligence (AI) in medical imaging has impacted market dynamics in recent years and is expected to have a positive impact on the market. For instance, in March 2021, Royal Philips and DiA Imaging Analysis entered into a strategic partnership to provide clinicians with automated solutions at the point of care. Philips’ industry-leading ultrasound picture quality, combined with DiA’s AI library of automated solutions, will assist Point-of-Care customers in and out of the hospital improve diagnostic confidence, operational efficiency, and access to care.
Medical Image Analysis Software Market Insights By Demographics
North America dominated the market and accounted for the largest share. This growth is attributed to the presence of well-established healthcare facilities with advanced diagnostic equipment and favorable government initiatives to support the adoption of healthcare IT in this region. Asia Pacific is anticipated to exhibit the second-fastest CAGR over the forecast period owing to the increasing adoption of medical image analysis software by healthcare professionals in the region. Increasing healthcare expenditure and disposable income levels in countries, such as China and India, are contributing to the regional market growth.
Competitive Analysis By Major Players
The industry is highly competitive with a handful of companies dominating the global market. The industry is technology-driven as there is continuous R&D being undertaken for the development of cost-effective diagnostic solutions. Competitors are adopting strategies, such as collaborative agreements, partnerships, mergers and acquisitions, regional expansions, and new product developments to gain an edge over the others. Some prominent players in the global medical image analysis software market are:
- Toshiba Medical Systems Corp.
- Bruker Corp.
- Xinapse Systems Ltd.
- Esaote, Inc.
- ClaroNAv, Inc.
- Merge Healthcare Inc.
- Aquilab GmbH
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Medical Image Analysis Software Market Segmentation
Grand View Research has segmented the global medical image analysis software market on the basis of software type, modality, imaging type, application, end use, and region
- Medical Image Analysis Software Type Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Image Analysis SoftwareModality Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Image Analysis Software Imaging Type Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Image Analysis Software Application Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Image Analysis Software End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Medical Image Analysis Software Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Medical Image Analysis Software Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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