Medical Image Analysis is a process by which the extraction of meaningful information is taken from medical images like CT scans, X-rays, and MRI, this will enhance the precision and reduce the clinical errors that are possible to occur. It helps the Doctors to analyze the information obtained through the radiology examinations. This technology is different from others as this detects only specific areas where treatment has to be given and will not damage other healthy tissues. Helps to monitor the disease progression in the area where treatment has been given. It makes a streamlined connection between the decision-makers and speeds up the whole detection process. Unnecessary long procedures which are done can be avoided but this technique, reduces radiation exposure, and early detection can be done, hospital stays which take a lot of money to spend every hour can be avoided by this technique.
Dicom Systems Unifier Platform is a widely used medical image analysis software. MIPAV (Medical Image Processing Analysis and Visualization is a Java application that works on Java-enabled platforms, used for qualitative analysis of abnormalities. In Radiology 2dimensional imaging is the backbone due to high resolution and low cost but from that all details are not detected so 3-dimensional technology used like in breast mammography cancer tissue and noncancerous tissue both appear white in 2D but when 3-dimensional technology is used shown by differentiating the abnormal tissue. Machine learning and deep learning, are key technologies used in this medical image analysis.
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Global Medical Image Analysis Market – Competitive Insight
On January 8, 2024, GE HealthCare announced it has agreed to acquire MIM Software, a global provider of medical imaging analysis and AI solutions for the practice of molecular radiotherapy, radiation oncology, and urology at imaging centers, diagnostic imaging, research organizations worldwide
On December 13, 2023, the global medical technology company 4D Medical announced it had entered a binding agreement to acquire a portfolio company of Minneapolis-based Ivenshure. 4DMedical reports that it aims to revolutionize respiratory imaging and ventilation for improved lung disease detection and management.
On April 21, 2022, Aquilab joined Coexya groups this merger between Coexya and Aquilab naturally provides complementarily in the field of multicentre clinical studies.
Some of the Key Players in the Global Medical Image Analysis Software Market Include-
- Spacelabs Healthcare Inc
- Merge Healthcare Inc
- Aquilab SAS
- Canon Medical Systems Corporation
- Xinapse Systems Limited
- Toshiba Medical Systems
- Siemens Healthineers
- Agfa-Gevaert
- GE HealthCare
- Koninklijke Philips NV
- Carestream Health
- MIM Software Inc.
- Esaote
Global Medical Image Analysis Software Market – Growth Drivers
The growth of medical image analysis software technology is driven by the massive increase in chronic illnesses like cardiovascular and neurological conditions. As the number of patients increases the market will reach a high coming year. The growing number of geriatric patients and that population who like to go with minimally invasive procedures. As the technology approach is rising the 3D advanced technology which gives accurate results and targets specific detection without damaging other cells is more in demand in super specialty hospitals. Magnetic Resonance Imaging MRI, Positron Emission Tomography PET, and Computed Tomography will propel the growth of the market and increase demand from healthcare providers for accurate diagnostic procedures. Royal Phillips announced Smart CT which got approved by the USFDA is a key component for accurate detection, treatment, and therapy planning, such innovations and approvals from regulations are a sign that in coming years such innovations are going to boost this market. The demand for telemedicine and remote healthcare provisions is also a leading factor nowadays needed by people. Rise in awareness about advanced healthcare treatment and adoption of medical image analysis not only in diagnosis and treatment but also in Research activities by manufacturers for developing new innovative solutions in the medical field.
Global Medical Image Analysis Software Market – Restraints
The Medical Image Analysis Software market faces constraints due to the Cost of software. The budget to manufacture the advanced equipment, and maintenance of equipment is very high. Another major limiting factor is to adoption of such equipment in small healthcare facilities which requires skilled persons, so the lack of such skilled persons to run the software is also limited. In developing countries where economic status is not high at such places, people cannot afford such technology help to detect and treatment of diseases. Medical Image Analysis Software Security and compliance are the second limiting factor that limits this Market. If Security is not done properly reputational and financial damage can occur. For the safety of the patient, the software is approved by applicable laws and regulations. Software should fulfill the guidelines mentioned in the HIPPA (Health Insurance Portability and Accountability Act).
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Global Medical Image Analysis Market – Opportunities
According to the Institution of Health Metrics and Evaluation, it was estimated that in the coming years, cancer patients will increase, and the growth of cancer is significant indicating the need for advanced technology like Digital Radiography, and Computed Radiography which gives a wide range of detectability. Chronic diseases are going to increase due to inappropriate lifestyle and pollution so for the check-up or diagnosis purpose Advance Medical Image Analysis Should be needed in coming years. Imaging informatics can assist in the interpretation of image-based, clinically recorded evidence. This, in turn, leads to the generation of associated actionable knowledge to achieve precision medicine practice. The discipline of informatics has the power to transform data into useful clinical information patterns of observable evidence and, subsequently to generate actionable knowledge in terms of diagnosis, prognosis, and disease management.
Global Medical Image Analysis Software Market – Geographical Insight
The market for Medical Image Analysis Software is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the Dominant region and expect to be dominant in coming years also due to the high prevalence of chronic disease in oncology, gastroenterology, and cardiology. The advanced technology available and the support from the government are driving the growth of the Medical Image Analysis Software Market. Asia Pacific region is the fastest growing region as it has the highest number of geriatric populations. High-populated countries such as China, and India will increase the number of sufferings from various types of chronic conditions which directly takes the Market to Peak.
Global Medical Image Analysis Software Market – Key Development
- On August 17, 2023, Kitware, a leader in developing innovative medical visualization software, is pleased to announce its successful collaboration with Polarean, Inc. – a medical imaging technology company and long-standing customer – and their recent FDA approval of their lung imaging technology.
- On April 13, 2022, Clairvo Technologies, Inc. received market authorization for VIDA Insights, a chest CT image analysis software developed by VIDA Diagnostics Inc., under the Pharmaceutical and Medical Device Act (PMD Act).
- On March 14, 2022, Philips introduced new cloud-enabled enterprise imaging informatics and analytics solutions at HIMSS22