Medical Image Analysis Software Market by Type (Integrated), Images (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound), Application (Orthopaedic, Oncology, Neurology, Mammography, Dental), End User (Hospital, Diagnostic Center) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Medical Image Analysis Software Market Overview
The global Medical Image Analysis Software Market size is projected to reach a CAGR of 7.8% from 2023-2030.
Medical imaging is referred to as a process of creating a visual portrayal of a body for clinical analysis and medical intervention. The scanning software develops images that are stored in the computer’s memory and are later analyzed. The analysis is a process to enhance the quality of images and the quantitative aspects. The analysis is carried out using a computer-aided diagnosis and data-driven optimized image registration and segmentation.
A rise in demand for diagnostic imaging software in fields, such as dental, orthopedics, urology, neurology, and oncology, is likely to contribute to the market growth. The growing adoption of ultrasound imaging systems to facilitate faster diagnosis, particularly of chronic diseases, is expected to propel the demand. In addition, continuous developments in the field of imaging technology, such as Computer-aided Diagnosis (CAD), are anticipated to bolster the demand for these platforms. The introduction of Artificial Intelligence (AI) in medical imaging has changed the market dynamics in recent years and is anticipated to positively influence growth shortly.
On the other hand, budgetary constraints are likely to hamper market growth during the forecast period.
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The ongoing COVID-19 pandemic has negatively affected the medical image analysis software industry. Government bodies across the globe are focusing to curb COVID-19 with stringent measures, such as social distancing, nationwide lockdowns, and large-scale quarantine to prevent the spread of the coronavirus. Due to the outbreak of the coronavirus disease COVID-19, clinic visits were either cancelled or postponed, which, in turn, hampered the market growth.
Delvens Industry Expert's Standpoint
The Medical Image Analysis Software Market report, the market is expected to grow significantly in the coming years due to factors such as an increasing prevalence of chronic diseases, technological advancements in medical imaging, and a growing demand for efficient and accurate diagnostic tools. The report indicates that North America is currently the largest market for medical image analysis software due to the presence of major players and the high adoption rate of advanced medical technologies. However, the Asia Pacific region is expected to witness the fastest growth in the market due to the growing healthcare infrastructure and rising investments in healthcare technology.
Key Findings
• The type segment is further bifurcated into Integrated Software and Standalone Software. Integrated software is anticipated to dominate the market during the forecast period. The growth is due to the increase in the adoption of diagnostic imaging, and the several benefits of integrated software, including centralized data storage and cost-effectiveness.
• The application segment is further fragmented into Cardiology, Orthopaedics, Oncology, Neurology, Obstetrics and Gynaecology, Mammography, Dental, Respiratory, and Urology & Nephrology. The cardiology segment is anticipated to maintain dominance during the forecast period. The large share of this segment can primarily be attributed to factors such as increasing innovations in cardiac imaging technologies, increasing adoption of MRI & CT scanners for cardiac imaging procedures, and the growing number of cardiac imaging tests due to the rising incidence of cardiac disorders.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America accounted for the largest share of the market. Factors like the presence of key market players, and the high incidence/prevalence of various diseases contribute to the growth of this region.
• The ongoing COVID-19 pandemic has negatively affected the medical image analysis software industry. Government bodies across the globe are focusing to curb COVID-19 with stringent measures, such as social distancing, nationwide lockdowns, and large-scale quarantine to prevent the spread of the coronavirus. Due to the outbreak of the coronavirus disease COVID-19, clinic visits were either cancelled or postponed, which, in turn, hampered the market growth.
Medical Image Analysis Software Market Regional Analysis
North America to Dominate the Market
• North America accounted for the largest share of the market. Factors like the presence of key market players, and the high incidence/prevalence of various diseases contribute to the growth of this region.
• The fastest-growing region in the medical image analysis software market is Asia during the forecast period. This growth is driven by factors such as the growing medical imaging research, and the rising geriatric population.
Medical Image Analysis Software Market Competitive Landscape
• Toshiba Medical Systems Corp.
• Bruker Corp.
• Xinapse Systems Ltd.
• Esaote, Inc.
• ClaroNAv, Inc.
• Merge Healthcare Inc.
• Aquilab GmbH
• Spacelabs Healthcare, Inc.
• MIM Software Inc.
• Carestream Health, Inc.
• Agfa-Gevaert Corp.
• Philips Healthcare
• Siemens Healthineers
• GE Healthcare
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Medical Image Analysis Software Market Recent Developments
• In March 2022, Koninklijke Philips N.V. (Netherlands) launched Cloud-enabled Enterprise Imaging Informatics and Analytics Solutions, namely, HealthSuite Interoperability and Enterprise Performance Analytics – PerformanceBridge, to meet diverse workflow needs across the imaging enterprise.
• In February 2022, IBM (US) acquired Neudesic, LLC (US) which was aimed at expanding IBM’s portfolio of hybrid multi-cloud services and further advancing the company’s hybrid cloud and AI strategy.
Reasons to Acquire in the Medical Image Analysis Software Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for Medical Image Analysis Software Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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