Medical Image Analysis Software Market Analysis, Growth Opportunities and Recent Trends by Application 2023 to 2030

Posted on 2023-04-19 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 19, 2023 — /EPR Network/ —

Medical Image Analysis Software Industry Overview

The global Medical Image Analysis Software Market size is expected to reach USD 5.4 billion, expanding at a CAGR of 7.7% from 2023 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.

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 and improve diagnostic confidence, operational efficiency, and access to care.

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:

Based on the Software Type Insights, the market is segmented into Integrated and Stand-alone.

Integrated software dominated the market in 2022. This high share is attributed to the benefits associated with the use of these solutions. The integrated toolkit is designed for a host of radiology applications to improve workflow.
Stand-alone platforms are anticipated to witness a 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.

Based on the Modality Insights, the market is segmented into Tomography, Ultrasound Imaging, Radiographic Imaging and Combined Modalities.

The tomography segment accounted for the maximum share of 30.0% of the global revenue in 2022 owing to its cost-effectiveness. Dual-source and AI-enabled CT scanners are expected to be important milestones in the market growth.
Radiography involves the use of x-rays and as such, poses a related risk of harmful radiation through prolonged exposure. However, the benefits of radiography far exceed the risks posed by these procedures. The segment is expected to expand at a steady CAGR over the forecast period. The ultrasound image analysis software segment is anticipated to witness the fastest CAGR during the forecast years due to benefits, such as rapid analysis and accuracy.

Based on the Imaging Type Insights, the market is segmented into 2D Imaging, 3D Imaging and 4D Imaging.

The 4D imaging segment accounted for the largest market share of more than 45.0% in 2022. This segment is expected to maintain its leading position throughout the forecast period owing to technological advancements in 4D imaging technology enabling efficient and accurate real-time visualization of the human body, thereby eliminating distortion in procedures.
The 3D and 4D imaging software solutions markets are likely to experience lucrative growth rates during the forecast period owing to the increasing adoption of these technologies. In addition, shifting focus to provide enhanced care has led to the incorporation of various computer-aided diagnosis systems, which is further contributing to the market growth. groups.

Based on the Application Insights, the market is segmented into Orthopedic, Dental Neurology, Cardiology, Oncology, Obstetrics & Gynecology, Mammography and Urology & Nephrology.

The cardiology segment accounted for the maximumshare of more than 20.0% of the global revenue in 2022. The growth is attributed to the high prevalence of cardiovascular and congenital heart diseases and government support to improve the accessibility of treatments.
The oncology and mammography segments are anticipated to witness significant growth in the coming years as the prevalence of cancer is increasing at an alarming rate. This is likely to result in a growing demand for diagnostic solutions over the forecast period.

Based on the End-Use Insights, the market is segmented into Hospitals, Diagnostic Centers, Ambulatory Surgical Centers(ASCs) and Others (Academic & Research Centers).

The hospitals segment accounted for the largest revenue share of more than 35.0% in 2022 and will remain dominant throughout the forecast period.
The Ambulatory Surgical Centers segment is expected to grow at the fastest CAGR during the forecast period. Moreover, favorable reimbursement initiatives by governments around the world have resulted in greater surgery volumes, thereby boosting demand.

Medical Image Analysis Software Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

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 include

Koninklijke Philips N.V.
GE Healthcare
Siemens Healthineers
Agfa-Gevaert Group
Toshiba Medical Systems Corporation
Spacelabs Healthcare
MIM Software, Inc.
Aquilab SAS
ESAOTE SPA
Merge Healthcare, Inc. (IBM)
ClaroNav, Inc.
Xinapse, Inc.
Bruker

Order a free sample PDF of the Medical Image Analysis Software Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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