23-Jun-2022 | Zion Market Research
The global medical image analysis software market was worth approximately USD 3.26 million in 2021, and is predicted to grow to about USD 4.95 million by 2028, with a CAGR of around 9.4 percent
Medical image analysis software is used to read and inspect healthcare-related images with the use of deep learning algorithms. These systems are capable of investigating hundreds of medical images at one go and are extremely beneficial in handling large workloads. Algorithms to detect any abnormalities in the report can also be installed in this software thus reducing the work of healthcare professionals.
The medical image analysis software has applications in every segment of the healthcare sector however radiologists use the machine more extensively.
Medical image analysis software aids manufacturers and researchers in minimizing any clinical errors, reducing time wastage by cutting down on unneeded tests, preventing misdiagnosis, and ultimately helping in improving care quality.
Covid-19 did not have any significant impact on the global medical image analysis software market since the demand for the products was still high owing to the exponential rise in medical cases in 2020 and 2021 but meeting the demand was an issue owing to supply chain restrictions globally.
There has been a significant surge in the number of medical cases globally in the last few years because of the growing number of chronic diseases, the rising geriatric population, and accidental causes. The rising number of patients automatically calls for increasing the number of healthcare providers and along with that the need for more enhanced and improved medical equipment. This is expected to propel the global market forward. Artificial Intelligence is used extensively in the healthcare sector owing to its multiple applications from detection, diagnosis, analysis, and the final medical support. Diagnostic measures such as CT scans, MRI, and others have a growing demand for effective, accurate, and patient-friendly technology thus propelling the need for AI infusion in the medical sector. This is expected to aid the global medical image analysis software market growth during the projection period. The rising adoption of advanced technology like 3D imaging, multimodality imaging platforms, and their excellent outputs like flexibility, high-resolution imaging, and convenient use is expected to aid the global market growth. Given the immense potential of the global market, there is a constant addition of manufacturers in the domestic and international market which is coupled with advanced funding from existing key market players and the government which is projected to assist in the global market expansion.
The high prices of imaging equipment, along with the high cost of software development and license, is a key constraint limiting market expansion, particularly in countries with inadequate reimbursement scenarios. The growing adoption of image analysis software that is accessible through the cloud is anticipated to provide for multiple growth opportunities in the global market whereas the increased risk of hacking imaging equipment & software is a challenge for the global market growth.
The global medical image analysis software market is categorized based on type, image type, modality, application, end-user, and region. By type, the market is segregated into standalone software and integrated software. The image type segment is split into 3D Imaging, 4D Imaging, and 2D Imaging. Modality is segmented into ultrasound imaging, traumatic brain injury, radiographic imaging, and combined modalities. The application segment is bifurcated into neurology, oncology, orthopedics, dental applications, cardiology, obstetrics and gynecology, nephrology and urology mammography, and respiratory applications. Based on end-user, the market is divided into diagnostic centers, hospitals, and research centers.
North America is expected to dominate the global medical image analysis software market owing to the increasing number of medical cases, advanced healthcare infrastructure, excellent medical reimbursement policies, rising awareness amongst the general population about health care, and the presence of large-scale manufacturers in the region.
Asia-Pacific is expected to register a high CAGR during the forecast period because of the rise in healthcare facilities, advancements in technology in countries like China, Singapore, and the presence of quality & affordable medical facilities. The regional growth is also anticipated due to the growing population and the subsequent rise in medical cases.
Some of the key players operating in the global medical image analysis software market include Carestream Health, Inc., AGFA Healthcare, GE Healthcare, Toshiba Medical Systems Corporation, AQUILAB, Esaote S.p.A, Merge Healthcare, Inc., Image Analysis, INFINITT Healthcare Co, Ltd., Mirada Medical Limited, MIM Software Inc., Philips Healthcare, Siemens Healthineers, ScienceSoft USA Corporation, and Xinapse Systems Ltd.
Browse the full “Medical Image Analysis Software Market By Type (Standalone, Integrated), By Images (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound), By Application (Orthopedic, Dental, Oncology, Nephrology), By End-User (Hospital, Diagnostic Centre, Research), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/medical-image-analysis-software-market
Global medical image analysis software market is segmented as follows:
By Image Type
By End User
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