USD 2.80 Billion
Medical Image Analysis Software Market Size, Share, Growth Analysis, By Type(Software, and Standalone Software), By Image Type(3D imaging, 4D imaging, and 2D imaging), By Modality(Tomography, Ultrasound Imaging, Radiographic Imaging, Combined Modalities), By Application(Cardiology, Orthopedics, Oncology, Neurology), By End User(Hospitals, Diagnostic imaging centers, and other end users), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2226 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
63
|Figures:
75
Medical Image Analysis Software Market Insights
Medical Image Analysis Software Market size was valued at USD 3.02 billion in 2022 and is poised to grow from USD 3.25 billion in 2023 to USD 5.93 billion by 2031, growing at a CAGR of 7.8% during the forecast period (2024-2031).
The medical image analysis software market is expanding due to its growing requirement in the medical field. This software is being extensively used in various medical fields, like dental, urology, orthopedics, oncology, and neurology. This is because of the increasing need for diagnostic imaging software. Increased demand for the software is also expected to be generated by the rising use of ultrasound imaging systems for quicker diagnosis of chronic disease. Furthermore, the growing demand for innovative medical imaging solutions propelled by continuous innovation in imaging technology, such as Computer-Aided Diagnosis, are driving the market growth. In the past few years, the inclusion of AI in medical imaging is also changing market dynamics, propelling the growth of the market over the forecast period. AI-based solutions are finding several applications in medical imaging, like diagnosis, detection, image analysis, and clinical decision support. Although AI adoption in MRI and CT technologies is in the early stage, high demand owing to better accuracy, efficiency, and patient safety is boosting AI-integrated medical imaging over the forecast period. In addition, high growth in the market is also attributed to the increasing acceptance of technologically advanced products such as multimodality imaging platforms and 3D imaging. These solutions offer various benefits, such as high-resolution imaging, user-friendly interface, and utmost flexibility, making them highly attractive to healthcare professionals and researchers. The introduction of innovative technological products and efficient information management systems would be major growth drivers of the market during the forecast period.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Integrated Software
Fastest Growth
Integrated Software
Growth Rate
7.8% CAGR
Global Medical Image Analysis Software Market ($ Bn)
Country Share for North America Region (%)
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Medical Image Analysis Software Market Segmental Analysis
Global Medical Image Analysis Software Market is segmented on the basis of type, image type, modality, application, end user, and region. By type, the market is segmented into Integrated Software and Standalone Software. By image type, the market is segmented into 3D imaging, 4D imaging, and 2D imaging. By modality, the market is segmented into Tomography, Ultrasound Imaging, Radiographic Imaging, Combined Modalities, and Mammography. By application, the market is segmented into Cardiology, Orthopedics, Oncology, Neurology, Obstetrics and Gynecology, Mammography, Dental, Respiratory, Urology and Nephrology, and Vascular. By end user, the market is segmented into hospitals, diagnostic imaging centers, and other end users. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
Based on application, the cardiology segment is dominating the medical image analysis software market with the largest revenue. The growth is attributed to the high prevalence of cardiovascular and congenital heart diseases. Many government facilities are also supporting enhancement of the software and easy accessibility of treatments. Due to the higher incidence and mortality of heart disease, the use of cardiovascular imaging for condition assessment has increased in recent years. In February 2020, the U.S. FDA gave approval to the marketing of software to help medical professionals in the acquisition of echocardiography or cardiac ultrasound images. The software, known as Caption Guidance, is an addition to compatible diagnostic ultrasound systems. It also utilizes artificial intelligence to help the user capture a patient’s heart images that are of normal diagnostic quality.
The oncology segment is witnessing the fastest growth in the medical image analysis software market due to the rapid increase in the prevalence of cancer. Many countries are experiencing growing cases of cancer such as lung, prostate, breast, advanced prostate, breast, and colorectal. This is likely to result in an increased demand for diagnostic solutions in the segment over the estimated period. According to the study on Cancer Trauma Surgeons, surgeons are focusing on advancing computer technologies to enable clear visuals of cancerous tumors. This is a key factor that is anticipated to boost the growth of the cancer software solutions. In addition, the active R&D set for the development of new imaging modalities is expanding the growth of the segment.
Analysis by Imaging Type
Based on imaging type, the 4D imaging segment is dominating the medical image analysis software market with the largest revenue. This segment will continue to dominate over the forecast period because of the technological advancements in 4D imaging technology. These developments helps in efficient and accurate real-time visualization of the human body, effectively eliminating distortions in medical procedures. 4D imaging technology involves the analysis of three-dimensional images with real-time movement, thereby enhancing the accuracy and effectiveness of medical imaging. The 4D imaging software solutions markets are anticipated to experience substantial growth rates during the forecast period, fueled by the increasing adoption of these advanced technologies.
The 2D imaging segment is witnessing the fastest growth in the medical image analysis software market. 2D imaging has been used since 1972, like the standard CT or MRI. It also has tools such as anatomy segmentation, with an ability to reconstruct and reformat images, adjust their contrast and resolution. These tools can also visualize pathology with the use of digital imaging and communications in medicine standards. One of the most useful imaging modalities is considered to be 2D echo because it is easily accessible and inexpensive. It can even serve as a bedside technique, and it can be repeated. Therefore, it is the most popular cardiovascular imaging modality, which is used for cardiovascular patients without any history of ischemic heart disease. It is also particularly helpful in ruling out other signs of acute chest pain or dyspnea, like aortic dissection and pericardial effusion.
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Medical Image Analysis Software Market Regional Insights
North America is dominating the medical image analysis software market with the largest market share. The expansion of the medical image analysis software market in the North America region is due to well-established healthcare facilities having advanced diagnostic facility, and the favorable government initiative in promoting the adoption of healthcare IT. The further growth in the region can be led by increasing research and development investments and it is credited to the presence of major players in the market. The U.S. is dominating the market with the largest revenue share in the medical image analysis software market. This is because of the increasing prevalence of life-style related diseases and initiatives taken by the market players to improve performance of the software.
Europe is witnessing the fastest growth in the medical image analysis software market. The growth of the medical image analysis software in this region is majorly driven by the continuous advancements of medical imaging technologies such as MRI, CT scans, and ultrasound in the region. It has been observed that the continuous improvements in the medical equipment sector have led to both increased volume and complexity of medical images. Such increased demand for medical imaging has made the medical image analysis software inevitable for the efficient analysis and interpretation of the medical images. The most rapidly growing market of medical image analysis software is the UK. The main drivers of this growth include a large number of citizens suffering from cancer, the increased effectiveness of healthcare services, augmented healthcare spending, and the growing demand for more accurate medical imaging diagnostics and reports.
Global Medical Image Analysis Software Market By Geography
- Largest
- Fastest
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Medical Image Analysis Software Market Dynamics
Drivers
Growing Prevalence of Life-Style Related Disease
- The market is driven by the increasing prevalence of lifestyle-related disorders, growing demand for early diagnostic tools, and technological advancements to minimize the time period. Government initiatives, favorable insurance support, and expansion of new manufacturing facilities in developing companies is also positively influencing the growth of the market. In 2022, Siemens Healthineers opened a new CT scanners production unit in India to meet the growing demand for this technology and strengthen its market position.
Growing Demand for Advanced Imaging Modalities
- Rise in technological advancements in imaging modalities due to the surge in demand by universities to provide training on advanced technology is a key factor that is impacting the market growth in a significant manner during the forecast period. In addition, the use of AI for image quantification and identification is boosting the market growth. Furthermore, the use of 3D MRI and CT scans allow radiologist to analyze the scan accurately in short span of time, increasing efficiency.
Restraints
Reduced Rate of Adopting AI-Enabled Systems in Medical
- Healthcare organizations have not been successful in using AI enabled systems to the fullest extent. It is difficult to use these systems with the existing IT infrastructure, and one should have the proper technical expertise to handle them. As a result, the adoption rate of such systems is very low, thus, not allowing the medical image processing software market to grow.
Growing Expenses Related to Medical Imaging Solutions
- The high cost of medical imaging and treatment as well as budgetary constraints will be the two major factors that will hamper the growth of the medical image analysis software market. Furthermore, the market growth is also being hampered by the lack of skilled professionals and risk of hacking of imaging equipment and software.
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Medical Image Analysis Software Market Competitive Landscape
The industry is highly competitive with major companies operating on a global scale. Technology poses a driving force for the industry as a whole. The companies are continuously engaging in the process of R&D, along with in the development of cost-effective diagnostics solutions. To increase their competitive edge from competitors, businesses are using various strategies like partnerships, mergers and acquisitions, or regional expansions. They are also introducing new products or technologies to increase their market presence. With such tactics they are also able to create collaborative agreements and partnerships, further increasing competitive advantage and progressing the growth of the market.
Top Player’s Company Profiles
- GE Healthcare (US)
- Koninklijke Philips N.V. (Netherlands)
- Siemens Healthineers (Germany)
- Canon Inc. (Japan)
- Agfa Healthcare (Agfa-Gevaert Group) (Belgium)
- International Business Machines (IBM) Corporation (US)
- Carestream Health (US)
- Aquilab SAS (France)
- Esaote S.p.A. (Italy)
- MIM Software Inc. (US)
- Image Analysis, Ltd. (UK)
- ScienceSoft USA Corporation (US)
- Xinapse Systems Ltd. (UK)
- INFINITT Healthcare Co., Ltd. (South Korea)
- Dentsply Sirona (US)
- Medis Medical Imaging Systems BV (Netherlands)
- Neusoft Medical Systems Co., Ltd. (China)
- Planmeca OY (Finland)
- AnalyzeDirect, Inc. (US)
- Arterys Inc. (US)
- Media Cybernetics, Inc. (US)
- QMENTA (Spain)
- Cefla Medical Equipment (Cefla S.C.) (Italy)
- Ziosoft (Japan)
- Kitware, Inc. (US)
- Lunit Inc. (South Korea)
Recent Developments
- In January 2023, Bruker Corporation proceeded with the acquisition of ACQUIFER Imaging GmbH. With this acquisition the company can now increase its portfolio to include big data management and high-content screening solutions.
- In January 2023, Canon Medical Systems USA Inc., collaborated with ScImage, Inc. Sclmage offers cloud-native enterprise image management, PACS, and image exchange solutions for the healthcare sector.
- In May 2023, Claritas HealthTech partnered with PwC. The objective of this collaboration is to distribute their medical imaging platforms and support various medical image developments.
Medical Image Analysis Software Key Market Trends
- Emergence of CT-Guided Diagnosis: Introduction of various diagnostic and intervention techniques such as CT guided diagnosis and intervention, nuclear medicine-based scans and angiography has increased the extent of radiation exposure to the patients and the medical professionals. This had forced the statutory bodies to include the measurement and recording of the radiation exposure to the patients in their case records. Similarly, it is very much essential to know how much radiation a doctor is getting exposed while he is practicing.
- Growing Integration of CAD in Imaging Technology: The medical imaging analysis software market is expected to benefit from the increasing need for imaging technology with continuous advancements such as Computer-aided Diagnosis. This CAD method provides an advanced processes of data interpretation using computerized software. Moreover, Computer-aided Diagnosis is an integration of image processing, computer vision, and statistics into computerized techniques aiding radiologists in making an analysis and decision.
Medical Image Analysis Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global medical image analysis software market is extremely dynamic and competitive. The industry is technology based since there is continuous R&D carried out to develop diagnostic solutions which are more cost-effective. The key players have been taking different strategic moves like collaborative agreements, partnerships, mergers and acquisitions, regional expansion, new product development. This is all for gaining an edge over their competitors. The medical image analysis software helps the researchers and the manufacturers of medical device to reduce the clinical errors during a diagnosis or a test. This also enables the researchers to upgrade their quality for diagnosing any disease. This software facilitates the early diagnosis which contributes to the high survival rates and cures. The market players are also introducing advanced software for medical image analysis so that they can offer an outstanding image quality.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.02 billion |
| Market size value in 2031 | USD 5.93 billion |
| Growth Rate | 7.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Image Analysis Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Image Analysis Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Image Analysis Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Image Analysis Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Image Analysis Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Image Analysis Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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