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

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.