Chicago, July 11, 2022 (GLOBE NEWSWIRE) -- According to the new market research report “Medical Image Analysis Software Market by Type (Integrated), Images (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound), Application (Orthopedic, Oncology, Neurology, Mammography, Dental), End User (Hospital, Diagnostic Center) - Global Forecasts to 2027”, published by MarketsandMarkets™, is projected to reach USD 4.5 billion by 2027 from USD 3.2 billion in 2022, at a CAGR of 7.8%.
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While budgetary constraints are expected to restraint the global medical image analysis software market during the forecast period, increasing government investments in the field, rising chronic disease-ridden population, and advancements in related technologies are some of the factors set to drive the market.
In this report, the medical image analysis software market is classified into six segments—type, image type, modality, application, end user, and region.
“In 2021, the integrated software segment accounted for the largest market share.”
The integrated software segment occupied a larger share of 61.8% of the medical image analysis software market in 2021. The segment is expected to exhibit the highest CAGR of 8.6% during the forecast period. The large share of this segment can be attributed to the benefits of integrated software, such as cost-effectiveness, centralized data storage, and access to live data for multiple users to process, are also expected to support the growth of this segment.
“By image type, the 3D imaging segment was the larger market share in 2021.”
The 3D imaging segment accounted for the larger share of the medical image analysis software market in 2021. This segment is expected to maintain its leading position throughout the forecast period owing to technological advancements in 3D imaging technology, such as artificial intelligence and machine learning, enabling efficient and accurate real-time visualization of the human body, thereby eliminating distortion in procedures.
“The tomography segment accounted for the largest market share in 2021.”
The tomography segment accounted for the largest share of 46.5% of the medical image analysis software market in 2021. This segment is projected to reach USD 2,066.7 million by 2027 from USD 1,459.1 billion in 2022, at a CAGR of 7.2% during the forecast period. Technological advancements like 4D imaging systems and software, artificial intelligence, and hybrid imaging modalities; software modifications; and the growing number of CT scanner installations across the globe are expected to drive the tomography segment during the forecast period.
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“In 2021, North America was the region with the largest market share in the medical image analysis software market“
The medical image analysis software market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
North America accounted for the largest share of the medical image analysis software market in 2021. Favorable government initiatives to support the adoption of healthcare IT, and the presence of key market players are favorable factors for market growth in this region.
Asia Pacific was the fastest growing region, which can be attributed to the growing medical imaging research and increasing adoption of medical image analysis software by healthcare professionals in the region.
Key players offering Medical Image Analysis Software Products in this market include:
- GE Healthcare (US),
- Koninklijke Philips N.V. (Netherlands),
- Siemens Healthineers (Germany),
- Canon Inc. (Japan),
- Agfa HealthCare (Belgium),
- International Business Machines Corporation (US),
- Carestream Health, Inc. (US),
- AQUILAB SAS (France),
- Esaote S.p.A. (Italy),
- MIM Software, Inc. (US),
- Image Analysis, Ltd. (UK), and
- ScienceSoft USA Corporation (US).
These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the medical image analysis software market.
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