Luton, Bedfordshire, United Kingdom, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Medical Image Analysis Software Market.
Medical Image Analysis Software Market: Exactitude Consultancy
Medical Image Analysis Software Market will exhibit a CAGR of 8.15 % in the forecast period of 2022 to 2029 and is expected to reach USD 6.45 billion by 2029.
The market is anticipated to expand as a result of an increase in demand for Medical Image Analysis Software Market in industries including dentistry, orthopaedics, urology, neurology, and cancer. The need is anticipated to increase as ultrasonic imaging devices are used more frequently to enable quicker diagnosis, particularly of chronic disorders. Additionally, it is projected that ongoing advancements in imaging technologies, such as computer-aided diagnosis (CAD), would increase demand for these systems. Medical imaging market dynamics have evolved in recent years as a result of the advent of artificial intelligence (AI), and this is expected to continue in the near future.
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The benefits of adopting this kind of software include improved image quality, high image resolution, and platforms for multimodal imaging that are favoured by doctors. Additionally, by employing such software for medical reasons, it makes it easier for hospitals and doctors to share medical picture records, which speeds up diagnosis and helps with decision-making. These are the main forces behind the global Medical Image Analysis Software Market.
North America Accounted for the Largest Share in the Global Medical Image Analysis Software Market
North America holds a major share in the Medical Image Analysis Software Market. It is expected to show a similar trend over the forecast period.
The United States is one of the largest Medical Image Analysis Software Market. There are regular updates in the new imaging software since newer companies are providing solutions that provide easy image post-processing and optimization with tools to filter. Companies are now offering imaging analysis software combined with enhanced visualization software.
One of the key reasons projected to fuel market expansion in this region is the rising prevalence of various cardiac disorders. Hospitals and diagnostic imaging facilities need sophisticated software to better assess patient conditions as a result of the rise in imaging operations.
Recent Developments
- In March 2022, Koninklijke Philips N.V. (Netherlands) launched Cloud-enabled Enterprise Imaging Informatics and Analytics Solutions, namely, HealthSuite Interoperability and Enterprise Performance Analytics – PerformanceBridge, to meet diverse workflow needs across the imaging enterprise.
- In February 2022, IBM (US) acquired Neudesic, LLC (US) which was aimed at expanding IBM’s portfolio of hybrid multi-cloud services and further advancing the company’s hybrid cloud and AI strategy.
- In February 2022, Siemens Healthineers (Germany) collaborated with Universal Medical Imaging (US) to help primary healthcare institutions in China improve the efficiency of their image screening and disease diagnosis using advanced imaging diagnostic equipment and remote scanning assistant tools from Siemens Healthineers and nationwide medical imaging experts at Universal Medical Imaging.
- In January 2022, IBM (US) acquired ENVIZI (Australia) which was aimed at building on IBM's growing investments in AI-powered software.
| Report Attribute | Details |
| Revenue forecast in 2029 | USD 6.45 billion |
| Growth rate | CAGR of 8.15% from 2022 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2021 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Software type, modality, imaging type, application, end use, region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country Scope | U.S.; Canada; Germany; U.K.; France; Italy; Spain; Russia; Japan; China; India; South Korea; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE |
| Key companies profiled | AGFA Healthcare, AQUILAB, Carestream Health, Inc., Esaote S.p.A, GE Healthcare, Image Analysis, INFINITT Healthcare Co, Ltd., Merge Healthcare, Inc., MIM Software Inc., Mirada Medical Limited, Philips Healthcare, Toshiba Medical Systems Corporation |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore Inquire for Discount options |
Medical Image Analysis Software Market Players
The global Medical Image Analysis Software Market key players include AGFA Healthcare, AQUILAB, Carestream Health, Inc., Esaote S.p.A, GE Healthcare, Image Analysis, INFINITT Healthcare Co, Ltd., Merge Healthcare, Inc., MIM Software Inc., Mirada Medical Limited, Philips Healthcare, Toshiba Medical Systems Corporation and others.
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Key Market Segments: Behavioural/Mental Health Software Market
Behavioural/Mental Health Software Market by Component, 2022-2029, (USD Million)
- Services
- Software
Behavioural/Mental Health Software Market by Delivery, 2022-2029, (USD Million)
- Subscription
- Ownership
Behavioural/Mental Health Software Market by Functionality, 2022-2029, (USD Million)
- Clinical
- HER
- CDS
- Telehealth
- RCM
- BI
- Administrative
- Financial
Behavioural/Mental Health Software Market by End User, 2022-2029, (USD Million)
- Hospitals
- Clinics
Medical Image Analysis Software Market Trends
Due to technological developments and the growing usage of X-rays for diagnostic purposes, X-ray imaging, a widely utilised imaging modality, is anticipated to rise in the future.
Treatment and patient data management are greatly improved with the development and introduction of medical X-ray image analysis software. The market is expected to develop as a result of the ease with which the data may be transferred between medical professionals or researchers at distant locales. The programme also minimises the need for training and saves money and time.
Medical Image Analysis Software Market Dynamics
Technology advancements in medical imaging systems and analytic software are key drivers of the Medical Image Analysis Software Market expansion. Additionally, growing private and public-sector investments in the medical imaging market boost product demand and present a wealth of chances for Medical Image Analysis Software Market participants to build their businesses. Additionally, the increased usage of imaging technology brought on by the rise in chronic disease prevalence fuels market expansion. Budgetary restrictions, though, are probably going to slow market expansion.
Modality Insights
The adoption of radiography x-ray systems has grown throughout time as a result of its early introduction. Due to the use of x-rays in radiography, there is a risk of extended exposure to dangerous radiation. The advantages of radiography, however, outweigh the dangers these techniques bring by a wide margin. Over the projection period, the segment is anticipated to grow at a constant CAGR. Due to advantages like rapid analysis and precision, the Medical Image Analysis Software Market is predicted to experience the fastest CAGR throughout the forecast years. Ultrasound imaging is also non-invasive and does not expose patients to ionising radiation. This is a key element influencing the segment's growth.
Medical Image Analysis Software Market Report Highlights
- The Medical Image Analysis Software Market is expected to witness the fastest CAGR over the forecast period due to the increased application scope of image analysis software in cancer diagnostics.
- The hospitals end-use segment held the largest revenue share in 2021 owing to the high product adoption in the diagnosis of various diseases.
- Asia Pacific is expected to showcase the fastest CAGR during the forecast years owing to the unmet clinical needs.
- The global Medical Image Analysis Software Market is highly fragmented and companies witness fierce competition as the industry is technology-driven.
- Strategies implemented by key players include collaborative agreements, new product launches, and geographical expansions.
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