MEDICAL IMAGING ANALYSIS SOFTWARE MARKET ANALYSIS

The global medical imaging analysis software market was valued at US$ 3612.77 Mn in 2021 and is forecast to reach a value of US$ 6002.05 Mn by 2028 at a CAGR of 7.6% between 2021 and 2028. The global medical imaging analysis software market is experiencing strong growth owing to the increasing prevalence of chronic diseases across the globe and technological advancements in the field of medical imaging. Over the years, medical imaging has evolved from relatively primitive 2D scans into high-resolution sources of valuable information. The use of 3D imaging (even 4D imaging) technologies in medical imaging has the ability to create better images, as well as powerful results. Moreover, increasing prevalence of chronic disease worldwide is expected to aid in the growth of the market.

Global Medical Imaging Analysis Software Market: Regional Insights

Based on geography, the global medical imaging analysis software market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the global medical imaging analysis software market over the forecast period owing to the increasing prevalence of chronic diseases and introduction of novel analysis software in this region. For instance, in October 2021, HALO Diagnostics, a medical imaging provider headquartered in Southern California, announced a partnership with Subtle Medical, a company focused on AI-powered software for faster, safer, and smarter medical imaging. HALO has implemented both SubtleMR and SubtlePET image enhancement software at multiple locations, leading to higher quality imaging and improved patient experience.

Asia Pacific is also expected to witness robust growth in the global medical imaging analysis software market owing to the technological advancements in medical imaging. For instance, in April 202, Wipro GE Healthcare announced the launch of next-generation Revolution Aspire CT scanner. It is an advanced imaging solution.  The scanner is equipped with higher imaging intelligence to improve clinical confidence when diagnosing diseases and anomalies. In March 2022, Siemens Healthineers showcased latest products and technologies in radiology at 74th National Conference, IRIA 2022, Bengaluru. The company introduced its unique solutions in MRI and CT portfolio- MAGNETOM Free.Star and NAEOTOM Alpha.

Figure 1. Global Medical Imaging Analysis Software Market Share (%), by Region, 2021

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Global Medical Imaging Analysis Software Market Drivers:

Increasing usage of imaging equipment due to rising prevalence of chronic diseases across the globe is expected to augment growth of the global medical imaging analysis software market during the forecast period. Medical imaging can detect chronic disorders that may not display apparent symptoms yet. Increases in number of imaging procedures and increasing prevalence of chronic diseases have raised the demand for novel image analysis software worldwide. For instance, as per the Centers for Disease Control and Prevention (CDC), 6 in 10 Americans live with at least one chronic disease, such as heart disease and stroke, cancer, or diabetes, some of the leading causes of death and disability in the U.S.

Rise in demand for diagnostic imaging software in fields, such as urology, orthopedics, dental, oncology, and neurology is expected to boost the growth of the global medical imaging analysis software market during the forecast period. Medical imaging analysis plays vital role in modern medicine, as imaging software provides important insights into potential disease mechanisms. For instance, in August 2020, Random Walk Imaging AB (RWI) announced the launch of its first commercial software product for clinical researchers and radiologists. dVIEWR Powered by MICE Toolkit is the result of a collaboration with NONPI Medical, with whom RWI has entered into an exclusive license and development agreement to market dVIEWR worldwide.

Global Medical Imaging Analysis Software Market Opportunities:

Rising applications of computer-aided diagnosis worldwide is expected to provide significant growth opportunities for players in the global medical imaging analysis software market. For instance, according to a GE Healthcare press release (December 2020), deep learning software (a type of machine learning and artificial intelligence, or AI) can improve medical imaging in hospitals and other care facilities by producing images in a shorter amount of time.

Implementation of artificial intelligence (AI) in medical imaging is expected to offer lucrative growth opportunities for players in the global medical imaging analysis software market. For instance, in June 2020, GE Healthcare announced the launch Thoracic Care Suite designed to detect and highlight eight common conditions, such as tuberculosis and pneumonia, including those linked to COVID-19, using their algorithms.

Global Medical Imaging Analysis Software Market Trends:

Technological advancements in medical imaging systems and analysis software is expected to dive growth of the global medical imaging analysis software market. For instance, in July 2022, Siemens Healthineers announced integration of Subtle Medical's image-enhancement software, named SubtleMR. SubtleMR offers deep learning post-processing for denoising and increased sharpness on faster MRI sequences, enabling improved image quality, optimized workflow, and a better patient experience.

Increasing prevalence of various heart diseases is expected to propel the growth of the global medical imaging analysis software market. For instance, new imaging tests are a way to assess the cardiovascular condition among patients not necessarily at low/high risk for cardiovascular disease. According to the World Health Organization (CMI), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.

Global Medical Imaging Analysis Software Market Restraints:

High cost of medical imaging devices is expected to hamper the growth of the global medical imaging analysis software market. For instance, the cost of medical imaging devices may vary. The cost of MRI devices usually ranges between US$ 1 & 3 million, or sometimes even higher. MRI machines come in a variety of sizes and magnetic strengths, the average sales price of an MRI machine is around USD 1.5 million. Whereas, high-field (3T) MRI systems cost around USD 2.5–5 million.

Software security & compliance issues and shortage of radiologists are also expected to hinder growth of the medical imaging analysis software market. There is a shortage of radiologists. America's shortage of radiologists and other physician specialists could surpass 35,000 by 2034, according to a recently published analysis. Across all care segments, the number could climb as high as 124,000.

Figure 2. Global Medical Imaging Analysis Software Market Share (%), by Image Type, 2021

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Global Medical Imaging Analysis Software Market Segmentation:

The global medical imaging analysis software market report is segmented into Image Type, Modality, Software Type, End-User, and Region.

Based on Image Type, the market is segmented into 2D Image, 3D Image, and 4D Image. Out of which, 3D Image segment is expected to dominate the market over the forecast period and this is attributed to the increasing usage of 3D imaging equipment. 3D medical imaging is a revolutionary optical imaging technology, which provides enlarged image of the interior body for medical analysis by utilizing 3D imaging modalities. The 3D imaging technology includes ultrasound, MRI, radiography, and CT scan.

4D Image segment is also expected to witness significant growth in the near future and this is due to the increasing adoption 4D imaging equipment. This advanced imaging method makes CT scans much faster and more accurate than ever before. 4D CT uses a new technology that captures the location and movement of tumor and the movement of body's organs over time.

Based on Modality, the market is segmented into X-ray Imaging, MRI, Ultrasound Imaging, Radiographic Imaging, Tomography, and Other Modalities. Out of which, X-ray Imaging is expected to dominate the market over the forecast period and this is attributed to the increasing usage of X-ray imaging. X-rays can be used to examine most areas of the body.

MRI is also expected to witness significant growth in the near future and this is owing to the increasing prevalence of neurological disease. Magnetic resonance imaging (MRI) uses a large magnet and radio waves to look at organs and structures inside the body. MRIs are very useful for examining the brain and spinal cord.

Based on Software Type, the market is segmented into Integrated Software and Standalone Software. Out of which, Integrated Software is expected to dominate the market during the forecast period and this is attributed to the rise in use of imaging equipment. Integrated software is a software for personal computers that combines the most commonly used functions of many productivity software programs into one application.

Based on End-User, the market is segmented into Hospital, Diagnostic Center, and Research Center. All End-Users are expected to dominate the market during the forecast period and this is attributed to the increasing disease burden across the globe. It is quite difficult to analyse and diagnose from just one image, so medical imaging analysis software have been used to provide insight into potential disease mechanisms.

Global Medical Imaging Analysis Software Market: Key Developments

In May 2021, Watson Health released its diagnostic viewer and image exchange platform, IBM iConnect Access, a zero-download web viewer that is designed to allow healthcare providers to be aggregate, exchange, and access medical imaging data across the enterprise.

In August 2021, GE Healthcare announced the launch of Allia Platform, designed to enhance user experience, improve workflow efficiency and increase the adoption of advanced image guidance, at the Radiological Society of North America’s (RSNA) 2021 Annual Meeting.

In May 2020, Carestream Health is accelerating the development of AI applications for medical imaging that help improve patient care. It is based on Hewlett Packard Enterprise’s GreenLake for Machine Learning Operations (ML Ops).

Global Medical Imaging Analysis Software Market: Key Companies Insights

The global medical imaging analysis software market is highly competitive. This is attributed to technological advancements in medical imaging, as players in the market are focusing on launching novel imaging software to meet increasing demand.

Some of the key players in the global medical imaging analysis software market are:

Xinapse Systems Ltd., Siemens Healthcare GmbH, ScienceSoft USA Corporation, Koninklijke Philips NV, Carestream Health, AQUILAB SAS, General Electric Company (GE Healthcare), Canon Inc. (Canon Medical Systems, United States), Agfa-Gevaert Group, and International Business Machines Corporation (IBM), among others.

*Definition:  Medical imaging is crucial in a variety of medical settings and at all major levels of health care. Medical imaging encompasses technologies such as x-ray imaging, ultrasound imaging, MRI, radiographic imaging, tomography, and other modalities. It is quite difficult to analyse and diagnose from just one image, so medical imaging analysis software have been used to provide insight into potential disease mechanisms.