MEDICAL IMAGING ANALYSIS SOFTWARE MARKET ANALYSIS

Market Challenges And Opportunities

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 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.