Medical imaging is crucial in a variety of medical settings and at all major levels of health care. Medical imaging encompasses technologies like ultrasound imaging, radiographic imaging, x-ray imaging, MRI, tomography, and other modalities. Imaging software is the type of graphic design software used to create, edit, and manipulate images on the computer. Medical imaging analysis plays an important role in modern medicine. 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. Image analysis enables manufacturers and researchers to unneeded tests, minimize clinical errors, raise care quality, and misdiagnosis cases, increasing the effectiveness and efficiency of medical treatment.
Market Statistics:
The global medical imaging analysis software market is estimated to account for US$ 3859.16 Mn in terms of value by the end of 2022.
Drivers:
Technological advancements in medical imaging systems and analysis software are expected to propel the growth of the global medical imaging analysis software market over the forecast period. For instance, in November 2021, Philips Healthcare announced the launch of new 1.5-tesla and 3-tesla MRI scanners, as well as software-based workflow enhancements, which are designed to enable radiology facilities to operate more efficiently. These advances in medical imaging and enhanced use of software for analysis purposes are driving the growth of the global medical imaging analysis software market
Opportunities:
Outbreak of COVID-19 across the globe is expected to offer significant growth opportunities for players in the global medical imaging analysis software market. For instance, in July 2020, UC San Diego announced that its health radiologists and other physicians are now leveraging artificial intelligence (AI) to augment lung-imaging analysis in a clinical research study aimed at COVID-19 lung imaging analysis. The cause of death for most people with COVID-19 is pneumonia, which often requires long hospital stays and assistance breathing with ventilators. Providers at UC San Diego are using artificial intelligence in a clinical research study aimed at speeding the detection of pneumonia, a condition associated with severe COVID-19.
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 to 5 million.
Global Medical Imaging Analysis Software Market - Impact of Coronavirus (Covid-19) Pandemic
Medical imaging is an essential part of the universal fight against this pandemic. Chest CT and X-ray imaging are one of the best suitable non-invasive techniques to detect COVID infections during the pandemic. In June 2020, GE Healthcare announced the launch of its Thoracic Care Suite, a collection of eight artificial intelligence (AI) algorithms from Lunit INSIGHT CXR to help alleviate clinical strain due to COVID-19. AI suite quickly analyses chest X-ray findings & flags abnormalities to radiologists for review, including pneumonia, which may be indicative of COVID-19 as well as tuberculosis, lung nodules, and other radiological findings. Moreover, FDA cleared numerous AI products that can offer a preliminary diagnosis. In short, pandemic has had positive impact on the growth of the market.
To know the latest trends and insights prevalent in the Global Medical Imaging Analysis Software Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-imaging-analysis-software-market-5169
Key Takeaways:
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 2022 and 2028.
Among application, 3D image segment held dominant position in the global medical imaging analysis software market in 2021, accounting for 40.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increasing prevalence of chronic disease worldwide is expected to boost growth of the global medical imaging analysis software market. Diagnostic imaging can detect chronic disease that may not display apparent symptoms yet. For instance, according to the U.S. Centers for Disease Control and Prevention (CDC), six in ten adults in the U.S. currently live with a chronic disease, such as cancer, heart disease, or diabetes, leading causes of death in the U.S. with heart disease and cancer alone accounting for around 38 percent of all deaths.
- Introduction of novel products by market players is expected to propel growth of the global medical imaging analysis software market. For instance, in August 2021, CXR-AID, a chest X-ray program powered by AI developed by Fujifilm, has been made available in Japan after receiving certification from the Pharmaceuticals and Medical Devices Agency (PMDA).
Competitive Landscape:
Major players operating in the global medical imaging analysis software market include Xinapse Systems Ltd., Siemens Healthcare GmbH, ScienceSoft USA Corporation, Koninklijke Philips NV, Carestream Health, AQUILAB SAS, Agfa-Gevaert Group, General Electric Company (GE Healthcare), Canon Inc. (Canon Medical Systems, United States), and International Business Machines Corporation (IBM), among others.
Recent Developments:
In March 2022, Canon Medical Systems acquired medical equipment manufacturer Nordisk Røntgen Teknik (NRT) to strengthen its global x-ray business.
In February 2022, Carestream Health India announced the launch of the DRX Compass, an accurate, convenient, and configurable digital radiology solution to provide radiologists with a whole new efficiency level. The ImageView Software used in DRX Compass enables upgraded cybersecurity.
In August 20221, GE Healthcare announced the launch of a diagnostic imaging and workflow solution, Edison True PACS, to help enable radiologists to be more efficient and precise.
