Market Size of Medical Imaging Analysis Software Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 7.60 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Imaging Analysis Software Market Analysis
The medical imaging analysis software market is expected to register a CAGR of 7.6% over the forecast period.
The COVID-19 pandemic has had a significant impact on the market studied. The application of X-ray imaging for the diagnosis and treatment of COVID-19 and associated diseases has positively impacted the market's growth. CT scans were considered one of the best suitable non-invasive techniques to detect COVID infections during the pandemic. For instance, as per the NCBI article published in November 2021, chest CT is considered the gold standard imaging modality for COVID-19 pneumonia. Such applications of CT scans in treatment and disease diagnosis have contributed to the increased use of medical imaging analysis software in the initial days of the pandemic. Therefore, with the emergence of the new strain, the market is expected to continue considerable growth in the current years.
The technological advancements in medical imaging systems and analysis software, increasing the usage of imaging equipment due to the rising prevalence of chronic diseases, and rising applications of computer-aided diagnosis are some of the major drivers for the market. Since medical imaging analysis software is one of the essential requirements for the detection of chronic diseases, therefore, increasing cases of chronic diseases are anticipated to propel the demand for the product.
Moreover, an increase in the elderly population has also led to a steep increase in the number of chronic conditions. For instance, according to the NCBI research article published in September 2021, the global prevalence of peripheral arterial disease (PAD) is estimated to be 3.0% to 12.0%, affecting nearly 27.0 million people in the U.S. and Europe. The same source also reported that, in Europe, the prevalence of PAD is estimated at around 17.8% in people aged between 45 and 55. The increasing prevalence of such diseases may lead to an increase in the usage of diagnostic imaging tools, thereby boosting the market for medical imaging analysis software. As the usage of radiographs, ultrasound, fluoroscopy, or nuclear medicine may create visual representations of a body's interior, which can be used to deal with a variety of non-communicable or chronic diseases. Thus, the increasing prevalence of chronic diseases is anticipated to positively impact the market over the forecast period.
The technological advancements in medical imaging systems and analysis software are a prime factor driving the market's growth. For instance, in August 2021, GE Healthcare introduced the Allia platform, which is designed to enhance the 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. Likewise, in November 2021, Philips Healthcare launched 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. Such advancements and innovations are expected to create new opportunities for the market and may encourage many new players to enter the market, thereby propelling market growth.
However, the cost of maintenance in terms of the budget is likely to hinder the market growth over the forecast period.
Medical Imaging Analysis Software Industry Segmentation
As per the scope of the report, medical imaging is the process of creating a visual portrayal of a body for clinical analysis and medical intervention. The scanning software generates images, which are stored in the computer's memory and later analyzed. The analysis is a process to improve the quality of images and the quantitative aspects. The medical imaging analysis software market is segmented by Image Type (2D Image, 3D Image, and 4D Image), Modality (Tomography, Ultrasound Imaging, Radiographic Imaging, X-ray Imaging, Magnetic Resonance Imaging (MRI), and Other Modalities), Software Type (Integrated Software and Standalone Software), End-User (Hospital, Diagnostic Center, and Research Center), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.
By Image Type | |
2D Image | |
3D Image | |
4D Image |
By Modality | |
Tomography | |
Ultrasound Imaging | |
Radiographic Imaging | |
X-ray Imaging | |
Magnetic Resonance Imaging (MRI) | |
Other Modalities |
By Software Type | |
Integrated Software | |
Standalone Software |
By End User | |
Hospital | |
Diagnostic Center | |
Research Center |
Geography | ||||||||
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Medical Imaging Analysis Software Market Size Summary
The medical imaging analysis software market is poised for significant growth, driven by technological advancements and the increasing prevalence of chronic diseases. The COVID-19 pandemic has accelerated the adoption of imaging modalities like X-rays and CT scans, which are crucial for diagnosing and treating the virus, thereby boosting the demand for imaging analysis software. The rising elderly population and the associated increase in chronic conditions further propel the market, as these software solutions are essential for the detection and management of such diseases. Innovations in imaging systems, such as those introduced by GE Healthcare and Philips Healthcare, are expected to create new opportunities and encourage market expansion. However, the high cost of maintenance may pose challenges to market growth.
North America is a key region in the medical imaging analysis software market, benefiting from technological innovations and a high incidence of chronic diseases. The region's market growth is supported by strategic partnerships and product launches, such as those by HALO Diagnostics and Mireye, which enhance imaging quality and efficiency. The presence of major market players and the increasing need for sophisticated software in hospitals and diagnostic centers further contribute to the market's expansion. The market is moderately consolidated, with key players like Agfa-Gevaert Group, Canon Inc., and Siemens Healthcare focusing on technological advancements to maintain their competitive edge.
Medical Imaging Analysis Software Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Technological Advancements in Medical Imaging Systems and Analysis Software
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1.1.2 Increasing Usage of Imaging Equipment Due to Rising Prevalence of Chronic Diseases
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1.1.3 Rising Applications of Computer-aided Diagnosis
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1.2 Market Restraints
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1.2.1 Budgetary Constraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Image Type
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2.1.1 2D Image
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2.1.2 3D Image
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2.1.3 4D Image
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2.2 By Modality
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2.2.1 Tomography
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2.2.2 Ultrasound Imaging
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2.2.3 Radiographic Imaging
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2.2.4 X-ray Imaging
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2.2.5 Magnetic Resonance Imaging (MRI)
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2.2.6 Other Modalities
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2.3 By Software Type
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2.3.1 Integrated Software
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2.3.2 Standalone Software
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2.4 By End User
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2.4.1 Hospital
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2.4.2 Diagnostic Center
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2.4.3 Research Center
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 South Korea
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2.5.3.6 Rest of Asia-Pacific
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2.5.4 Middle-East and Africa
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2.5.4.1 GCC
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2.5.4.2 South Africa
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2.5.4.3 Rest of Middle-East and Africa
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2.5.5 South America
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2.5.5.1 Brazil
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2.5.5.2 Argentina
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2.5.5.3 Rest of South America
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Medical Imaging Analysis Software Market Size FAQs
What is the current Medical Imaging Analysis Software Market size?
The Medical Imaging Analysis Software Market is projected to register a CAGR of 7.60% during the forecast period (2024-2029)
Who are the key players in Medical Imaging Analysis Software Market?
AGFA Healthcare, Canon Medical Systems USA, GE Healthcare, Koninklijke Philips NV and IBM Watson Health are the major companies operating in the Medical Imaging Analysis Software Market.