Global Medical Image Analysis Software Market - 2022-2029

Global Medical Image Analysis Software Market - 2022-2029

Market Overview

Medical Image Analysis Software Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).

Medical image analysis software is used to analyze data from medical images aiding diagnosis, compare images between patients or within the same patient at different time points to assess the progress of the disease, and evaluate prognosis.

Market Dynamics

The market growth is driven by several factors, such as the new technological advancements in medical imaging systems, increasing applications of computer-aided diagnosis and increasing use of imaging equipment due to the rising prevalence of chronic diseases.

The new technological advancements in medical imaging systems will drive market growth.

Technological advancements in medical imaging, such as augmentations of artificial intelligence (AI) and machine learning (ML), like in the case of stroke detection through a CT scan, since strokes have a limited treatment window, the AI can identify features that move a patient to the front of the line to improve outcomes, the extended use of cloud-based modeling software, 3D holographic models that displays complete anatomical details, including spatial associations among the organs and their internal structures enabling to consider organ vasculature, neoplasms, and anomalies in-situ within distinct structures. These holographic models benefit in pre-surgery planning and greatly assist surgical precision. Furthermore, ML, through automating the correlation and integration of images with other data, will allow radiologists to detect and interpret findings, control quality, and potentially automate findings, interpretations, and dosage estimation, in radiology imaging. In addition, Point-of-care medical imaging aids radiologists, first responders, physicians, and patients in quickening diagnosis and treatment through data-driven decision-making.

The stringent FDA regulations and privacy & security concerns will restrain the global medical image analysis software market growth.

However, the market is affected by stringent FDA regulations, and privacy and security concerns will hamper the global market growth during the forecast period.

COVID-19 Impact Analysis

The COVID-19 impact is an unparalleled health crisis and has immensely impacted the medical image analysis software market’s global market growth. COVID-19 has fed the medical image analysis software market with improved possibilities. For instance, COVID-19 has boosted us to rehearse the new reality of digital care. Amidst the pandemic, it is exposed that there is an urgency for virtual care interventions to reduce compromised access to healthcare. Furthermore, during the pandemic, physical visitations were problematic, which increased the focus on virtual diagnosis involving different platforms such as medical image analysis software to diagnose the patient with stroke faster, dodging any anticipated damage.

Segment Analysis

The cardiology segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The cardiology segment accounted for the largest share and is projected to grow during the forecast period (2022-2029) due to the rising number of cardiac imaging tests as the number of cardiac disorders is increasing and growing advanced and innovative cardiac imaging technologies. For instance, per the World Stroke Organization, more than 13 million people are at risk of a cardiac stroke each year, and 5.5 million will be fatal. The increasing research focus on cardiac imaging tests ensures the cardiology segment's dominance. For instance, the University Hospitals and Case Western Reserve University have been working on an approach to detect heart disease via a chest x-ray. Instead of using one beam of energy, like a typical chest x-ray, their technique employs dual energy technology. Also, there are promising practices in development for higher-quality atherosclerosis imaging, like a high spatial resolution, high signal-to-noise imaging, and quantitative T1/T2 mapping for improved plaque depiction, which will one day allow physicians to peer into vessels to catch the forewarning signs of heart disease much earlier.

Geographical Analysis

The North American region holds the largest market share of the global medical image analysis software market.

North America is predicted to dominate the global market throughout the forecast period (2022-2029) since this region has an increased prevalence of cardiovascular diseases. According to the CDC, in 2020, 0ver 697,000 people in the United States died from heart disease; according to 2020 U.S. data for Out of Hospital Cardiac Arrests (OHCA), survival to hospital discharge was 9.0% for all EMS-treated non-traumatic OHCA cardiac arrests per the American Heart Association (AHA).

Furthermore, the data from the CDC shows that there are nearly 795,000 cases of stroke each year, out of which 18500 strokes are those with stroke history. Also, organizations spreading awareness about cardiovascular diseases contribute to the dominance of the North American region over the global market; a few are the Stroke Organization, National Stroke Association, Stroke Awareness Foundation, and American Stroke Association. In addition, most key market players are U.S. based, such as Mim Software, Inc., G.E. Healthcare, Carestream Health, Inc., Merge Healthcare Incorporated, Etc, which hold a large portion of the market to ensure this region's dominance.

Competitive Landscape

The medical image analysis market is moderately competitive because of the local and global players. Some key players are Philips Healthcare, Toshiba Medical Systems Corporation, GE Healthcare, Siemens Healthineers, AGFA Healthcare, Esaote S.P.A, Mim Software, Inc., Aquilab, Carestream Health, Inc., and Merge Healthcare Incorporated. These key players hold the major share of the market through innovations, product launches, collaborations, acquisitions, and alliances. For instance, in May 09, 2022, Philips received FDA 510(k) clearance for the latest breakthrough high-performance MR 7700 system. Also, in August 16, 2022, Wipro and GE Healthcare Collaborated with Boston Scientific to advance cardiac care in India.

GE Healthcare

Overview:

GE Healthcare is headquartered in Chicago, Illinois, United States, founded in 2004. It is a subsidiary of American Multinational Conglomerate General Electric. It is a leading manufacturer and distributor of diagnostic imaging and radiopharmaceuticals for imaging modalities used in medical imaging procedures.

Product Portfolio:

The product portfolio of GE Healthcare includes Advantage CTC Pro3D EC, AdvantageSim MD AdvantageSim MD, CardEP, Etc.

The global medical image analysis software market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.