Medical Imaging Analysis Software Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Medical Imaging Analysis Software Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The medical imaging analysis software market was valued at USD 3,359.59 million in 2021, and it is expected to witness a revenue of USD 5,185.14 million in 2027, with a CAGR of 7.56% over the forecast period, 2022-2027.

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. Chest computed tomography (CT) scans were considered one of the best suitable non-invasive techniques to detect COVID infections during the pandemic. For instance, the research article "The Role of Chest Imaging in the Diagnosis, Management, and Monitoring of Coronavirus Disease 2019 (COVID-19)" published in November 2021 stated that 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 increased use of medical imaging analysis, ultimately driving the market growth throughout the pandemic phase.

Furthermore, the major factors for the growth of the medical imaging analysis software market include the increasing usage of imaging equipment due to the rising prevalence of chronic diseases and rising applications of computer-aided diagnosis. Furthermore, 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. These advancements in medical imaging and enhanced usage of software for analysis purposes are driving the market's growth.

Moreover, an increase in the elderly population has led to a steep increase in the number of chronic conditions. A research article titled "Prevalence of Peripheral Arterial Disease and Associated Vascular Risk Factors in 65-Years-Old People of Northern Barcelona" published in September 2021 mentioned that the global prevalence of peripheral arterial disease (PAD) is estimated to be 3–12%, affecting nearly 27 million people in United States 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. This trend is majorly responsible for the introduction of advanced imaging technologies with updated software, which is predicted to boost the market's growth.

Thus, the studied market's growth is attributed to the above-mentioned factors, and the market is expected to grow significantly over the forecast period. However, the cost of maintenance in terms of the budget might hinder the market's growth.

Medical Imaging Analysis Software Market TrendsThe X-ray Imaging Segment is Expected to Grow During the Forecast Period

X-ray imaging is a commonly used imaging modality that is expected to see growth in the future due to advancements in technology and the increasing adoption of X-rays for diagnostic purposes.

With the development and introduction of medical X-ray image analysis software, treatment and patient data management are enhanced to a greater extent. The data can be easily shared between healthcare providers or researchers at remote sites, which is a key contributing factor to the growth of the segment. Additionally, the software reduces training requirements and saves cost and time. As per the research article "Recent Development in X-Ray Imaging Technology: Future and Challenges" published in December 2021, the low-cost and powerful technology has been extensively used in medical diagnosis and industrial non-destructive inspection, and the ability of X-rays to image the inside of the body without intrusive procedures represents a significant advancement. Thus, the growth in the number of X-rays performed worldwide will, in turn, augment the use of imaging analysis software across healthcare settings.

Additionally, several companies are launching products associated with X-ray image analysis software that will positively impact the segment’s growth. For example, in February 2022, Carestream Health launched the DRX compass X-Ray system, an accurate, convenient, and configurable digital radiology solution designed to provide radiologists with a new efficiency level. The image view software used in the DRX compass enables upgraded cybersecurity. Additionally, in August 2021, CXR-AID, a chest X-ray program powered by artificial intelligence (AI) developed by Fujifilm, has been made available in Japan after receiving certification from the Pharmaceuticals and Medical Devices Agency (PMDA). CXR-AID, which was created utilizing Lunit's AI technology, can recognize significant abnormal findings from X-ray images, such as chest nodules, consolidation, and pneumothorax.

Therefore, owing to the aforesaid factors, the X-ray Imaging segment is expected to witness growth over the forecast period.

North America Accounted for the Largest Share in the Global Market

North America holds a major share in the medical imaging analysis software market. It is expected to show a similar trend over the forecast period.

United States is one of the largest markets for medical imaging analysis software. There are regular updates in the new imaging software since newer companies are providing solutions that provide easy image post-processing and optimization with tools to filter. Companies are now offering imaging analysis software combined with enhanced visualization software. For instance, in October 2021, HALO Diagnostics, a medical imaging provider headquartered in Southern California, partnered with Subtle Medical, a healthcare technology company focused on AI-powered software solutions that enable 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 an improved patient experience. Furthermore, in January 2022, a Canadian company called Mireye unveiled an AI-based product intended to automate the process of situating patients for x-ray tests. According to the company, the software and hardware combination does away with the necessity for manual measurements and body part alignment. It is currently accessible as an upgrade for current x-ray equipment. Thus, this trend in the countries across North America is driving the market growth in the region.

Furthermore, with the rising concerns regarding radiation doses, these tools help understand better dose adjustments for imaging, thus helping capture a better image. The scanning procedures, such as CT (computed tomography) angiography, colonography, dual-energy, and perfusion CT, have revolutionized diagnosis and treatments. There is an increasing burden of chronic diseases among the population of the region, requiring them to undergo imaging scans for diagnosis and treatment. For instance, the data provided by the American Heart Association in its "Heart Disease and Stroke Statistics-2021" Update shows that about 126.9 million adults in United States had some form of cardiovascular disease, and 121.5 million adults had hypertension. The increasing prevalence of various heart diseases is expected to be one of the major driving factors for the market’s growth in this region. With the increasing number of imaging procedures, hospitals and diagnostic imaging centers require sophisticated software to better analyze patient conditions.

Therefore, owing to the aforementioned factors, the growth of the studied market is predicted in the North American region.

Medical Imaging Analysis Software Market Competitive Analysis

The medical imaging analysis software market is moderately consolidated due to the presence of a few key players in the market. The companies are focusing on the technological advancement of the devices to gain significant market shares. Some of the market players are Agfa-Gevaert Group, Aquilab SAS, Canon Inc. (Canon Medical Systems USA), Carestream Health, GE Healthcare, International Business Machines Corporation (IBM), Koninklijke Philips NV, Sciencesoft USA Corporation, Siemens Healthcare GmbH, and Xinapse Systems Ltd., among others.

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