Medical Image Analysis Software Market Forecasts to 2028 – Global Analysis By Modality (Ultrasound Imaging, Interior, Microscopy), Application (Orthopedic, Cardiology), End User, and By Geography

Medical Image Analysis Software Market Forecasts to 2028 – Global Analysis By Modality (Ultrasound Imaging, Interior, Microscopy), Application (Orthopedic, Cardiology), End User, and By Geography

According to Stratistics MRC, the Global Medical Image Analysis Software Market is accounted for $3580.98 million in 2021 and is expected to reach $7067.62 million by 2028 growing at a CAGR of 10.2% during the forecast period. Medical imaging is the method of creating a visual portrayal of a body for clinical investigation and medical intervention. This medical image analysis software is of great aid for visual representation of the function of some organs or tissues.

Market Dynamics:

Driver:

Increasing applications of computer-aided diagnosis

Computer-aided diagnosis will provide data interpretation by means of computerized software. This procedure helps radiologists to decrease manual errors in data interpretation and furthermore supports in the diagnosis of irregularities that are often missed during manual analysis processes. This method was initially utilized for mammographic image analysis; however, its applications have extended. Thus, the increasing usage of CAD technology for image analysis is likely to drive the growth of the market.

Restraint:

High cost

The high cost of imaging equipment, combined with the high implementation and licensing cost of software, is the major factor limiting market growth, particularly in countries where the reimbursement scenario is poor. Because of the high expense of these systems and low financial resources, healthcare facilities in emerging countries are reluctant to invest in new or technologically advanced systems. Also, the implementation and subscription/licensing charges for advanced imaging tools are a major financial burden on end users. These factors can slow down digitalization in healthcare facilities and effect the adoption of advanced technologies for diagnosis and analysis.


Opportunity:

Increasing adoption of cloud-based technology

The cloud-based model has arisen as an effective solution to deliver medical image analysis software as it offers upgraded information accessibility and real-time analysis. Cloud-based image analysis solutions assist with deliver analytical insights from a multi-terabyte database with ease at any location, anytime, and on any platform. Moreover, a cloud-based imaging solution does not need any up-front capital investment on hardware; reduces the burden on healthcare systems as there is lower/no involvement of in-house staff; and enables faster data transfer between organizations. Attributable to these benefits, the demand for cloud-based image analysis solutions is likely to be provide ample opportunities for the market growth.

Threat:

Hacking issues

Hacking of medical equipment can prompt loss of effectiveness and result in undesirable outcomes for patients. The medical equipment manufacturing industry lacks the security measures found in other high-risk industries. Thus, medical equipment are not integrated with the most recent developments in the field of IT security, which can provide protection from hacking. Hacking is a main issue in the medical image analysis software market, as hackers can effectively shut-down equipment, which can bring about data breach and affect patient outcomes. Thus, the adverse consequences related with accidental malfunctioning and hacking makes medical services experts reluctant to install IT solutions, including image analysis software in their centres.

The stand-alone software segment is expected to be the largest during the forecast period

The stand-alone software segment is estimated to have a lucrative growth as these platforms are user-friendly and cost less as compared to integrated solutions. These solutions offer more details and features and are utilized by researchers, permitting them to share and access research data and analyses, thereby improving their ability to diagnose, research, monitor, and treat disorders.

The cardiology segment is expected to have the highest CAGR during the forecast period

The cardiology segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the high prevalence of cardiovascular and congenital heart diseases and government support to improve the accessibility of treatments, expanding advancements in cardiac imaging technologies and the growing number of cardiac imaging tests because of the rising incidence of cardiac disorders.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the healthcare infrastructure, advanced facilities, higher awareness, higher technological penetration and higher spending by the citizens towards healthcare expenditure. In addition, increasing R&D investments and the presence of key market players are contributing to the regional market growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to rapidly increasing healthcare infrastructure, rising spending, government initiatives and increasing awareness amongst population, and growing medical tourism industry in developing nations. Accelerating adoption of ultrasound imaging systems to work with speedy diagnostics mostly of chronic diseases is expected via analytical forecast to support market size.

Key players in the market

Some of the key players profiled in the Medical Image Analysis Software Market include Xinapse Systems Ltd., Toshiba Medical Systems Corp., Spacelabs Healthcare, Inc., Aquilab GmbH, Philips Healthcare, MIM Software Inc., Merge Healthcare Inc., GE Healthcare, Esaote, Inc., ClaroNAv, Inc., Bruker Corp., Carestream Health, Inc., Agfa-Gevaert Corp. , Siemens Healthineers and Canon Medical Systems.

Key Developments:

In March 2022, Canon Medical Systems acquired the Danish medical equipment manufacturer, Nordisk Rontgen Teknik, to strengthen its global X-ray business. Through this acquisition, Canon Medical opens up access to European-based technology, development, and manufacturing for advanced multipurpose and motorized digital radiographic imaging solutions.

In February 2022, Carestream Health, Inc. launched the DRX compass, an accurate, convenient, and configurable digital radiology solution designed to provide radiologists with a new efficiency level. The image view software used in DRX compass enables upgraded cybersecurity.

Modalities Covered:
• Ultrasound Imaging
• Radiographic Imaging
• Combined Modalities
• Microscopy
• Tomography & Traumatic Brain Injury (TBI)

Software Types Covered:
• Stand-Alone Software
• Integrated Software

Applications Covered:
• Urology & Nephrology
• Respiratory Applications
• Orthopedic
• Obstetrics & Gynaecology
• Neurology
• Mammography
• Dental
• Cardiology
• Oncology

End Users Covered:
• Ambulatory Surgical Centers (ASCs)
• Hospitals
• Diagnostic Centers
• Clinics
• Academic & Research Centers

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances