The global medical image analysis software market size is expected to reach USD 4.5 billion, expanding at a CAGR of 8.15% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing incidence of chronic diseases creates demand for effective diagnostics solutions, which spurs demand for medical image analysis software. The high growth is majorly attributed to increase in usage and uptake of image analysis solutions for diagnosis.
In addition, shifting focus to provide enhanced care has led to incorporation of various computer aided diagnosis systems, which is further contributing to the market growth. Introduction of technologically advanced products such as 3D/4D platforms and multimodality imaging platforms is also presumed to the demand for the software in the forthcoming years.
Various benefits such as flexibility and high-resolution images, along with convenient use of multi-modal integrated workflows, are expected to bolster demand and increase product penetration throughout the forecast period. Stand-alone platforms are anticipated to witness steady growth. These platforms are user-friendly and cost less as compared to integrated solutions. These solutions offer more details and features and are used by researchers, allowing them to share and access research data and analyses, thereby enhancing their ability to diagnose, research, monitor, and treat disorders. For instance, GE healthcare’s ViewPoint 6 (for MFM) is a standalone software designed for dedicated ultrasound reporting and image management.
Medical Image Analysis Software Market Report Highlights
• Standalone medical image analysis software segment is expected to witness lucrative CAGR of around 8.6% from 2020 to 2027
• On the basis of modality, the ultrasound segment is projected to ascend at a CAGR of 9.9% over the forecast period
• 3D imaging software segment is projected to expand at a CAGR of 8.8% during the forecast period.
• Oncology application segment is expected to witness the fastest CAGR of 8.7% over the forecast period, owing to the increased applications of image analysis software in cancer diagnostics.
• In terms of end use, hospitals held the largest revenue share in 2019 owing to increasing adoption of these systems for medical imaging in diagnosis of various diseases.
• Asia Pacific is expected to showcase significant CAGR of around 8.9% owing to presence of unmet clinical needs.
• The global market is fragmented in nature. Companies to witness fierce competition as the industry is technology driven.
• Strategies implemented by key players include collaborative agreements, new product launches, and geographical expansion.
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Medical Image Analysis Software Market Segmentation
Grand View Research has segmented the global medical image analysis software market report on the basis of software type, modality, imaging type, application, end use, and region:
Medical Image Analysis SoftwareType Outlook (Revenue, USD Million, 2016 – 2027)
Medical Image Analysis SoftwareModality Outlook (Revenue, USD Million, 2016 – 2027)
• Computed Tomography
• Magnetic Resonance Imaging
• Positron Emission Tomography
• Single-Photon Emission Tomography
• Ultrasound Imaging
• Radiographic Imaging
• Combined Modalities
Medical Image Analysis SoftwareImaging Type Outlook (Revenue, USD Million, 2016 – 2027)
• 2D Imaging
• 3D Imaging
• 4D Imaging
Medical Image Analysis SoftwareApplication Outlook (Revenue, USD Million, 2016 – 2027)
• Obstetrics & Gynecology
• Urology & Nephrology
Medical Image Analysis Software End-use Outlook (Revenue, USD Million, 2016 – 2027)
• Diagnostic Centers
• Ambulatory Surgical Centers
• Others (Academic & Research Centers)
Medical Image Analysis Software Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.K.
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• Saudi Arabia
List of Key Players of Medical Image Analysis Software Market
• Koninklijke Philips N.V.
• GE Healthcare
• Siemens Healthineers
• Siemens Healthineers
• Toshiba Medical Systems Corporation
• Spacelabs Healthcare
• MIM Software, Inc.
• Aquilab SAS
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