Medical Image Analysis Software Market Outlook by Software Type (Integrated, Standalone), Image Type (2D, 3D, 4D), Modality (CT, MRI, Positron Emission Tomography, Single-Photon Emission Tomography, Ultrasound, Radiography, Mammogram), End User (Hospitals, Diagnostic Imaging Centers), Application (Cardiology, Orthopedics, Oncology, Neurology, Obstetrics & Gynecology, Dentistry, Pulmonology, Urology & Nephrology) – Forecast to 2030

Market Overview

The medical image analysis software market size stood at $3,112.7 million in 2021, and it is expected to grow at a compound annual growth rate of 8.3% during 2021–2030, to reach $6,388.9 million by 2030. The growth can be primarily ascribed to the rising population and increasing incidence of chronic diseases and widening application area of computer-aided diagnosis. Essentially, the surge in the demand for diagnostic imaging in fields such as cardiology, oncology, orthopedics, urology, and neurology is likely to contribute to the market growth.

A range of non-communicable or chronic disorders can be diagnosed using radiography, ultrasonography, MRI, and nuclear imaging, which can produce visual representations of the insides of the body. The growing need for modern software and improved imaging technologies is, thus, expected to improve the market outlook.

The COVID-19 pandemic slightly impacted the industry growth, by leading to the reduction in the volume of imaging studies. But, radiological imaging, especially chest CT, played an important role in diagnosing COVID-19 and associated diseases.

Rising Prevalence of Chronic Diseases Boosts Market

The medical image analysis software market growth is expected to be owing to the rising prevalence of chronic diseases, such as CVDs, breast cancer, and arthritis.

According to the American Heart Association, more than 0.12 billion adults in the U.S. had some cardiovascular disease in 2018, and 121.5 million adults had hypertension. This reflects an increase in the need for echocardiograms for the diagnosis of various heart conditions, including the state of the blood vessels. Thus, the rising incidence of CVDs is expected to be one of the major driving factors for the growth of the market.

The rising cases of comorbidities in the population due to unhealthy lifestyles are putting increasing an burden on society. Additionally, according to a United Nations report published in September 2020, 0.72 billion people were aged 65 years or over in the world in 2020, and this number is expected to more than double and reach around 1.5 billion by 2050. Since the older population is prone to every kind of disease, it is expected to generate the need for advanced imaging devices and analysis software for diagnosis.

Hospitals Are Major Contributors in Market Revenue Generation

Hospitals, as an end user, are leading the market with around 60% share in 2021, as they have the supportive infrastructure that is crucial for performing surgical interventions using medical imaging software. Moreover, the count of installed diagnostic imaging systems is higher in hospitals as compared to research institutions and diagnostic centers. In addition, patient inflow is also relatively much higher at hospitals, which makes these users’ need for advanced imaging analysis software the greatest.

Moreover, the widening access to imaging modalities, such as CT and ultrasound, and the increasing healthcare expenditure on hospitals currently characterize the global healthcare sector. For instance, expenditure on the construction, equipment, and upgradation of hospitals in the U.S. increased by 22.4% from 2016 to 2020.

Hospitals are increasingly adopting advanced imaging technologies, such as CT and MRI, to provide patients with more-effective tests and a faster turnaround in the screening of COVID-19. Furthermore, AI-based imaging devices are attracting physicians to adopt them with the promise of automation and simplification of time-consuming tasks. Thus, by increasing operational efficiency, enhanced diagnostic techniques help doctors provide more-personalized care, while reducing discomfort and wait times.

North America Region Is Major Contributor to Medical Image Analysis Software Market Sales

Due to a large number of healthcare and diagnostic centers and the fact that North America is the leader in healthcare R&D, it has the largest share of the revenue globally. Additionally, the presence of major industry players, who are constantly updating their product offerings for effective diagnosis and image-guided surgeries, is projected to help the regional market maintain its global lead in the forecast period.

• In the region, the U.S. has the higher demand for computer programs that allow for better medical image analysis, due to the significant investments by the government and private sectors, increasing count of healthcare facilities, and surging frequency of chronic illnesses, such as cancer and CVDs, in the country.

The European medical imaging analysis software market is expected to grow at a high pace. This will be primarily due to the increasing adoption of telemedicine, rising healthcare expenditure, presence of established players, technological advancements, growing geriatric population, surging prevalence of chronic ailments, and escalating awareness about the early detection of diseases.

• Germany holds the largest share in the European market, as the country is facing a significant rise in its geriatric population. With the aging of the population, the need for medical attention rises, which is projected to increase the demand for medical imaging equipment for diagnostic purposes.
• France holds the second-largest share in the market, which is mainly attributed to the increasing prevalence of chronic ailments, technological advancements, product launches, and growing geriatric population in the country. Chronic ailments, such as cancer and CVDs, are the leading causes of death in France. This indicates a high demand for technological advancements in diagnostic equipment, to detect these diseases.

APAC is expected to register the highest CAGR, of around 9%, during the forecast period. The presence of a large number of market players and rising awareness regarding early disease detection through the use of advanced diagnostic imaging technologies are the major factors supporting the growth of the market.

• Japan holds a significant share in the market as the country has established uniform pricing across all institutions providing diagnostic imaging services, to promote better healthcare among its citizens. Additionally, the presence of well-known market players, such as FUJIFILM Holdings Corporation, Shimadzu Corporation, and Hitachi Ltd. is helping Japan in maintaining its leading position in the APAC medical imaging analysis software market.

Integrated Software Witnesses Higher Demand than Standalone Variant

Integrated software dominated the market with a revenue share of more than 70% in 2021. The larger share is attributed to the ease integrated imaging analysis software offers in medical diagnosis. With integrated imaging software, medical centers can enjoy an efficient, easy, and understandable workflow. All the departments of the hospital are connected, and they can easily control the radiological procedure and analyze the images.

Cloud-based integration is trending due to the better accessibility and storage scaling abilities of cloud computing. Imaging systems integrated with the cloud also offer potentially unlimited data storage, cost-effectiveness, and access to live data for multiple users to access and study at the same time, even from remote locations.

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Medical Image Analysis Software Market Trends Show Rapid Integration of Advanced Software in MRI Scanners

MRI was the largest modality in the image analysis software market in 2021, accounting for revenue of around $350 million, owing to the increasing demand for early and accurate diagnosis of diseases.

The increasing awareness about the potential benefits of MRI scanning, growing incidence of various lifestyle-related and chronic diseases, such as cancer and cardiovascular conditions, and rising demand for advanced imaging solutions drive the usage of software to interpret the anatomical representations created by MRI.

Moreover, emerging economies, such as China and India, are providing growth opportunities to the market due to the rapid uptake of advanced imaging systems.

Key Players in Medical Imaging Analysis Software Market Are:

• General Electric Company
• Agfa Gevaert N.V.
• Koninklijke Philips N.V.
• Siemens Healthineers
• Canon Inc.
• International Business Machines Corporation
• AQUILAB SAS
• ScienceSoft USA Corporation
• Xinapse Systems Ltd.
• INFINITT Healthcare Co. Ltd.

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Software Type

• Integrated
• Standalone

Based on Image Type

• 2D
• 3D
• 4D

Based on Modality

• Computed Tomography
• Magnetic Resonance Imaging
• Positron Emission Tomography
• Single-Photon Emission Tomography
• Ultrasound
• Radiography
• Mammogram

Based on End User

• Hospitals
• Diagnostic Imaging Centers

Based on Application

• Cardiology
• Orthopedics
• Oncology
• Neurology
• Obstetrics & Gynecology
• Dentistry
• Pulmonology
• Urology & Nephrology

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.