Medical Image Analysis Software Market To Generate $6,388.9 Million Revenue by 2030
- Published: July 2022
The medical image analysis software market size is expected to advance at a CAGR of 8.3% during 2021–2030, to reach $6,388.9 million by 2030. This is ascribed to the rise in the chronic disease prevalence and development of healthcare infrastructure.
The increase in healthcare funds by the government and private sectors globally, which are leading to advancements in medical devices and software, are augmenting the growth of the market. The increasing demand for diagnosis for various infectious and chronic illnesses is one of the key factors driving the market expansion.
The market is trending toward easy-to-use, cost-effective, and integrated software over standalone software. Additionally, the use of image analysis software in preliminary diagnosis and investigation for chronic diseases and during surgeries is predicted to accelerate the market growth during the forecast period.
Due to the lockdowns and other regulations, the COVID-19 pandemic temporarily hampered the medical image analysis software market growth. However, the market regained momentum in a short span as CT scans were widely used for diagnosing the infection and assessing its severity. Moreover, since the reopening of other hospital departments, the volume of radiological imaging studies has boomed again.
4D Imagining Revolutionizing Market
Due to their improved visual features, 4D computed tomography, positron emission tomography, magnetic resonance imaging, ultrasound imaging, and single-photon emission computed tomography have revolutionized diagnostics by providing real-time images. Moreover, many market players have integrated AI and 4D imaging and launched these solutions in various parts of the world, to improve diagnostics.
Therefore, the advancements in diagnostic imaging solutions, along with the increasing count of research studies and clinical trials, are boosting the market growth.
APAC Region Will Offer Vast Future Market Opportunities
The Asia-Pacific region will increasingly offer market opportunities over the forecast period. In 2021, China held the largest regional industry share, of around 20%.
The market is expected to grow in Asian countries due to the augmenting focus on research activities to develop advanced image analysis software products, growing burden of chronic diseases, rising geriatric population, strengthening focus of market players on expanding their operations in the region, as well as escalating adoption of imaging analysis software.
In countries including China, India, and Japan, the rising prevalence of cancer and cardiac diseases is impelling physicians to diagnose a wide range of diseases, primarily through MRI and CT, while the increasing count of government initiatives in the healthcare field is enabling them to do so, by easing the access to enhanced imaging software.
The most-significant medical image analysis software market players 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., and INFINITT Healthcare Co. Ltd.