Medical Image Analysis Software Market Size, Share, and Analysis, By Software Type (Standalone, and Integrated), By Modality (Magnetic Resonance Imaging, Computed Tomography, X-Ray, and Others), By Application (Cardiology, Gynaecology, Oncology, Orthopaedics, Neurology, and Others), By Visualization (2D Visualization, 3D Visualization, 4D Visualization), By End-Use (Hospitals, Specialty Clinics & Diagnostic Imaging Centres, and Others), and Regional Forecast, 2024-2032

Medical Image Analysis Software allows researchers and medical device manufacturers to minimize clinical errors during diagnosis or tests. It also enables the researchers to raise their quality standards for diagnosing any disease. This software helps in facilitating early diagnosis, which contributes to higher survival rates and cures. The majority of the key players are also introducing advanced software for medical image analysis to offer a prominent image quality.

• For instance, in April 2019, Aidoc raised USD 27.0 million to support its artificial intelligence-powered image analysis software.

The medical image analysis software market is primarily driven by the rising demand for imaging diagnosis software for fields such as urology, neurology, nephrology, oncology, dental, etc. Additionally, the rising prevalence of chronic diseases such as gastrointestinal, cardiovascular, cancer, orthopedic, and others are also fostering the demand for early diagnosis, and thus alternatively the demand for image analysis software is rising.

• For instance, according to the Centers for Disease Control & Prevention (CDC), about 20.1 million (about 7.2%) adults aged 20 and more have coronary artery disease.

Apart from that, 3D medical imaging software allows operators to quickly analyze the abnormality because of the better anatomical orientation. Thus, key players are focusing on introducing new solutions in order to make the medical image analysis system more efficient.

• For instance, In August 2021, General Electric Company launched a 3D imaging workflow solution Edison TruePACS, which provides over 50% increase in radiologist efficiency.

The other factors contributing to the market are the benefits of medical image analysis software, such as less consumption of time, early diagnosis, less need for surgeries, reduction in time of hospital stay, and fewer hospital admissions. Thus, people have started investing in early diagnosis procedures in order to minimize the possible damage.

• For instance, according to NHS England, 45.2 million imaging tests were reported in England in 12 months from October 2018 to September 2019. Among these, 1.86 million were plain radiography, 0.81 million were diagnostic ultrasonography, 0.47 million were computerized axial tomography, and 0.30 million were magnetic resonance imaging.

Impact of COVID-19 on the Medical Image Analysis Software Market

COVID-19 has positively impacted the medical image analysis software market. The application of X-ray imaging for the diagnosis and treatment of COVID-19 has significantly fuelled the adoption of medical image analysis software among healthcare professionals.

• For instance, in June 2020, a survey conducted by the radiology imagePRO panel and TMTG group stated that the number of portable X-rays performed in May 2020 had increased by 40% since May 2019.


• In April 2020, the U.S. Food and Drug Administration (FDA) issued guidance to expand the capability and availability of medical X-rays, ultrasound and magnetic resonance imaging (MRI), and image analysis software. This was done in order to increase the early diagnosis and monitor medical conditions to provide timely guidance to support patients, healthcare providers, etc. in this pandemic.

Thus increasing the application of medical image analysis software in imaging devices during the pandemic fostered market growth during that period.

Key insights: 

This report will cover the following key insights:

• Technological advancements in Medical Image Analysis Software market.


• New product launches, By Key players.


• Key Industry developments- Partnerships, Mergers and Acquisitions.


• Impact of COVID-19 on Medical Image Analysis Software Market.

Analysis by software type: 

Medical Image Analysis Software Market is bifurcated into integrated and stand-alone by software type. Due to certain benefits of integrated systems, the demand and adoption of integrated software is increasing and responsible for the dominance of the segment. Integrated systems serve a broader purpose in terms of providing service. A single integrated medical image analysis software can perform image acquisition, analysis, processing, interpretation, and management. The other factors contributing to the dominance of integrated software are the convenience and cost-effectiveness of these types of software.

The stand-alone software is anticipated to witness a significant CAGR. Stand-alone offers a reliable and specific solution as well as the use of this software is more convenient as compared to integrated. This along with stand-alone software basically consumes less time and investment as compared to integrated software and resulting in the significant growth of this segment.

Analysis by geography:

By Geography, this market can be bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the medical image analysis software market. The growth is due to the high adoption of computer-aided imaging diagnostic platforms in this region. The other factors contributing to the market are the presence of well-established healthcare facilities due to the availability of advanced diagnostic devices. Additionally, the strategic initiatives by the government to help the adoption of IT in this region are also key driving factors for this market. This coupled with, the increasing prevalence rate of cancer in the U.S. is also driving the demand for diagnosis by computed tomography, which also contributes to the growth of the medical image analysis software market.

• For instance, according to the report published by the National Center for Health Statistics, in 2021, 1,898,160 new cases of cancer were registered in the U.S.

European countries also account for a significant share of the medical image analysis software market due to the awareness among people regarding the benefits of advanced diagnostic systems in this region. Apart from that, availability of favourable insurance coverage for medical imaging is also encouraging the population towards early diagnosis of any disease by imaging technology. This alternatively is increasing the adoption of this software during the study period.

Key players:

The report will include the profiles of key players such as Koninklijke Philips N.V.,General Electric Company, Siemens Healthcare GmbH, Spacelabs Healthcare, MIM Software Inc., AQUILAB SAS, Toshiba Medical Systems Corp. (Canon Medical Systems Corp.), Aidoc.

Segmentation-

Key industry developments-

• In March 2022, Koninklijke Philips N.V. introduced new-cloud-enabled enterprise imaging Informatics and Analytics solution, to enhance efficiencies and help improve effectiveness across the imaging enterprise.


• In February 2022, Siemens Healthineers with Universal Medical Imaging in China to promote 5G remote imaging diagnosis to help healthcare providers and patients with more accurate, convenient, and timely diagnostic services.


• In February 2022, IBM announced the acquisition of U.S.-based cloud services consultancy Neudesic to significantly expand IBM’s portfolio of hybrid multi-cloud services and further advance the company’s hybrid cloud and AI strategy.