The growing demand for health care services for the aging population is projected to magnify growth in the global Medical Image Analysis Software Market
It’s being expected that by 2030, the Medical Image Analysis Software market cap will hit USD 5.49 billion at a CAGR growth of about 7.5%.
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global Medical Image Analysis Software chip market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global Medical Image Analysis Software market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global Medical Image Analysis Software market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global Medical Image Analysis Software market.
Medical Image Analysis Software for Integrated segment to Sustain the Highest Revenues, Followed by stand-alone
Integrated software dominated the medical image analysis software market with the largest revenue share in 2020. This high share is attributed to the benefits associated with the use of these solutions. The integrated toolkit is designed for a host of radiology applications to improve workflow. For instance, Philip’s Xcelera Cardiology Information Management is an integrated image management software that facilitates single-point access to advanced clinical applications and improves clinical workflow. Furthermore, the stand-alone segment is expected to grow at the substantial CAGR over the forecast period.
Cardiology Medical Image Analysis Software application Segment to be the Most Lucrative
The cardiology segment accounted for the majority of revenue share in 2020 owing to the increasing prevalence of cardiovascular and congenital heart diseases and rising government support to improve the accessibility of treatments. The oncology and mammography segments are anticipated to witness significant growth in the coming years as prevalence of cancer is increasing at an alarming rate. The orthopedic segment is estimated to grow at significant CAGR during the forecast period.
North America to Sweep the Largest Revenue Streams Followed by Asia Pacific
North America is the largest contributor to this market, followed by Asia Pacific. In North America, countries like U.S. and Canada are increasingly adopting Medical Image Analysis Software systems. The rising number of technological advancement and growing the adoption of Medical Image Analysis Software is contributing to regional growth.
Further, the growing need for reduced downtime in IT infrastructure, which in turn is favoring rampant expansion of the global Medical Image Analysis Software market across regions such as Europe and Asia Pacific.
Chronic disease incidence is rising, as is demand for health care services among the ageing population. Furthermore, ongoing advancements in imaging technology, such as computer-aided diagnosis (CAD), are a major driver of the medical image analysis software industry. However, the market's growth is hampered by data security issues, as well as costly installation and maintenance costs. In contrast, the advent of Artificial Intelligence (AI) in medical imaging has altered market dynamics in recent years and is expected to drive market expansion throughout the forecast period.
Furthermore, the use of electronic health records to store, share, and manage patient health information in the form of medical images is driving the market for medical image analysis software. Furthermore, because medical technology, such as computer aided diagnosis, is always improving, there are several prospects for the application of new and improved medical imaging software tools to aid in the treatment of a wide range of disorders, including cancer. As a result, there is a high demand for efficient treatment techniques that employ such software, resulting in an increase in medical image analysis software sales. The benefits of adopting such software include improved image quality, higher image resolution, and multi-modal imaging platforms, which are favoured by clinicians. Furthermore, employing such software for medical applications improves the sharing of medical picture records between doctors and hospitals, saving diagnosis time and assisting in decision-making.
Despite a minor growth dip owing to Covid-19 implications, the global Medical Image Analysis Software market is expected to recoup growth and register a healthy CAGR over the forecast period. Medical image analysis examines health-related issues using digital image processing techniques and a variety of imaging modalities. This sort of medical image analysis software is an important component of diagnostic devices, as it aids in the enhancement and identification of picture features. This software is used for medical data training, storage, viewing, and sharing. To improve the effectiveness and efficiency of medical therapy, medical image analysis software is used.
Various advantages such as flexibility and high-resolution photos, as well as the simplicity of using multi-modal integrated workflows, are likely to boost demand and improve product penetration over the projection period. The number of stand-alone platforms is expected to increase steadily. When compared to integrated solutions, these platforms are more user-friendly and cost less. Researchers choose these solutions because they provide more details and features, allowing them to exchange and access research data and analysis, improving their ability to diagnose, analyse, monitor, and treat illnesses. ViewPoint 6 (for MFM), for example, is a standalone software built for specialised ultrasound reporting and picture management by GE Healthcare.
Medical imaging managements are used in a variety of settings in the healthcare industry, including medical imaging and diagnostics centres. Web medical imaging has a wide range of uses, including merging 3D imagery with virtual reality (VR) equipment and computer-aided diagnosis. Medical image analysis software is also used to picture a variety of ailments in the healthcare profession, including cancer, cardiovascular disease, neurological, gynaecological, and other disorders. 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.
The major players of the global Medical Image Analysis Software market are Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Spacelabs Healthcare, Agfa-Gevaert Group, MIM Software, Inc., Toshiba Medical Systems Corporation, ESAOTE SPA, Merge Healthcare, Inc., and Aquilab SAS.
The Medical Image Analysis Software market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Medical Image Analysis Software Market: a Snapshot
- In November 2018, Philips unveiled its innovations in radiology to enable precision diagnosis and enhance productivity.
Medical Image Analysis Software Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Spacelabs Healthcare, Agfa-Gevaert Group, MIM Software, Inc., Toshiba Medical Systems Corporation, ESAOTE SPA, Merge Healthcare, Inc., and Aquilab SAS.|
Key Segments of the Global Medical Image Analysis Software Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa