Medical Image Analysis Software Market to Advance at CAGR of 8.1% During Forecast Period: TMR Study

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Jun 07, 2022, 07:30 ET

Application in 3D imaging analysis to account for sizable revenues in medical image analysis software market; rising need for integrated software offering value-grab opportunities to healthcare IT companies
Opportunities in cardiology to rise at rapid pace in next few years; Asia Pacific to witness massive lucrative avenues on back of widespread applications in CT, ultrasound, and MRI

ALBANY, N.Y., June 7, 2022 /PRNewswire/ -- Extensive use of medical imaging technologies for preventing, diagnosing, and treating chronic diseases has propelled vast revenue generation in the medical image analysis software market. Widespread use of CT and MRI scanners globally for various specialties has spurred advancements in 3D image processing software. The valuation of the medical image analysis software market is projected to advance at CAGR of 8.1% during 2019–2027 (the forecast period).

The vast penetration of scanning and imaging technologies in the healthcare industry has propelled the commercialization of medical image analysis software. Rise in demand for advanced radiology for elderly population has boosted the revenue prospects of the medical image analysis software market. Medical image analysis platforms that need integrated software will set the future tone for innovation, assert an in-depth study analyzing the factors influencing the size of the medical image analysis software market.

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Key Findings of Medical Image Analysis Software Market Study

Widespread Application in Management of Chronic Diseases Fuel Revenue Generation: Awareness about the burden of chronic diseases has spurred the need for early diagnosis and treatment. This has been propelling the demand for advanced medical imaging platforms and hence has led to spurt of lucrative opportunities in the image processing and analysis software. The rising incidence of cancer and cardiovascular diseases is augmenting the demand for accurate platforms in radiology. Revenues in the cardiology segment are projected to rise at rapid growth rate, found the TMR study on the medical image analysis software market.
Growing Demand for 3D Medical Images Analysis to Unlock Abundant Opportunities: The capabilities of 3D imaging have expanded over the past few years, assert the analysts in a TMR study on the medical image analysis software market, resulting in vast benefits to the clinical community at large. The adoption has grown remarkably in cardiovascular diseases and neurological and obstetric patients. Of note, the application of 3D imaging processing software has risen rapidly in the medical sector for modelling anatomical structures in the human body.
Integrated Software to Generate New Revenue Streams: The integrated software segment accounted for massive revenue share of the market in 2018. The segment is expected to remain lucrative during the forecast period, notes a detailed TMR study on evaluating lucrative product segments in the medical image analysis software market.

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Medical Image Analysis Software Market: Key Drivers

The prevalence of cardiovascular diseases and growing economic burden of cancer are key drivers for advancements in medical image analysis software. Rise in demand for MRI scans/CT scans for disease diagnosis and for planning surgical procedures is expanding avenues in the medical image analysis software market.
The need for better diagnostic imaging services is a key trend bolstering commercializing prospects of products in the medical image analysis software market. Emerging prospects of 4G medical image analysis will unlock new prospects for players in the market.

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Medical Image Analysis Software Market: Regional Growth Dynamics

North America held a leading share of the global medical image analysis software market in 2018. The revenue growth has been fueled by the widespread uptake of advanced medical image analysis software in clinical applications. Furthermore, favorable reimbursement has cemented the demand for digital technologies in medical imaging.
The Asia Pacific medical image analysis software market is projected to rise at a promising growth rate during the forecast period. The growth will be fueled by the rise in demand for managing chronic diseases.

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Medical Image Analysis Software Market: Key Players

Some of the prominent players in the medical image analysis software market are ScienceSoft USA Corporation, Merge Healthcare Incorporated, MIM Software Inc., AQUILAB, Media Cybernetics, Inc., Pie Medical Imaging, Hologic Inc., Siemens Healthineers, and GE Healthcare.

The global medical image analysis software market has been segmented as follows:

Global Medical Image Analysis Software Market, by Software Type

Integrated software type
Standalone software type

Global Medical Image Analysis Software Market, by Imaging Type

2D imaging
3D imaging
4D imaging

Global Medical Image Analysis Software Market, by Modality

CT
MRI
PET
SPECT
Ultrasound
Radiographic imaging
Other modalities

Global Medical Image Analysis Software Market, by Application

Cardiology
Orthopaedic
Oncology
Neurology
Nephrology
Dental
Gynaecology
Others

Global Medical Image Analysis Software Market, by End-user

Hospitals
Clinics
Research and Academic Institutes
Diagnostic Centers
Ambulatory Surgical Centers (ASCs)

Global Medical Image Analysis Software Market, by Region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
India
Japan
Australia & New Zealand
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC Countries
South Africa
Rest of Middle East & Africa

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