The global medical image analysis software market is projected to grow at a CAGR of 4.03% to reach US$3.358 billion by 2026, from US$2.546 billion in 2019.
Medical imaging is a branch of research that uses digital image processing tools to address and analyze patients' medical problems. It's a technique that provides a visual depiction of the human inside body, revealing the internal architecture of organs as well as the function of specific organs or tissues, assisting in illness diagnosis and therapy. A variety of medical imaging techniques, such as magnetic resonance imaging (MRI) and computed tomography (CT) scans, are used to diagnose and treat a variety of illnesses. Medical imaging software installed on devices aids in the detection of cancer and tumors. Medical imaging is used to diagnose and treat diseases, as well as to see and reveal internal structures or organs of the human body that are hidden by the skin and bones. Chronic illness prevalence has been cited as a factor in the medical imaging software market's rise. Imaging software, often known as medical imaging software, is software that is used in combination with the most up-to-date equipment. During the research period, demand for medical imaging software is projected to rise due to the rising use of technology in medical practices around the world. Furthermore, advancements in the field of imaging technology are likely to boost the market for medical image analysis software. In addition, computer-assisted diagnosis opens up a lot of doors for the use of cutting-edge medical imaging software. Medical software is used to digitally store and communicate patient data. Artificial Intelligence's application in Medical Image Analysis Software has arisen as a new business potential. With more automation, Artificial Intelligence has the potential to enhance medical imaging. The use of artificial intelligence to identify left atrial enlargement from chest x-rays can help doctors rule out other cardiac issues and focus on the best therapy options for their patients. The Image cloud is a medical image processing service for regional healthcare, and cloud-based image analysis is also utilized in medical image analysis software.
North America is expected to lead the worldwide medical image analysis software market in terms of revenue, thanks to world-class healthcare infrastructure, improved facilities, increased awareness, increased technology penetration, and increased citizen spending on healthcare. Due to rapidly increasing healthcare infrastructure, increased spending, government initiatives and increasing population awareness, and growing medical tourism industry in developing nations such as China and India in this region, the Asia-Pacific medical imaging software market is expected to grow at the fastest rate and contribute to the global market share. The rapid use of ultrasonic imaging equipment to allow rapid diagnoses, particularly of chronic illnesses, is expected to boost market size and value.
One of the major reasons for the growth of the global medical image analysis software market is growing demand for cloud based medical image analysis software solutions. Since it allows for more data accessibility and real-time analysis, the cloud-based approach has emerged as a viable option for delivering image analysis software. Cloud-based image analysis tools make it simple to extract analytical insights from a multi-terabyte database from anywhere, at any time, and on any platform. Every change in data is collected and immediately updated on the dashboard in real time using these solutions. Furthermore, a cloud-based imaging solution requires no upfront hardware investment, decreases the strain on healthcare systems by reducing or eliminating the need for in-house IT employees, and allows for quicker data transmission across companies. The demand for cloud-based image analysis solutions is projected to be significant among end users in the future years as a result of these benefits. Many firms are launching new products and expanding their presence in the cloud-based medical image analysis software market in order to capitalize on the industry's growth potential.
A major restraint in the growth of global medical image analysis software market is the high cost of implementation of medical image analysis software. The high cost of imaging equipment, along with the high cost of software development and license, is a key issue limiting market expansion, particularly in countries with inadequate reimbursement scenarios. Because of the high installation and maintenance costs, most healthcare institutions in underdeveloped nations, such as hospitals and diagnostic centers, cannot afford these systems. Healthcare institutions in emerging nations are hesitant to invest in new or technologically sophisticated systems due to the high cost of these systems and limited financial resources. End users also have a significant cost burden due to deployment and licensing fees for sophisticated imaging equipment. These issues have the potential to stifle digitalization in healthcare institutions and impede the use of these solutions.
Impact of COVID–19
The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. Patient visits to medical clinics and diagnostic facilities have fallen as a result of the lockdown in many countries across the world, and the number of suggestive tests has decreased as well. As a result, the demand for and use of medical image analysis software has decreased. To prevent the spread of COVID-19, a considerable number of countries have postponed elective medical operations. Since a majority of medical image analysis software and interventional techniques are optional, a large number of these systems have been delayed. Additionally, stock chains have been disrupted by closed assembly offices due to lockdowns, and clinical preliminary enrollments have decreased, all of which are likely to have an impact on the worldwide medical image analysis software market's growth. However, in the post COVID scenario the global medical image analysis software market is expected to bloom with the surging demand in in the forecast period.
The market leaders for the pretreatment coating market are Medical Image Analysis Software, General Electric Company, Aquilab, Koninklijke Philips N.V., Carestream Health, Siemens Healthcare GmbH, INFINITT Healthcare Co, Ltd, Esaote SpA, ScienceSoft USA Corporation and Xinapse Systems Ltd..
|Market size value in 2019||US$2.546 billion|
|Market size value in 2026||US$3.358 billion|
|Growth Rate||CAGR of 4.03% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Software Type, Imaging Modality, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Agfa-Gevaert Group, General Electric Company, Aquilab, Koninklijke Philips N.V., Carestream Health, Siemens Healthineers, INFINITT Healthcare Co, Ltd, Esaote SpA, ScienceSoft USA Corporation, Xinapse Systems Ltd.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the medical image analysis software market size by 2026?
A1. The global medical image analysis software market is expected to reach a total market size of US$3.358 billion by 2026.
Q2. What is the size of the global medical image analysis software market?
A2. Medical Image Analysis Software Market was valued at US$2.546 billion in 2019.
Q3. What are the growth prospects for the medical image analysis software market?
A3. The medical image analysis software market is expected to grow at a CAGR of 4.03% over the forecast period.
Q4. What factors are anticipated to drive the medical image analysis software market growth?
A4. An increase in demand for diagnostic imaging software in fields such as dental, orthopedics, urology, neurology, and oncology is likely to contribute toward medical image analysis software market growth.
Q5. Who are the major players in the global medical image analysis software market report?
A5. Prominent/major key market players in the medical image analysis software market include Agfa-Gevaert Group., General Electric Company and Koninklijke Philips N.V. among others.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY SOFTWARE TYPE
5.2. Optical Medical Imaging Analysis Software
5.3. Standalone Software
5.4. Integrated Software
6. GLOBAL MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY IMAGING MODAITY
6.2. X-Ray Imaging Systems
6.3. Magnetic Resonance Imaging (MRI) Systems
6.4. Ultrasound Systems
6.5. Computerized Tomography (CT) Scanners
6.6. Nuclear Imaging Systems
7. GLOBAL MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY END-USERS
7.3. Diagnostic Centers
8. GLOBAL MEDICAL IMAGE ANALYSIS SOFTWARE MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Medical Image Analysis Software
10.2. General Electric Company
10.4. Koninklijke Philips N.V.
10.5. Carestream Health
10.6. Siemens Healthcare GmbH
10.7. INFINITT Healthcare Co, Ltd
10.8. Esaote SpA
10.9. ScienceSoft USA Corporation
10.10. Xinapse Systems Ltd.
Medical Image Analysis Software
General Electric Company
Koninklijke Philips N.V.
Siemens Healthcare GmbH
INFINITT Healthcare Co, Ltd
ScienceSoft USA Corporation
Xinapse Systems Ltd.
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