Medical Imaging Analysis Software Market - Growth, Trends, and Forecasts (2023-2028)

The medical imaging analysis software market is expected to register a CAGR of 7.6% over the forecast period.

The COVID-19 pandemic has had a significant impact on the market studied. The application of X-ray imaging for the diagnosis and treatment of COVID-19 and associated diseases has positively impacted the market's growth. CT scans were considered one of the best suitable non-invasive techniques to detect COVID infections during the pandemic. For instance, as per the NCBI article published in November 2021, chest CT is considered the gold standard imaging modality for COVID-19 pneumonia. Such applications of CT scans in treatment and disease diagnosis have contributed to the increased use of medical imaging analysis software in the initial days of the pandemic. Therefore, with the emergence of the new strain, the market is expected to continue considerable growth in the current years.

The technological advancements in medical imaging systems and analysis software, increasing the usage of imaging equipment due to the rising prevalence of chronic diseases, and rising applications of computer-aided diagnosis are some of the major drivers for the market. Since medical imaging analysis software is one of the essential requirements for the detection of chronic diseases, therefore, increasing cases of chronic diseases are anticipated to propel the demand for the product.

Moreover, an increase in the elderly population has also led to a steep increase in the number of chronic conditions. For instance, according to the NCBI research article published in September 2021, the global prevalence of peripheral arterial disease (PAD) is estimated to be 3.0% to 12.0%, affecting nearly 27.0 million people in the U.S. and Europe. The same source also reported that, in Europe, the prevalence of PAD is estimated at around 17.8% in people aged between 45 and 55. The increasing prevalence of such diseases may lead to an increase in the usage of diagnostic imaging tools, thereby boosting the market for medical imaging analysis software. As the usage of radiographs, ultrasound, fluoroscopy, or nuclear medicine may create visual representations of a body’s interior, which can be used to deal with a variety of non-communicable or chronic diseases. Thus, the increasing prevalence of chronic diseases is anticipated to positively impact the market over the forecast period.

The technological advancements in medical imaging systems and analysis software are a prime factor driving the market's growth. For instance, in August 2021, GE Healthcare introduced the Allia platform, which is designed to enhance the user experience, improve workflow efficiency, and increase the adoption of advanced image guidance, at the Radiological Society of North America’s (RSNA) 2021 Annual Meeting. Likewise, in November 2021, Philips Healthcare launched new 1.5-tesla and 3-tesla MRI scanners, as well as software-based workflow enhancements, which are designed to enable radiology facilities to operate more efficiently. Such advancements and innovations are expected to create new opportunities for the market and may encourage many new players to enter the market, thereby propelling market growth.

However, the cost of maintenance in terms of the budget is likely to hinder the market growth over the forecast period.

Medical Imaging Analysis Software Market Trends

The X-ray Imaging Segment is Expected to Witness Significant Growth Over the Forecast Period

X-ray imaging is a commonly used imaging modality that is expected to see growth in the future due to advancements in technology and the increasing adoption of X-rays for diagnostic purposes.

With the development and introduction of medical X-ray image analysis software, treatment and patient data management are enhanced to a greater extent. The data can be easily shared between healthcare providers or researchers at remote sites, which is a key contributing factor to the growth of the segment. Additionally, the software reduces training requirements and saves costs and time. As per the AAAS research article published in December 2021, X-ray is a low-cost and powerful technology that is extensively used in medical diagnosis and industrial non-destructive inspection, and the ability of X-rays to image the inside of the body without intrusive procedures represents a significant advancement. Thus, the growth in the number of X-rays performed worldwide will, in turn, augment the use of imaging analysis software across healthcare settings.

Furthermore, several companies are launching products associated with X-ray image analysis software that will positively impact the segment’s growth. For example, in February 2022, Carestream Health launched the DRX compass X-Ray system, an accurate, convenient, and configurable digital radiology solution designed to provide radiologists with a new efficiency level. The image view software used in the DRX compass enables upgraded cybersecurity. Additionally, in August 2021, CXR-AID, a chest X-ray program powered by artificial intelligence (AI) developed by Fujifilm, has been made available in Japan after receiving certification from the Pharmaceuticals and Medical Devices Agency (PMDA). CXR-AID, which was created utilizing Lunit's AI technology, can recognize significant abnormal findings from X-ray images, such as chest nodules, consolidation, and pneumothorax.

Therefore, owing to the aforesaid factors, the X-ray Imaging segment is expected to witness significant growth over the forecast period.

North America is Expected to Witness Considerable Growth Over the Forecast Period

North America holds a major share of the medical imaging analysis software market. It is expected to show a similar trend over the forecast period.

The growth is due to factors such as technological advancements and innovation and increasing cases of chronic diseases in the North American region. For instance, in October 2021, HALO Diagnostics, a medical imaging provider headquartered in Southern California, partnered with Subtle Medical, a healthcare technology company focused on AI-powered software solutions that enable faster, safer, and smarter medical imaging. HALO has implemented both Subtle MR and Subtle PET image enhancement software at multiple locations, leading to higher-quality imaging and an improved patient experience.

Furthermore, in January 2022, a Canadian company called Mireye unveiled an AI-based product intended to automate the process of situating patients for x-ray tests. According to the company, the software and hardware combination does away with the necessity for manual measurements and body part alignment. It is currently accessible as an upgrade for current x-ray equipment. Thus, this trend in countries across North America is driving market growth in the region.

Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the medical imaging analysis software market in the region. There is an increasing burden of chronic diseases among the population of the region, requiring them to undergo imaging scans for diagnosis and treatment. For instance, the data provided by the American Heart Association in its 'Heart Disease and Stroke Statistics-2021' Update shows that about 126.9 million adults in the United States had some form of cardiovascular disease, and 121.5 million adults had hypertension. The scanning procedures, such as CT, angiography, colonography, dual-energy, and perfusion CT, have revolutionized diagnosis and treatments. With the increasing number of imaging procedures, hospitals and diagnostic imaging centers require sophisticated software to better analyze patient conditions.

Therefore, owing to the aforementioned factors, the growth of the studied market is predicted in the North American region.

Medical Imaging Analysis Software Market Competitor Analysis

The medical imaging analysis software market is moderately consolidated due to the presence of a few key players in the market. The companies are focusing on the technological advancement of the devices to gain significant market shares. Some of the market players are Agfa-Gevaert Group, Aquilab SAS, Canon Inc. (Canon Medical Systems USA), Carestream Health, GE Healthcare, International Business Machines Corporation (IBM), Koninklijke Philips NV, Sciencesoft USA Corporation, Siemens Healthcare GmbH, and Xinapse Systems Ltd., among others.

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