Medical Image Analysis Software Global Market Report 2024

Medical image analysis software refers to software designed for the quantitative analysis and visualization of medical images obtained from various modalities, including PET, MRI, CT, and microscopy.

The primary types of medical image analysis software include integrated software and standalone software. Integrated software is a suite of programs specifically crafted to function seamlessly together. Imaging can be categorized into 2D, 3D, and 4D images, while modalities encompass tomography, ultrasound imaging, radiographic imaging, x-ray imaging, MRI, and others. The software finds applications in diverse medical fields such as orthopedics, dental applications, neurology, cardiology, oncology, obstetrics and gynecology, mammography, and more. These applications are utilized in hospitals, diagnostic centers, research facilities, and various other end-user settings.

The medical image analysis software market research report is one of a series of new reports that provides medical image analysis software market market statistics, including global medical image analysis software market industry size, regional shares, competitors with a medical image analysis market share, detailed medical image analysis market segments, medical image analysis market trends and opportunities, and any further data you may need to thrive in the medical image analysis industry. This medical image analysis market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The medical image analysis software market size has grown rapidly in recent years. It will grow from $3.66 billion in 2023 to $4.05 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed in the historical period can be attributed to several factors, including an aging population, an increase in healthcare costs, the adoption of patient-centric care approaches, global health preparedness initiatives, and the expansion of clinical research and trials.

The medical image analysis software market size is expected to see rapid growth in the next few years. It will grow to $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to precision medicine initiatives, advancements in disease diagnosis and monitoring, efforts to minimize interpretation errors, the introduction of remote image analysis services, and the utilization of quantitative imaging biomarkers. Significant trends during this period include the widespread adoption of 3D and 4D imaging, the integration of sustainable imaging solutions, the enhancement of automation through artificial intelligence (AI), a heightened focus on data security and privacy, and continuous advancements in the field of medical imaging.

The growth of the medical image analysis software market is anticipated to be propelled by an increase in the incidence of chronic diseases. Chronic diseases are prolonged conditions lasting three months or more, with the potential to worsen over time. Medical imaging facilitates the early detection of diseases like cancer and diabetes, leading to improved patient outcomes. The ability to diagnose and treat diseases at an early stage is transformative, making this advanced technology truly life-changing. According to the National Center for Biotechnology Information (NCBI), the global population with chronic diseases is projected to reach 142.66 million by 2050, up from 71.522 million in 2020. Thus, the escalating prevalence of chronic diseases is a driving force behind the growth of the medical image analysis software market.

The surge in telehealth and telemedicine is expected to drive the growth of medical image analysis software. Telehealth involves using telecommunications technology to deliver various healthcare services remotely, while telemedicine specifically includes remote clinical consultations and healthcare delivery. These virtual healthcare practices generate a significant volume of medical images, and medical image analysis software plays a crucial role in interpreting these images, enabling quick and accurate diagnoses, especially in remote or underserved areas. The integration of artificial intelligence enhances automated image analysis, reduces geographical barriers, and contributes to streamlined virtual consultations. In 2021, telemedicine was utilized by 37.0% of adults within the preceding 12 months, according to the Centers for Disease Control and Prevention. Therefore, the rise in telehealth and telemedicine is propelling the growth of the medical image analysis software market.

Product innovation is a prominent trend in the medical image analysis software market. Major companies in this sector are concentrating on developing technologically advanced software solutions to bolster their market positions. For example, Koninklijke Philips N.V., a Netherlands-based conglomerate corporation, introduced new cloud-enabled enterprise imaging informatics and analytics solutions in March 2022. These offerings, part of Philips' Data Management and Interoperability Solutions portfolio, aim to enhance workflow efficiency and improve patient and staff satisfaction. HealthSuite Interoperability is a cloud-enabled health IT platform that connects third-party systems and streamlines data workflows, supporting various data types and formats. It improves care planning and coordination by providing clinical and operational analytics. Furthermore, Philips' Enterprise Performance Analytics – Performance Bridge now extends its deep analytics beyond radiology to cardiology, offering operational insights and enhancing effectiveness in care delivery.

Major companies in the medical image analysis software market are incorporating AI into their products to gain a competitive edge. For instance, in August 2021, Fujifilm Holdings Corporation, a Japan-based conglomerate, launched CXR-AID, an AI-powered software for analyzing chest X-rays in Japan. Approved by the Pharmaceuticals and Medical Devices Agency (PMDA), this innovative software enhances the detection of major abnormalities in chest X-ray images, such as chest nodules, consolidation, and pneumothorax. CXR-AID identifies abnormalities and presents them as a heatmap display with associated scores, empowering doctors and medical professionals to enhance diagnostic accuracy and minimize overlooked cases.

In October 2021, Nano X Imaging Ltd., an Israel-based medical imaging company, acquired Zebra Medical Vision for $200 million. This acquisition aligns with the common goal of both companies to create the next generation of AI-enabled hardware and software devices, raising the bar for medical equipment. With these acquisitions, Nanox aims to address global shortages in radiologists, medical imaging devices, and connectivity for the analysis of medical data. Zebra Medical Vision is an Israel-based company specializing in deep-learning medical imaging analytics.

Major companies operating in the medical image analysis software market include Aquilab SAS, Carestream Health Inc., Esaote S.p.A, GE HealthCare Technologies Inc., Image Analysis Group, INFINITT Healthcare Co. Ltd., Merge Healthcare Inc., MIM Software Inc., Mirada Medical Limited, Philips Healthcare, ScienceSoft USA Corporation, Siemens AG, Toshiba Medical Systems Corporation, Xinapse Systems Ltd., AGFA Healthcare, Aktien-Gesellschaft für Anilin-Fabrikation Group, Aidoc Medical, Arterys Inc., Blackford Analysis Ltd., Butterfly Network Inc., Canon Medical Systems Corp., ContextVision AB, Fujifilm Medical Systems Corp., Hologic Inc., Life Image Inc., Mirai Medical Co., Nines Radiology inc., PathAI Inc., Pie Medical Imaging BV, Quibim, Riverain Technologies, Sectra AB, Spintech Holdings inc., Subtle Medical Inc.

North America was the largest region in the medical image analysis software market in 2023. The regions covered in the medical image analysis software market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the medical image analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical image analysis software market consists of the sales of image analysis software and hardware. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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