Global Medical Image Analysis Software Market Size Set to Cross USD 5.62 Billion by 2029
Global medical image analysis software market is flourishing due to the increasing use of ultrasonic imaging equipment for faster diagnosis, particularly of persistent illnesses, and the growing adoption of technologically advanced medical image equipment, such as multimodality imaging platforms and 3D imaging.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the global medical image analysis software market size at USD 3.30 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects the global medical image analysis software market size to grow at a CAGR of 7.80% reaching a value of USD 5.62 billion by 2029. The increasing use of ultrasonic imaging equipment for faster diagnosis, particularly of persistent illnesses, is likely to drive the demand for medical image analysis software. The increasing adoption of technologically advanced products, such as multimodality imaging platforms and 3D imaging, as well as the benefits of using these systems, such as high-resolution imaging, ease of use, and flexibility, is driving rising consumer demand. The growing elderly population has increased the number of chronic diseases. The rising prevalence of such disorders may increase the use of diagnostic imaging technologies, enhancing the market for medical imaging analysis software.
Opportunity: Introduction of CT-guided diagnosis
Radiation exposure for patients and medical staff has gradually increased with the advent of CT-guided diagnosis and intervention, including nuclear medicine-based scans and angiography. As a result, statutory organizations have made it essential for patients’ radiation exposure to be monitored and reported in their medical records. It is also crucial to monitor how much radiation doctors are exposed to while performing their duties. For instance, DoseWatch is a program offered by GE to keep track of the radiation doses supplied to patients at a certain facility. Data can be categorized according to devices, protocols, or operators to make it easier to find dose outliers. Sectra provides web-based dose tracking. Sectra is attributed by the American College of Radiology and may transmit dosage data directly from a hospital to its Dose Index Registry. Therefore, the increasing number of the introduction of CT-guided diagnosis is expected to create lucrative opportunities for the growth of the global medical image analysis software market in the coming years.
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Restraint: Budgetary constraints
The global medical image analysis software market is projected to encounter budgetary constraints, due to a variety of factors, including limited funding for healthcare R&D, the high cost of developing and maintaining these software solutions, and by healthcare providers and organizations. The high cost of developing and sustaining these solutions is one of the major constraints for medical image analysis software suppliers. The development of these software solutions requires significant R&D investment, including the expense of employing trained individuals, developing and testing algorithms, and gathering high-quality imaging data. The ongoing maintenance and support of these software solutions can be expensive. These factors may hamper market growth in the coming years.
Impact of COVID-19 on Global Medical Image Analysis Software Market
The global medical image analysis software market was significantly impacted by the COVID-19 pandemic. Considering the importance of medical imaging in diagnosing and treating severe COVID-19 infections, the medical imaging sector witnessed considerable growth during the COVID-19 pandemic. Medical imaging software methods are also used in the care of COVID-19 patients. Chest X-rays, CT scans, and ultrasonography were commonly used to identify the extent of COVID-19 infections and the disease’s progress in the lungs. All of these factors led to a rise in global market demand. Thus, the COVID-19 pandemic positively impacted the global medical image analysis software market growth.
Global Medical Image Analysis Software Market – By Application:
Based on application, the global medical image analysis software market is divided into orthopedic, dental, neurology, cardiology, oncology, obstetrics & gynecology, mammography, and urology & nephrology segments. Neurology is expected to be the fastest-growing application segment during the forecast period, due to a rising incidence of brain cancer, tumors, and other brain-related ailments, which is expected to drive the market growth for medical image analysis software over the forecast period. The increased emphasis on the most recent technological advances in the medical industry has a significant impact on the market expansion.
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Global Medical Image Analysis Software Market – By End User:
Based on end user, the global medical image analysis software market is segmented into hospitals, diagnostic centers, ambulatory surgical centers (ASCS), and others (academic & research centers). The hospitals segment dominated the market and accounted for a significant market share. Supportive infrastructure, which is essential in performing surgical interventions using medical imaging software, is one of the important reasons for supporting the segment’s expansion. Hospitals have a larger installed base of diagnostic imaging systems and solutions than research and diagnostic centers. Patient inflow is significantly higher. It keeps the end-use portion in the first place.
Global Medical Image Analysis Software Market – By Region:
Asia Pacific is expected to grow significantly in the global medical image analysis software market during the period in analysis. Rising investments in healthcare, improved healthcare infrastructure, and increasing adoption of medical imaging devices, AI, and telehealth services are expected to drive the growth of this regional market. Economic development in APAC has greatly boosted access to healthcare and improved healthcare infrastructure. The region’s healthcare sector is expected to undergo significant change over the next five years.
Competitive Landscape:
The global medical image analysis software market is highly competitive, with all the players continually competing to gain a larger market share. Key players in the market include Toshiba Medical Systems Corp., Bruker Corp., Xinapse Systems Ltd., Esaote, Inc., ClaroNAv, Inc., Merge Healthcare Inc., Aquilab GmbH, Spacelabs Healthcare, Inc., MIM Software Inc., Carestream Health, Inc., Agfa-Gevaert Corp., Philips Healthcare, Siemens Healthineers, and GE Healthcare.
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The report’s in-depth analysis provides information about growth potential, upcoming trends, and the Global Medical Image Analysis Software Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Global Medical image analysis software Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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(C) The research includes segmentation of the Medical Image Analysis Software market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
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