Medical Image Analysis Software Market
PUBLISHED: 2022 ID: SMRC21601
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Medical Image Analysis Software Market

Medical Image Analysis Software Market Forecasts to 2028 – Global Analysis By Modality (Ultrasound Imaging, Interior, Microscopy), Application (Orthopedic, Cardiology), End User, and By Geography

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4.5 (74 reviews)
Published: 2022 ID: SMRC21601

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2021)

US $3580.98 MN

Projected Year Value (2028)

US $7067.62 MN

CAGR (2021 - 2028)

10.2%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Fastest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Medical Image Analysis Software Market is accounted for $3580.98 million in 2021 and is expected to reach $7067.62 million by 2028 growing at a CAGR of 10.2% during the forecast period. Medical imaging is the method of creating a visual portrayal of a body for clinical investigation and medical intervention.  This medical image analysis software is of great aid for visual representation of the function of some organs or tissues.



Market Dynamics:

Driver:

Increasing applications of computer-aided diagnosis

Computer-aided diagnosis will provide data interpretation by means of computerized software. This procedure helps radiologists to decrease manual errors in data interpretation and furthermore supports in the diagnosis of irregularities that are often missed during manual analysis processes. This method was initially utilized for mammographic image analysis; however, its applications have extended. Thus, the increasing usage of CAD technology for image analysis is likely to drive the growth of the market.

Restraint:

High cost

The high cost of imaging equipment, combined with the high implementation and licensing cost of software, is the major factor limiting market growth, particularly in countries where the reimbursement scenario is poor. Because of the high expense of these systems and low financial resources, healthcare facilities in emerging countries are reluctant to invest in new or technologically advanced systems. Also, the implementation and subscription/licensing charges for advanced imaging tools are a major financial burden on end users. These factors can slow down digitalization in healthcare facilities and effect the adoption of advanced technologies for diagnosis and analysis.

Opportunity:

Increasing adoption of cloud-based technology

The cloud-based model has arisen as an effective solution to deliver medical image analysis software as it offers upgraded information accessibility and real-time analysis. Cloud-based image analysis solutions assist with deliver analytical insights from a multi-terabyte database with ease at any location, anytime, and on any platform. Moreover, a cloud-based imaging solution does not need any up-front capital investment on hardware; reduces the burden on healthcare systems as there is lower/no involvement of in-house staff; and enables faster data transfer between organizations. Attributable to these benefits, the demand for cloud-based image analysis solutions is likely to be provide ample opportunities for the market growth.

Threat:

Hacking issues

Hacking of medical equipment can prompt loss of effectiveness and result in undesirable outcomes for patients. The medical equipment manufacturing industry lacks the security measures found in other high-risk industries. Thus, medical equipment are not integrated with the most recent developments in the field of IT security, which can provide protection from hacking. Hacking is a main issue in the medical image analysis software market, as hackers can effectively shut-down equipment, which can bring about data breach and affect patient outcomes. Thus, the adverse consequences related with accidental malfunctioning and hacking makes medical services experts reluctant to install IT solutions, including image analysis software in their centres.

The stand-alone software segment is expected to be the largest during the forecast period

The stand-alone software segment is estimated to have a lucrative growth as these platforms are user-friendly and cost less as compared to integrated solutions. These solutions offer more details and features and are utilized by researchers, permitting them to share and access research data and analyses, thereby improving their ability to diagnose, research, monitor, and treat disorders.

The cardiology segment is expected to have the highest CAGR during the forecast period

The cardiology segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the high prevalence of cardiovascular and congenital heart diseases and government support to improve the accessibility of treatments, expanding advancements in cardiac imaging technologies and the growing number of cardiac imaging tests because of the rising incidence of cardiac disorders.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the healthcare infrastructure, advanced facilities, higher awareness, higher technological penetration and higher spending by the citizens towards healthcare expenditure. In addition, increasing R&D investments and the presence of key market players are contributing to the regional market growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to rapidly increasing healthcare infrastructure, rising spending, government initiatives and increasing awareness amongst population, and growing medical tourism industry in developing nations. Accelerating adoption of ultrasound imaging systems to work with speedy diagnostics mostly of chronic diseases is expected via analytical forecast to support market size.



Key players in the market

Some of the key players profiled in the Medical Image Analysis Software Market include Xinapse Systems Ltd., Toshiba Medical Systems Corp., Spacelabs Healthcare, Inc., Aquilab GmbH, Philips Healthcare, MIM Software Inc., Merge Healthcare Inc., GE Healthcare, Esaote, Inc., ClaroNAv, Inc., Bruker Corp., Carestream Health, Inc., Agfa-Gevaert Corp. , Siemens Healthineers and Canon Medical Systems.  

Key Developments:

In March 2022, Canon Medical Systems acquired the Danish medical equipment manufacturer, Nordisk Rontgen Teknik, to strengthen its global X-ray business. Through this acquisition, Canon Medical opens up access to European-based technology, development, and manufacturing for advanced multipurpose and motorized digital radiographic imaging solutions.

In February 2022, Carestream Health, Inc. launched the DRX compass, an accurate, convenient, and configurable digital radiology solution designed to provide radiologists with a new efficiency level. The image view software used in DRX compass enables upgraded cybersecurity.
 
Modalities Covered:
• Ultrasound Imaging
• Radiographic Imaging
• Combined Modalities
• Microscopy
• Tomography & Traumatic Brain Injury (TBI)
 
Software Types Covered:
• Stand-Alone Software
• Integrated Software
 
Applications Covered:
• Urology & Nephrology
• Respiratory Applications
• Orthopedic
• Obstetrics & Gynaecology
• Neurology
• Mammography
• Dental
• Cardiology
• Oncology
 
End Users Covered:
• Ambulatory Surgical Centers (ASCs)
• Hospitals
• Diagnostic Centers
• Clinics
• Academic & Research Centers

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary                
                 
2 Preface                
 2.1 Abstract                
 2.2 Stake Holders               
 2.3 Research Scope               
 2.4 Research Methodology               
  2.4.1 Data Mining              
  2.4.2 Data Analysis              
  2.4.3 Data Validation              
  2.4.4 Research Approach              
 2.5 Research Sources               
  2.5.1 Primary Research Sources              
  2.5.2 Secondary Research Sources              
  2.5.3 Assumptions              
                 
3 Market Trend Analysis                
 3.1 Introduction               
 3.2 Drivers               
 3.3 Restraints               
 3.4 Opportunities               
 3.5 Threats               
 3.6 Application Analysis               
 3.7 End User Analysis               
 3.8 Emerging Markets               
 3.9 Impact of Covid-19               
 3.10                
                 
4 Porters Five Force Analysis                
 4.1 Bargaining power of suppliers               
 4.2 Bargaining power of buyers               
 4.3 Threat of substitutes               
 4.4 Threat of new entrants               
 4.5 Competitive rivalry               
                 
5 Global Medical Image Analysis Software Market, By Modality                
 5.1 Introduction               
 5.2 Ultrasound Imaging               
  5.2.1 2D Ultrasound Imaging              
  5.2.2 3D/4D Ultrasound Imaging              
  5.2.3 Doppler Imaging              
 5.3 Radiographic Imaging               
 5.4 Combined Modalities               
  5.4.1 Positron Emission Tomography (PET)/Computed Tomography (CT)              
  5.4.2 Single-Photon Emission Computerized Tomography (SPECT)/Computed Tomography (CT)              
  5.4.3 Positron Emission Tomography (PET)/Magnetic Resonance (MR)               
 5.5 Microscopy               
 5.6 Tomography & Traumatic Brain Injury (TBI)               
  5.6.1 Magnetic Resonance Imaging              
   5.6.1.1 Open Magnetic Resonance Imaging Systems             
   5.6.1.2 Closed Magnetic Resonance Imaging Systems             
  5.6.2 Positron Emission Tomography              
  5.6.3 Single-Photon Emission Tomography              
  5.6.4 Computed Tomography              
   5.6.4.1 High-End Slice Computed Tomography             
   5.6.4.2 Mid-End Slice Computed Tomography             
   5.6.4.3 Low-End Slice Computed Tomography             
                 
6 Global Medical Image Analysis Software Market, By Software Type                
 6.1 Introduction               
 6.2 Stand-Alone Software               
 6.3 Integrated Software               
                 
7 Global Medical Image Analysis Software Market, By Application                
 7.1 Introduction               
 7.2 Urology & Nephrology               
 7.3 Respiratory Applications               
 7.4 Orthopedic               
 7.5 Obstetrics & Gynaecology               
 7.6 Neurology               
 7.7 Mammography               
 7.8 Dental               
 7.9 Cardiology               
 7.10 Oncology                
                 
8 Global Medical Image Analysis Software Market, By End User                
 8.1 Introduction               
 8.2 Ambulatory Surgical Centers (ASCs)               
 8.3 Hospitals               
 8.4 Diagnostic Centers                
 8.5 Clinics               
 8.6 Academic & Research Centers               
                 
9 Global Medical Image Analysis Software Market, By Geography                
 9.1 Introduction               
 9.2 North America               
  9.2.1 US              
  9.2.2 Canada              
  9.2.3 Mexico              
 9.3 Europe               
  9.3.1 Germany              
  9.3.2 UK              
  9.3.3 Italy              
  9.3.4 France              
  9.3.5 Spain               
  9.3.6 Rest of Europe              
 9.4 Asia Pacific               
  9.4.1 Japan              
  9.4.2 China              
  9.4.3 India              
  9.4.4 Australia              
  9.4.5 New Zealand              
  9.4.6 South Korea               
  9.4.7 Rest of Asia Pacific              
 9.5 South America               
  9.5.1 Argentina              
  9.5.2 Brazil              
  9.5.3 Chile              
  9.5.4 Rest of South America              
 9.6 Middle East & Africa                
  9.6.1 Saudi Arabia              
  9.6.2 UAE              
  9.6.3 Qatar              
  9.6.4 South Africa              
  9.6.5 Rest of Middle East & Africa              
                 
10 Key Developments                
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures               
 10.2 Acquisitions & Mergers               
 10.3 New Product Launch               
 10.4 Expansions               
 10.5 Other Key Strategies               
                 
11 Company Profiling                
 11.1 Xinapse Systems Ltd.               
 11.2 Toshiba Medical Systems Corp.               
 11.3 Spacelabs Healthcare, Inc.               
 11.4 Aquilab GmbH               
 11.5 Philips Healthcare               
 11.6 MIM Software Inc.               
 11.7 Merge Healthcare Inc.               
 11.8 GE Healthcare                
 11.9 Esaote, Inc.               
 11.10 ClaroNAv, Inc.               
 11.11 Bruker Corp.               
 11.12 Carestream Health, Inc.               
 11.13 Agfa-Gevaert Corp.               
 11.14 Siemens Healthineers               
 11.15 Canon Medical Systems                
                 
List of Tables                 
1 Global Medical Image Analysis Software Market Outlook, By Region (2020-2028) ($MN)                
2 Global Medical Image Analysis Software Market Outlook, By Modality (2020-2028) ($MN)                
3 Global Medical Image Analysis Software Market Outlook, By Ultrasound Imaging (2020-2028) ($MN)                 
4 Global Medical Image Analysis Software Market Outlook, By 2D Ultrasound Imaging (2020-2028) ($MN)                
5 Global Medical Image Analysis Software Market Outlook, By 3D/4D Ultrasound Imaging (2020-2028) ($MN)                
6 Global Medical Image Analysis Software Market Outlook, By Doppler Imaging (2020-2028) ($MN)                
7 Global Medical Image Analysis Software Market Outlook, By Radiographic Imaging (2020-2028) ($MN)                
8 Global Medical Image Analysis Software Market Outlook, By Combined Modalities (2020-2028) ($MN)                
9 Global Medical Image Analysis Software Market Outlook, By Positron Emission Tomography (PET)/Computed Tomography (CT) (2020-2028) ($MN)                
10 Global Medical Image Analysis Software Market Outlook, By Single-Photon Emission Computerized Tomography (SPECT)/Computed Tomography (CT) (2020-2028) ($MN)                
11 Global Medical Image Analysis Software Market Outlook, By Positron Emission Tomography (PET)/Magnetic Resonance (MR) (2020-2028) ($MN)                
12 Global Medical Image Analysis Software Market Outlook, By Microscopy (2020-2028) ($MN)                
13 Global Medical Image Analysis Software Market Outlook, By Tomography & Traumatic Brain Injury (TBI) (2020-2028) ($MN)                
14 Global Medical Image Analysis Software Market Outlook, By Magnetic Resonance Imaging (2020-2028) ($MN)                
15 Global Medical Image Analysis Software Market Outlook, By Positron Emission Tomography (2020-2028) ($MN)                
16 Global Medical Image Analysis Software Market Outlook, By Single-Photon Emission Tomography (2020-2028) ($MN)                
17 Global Medical Image Analysis Software Market Outlook, By Computed Tomography (2020-2028) ($MN)                
18 Global Medical Image Analysis Software Market Outlook, By Software Type (2020-2028) ($MN)                
19 Global Medical Image Analysis Software Market Outlook, By Stand-Alone Software (2020-2028) ($MN)                
20 Global Medical Image Analysis Software Market Outlook, By Integrated Software (2020-2028) ($MN)                
21 Global Medical Image Analysis Software Market Outlook, By Application (2020-2028) ($MN)                
22 Global Medical Image Analysis Software Market Outlook, By Urology & Nephrology (2020-2028) ($MN)                
23 Global Medical Image Analysis Software Market Outlook, By Respiratory Applications (2020-2028) ($MN)                
24 Global Medical Image Analysis Software Market Outlook, By Orthopedic (2020-2028) ($MN)                
25 Global Medical Image Analysis Software Market Outlook, By Obstetrics & Gynaecology (2020-2028) ($MN)                
26 Global Medical Image Analysis Software Market Outlook, By Neurology (2020-2028) ($MN)                
27 Global Medical Image Analysis Software Market Outlook, By Mammography (2020-2028) ($MN)                
28 Global Medical Image Analysis Software Market Outlook, By Dental (2020-2028) ($MN)                
29 Global Medical Image Analysis Software Market Outlook, By Cardiology (2020-2028) ($MN)                
30 Global Medical Image Analysis Software Market Outlook, By Oncology (2020-2028) ($MN)                
31 Global Medical Image Analysis Software Market Outlook, By End User (2020-2028) ($MN)                
32 Global Medical Image Analysis Software Market Outlook, By Ambulatory Surgical Centers (ASCs) (2020-2028) ($MN)                
33 Global Medical Image Analysis Software Market Outlook, By Hospitals (2020-2028) ($MN)                
34 Global Medical Image Analysis Software Market Outlook, By Diagnostic Centers (2020-2028) ($MN)                
35 Global Medical Image Analysis Software Market Outlook, By Clinics (2020-2028) ($MN)                
36 Global Medical Image Analysis Software Market Outlook, By Academic & Research Centers (2020-2028) ($MN)                
                 
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.                 
                 
              

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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