WASHINGTON, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The Global Medical Image Analysis Software Market size is expected to reach over USD 5.97 Billion by 2028, exhibiting a CAGR of 7.9% during the forecast period.
Market Synopsis
Rise in diagnostic imaging software demand in areas such as orthopaedics, urology, dental, oncology, and neurology is expected to contribute to market growth. Increasing ultrasound imaging systems adoption to facilitate fast diagnosis, especially of chronic diseases, is likely to propel demand, states Vantage Market Research, in a report, titled “Medical Image Analysis Software Market by Type (Integrated Software, Standalone Software), by Image Type (2D Imaging, 3D Imaging, 4D Imaging), by Application (Orthopedics, Dental Application, Neurology, Cardiology), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List Of Prominent Players in the Medical Image Analysis Software Market:
- AQUILAB (France)
- AGFA Healthcare (Belgium)
- Carestream Health, Inc. (US)
- Esaote S.p.A (Italy)
- INFINITT Healthcare Co, Ltd. (South Korea)
- GE Healthcare (US)
- Image Analysis (UK)
- MIM Software Inc. (US)
- Merge Healthcare, Inc. (US)
- Mirada Medical Limited (UK)
- ScienceSoft USA Corporation (US)
- Philips Healthcare (Netherlands)
- Siemens Healthineers (Germany)
- Xinapse Systems Ltd. (UK)
- Toshiba Medical Systems Corporation (Japan)
Market Dynamics:
Driver: Increasing Applications of CAD
Computer-aided diagnosis (CAD) is looking forward to provide a data interpretation method by means a software which is computerized. CAD integrates computer vision, image processing, physics, statistics, and mathematics into computerized techniques which assist radiologists in decision-making and analysing processes. Image analysis through Computer-aided diagnosis involves image improvement, image feature extraction, and initial detection including segmentation. This assists radiologists to decrease errors in data interpretation which can occur manually and also aids in the abnormalities diagnosis that are often forgotten during analysis processes manually. This technique was used initially for mammographic image analysis; but its applications have now expanded to the analysis and detection of lung, liver, colon, and prostate cancer. Hence, the increasing usage of CAD technology is likely to boost the image analysis software market growth.
Restraint: High Cost
The cost related to imaging equipment is high, and with the high licensing and implementation cost of software, is the key factor restraining the growth of the market, particularly, in nations where the reimbursement scenario is bad. For instance, healthcare facilities mostly, such as diagnostic centers and hospitals, in developing nations cannot afford these systems owing to their high maintenance and installation costs. Owing to the low financial resources and high cost of systems, healthcare providers in developing nations are reluctant to invest in technologically advanced systems. Furthermore, the subscription/licensing and implementation fees for advanced imaging tools is a key financial burden on end users.
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Regional Trends
North America projected to hold largest share in 2021. This is owing to the presence of healthcare facilities well-established with favourable government initiatives and advanced diagnostic equipment to support adoption of healthcare IT. Additionally, factors like presence of key market players and increasing R&D investments in this region are facilitating toward market growth.
Asia Pacific is likely to exhibit lucrative growth in the forecast period due to rising medical image analysis software adoption by healthcare experts. Increasing awareness pertaining to the benefits of these systems is a major factor anticipated to propel the market growth.
Recent Developments
- Hospitals to hold the significant share: Hospitals dominated the market share. One of the major factors for the growth is supportive infrastructure, it is crucial in surgical interventions using this medical imaging software. When compared to diagnostic and research centers, the installed base of diagnostic imaging solutions and systems is higher in hospitals. Additionally, patient inflow is relatively much bigger. This continues the end-use segment to be in the lead. Furthermore, suitable reimbursement governments initiatives globally have resulted in greater volume surgery, thereby boosting demand.
- Cardiology accounted for substantial share: Due to the rising prevalence of congenital and cardiovascular heart diseases and increasing government support to enhance the accessibility of treatments. The mammography and oncology segments are likely to witness substantial growth in the forecast period as prevalence of cancer is rising at an alarming rate. All of this is expected to result in a rising demand for diagnostic solutions in the coming years.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Medical Image Analysis Software Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Medical Image Analysis Software Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Medical Image Analysis Software Market?
- How will the Medical Image Analysis Software Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Medical Image Analysis Software Market?
- What are the Medical Image Analysis Software market drivers and restrictions?
- What will be the CAGR and size of the Medical Image Analysis Software Market throughout the forecast period?
This market titled “Medical Image Analysis Software Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 3.52 Billion |
| Projected Market Size in 2028 | USD 5.97 Billion |
| CAGR Growth Rate | CAGR of 7.9% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Type: - Integrated Software, Standalone Software Image Type: - 2D Imaging, 3D Imaging, 4D Imaging Application: - Orthopaedics, Dental Application, Neurology Region: - North America, Europe, Asia Pacific |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Medical Image Analysis Software Market by Type (Integrated Software, Standalone Software), by Image Type (2D Imaging, 3D Imaging, 4D Imaging), by Application (Orthopedics, Dental Application, Neurology, Cardiology), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/medical-image-analysis-software-market-353545
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