Global Medical Image Analysis Software Market Size, Share, Forecast Report, 2020-2027

The global medical image analysis software market size was estimated at USD 2.4 billion in 2019 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 8.15% from 2020 to 2027. Increase in demand for diagnostic imaging software in fields such as dental, orthopedics, urology, neurology, and oncology is likely to contribute toward market growth. Growing adoption of ultrasound imaging systems to facilitate faster diagnosis, particularly of chronic diseases, is expected to propel demand. In addition, continuous development in the field of imaging technology, such as Computer-aided Diagnosis (CAD), is anticipated to bolster demand for these platforms.

Introduction of Artificial Intelligence (AI) in medical imaging has changed the market dynamics in recent years and is anticipated to positively influence the growth in near future. The AI-based solutions have various applications in medical imaging including diagnosis, detection, image analysis, and clinical decision support. Though the AI adoption is in the early phase in MRI and CT technologies, but rising demand for accuracy, efficiency, and patient safety is anticipated to boost the adoption of AI-enabled medical imaging over the forecast period.

Adoption of technologically advanced products such as multimodality imaging platforms and 3D imaging and benefits associated with the use of these systems, such as high-resolution imaging, convenient use, and flexibility, are contributing to growing demand. Introduction of technologically advanced products and advent of efficient information management systems are expected to drive the market growth in the coming years. High focus on innovation in medical image analysis has given rise to certain measures that are being implemented.

Diagnostic and research centers are expected to emerge as crucial end users of image analysis solutions, owing to rising demand for efficient solutions for better patient outcomes. These segments accounted for smaller revenue shares as they commonly outsource imaging services from hospitals.

Software Type Insights
Integrated software dominated the medical image analysis software market with a revenue share of 55.5% in 2019. This high share is attributed to the benefits associated with the use of these solutions. The integrated toolkit is designed for a host of radiology applications to improve workflow. For instance, Philip’s Xcelera Cardiology Information Management is an integrated image management software that facilitates single-point access to advanced clinical applications and improves clinical workflow. Introduction of these types of solutions is contributing to its dominant revenue share. High adoption of integrated systems due to its benefits such as cost effectiveness and centralized data storage and access to live data for multiple users to process is anticipated further fuel the growth.

End-use Insights
On the basis of end use, the market is segmented into hospitals, diagnostic centers, Ambulatory Surgical Centers (ASC), and others. Hospitals held the dominant share of around 35.0% in 2019. One of the key factors aiding the growth is supportive infrastructure, which is crucial in performing surgical interventions using medical imaging software. Compared to research and diagnostic centers, the installed base of diagnostic imaging systems and solutions is higher in hospitals. In addition, patient inflow is also relatively much higher. This continues to keep the end-use segment in the lead. Moreover, favorable reimbursement initiatives by governments around the world have resulted in greater surgery volumes, thereby boosting demand.

Modality Insights
Tomography technology held the dominant revenue share of around 33.2% in 2019, owing to the cost effectiveness. Dual source and artificial intelligence enabled CT scanners are expected to be important milestones in the market growth. Introduction of advanced products is anticipated to propel the demand for CT imaging software in coming years. For instance, ClariPiInc received FDA clearance for its artificial intelligence enabled CT scanner called “ClariCT.AI” in June 2019.

Radiographic systems followed in terms of revenues. Owing to early introduction of radiography x-ray systems, adoption of these instruments has increased over the years. Radiography involves use of x-rays and as such, poses a related risk of harmful radiation through prolonged exposure. However, the benefits of radiography far exceed the risks posed by these procedures. The segment is expected to expand at a steady CAGR over the forecast period.

The ultrasound image analysis software segment is anticipated to witness lucrative CAGR in the forthcoming years due to benefits such as rapid analysis and accuracy. In addition, ultrasound imaging is non-invasive and there is no ionizing radiation exposure associated with it. This is a major factor driving segment growth.

Imaging Type Insights
The 4D imaging segment accounted for the largest market share of 44.9% in 2019. This segment is expected to maintain its leading position throughout the forecast period owing to technological advancements in 4D imaging technology enabling efficient and accurate real-time visualization of the human body, thereby eliminating distortion in procedures. 4D imaging is a 3-dimensional image analysis with real-time movement. The 3D and 4D imaging software solutions market is likely to experience lucrative growth in the forecast period owing to the increasing adoption of these technologies.

Application Insights
The cardiology segment accounted for the majority of revenue of around 20.0% in 2019 owing to the increasing prevalence of cardiovascular and congenital heart diseases and rising government support to improve accessibility of treatments. The oncology and mammography segments are anticipated to witness significant growth in the coming years as prevalence of cancer is increasing at an alarming rate. This is likely to result in growing demand for diagnostic solutions over the forecast period. According to a study conducted by the American College of Surgeons Clinical Congress in 2014, surgeons are focusing on advancing computer technologies to improve visualization of cancerous tumors. This is anticipated to boost the adoption of these software solutions in the years to come.

Regional Insights
North America dominated the market with a revenue share of 38.0% in 2019. This is attributed to presence of well-established healthcare facilities with advanced diagnostic equipment and favorable government initiatives to support adoption of healthcare IT in this region. In addition, factors such as increasing R&D investments and presence of key market players in this region are contributing toward market growth.

Asia Pacific is anticipated to exhibit lucrative growth in the next few years owing to increasing adoption of medical image analysis software by healthcare professionals in the region. Growing awareness pertaining to associated benefits of these systems is a key factor expected to propel growth. Furthermore, increasing healthcare expenditure and disposable income levels in countries such as China and India are contributing toward industry growth.

Key Players & Market Share Insights
The industry is highly competitive in nature, with a handful companies dominating the global market. The industry is technology driven as there is continuous R&D being undertaken for development of cost-effective diagnostic solutions. Competitors are adopting strategies such as collaborative agreements, partnerships, mergers and acquisitions, regional expansions, and new product developments to gain an edge over the rest. Some prominent players operating in the medical image analysis software market are:

Toshiba Medical Systems Corporation

Bruker Corporation

Xinapse Systems Ltd.

Esaote Inc.

ClaroNAv Inc.

Merge Healthcare Inc.

Aquilab GmbH

Spacelabs Healthcare Inc.

MIM Software Inc.

Carestream Health Inc.

Agfa-Gevaert Corporation

Philips Healthcare

Siemens Healthineers

GE Healthcare

Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, has segmented the global medical image analysis software market report on the basis of software type, modality, imaging type, application, end use, and region:

• Software Type Outlook (Revenue, USD Million, 2016 -2027)

  • Integrated

  • Stand-alone

• Modality Outlook (Revenue, USD Million, 2016 - 2027)

  • Tomography

    • Computed Tomography

    • Magnetic Resonance Imaging

    • Positron Emission Tomography

    • Single-Photon Emission Tomography

  • Ultrasound Imaging

  • Radiographic Imaging

  • Combined Modalities

• Imaging Type Outlook (Revenue, USD Million, 2016 - 2027)

  • 2D Imaging

  • 3D Imaging

  • 4D Imaging

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Orthopedic

  • Dental

  • Neurology

  • Cardiology

  • Oncology

  • Obstetrics & Gynecology

  • Mammography

  • Urology & Nephrology

• End-use Outlook (Revenue, USD Million, 2016 -2027)

  • Hospitals

  • Diagnostic Centers

  • Ambulatory Surgical Centers

  • Others (Academic & Research Centers)

• Regional Outlook (Revenue, USD Million, 2016 -2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE