Qualitative analysis of the medical image analysis software market

Luton, Bedfordshire, UK, August 22, 2022 (GLOBE NEWSWIRE) — Accuracy Consultancy, the market research and consultancy wing of Improve Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on Medical Image Analysis Software Market.

Medical Image Analysis Software Market: Advice Accuracy

The medical image analysis software market will grow at a CAGR of 8.15% during the forecast period from 2022 to 2029 and is expected to reach USD 6.45 billion by 2029.

The market is expected to grow owing to an increase in demand for the medical image analysis software market in industries such as dentistry, orthopedics, urology, neurology, and cancer. The need is expected to increase as ultrasound imaging devices are used more frequently to enable faster diagnosis, especially of chronic disorders. Additionally, it is expected that continued advancements in imaging technologies, such as computer-aided diagnosis (CAD), will increase the demand for these systems. The dynamics of the medical imaging market have evolved in recent years due to the advent of artificial intelligence (AI), and this is expected to continue in the near future.

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The benefits of adopting this type of software include improved image quality, high image resolution, and multimodal imaging platforms preferred by physicians. Additionally, by using such software for medical purposes, it is easier for hospitals and doctors to share medical image records, which speeds up diagnosis and helps in decision-making. These are the major forces driving the global medical image analysis software market.

North America accounted for the largest share of the global medical image analysis software market

North America holds a major share of the medical image analysis software market. It is expected to show a similar trend during the forecast period.

The United States is one of the largest markets for medical image analysis software. There are regular updates in new imaging software as new companies come up with solutions that make it easier to post-process and optimize images with filtering tools. Companies are now offering image analysis software combined with enhanced visualization software.

One of the major reasons that are expected to fuel the expansion of the market in this region is the increasing prevalence of various heart disorders. Hospitals and diagnostic imaging facilities need sophisticated software to better assess the condition of patients due to the increase in imaging operations.

RECENT DEVELOPMENTS

  • In March 2022, Koninklijke Philips NV (Netherlands) launched cloud-enabled enterprise imaging computing and analytics solutions, namely HealthSuite Interoperability and Enterprise Performance Analytics – PerformanceBridge, to meet diverse workflow needs in the imaging enterprise.
  • In February 2022, IBM (US) acquired Neudesic, LLC (US), which aimed to expand IBM’s hybrid multi-cloud services portfolio and advance IBM’s hybrid cloud and AI strategy. the company.
  • In February 2022, Siemens Healthineers (Germany) collaborated with Universal Medical Imaging (USA) to help primary healthcare institutions in China improve the efficiency of their imaging screening and diagnosis of diseases at the aided by advanced imaging diagnostic equipment and remote support tools from Siemens Healthineers and National Medical Services. imaging experts at Universal Medical Imaging.
  • In January 2022, IBM (US) acquired ENVIZI (Australia) which aimed to leverage IBM’s growing investment in AI-based software.
Report attribute Details
Revenue forecasts in 2029 $6.45 billion
Rate of growth CAGR of 8.15% from 2022 to 2029
Base year for the estimate 2021
Historical data 2017 – 2021
Forecast period 2022 – 2029
Quantitative units Revenue in USD Million and CAGR from 2022 to 2029
Report cover Revenue forecasts, company share, competitive landscape, growth factors and trends
Segments Covered Software type, modality, imaging type, application, end use, region
Regional scope North America; Europe; Asia Pacific; Latin America; AEM
Country Scope WE; Canada; Germany; UK; France; Italy; Spain; Russia; Japan; China; India; South Korea; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; United Arab Emirates
Profiled Key Companies AGFA Healthcare, AQUILAB, Carestream Health, Inc., Esaote SpA, GE Healthcare, Image Analysis, INFINITT Healthcare Co, Ltd., Merge Healthcare, Inc., MIM Software Inc., Mirada Medical Limited, Philips Healthcare, Toshiba Medical Systems Corporation
Pricing and purchase options Take advantage of personalized purchasing options to meet your exact research needs. Explore Inquire for a discount options


Medical Image Analysis Software Market Players

Major players in the global medical image analysis software market include AGFA Healthcare, AQUILAB, Carestream Health, Inc., Esaote SpA, GE Healthcare, Image Analysis, INFINITT Healthcare Co, Ltd., Merge Healthcare, Inc., MIM Software Inc., Mirada Medical Limited, Philips Healthcare, Toshiba Medical Systems Corporation and others.

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Key Market Segments: Behavioral/Mental Health Software Market

Behavioral/Mental Health Software Market by Component, 2022-2029, (USD Million)

Behavioral/Mental Health Software Market by Delivery, 2022-2029, (USD Million)

Behavioral/Mental Health Software Market by Feature, 2022-2029, (USD Million)

  • Clinical
  • HIS
  • CDS
  • Telehealth
  • MRC
  • BI
  • Administrative
  • Financial

Behavioral/Mental Health Software Market by End User, 2022-2029, (USD Million)

Medical Image Analysis Software Market Trends

Due to technological developments and the increasing use of x-rays for diagnostic purposes, x-ray imaging, a widely used imaging modality, is expected to increase in the future.

The processing and management of patient data is greatly improved with the development and introduction of medical X-ray image analysis software. The market is expected to grow due to the ease with which data can be transferred between healthcare professionals or remote researchers. The program also minimizes the need for training and saves money and time.

Medical Image Analysis Software Market Dynamics

Technological advancements in medical imaging systems and analysis software are the major drivers for the expansion of the medical image analysis software market. Moreover, the growing private and public sector investments in the medical imaging market are driving the demand for the products and providing ample opportunities for the medical image analysis software market participants to expand their businesses. Moreover, the increased use of imaging technology brought about by the increase in the prevalence of chronic diseases is fueling the expansion of the market. However, budget restrictions are likely to slow market expansion.

Terms Information

The adoption of x-ray radiography systems has grown over time due to its early introduction. Due to the use of X-rays in radiography, there is a risk of prolonged exposure to hazardous radiation. However, the benefits of x-rays far outweigh the dangers of these techniques. During the projection period, the segment is expected to grow at a constant CAGR. Due to advantages such as fast analysis and accuracy, the medical image analysis software market is expected to witness the fastest CAGR over the forecast years. Ultrasound imaging is also non-invasive and does not expose patients to ionizing radiation. This is a key element influencing the growth of the segment.

Highlights of the Medical Image Analysis Software Market Report

  • The medical image analysis software market is expected to witness the fastest CAGR during the forecast period owing to the increased application scope of image analysis software in cancer diagnosis.
  • The hospital end-use segment held the largest revenue share in 2021 owing to the high adoption of the products in the diagnosis of various diseases.
  • Asia-Pacific is expected to show the fastest CAGR over the forecast years due to unmet clinical needs.
  • The global medical image analysis software market is highly fragmented and the companies are facing stiff competition as the industry is technology driven.
  • The strategies implemented by the major players include collaboration agreements, new product launches and geographic expansions.

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