Global Medical Image Analysis Software Market: Snapshot

Early and assured detection of a disease goes a long way towards providing adequate care to the patients. For a few decades, we have had medical imaging techniques such as magnetic resonance imaging (MRI) and computed tomography (CT) scan for diagnosis of diseases pertaining to cardiology, neurology, orthopedic, nephrology, and others. However, detailed analysis of those medical images has never been as accurate as now with the advent of 3D imaging and 4D ultrasound techniques. In the near future, software-controlled medical imaging is promising never-achieved efficiency of medical image analysis and the market for the same is flourishing. According to this business intelligence report, the demand in the global medical image analysis software market will expand at healthy CAGR of 8.34% during the forecast period of 2017 to 2024. Revenue-wise, the analyst of the report has estimated that there will be opportunities worth US$4,668.8 mn in the market for software for medical image analysis across the globe by the end of 2024, substantially more than the market’s evaluated valuation of US$2,664.3 mn as of 2017.

Some of the key factors driving the medical image analysis software market are: advent of 3D and 4D imaging technologies, growing investments into the field of medical imaging by government and private agencies, prevalence of several chronic diseases, growing application of computer-aided diagnostic methods, and improving healthcare infrastructure across several emerging economies. On the other hand, high cost of the equipment, deep penetration of standalone software vendors, and dearth of skilled professions are a few restraints hindering the prosperity of the medical image analysis software market. Nevertheless, the vendors of this market stand to gain fresh opportunities from the integration of artificial intelligence, cloud-based image analysis solution, and expansion into the emerging economies.

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Integrated Software Gaining Over Standalone Segment

Based on software type, the medical image analysis software market has been segmented into integrated and standalone. As of 2017, the standalone software segment provided for slightly more than 53% of the total demand. However, the integrated software segment, driven by growing need of interlinking various images and databases, is poised to provide for a demand that will be worth US$2,581.8 mn by 2024. This will constitute for more than 55% of the total demand, taking over the position of leading segment of this market. Integrated software allows large amount of data to be stored and also allows a single output from multiple programs.

3D Imaging Segment Showing Stronger Growth Prospects than 2D and 4D

On the basis of imaging type, the market for software to analyze medical images has been bifurcated into 2D imaging, 3D imaging, and 4D imaging. As of 2017, the 3D imaging segment provided for a revenue of US$1,400.0 mn and is primed to further gain ground over other segments. By 2024, the 3D imaging segment is estimated to be worth US$2,556.0 mn, representing 54.7% of the total demand in this market. Growth of the segment is attributed to increasing applications of 3D imaging technique and rising incidence of diseases such as cardiovascular, cancer, neuro and others. Currently, 3D imaging technique is widely used in imaging modalities such as CT, MRI, PET, ultrasound, and radiography.

Ultrasound to Remain Leading Modality Segment until 2024

Based on modality, the report has classified the medical image analysis software market into CT, MRI, SPECT, PET, ultrasound, radiographic imaging, and other modalities. Among these, ultrasound and radiographic imaging are the two segments that provided for the most prominent chunk of demand in this market as of 2017. By the end of 2024, the two segments are estimated to attain a valuation of US$1,471.8 and US$1,255.5 mn respectively. The growth of the ultrasound segment is due to increasing cases of gynecological disorders and thyroid cases whereas the radiographic imaging segment is driven by increasing application in orthopedics, dental, and other chronic conditions such as pneumonia.

The report has also segmented the medical image analysis software market on the basis of application into gynecology, dental, nephrology, neurology, oncology, orthopedic, cardiology, and others. Moreover, analyst has included the potential of demand that can be expected out of all prominent end users, viz. ambulatory surgical centers, diagnostic centers, research and academic institutes, hospitals, and clinics.

Asia Pacific a Region with Lucrative Potential

Geographically, this business intelligence report on the medical image analysis software market highlights three regions: North America, Europe, and Asia Pacific. As of 2017, North America and Europe generated a demand for the software that was worth US$893.5 mn and US$710.9 mn respectively. High adoption rate of new technology, high prevalence of cardiovascular diseases, and robust healthcare infrastructure are some of the factors driving these two regions. However, the demand from Asia Pacific is projected to expand at an above average CAGR of 9.5% during the period of 2017 to 2024, and attain a valuation of US$1,022.5 mn. Asia Pacific is vastly populated and as the cost of the technology and equipment fall, this region will provide for strong opportunities.

GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Philips Healthcare, Hologic Inc., Pie Medical Imaging, and Sciencesoft USA Corporation are a few key players currently ahead of the curve in the global medical image analysis software market.

Global Medical Image Analysis Software Market: Overview

Medical imaging is a process and technique for creating visual representations of the anatomical and physiological functions taking place inside the human body. Depending on the technique used the analysis of bones, muscles and organs. Along with the anatomical and physiological functions of the body the study of tumor growth, its movement and other abnormalities can also be detected with the help of medical imaging. The software used in these devices for analyzing and creating an image is of utmost important.

The research is a combination of primary and secondary research, conducted for understanding and arriving at trends, used to forecast the expected revenue of the medical image analysis software market in the near future. Primary research formed the bulk of our research efforts with information collected from in-depth interviews and discussions with a number of key industry experts and opinion leaders. Secondary research involved study of company websites, annual reports, press releases, investor presentations, analyst presentation and various international and national databases.

The report provides estimated market size in terms of US$ Mn for each by software type, imaging type, modality, application, end user, and geography for the period 2017 to 2024, considering the macro and micro environmental factors. The revenue generated from each product was calculated by considering number of products used in the procedures and their market demand as per their use, prevalence rate of disease, number of product launched, annual revenue generated by products of each sub segment, trends in industry, end user trend, and adoption rate across all the geographies.

Global Medical Image Analysis Software Market: Segmentation

The global medical image analysis software market is segmented by software type, imaging type, modality, application, end users and geography. By software type the medical image analysis software market is segmented into integrated software and standalone software, by imaging type the medical image analysis software market is segmented into 2D imaging, 3D imaging and 4D imaging. In terms of modality the medical image analysis software market is segmented into CT, MRI, PET, SPECT, Ultrasound, Radiographic imaging and other modalities.

By application the medical image analysis software market is segmented into cardiology, orthopedic, oncology, neurology, nephrology, dental, gynecology and others. In terms of end users the medical image analysis software market is segmented into hospitals, clinics, research and academic institutions, diagnostic centers and ambulatory surgical centers. According to geography the medical image analysis software market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

The market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on modality, technology, end-user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints and opportunities that influences the medical image analysis software market in the current and future scenario.

Global Medical Image Analysis Software Market: Competitive Analysis

Market share analysis among the market players is analyzed to signify the contribution of these players in the market in terms of percentage share. All these factors will help the market players to decide about the business strategies and plans to strengthen their positions in the global market. Based on geography, the market has been analyzed for major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The study also covers detailed country analysis contributing majorly in the medical image analysis software market.

The report also profiles the major players in the market and provides various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major companies profiled in the medical image analysis software market are GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc., Pie Medical Imaging, Media Cybernetics, Inc., AQUILAB, MIM Software Inc., Merge Healthcare Incorporated., ScienceSoft USA Corp., and others.

The medical image analysis software market has been segmented as follows:

By Software Type

  • Integrated
  • Standalone

By Imaging Type

  • 2D imaging
  • 3D imaging
  • 4D imaging

By Modality

  • CT
  • MRI
  • PET
  • SPECT
  • Ultrasound
  • Radiographic imaging
  • Other Modalities

By Application

  • Cardiology
  • Orthopedic
  • Oncology
  • Neurology
  • Nephrology
  • Dental
  • Gynecology
  • Others

By End Users

  • Hospitals
  • Clinics
  • Research and academic institutes
  • Diagnostic centers
  • Ambulatory Surgical Centers

By Geography

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • U.K.
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • India
    • Japan
    • China
    • Australia
    • New Zealand
    • Rest of Asia Pacific
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • U.A.E.
    • Rest of MEA