The Medical Image Analysis Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Image Analysis Software Global Market Report 2024, The medical image analysis software market size has grown rapidly in recent years. It will grow from $3.66 billion in 2023 to $4.05 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to aging population, rise in healthcare costs, patient-centric care, global health preparedness, clinical research and trials.
The medical image analysis software market size is expected to see rapid growth in the next few years. It will grow to $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to precision medicine, disease diagnosis and monitoring, minimizing interpretation errors, remote image analysis services, quantitative imaging biomarkers. Major trends in the forecast period include 3d and 4d imaging, sustainable imaging solutions, artificial intelligence (ai)-enhanced automation, data security and privacy, advancements in medical imaging.
An increase in the incidence of chronic diseases is expected to propel the growth of the medical image analysis software market going forward. Chronic diseases are conditions or illnesses that often last for three months or longer and have the potential to get worse over time. Medical imaging enables doctors to identify diseases such as cancer, diabetes, and others in their early stages, improving patient outcomes. Early diagnosis and treatment of diseases makes them more manageable, making this cutting-edge technology genuinely life-changing. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, there would be 142.66 million people with chronic diseases worldwide by the year 2050, up from 71.522 million in 2020. Therefore, the increasing prevalence of chronic diseases is driving the growth of the medical equipment calibration services market.
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The medical image analysis software market covered in this report is segmented –
1) By Type: Integrated Software, Standalone Software
2) By Image Type: 2D Image, 3D Image, 4D Image
3) By Modality: Tomography, Ultrasound Imaging, Radiographic Imaging, X-ray Imaging, MRI, Other Modalities
4) By Application: Orthopedics, Dental Applicationa, Neurology, Cardiology, Oncology, Obstetrics and Gynecology, Mammography, Other Applications
5) By End User: Hospital, Diagnostic Center, Research Center, Other End Users
Product innovation is a key trend gaining popularity in the medical image analysis software market. Major companies operating in the medical image analysis software market are focused on developing technologically advanced software solutions to strengthen their market position. For instance, in March 2022, Koninklijke Philips N.V., a Netherlands-based conglomerate corporation launched new cloud-enabled enterprise imaging informatics and analytics solutions. The new offerings, part of Philips’ Data Management and Interoperability Solutions portfolio, are designed to enhance workflow efficiency and improve patient and staff satisfaction. HealthSuite Interoperability is a cloud-enabled health IT platform that connects third-party systems and streamlines data workflows, supporting various data types and formats. The platform enhances care planning and coordination by providing clinical and operational analytics. Additionally, Philips’ Enterprise Performance Analytics – Performance Bridge now extends its deep analytics beyond radiology to cardiology, offering operational insights and enhancing effectiveness in care delivery.
The medical image analysis software market report table of contents includes:
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