The global medical image analysis software market size is expected to reach $4.5 billion, expanding at a compound annual growth rate (CAGR) of 8.15% from 2020 to 2027, according to a report by Grand View Research Inc.
An increasing incidence of chronic diseases continues to create demand for effective diagnostics solutions, which spurs demand for medical image analysis software. The high growth is majorly attributed to increased usage and uptake of image analysis solutions for diagnosis.
In addition, a shift in focus to provide enhanced care has led to the incorporation of various computer-aided diagnosis systems, which is further contributing to the market growth. The introduction of technologically advanced products such as 3D/4D platforms and multimodality imaging platforms is also presumed to increase demand for the software in the near future.
Various benefits such as flexibility and high-resolution images, along with convenient use of multi-modal integrated workflows, are expected to bolster demand and increase product penetration throughout the forecast period. Stand-alone platforms are anticipated to witness steady growth. These platforms are user-friendly and cost less as compared to integrated solutions. These solutions offer more details and features and are used by researchers, allowing them to share and access research data and analyses, thereby enhancing their ability to diagnose, research, monitor and treat disorders. For instance, GE Healthcare’s ViewPoint 6 (for MFM) is a standalone software designed for dedicated ultrasound reporting and image management.
The report includes the following highlights:
- Standalone medical image analysis software segment is expected to witness lucrative CAGR of around 8.6% from 2020 to 2027
- On the basis of modality, the ultrasound segment is projected to ascend at a CAGR of 9.9% over the forecast period
- 3D imaging software segment is projected to expand at a CAGR of 8.8% during the forecast period
- Oncology application segment is expected to witness the fastest CAGR of 8.7% over the forecast period, owing to the increased applications of image analysis software in cancer diagnostics
- In terms of end use, hospitals held the largest revenue share in 2019 owing to increasing adoption of these systems for medical imaging in diagnosis of various diseases
- Asia Pacific is expected to showcase significant CAGR of around 8.9% owing to presence of unmet clinical needs
- Strategies implemented by key players include collaborative agreements, new product launches, and geographical expansion
A report from Mordor Intelligence also predicts continued market growth.
“The medical imaging software market was valued at $3.16 billion in 2019 and is expected to reach a value of $4.86 billion by 2025, witnessing a CAGR of 9.01%, over the forecast period, 2020-2025,” according to Mordor Intelligence. “Machine learning and artificial intelligence have attracted the health care industry as these innovative analytics strategies have become more accurate and precise.”
Grand View Research’s list of key players in the medical image analysis software market include Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Agfa-Gevaert Group, Toshiba Medical Systems Corporation, Spacelabs Healthcare, MIM Software Inc., Aquilab SAS, ESAOTE SPA, Merge Healthcare Inc. (IBM), ClaroNav Inc., Xinapse Inc. and Bruker.