Medical Imaging Analysis Software Market

Market Overview

The global medical imaging analysis software market size was valued at USD 3,606.85 million in 2022. It is estimated to reach USD 6,834.84 million by 2031, growing at a CAGR of 7.36% during the forecast period (2023–2031).

Medical imaging software is a component of global healthcare information systems that utilize cutting-edge software, technological advancements, and cutting-edge equipment to acquire or generate graphical representations of the inner body for diagnosis, clinical analysis, and medical intervention. Medical imaging software devices assist in diagnosing malignancies and providing a visual representation of specific organs or tissues.

The scanning software generates images that are analyzed and stored in the computer's memory. The analysis is a method for improving the image quality and quantitative aspects. The analysis is conducted using a computer-aided diagnosis and data-driven, optimized image registration and segmentation. Medical device producers and researchers can reduce clinical errors, unnecessary testing, and incidents of misdiagnosis and improve treatment quality by using image analysis.

Market Dynamics

Global Medical Imaging Analysis Software Market Drivers

Increasing Usage of Imaging Equipment Due to Rising Prevalence of Chronic Diseases

The burden of chronic diseases is increasing around the world. There are well-established factors, such as the aging population and behavioral changes in lifestyles, which are leading to long-term health problems. Most deaths by chronic diseases can be attributed to cardiovascular diseases, obesity, and diabetes. According to the WHO, in 2020, chronic diseases have always been a huge global challenge, and these diseases account for approximately 60% of all deaths worldwide. This trend is expected to affect emerging countries the most, as there is an increase in lifestyle-based diseases, and other risk factors are anticipated to be most significant in developing areas. In addition, the surging prevalence of chronic diseases has led to a rise in rapid diagnosis, leading to the demand for imaging devices. In emerging countries with high healthcare expenditures, analysis software is used to analyze images produced by these devices boosting market growth.

Rising Applications of Computer-aided Diagnosis 

Computer-aided diagnosis (CAD) uses machine learning methods to analyze imaging and non-imaging patient data and assess the patient's condition. This can then be used to assist clinicians in their decision-making process. There is increasing research, growing in favor of these technology techniques and thus increasing the awareness and popularity of these devices along with the image analysis software, boosting the market growth. The author, Marco Caballo, in the article, 'Computer-aided diagnosis of masses in breast computed tomography imaging: deep learning model with combined handcrafted and convolutional radio mic features,' published in 2021, stated that computer-aided diagnosis system performed better than all other model architectures, and demonstrated its potential usefulness in breast cancer diagnosis by improving mass malignancy assessment.

For instance, in March 2020, NANO-X IMAGING LTD collaborated with CureMetrix. This company develops AI-driven software for radiology to integrate the CureMetrix advanced AI diagnostics solution into Nanox's planned cloud-based software platform, the Nanox.CLOUD. Increasing research and collaborations and the prevalence of chronic diseases are anticipated to increase the use of CAD systems, thereby stimulating market expansion.

Global Medical Imaging Analysis Software Market Restraint

Budgetary Constraints 

Many countries that cannot afford advanced technologies and devices do not use analytics software and would choose conventional methods for analyzing the scans. Such factors may decrease growth, mainly in developing countries. Despite the fact that the use of imaging equipment and software is growing due to its benefits, the market's expansion is being constrained by the high cost of installing, maintaining, and buying this equipment and software.

Global Medical Imaging Analysis Software Market Opportunities

Technological Advancements in Medical Imaging Systems and Analysis Software

Medical imaging capabilities have radically increased over the past couple of decades. Manufacturers' increasing launches of technologically advanced products will boost market growth. For instance, in September 2021, Esaote, an Italian business leader in the biomedical equipment sector ultrasound, MRI, and software for the medical sector – launched E-shop: the new online store to reach medical professionals more quickly and effectively.

Additionally, the growing launches of novel devices and the advancements in analysis software are enhancing the market's growth and are expected to do so in the forecast period. For instance, in August 2020, Random Walk Imaging AB (RWI), a company that develops innovative software solutions for diffusion magnetic resonance imaging (MRI), released its first commercial software product, dVIEWR, for clinical researchers and radiologists. The increasing launches of these devices increase the usage of image analysis software, creating opportunities for market growth.

Regional Analysis

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global market shareholder and is expected to exhibit a CAGR of 7.17% over the forecast period. One of the primary reasons influencing the market is the growing prevalence of chronic illnesses like cancer, cardiovascular diseases, and neurological diseases in the region. As the prevalence of these diseases increases, the demand for their diagnostics also increases, which boosts the demand for medical imaging analysis software, boosting the market. Other factors driving the market are product launches, partnerships, and rising investments in the market. For instance, In June 2021, Capstone Health Alliance partnered with Subtle Medical to offer a unique solution to improve medical imaging efficiency and patient experience. In the U.S., four out of ten persons have multimorbidity, and six out of ten adults have a chronic condition, according to data from the Centers for Disease Control and Prevention. Therefore, the growing burden of chronic diseases is expected to increase the demand for computer-aided diagnosis in the country, propelling the market.

Europe is predicted to exhibit a CAGR of 7.39% over the forecast period. This growth is due to the rising burden of chronic illness in the area, the rising number of product releases and technical advances, and the number of strategic initiatives implemented by the key players and government. According to the British Heart Foundation's Report titled 'UK Factsheet' published in July 2021, 7.6 million people in the United Kingdom live with heart and circulatory diseases. Furthermore, the same source reports that heart and circulatory diseases in the United Kingdom cause more than 160,000 deaths each year, a quarter of all deaths in the region. Due to the region's high prevalence of heart disease, there is an increasing demand for improved imaging diagnostic gear and software, which in turn is driving the market.

In addition, the growing investment in the market will improve the development of technology-integrated diagnostic imaging that will attract software implementation, thereby driving the market. For instance, in April 2020, Smart Reporting, a German startup offering software solutions in radiology, received funding from Yabeo, Ann-Kristin Achleitner, Wolfgang Reitzle, and Rolf Dienst.

The Asia-Pacific medical imaging analysis software market is estimated to expand over the forecast period owing to a surge in the burden of chronic disorders, technological advancements in medical imaging, and a growing number of strategic initiatives. For instance, the GLOBOCAN 2020 estimates that there will be 4.57 million new cancer cases in China in 2020, spanning all ages and sexes, and the number will increase to 6.85 million cases by 2040. The expected rise in the prevalence of such cases is likely to boost the demand for medical imaging analysis. Furthermore, the government has taken initiatives to improve the region's public health condition. For instance, as per the Indian Ministry of Health & Family Welfare 2019-2020 annual report, the Ministry of Health & Family Welfare implemented steps to incorporate screening and management programs for five priority chronic diseases like cardiovascular diseases, cancer, and other chronic diseases to focus on early diagnosis and management of diseases. Such factors drive regional market growth.

In the Middle East and Africa, the regional disease burden, rising population, increasing lifestyle disease, and expansion of market players contribute to market growth. As per the GLOBOCAN 2020, the number of new cancer cases and deaths in Qatar and Bahrain in 2020 were 1480 and 1220, respectively. The prevalence of cancer has been increasing in the GCC region, and it is also expected to continue increasing in the future. This increase is anticipated to raise demand for medical image analysis software. In addition, several market players implement strategic initiatives, thereby contributing to the market. For instance, in March 2021, Philips Foundation deployed artificial intelligence (AI) software in South Africa to detect and monitor COVID-19 using chest X-rays in 11 South African hospitals to help triage and monitor COVID-19 patients via X-ray imaging. Such developments are anticipated to fuel the development of more advanced medical imaging analysis software, contributing to market growth.

In South America, the increasing prevalence of chronic disorders, the implantation of strategic initiatives by the market players, the growing geriatric population base, and increasing awareness are the prominent drivers for the growth of the regional market. For instance, per the Department of Economic and Social Affairs of the UN Population Division, the number of people 65 and over in Brazil was around 19,526 in 2019 and is projected to increase to 52,026 by 2050. The geriatric population is expected to grow, likely leading to a rise in people suffering from various chronic diseases. Therefore, medical imaging analysis software development is expected to increase, boosting the market growth in the coming period.

Segmental Analysis

The global market is bifurcated into image type, modality, software type, and end-user.

Based on image type, the global market is bifurcated into 2D images, 3D images, and 4D images. 

The 3D image segment dominates the market and is projected to exhibit a CAGR of 7.11% over the forecast period. The 3D image analysis program performs transformations, filtering, picture segmentation, and morphological operations on 3D image datasets, such as those received from a CT or MRI scanner. These images make it possible to assess real structures through in silico processes quantitatively. The modeling of exceedingly complex systems, like the human body's anatomical structures, is made possible through 3D image processing. Complex problems can be resolved through structural analysis and simulation by building an accurate digital model of the subject from a scan. Such problems include designing patient-specific implants or surgical plans, optimizing material designs for desired properties, or non-destructive testing expensive components.

Based on modality, the global market is divided into tomography, ultrasound imaging, radiographic imaging, X-ray imaging, magnetic resonance imaging (MRI), and other modalities. 

The tomography segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 6.35% over the forecast period. A series of detailed images or scans of various body parts are produced using the imaging technique known as computed tomography (CT), which adapts specialized X-ray equipment. Its primary application is a cancer diagnosis called computerized axial tomography (CAT) scanning. The rising awareness about the potential benefits of computed tomography (CT) scans diagnosis, growing incidences of various lifestyle-related chronic diseases such as cancer and cardiovascular conditions, and the increasing demand for advanced imaging solutions. The increasing demand for these imaging modalities increases the usage of the software related to these devices boosting the segment growth.

Based on software type, the global market is divided into integrated software and standalone software. 

The integrated software segment is the largest contributor to the market and is anticipated to exhibit a CAGR of 7.84% over the forecast period. Integrated software for personal computers combines many productivity software programs' most commonly used functions into one application. The hospital receives an efficient, easy, and understandable workflow with medical imaging software integration. All the sections of the hospital are connected, and they can be easily controlled. The next-generation PACS, or PostDICOM, unifies the functions of the medical imaging software mentioned above into a feature-rich package. Complex medical image management software enables storage and retrieval over the cloud. Operating platforms like Windows, Linux, Mac OS, and Android are compatible with PostDICOM. This free medical imaging program integrates with medical image segmentation software and provides advanced visualization choices.

Based on end-user, the global market is bifurcated into hospitals, diagnostic centers, and research centers. 

The hospital segment dominates the global market and is projected to exhibit a CAGR of 7.09% during the forecast period. Hospitals are institutions that are engaged in providing in-patient diagnostic, therapeutic services, and rehabilitation services under the supervision of physicians. Hospitals are increasingly adopting advanced imaging technologies, which is boosting this segment. For instance, in December 2020, Arbor Health Morton Hospital, United States, installed a new CT scanner to provide patients with a higher-quality test, less radiation, and a faster turnaround in the screening for COVID-19. According to the American Hospital Association, the total number of hospitals in the United States in 2019 was 6,090. The growing end-user increases the software's purchases and services, boosting segment growth.

Recent Developments

• February 2023- Agfa and Lunit collaborated to provide clinicians with a new critical finding notification protocol by integrating the Lunit INSIGHT CXR software into the MUSICA Workstation. The radiographers will be notified if chest X-rays reveal life-threatening pathologies, such as pneumothorax, pleural effusion, or atelectasis.

• March 2023- Qure.ai, a supplier of artificial intelligence (AI) software for medical imaging, was granted CE Class IIb certification for medical devices under the European Union Medical Device Regulation (Regulation (EU) 2017/745). (EU-MDR).