Medical Image Analysis Software Market Size & Forecast Report, 2013 - 2024

Market size and trends

The global Medical Image Analysis Software Market size is estimated to reach USD 4.51 billion by 2024 and is anticipated to grow with a CAGR of 8.1% throughout the forecast period. The high growth of the market is majorly attributed to the increase in usage and uptake of imaging software for diagnosis purpose. This technology is widely used for diagnosis in the field of orthopedic, dental, neurology, oncology, urology, and others.

In addition, shifting in focus to provide enhanced care has led to the incorporation of various computer-aided diagnosis systems, which is further contributing towards market growth. Continuous increases in the prevalence of chronic disorders such as neurological diseases, cardiovascular diseases, and cancer require medical imaging systems to provide an effective and fast diagnosis. This fact will further push the market demand for medical imaging software, leading to drive the market growth.

The introduction of technologically advanced products such as 3D imaging, multimodality imaging platforms is also presumed to augment the market over the coming years. Furthermore, various benefits including flexibility and high-resolution imaging, along with convenient use of multi-modal integrated workflows are expected to bolster the demand and increase product penetration throughout the forecast period.

Modality Insights

The largest share of around 30.0% was held by radiographic imaging in the modality segment owing to wide-scale availability and cost-effectiveness, which are presumed to be key drivers for the market. The fastest-growing segment is anticipated to be ultrasound imaging because of its accuracy and ability for rapid analysis. In addition, the radiation-induced side effects are minimized by the use of these techniques, which is considered to be the potential factor for segment growth.

Software Type Insights

Integrated software held the largest share of more than 55.0%. Dominance can be attributed to the high adoption of the software due to its benefits including, cost-effectiveness and centralized data storage. Moreover, multiple users can process and view the data with the use of integrated software that provides live viewing features.

The aforementioned factors are presumed to drive the preference of physicians and healthcare providers towards the use of this integrated software. Also, a lucrative growth rate is expected to be witnessed by stand-alone software with a CAGR of 7.5% throughout the forecast period due to its user-friendly interface.

Application Insights

The major application of medical image analysis with a substantial market share was seen in the orthopedic segment in 2015. According to a report by CDC, over 52.5 million people in the U.S. were diagnosed with orthopedic-related disorders in 2010-12, which is expected to increase the utilization of medical image software in near future. Moreover, the increasing geriatric population base and frequent product approvals for use of medical imaging systems in orthopedic are projected to boost the market growth.

End-user Insights

The largest share of around 32.0% was held by hospitals in the end-user segment. Supportive infrastructure, which helps in performing a surgical intervention with medical imaging software. Moreover, favorable reimbursement by Medicare and Medicaid are increasing surgery volumes, where these devices form an important part of the procedures and contribute to market share.

Regional Insights

The largest share of over 33.0% in terms of revenue was held by North America in 2015. The presence of key market players, favorable initiatives by the government, and high R&D investments are anticipated to be major drivers for regional dominance. Asia Pacific region is to be considered as the highest growing region with a CAGR of 9.7% throughout the forecast period. Growing in this region is majorly supported by the favorable government policies for the incorporation of medical imaging software and devices to achieve accurate diagnostic results. Furthermore, increasing expenditure on healthcare in developing economies including India and China supports the growth of this region during the future period.

Competitive Market Share Insights

Some prominent market players are, Xinapse Systems Lts., Bruker Corporation, ClaroNAv Inc., Esaote Inc., Merge Healthcare Inc., MIM Software Inc., Aquilab GmbH, Spacelabs Healthcare Inc., Agfa-Gevaert Corporation, Toshiba Medical Systems Corporation, Siemens Healthineers, Carestream Health Inc., Philips Healthcare, and GE Healthcare.

The industry shows a high competitive rivalry owing to various strategic initiatives such as technological innovation inputs, acquisitions and mergers, collaborations, and product launches. For instance, NEO new oncology AG was acquired by Siemens Healthineers in May 2016 to enhance their R&D capabilities product portfolio for the treatment of cancer.

Segments Covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2013 to 2024. For this study, the global medical image analysis software market has been segmented based on software type, modality, application and end-user, and region:

Market Segments

Global medical image analysis software, software type outlook (Revenue, USD Million, 2013 - 2024)
    • Integrated Software
    • Stand-alone Software

Global medical image analysis software modality Outlook (Revenue, USD Million, 2013 - 2024)
    • Tomography
        • CT (Computed Tomography)
        • MRI (Magnetic Resonance Imaging)
        • PET (Positron Emission Tomography)
        • SPET (Single-Photon Emission Tomography)
    • Ultrasound Imaging
    • Radiographic Imaging
    • Combined Modalities

Global medical image analysis software application outlook (Revenue, USD Million, 2013 - 2024)
    • Orthopedic
    • Dental
    • Neurology
    • Cardiology
    • Oncology
    • Obstetrics & Gynecology
    • Mammography
    • Urology & Nephrology

Global medical image analysis software end-use Outlook (Revenue, USD Million, 2013 - 2024)
    • Hospitals
    • Diagnostic Centers
    • Research Centers

Medical image analysis software regional outlook (Revenue, USD Million, 2013 - 2024)
    • North America
        • U.S.
        • Canada
    • Europe
        • UK
        • Germany
    • the Asia Pacific
        • Japan
        • China
        • India
    • Latin America
        • Mexico
        • Brazil
    • MEA
        • South Africa