Medical Image Analysis Software Market Growth & Trends

The global medical image analysis software market size is expected to reach USD 4.5 billion, expanding at a CAGR of 8.15% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing incidence of chronic diseases creates demand for effective diagnostics solutions, which spurs demand for medical image analysis software. The high growth is majorly attributed to increase in usage and uptake of image analysis solutions for diagnosis.

In addition, shifting focus to provide enhanced care has led to incorporation of various computer aided diagnosis systems, which is further contributing to the market growth. Introduction of technologically advanced products such as 3D/4D platforms and multimodality imaging platforms is also presumed to the demand for the software in the forthcoming years.

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.

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Medical Image Analysis Software Market Report 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
• The global market is fragmented in nature. Companies to witness fierce competition as the industry is technology driven
• Strategies implemented by key players include collaborative agreements, new product launches, and geographical expansion

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About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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