Medical Image Analysis Software Market Expected to Reach $12.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Image Analysis Software Market," The medical image analysis software market was valued at $3.9 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.

The software that can analyze data that is obtained from medical images is referred to as medical image analysis software. The market is flooded with different kinds of medical imaging software for viewing Digital Imaging and Communications in Medicine (DICOM) images.

The growth of the global Medical Image Analysis Software Industry is expected to be driven primarily by the Medical Image Analysis Software Market Trends such as rise in the geriatric population and growing adoption of ultrasound imaging systems to facilitate faster diagnosis of chronic diseases. Moreover, there is a rise in demand for healthcare services for the geriatric population help in the growth of the Medical Image Analysis Software Market Size. In addition, rise in awareness of medical imaging analysis among the population, increase in the adoption of advanced software, and growth in the expenditure from government and private authorities provide the boost to the research activities which can help in the increased use of software thereby driving the growth of the Medical Image Analysis Software Market Size.  

The global medical image analysis software market is segmented based on type, modality, application, end user, and region. On the basis of type, the market is classified into integrated and standalone. As per modality, the market is classified into computed tomography, magnetic resonance imaging, ultrasound, combined modalities and others. Depending on application, the market is classified into orthopedic, dental, neurology, cardiology, oncology and others. By end user, the market is classified into hospitals, diagnostic centers and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.  

On the basis of type, the Medical Image Analysis Software Market Share is classified into integrated and standalone. The standalone segment is projected to exhibit the fastest market growth during the Medical Image Analysis Software Market Analysis period, owing to an increase in the adoption of the standalone software and a rise in the number of cases of chronic diseases.

On the basis of modality, the Medical Image Analysis Software Market Share is classified into computed tomography, ultrasound, magnetic resonance imaging, combined modalities and others. The magnetic resonance imaging segment is anticipated to grow at the highest rate, owing to an upsurge in demand of for magnetic resonance imaging modalities. The demand for magnetic resonance imaging software may be seen to be increased due to the surge in the applications of medical imaging analysis in ultrasound imaging. 

On the basis of application, the market is classified into orthopedic, dental, neurology, cardiology, oncology, and others. The dental segment is anticipated to grow at the highest rate for the Medical Image Analysis Software Market Forecast period, owing to an upsurge in demand for medical imaging software for dental diseases. 

On the basis of end user, the market is classified into hospitals, diagnostic centers and others. The hospitals segment is anticipated to grow at the highest rate, owing to an upsurge in usage of medical image analysis software among the hospitals. Moreover, the increase in the number of hospitals and increase in cases of chronic diseases also contribute to the growth of the market.  

On the basis of region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA). In 2021, North America was the dominant region and is expected to remain dominant throughout the forecast period, owing to high expenditure in the research and development activities by the Medical Image Analysis Software Industry, increase in the number of market players present in the region, and surge in the product launches in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to increase in the support from the government and private authorities for regulation of the software in healthcare organization and the increasing number of strategies and trends adopted by the market players like product launch and acquisition.

Key findings of the study 

• By type, the integrated segment accounted for major share of the medical image analysis software market in 2021.  

• As per modality, the Computed Tomography segment accounted for major share of the medical image analysis software market in 2021. 

• According to the application, the Cardiology segment accounted for major share of the medical image analysis software market in 2021. 

• By end user, the Hospitals segment is anticipated to grow with the highest CAGR throughout the forecast period. 

• Region wise, North America occupied major share of the medical image analysis software market in 2021.