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Global Medical Image Analysis Software Market valued at $3 bn in 2021, is set to grow at a CAGR >10%
The global medical image analysis software market is driven by technological advancements, rising adoption of diagnostic imaging systems and increasing volume of images generated, and lack of trained radiologists.
Growing Volume of Medical Images Coupled with Shortage of Radiologists
Medical images make up 90% of the data in healthcare and >95% of it goes unanalyzed or unused. The number of images generated globally increases every year and this trend is likely to continue in the coming years, as growing number of people will gain access to better medical care. Increasing volume of images puts an immense pressure on radiologists. This issue further intensifies with the shortage of trained radiologists across the world. This in turn drives the adoption of medical image analysis software which helps to increase the speed and accuracy of analysis thus reducing report turnaround time. However, flawed, incomplete or poor-quality images can pose huge challenges to efficiently utilize this software.
Technological Advancements in the Medical Image Analysis Software Market
While medical imaging analysis software can surely reduce radiologist workload, it is not yet capable to entirely replace the radiologist. The medical image analysis software has evolved to include multiple imaging modalities such as MRIs, CT scans, ultrasound and nuclear medicine. Moreover, the companies operating in this market are putting significant efforts to improve analytic abilities of medical imaging software so as to create software capable of independently detecting clinical anomalies in medical images.
Emerging Growth Opportunities in Oncology and Mammography Segments
There is significant scope of application of medical image analysis software in healthcare verticals like oncology, cardiology, orthopedics, dentistry, mammography and neurology. While cardiology acquires substantial share of this market in terms of application, adoption of this software in mammography and oncology areas is likely to witness a significant growth in the coming years.
Competitive Landscape Analysis: Medical Image Analysis Software Market
The medical image analysis software market is highly fragmented. Some of the top industry players operating in the global medical image analysis software market are GE Healthcare, Philips Healthcare, Siemens Healthineers, AQUILAB, Agfa Healthcare, IBM, MIM Software, Canon Medical Systems, Xinapse Systems, ContextVision, Quantib, Mirada Medical, Neusoft Medical Systems, INFINITT Healthcare, Oxagile, Esaote, Lunit, Aidoc, ChironX, Contextflow, 4Quant, Qure, Methinks, AnalyzeDirect and ScienceSoft.
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