‘Medical Image Analysis Software Market by Software Type (Integrated, Standalone), Image (2D, 3D, 4D), Modality (X-ray, CT, Ultrasound, MRI), Application (Cardiology, Orthopedic, Neurology), and End User (Hospital, Diagnostic Center) - Global Forecast to 2029,’ published by Meticulous Research®, the medical image analysis software market is projected to reach $5.65 billion by 2029, at a CAGR of 7.8% from 2022 to 2029.
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Medical image analysis software is used primarily in healthcare organizations for analyzing medical images to diagnose and understand various medical conditions. In addition, medical image analysis software enables the tracking, archiving, controlling, and handling of patient images and administrative workflow.
The growth of the medical image analysis software market is driven by the rising prevalence of chronic diseases, technological advancements, and the growing applications of computer-aided diagnostics. However, the lack of skilled professionals and the reluctance to adopt newer technologies among low- and middle-income countries are the major challenges to the growth of this market.
The Medical Image Analysis Software Market is segmented based on Software Type (Integrated Software and Standalone Software), Image Type (2D Image, 3D Image, and 4D Image), Modality (X-ray Imaging [Computed Tomography, Fluoroscopy, and Radiography], Ultrasound Imaging, Magnetic Resonance Imaging [MRI], and Other Modalities), Application (Cardiology, Orthopedics, Oncology, Neurology, Obstetrics & Gynecology, Mammography, Urology & Nephrology, and Other Applications), End User (Hospitals, Diagnostics Centers, Ambulatory Surgical Centers, and Academic & Research Institutes), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
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Based on application, the medical image analysis software market is segmented into cardiology, orthopedics, oncology, neurology, obstetrics & gynecology, mammography, urology & nephrology, and other applications. In 2022, the cardiology segment is expected to account for the largest share of the medical image analysis software market. The large share of this segment is primarily attributed to the high prevalence of cardiovascular & congenital heart diseases, the rising innovations in cardiac imaging techniques, and the increasing government support to improve the accessibility of treatments.
Based on end user, the medical image analysis software market is segmented into hospitals, diagnostics centers, and ambulatory surgical centers. In 2022, the hospitals segment is expected to account for the largest share of the medical image analysis software market. Hospitals are preliminary healthcare facilities with a high number of in-patient and out-patient admissions for diagnosing and monitoring various medical conditions. A wide range of imaging equipment is used in hospitals to diagnose and monitor medical conditions. The large market share of this segment is attributed to the large number of patients treated in hospitals, the growing number of hospitals, the presence of highly skilled healthcare professionals, and the high spending capabilities of hospitals, resulting in the increased adoption of advanced medical imaging technologies.
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Based on geography, the medical image analysis software market is segmented into North America, Europe, Asia-pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the medical image analysis software market. North America’s major market share is attributed to the well-established healthcare system, the high adoption of advanced technologies, the rising incidence & prevalence of chronic diseases, and the high number of cancer research activities in the region.
Key companies operating in the medical image analysis software market are Koninklijke Philips N.V. (Netherlands), Canon Inc. (Japan), GE HealthCare (U.S.), Siemens Healthineers AG (Germany), Agfa-Gevaert N.V. (Belgium), Carestream Health, Inc. (U.S.), AQUILAB SAS (France), Esaote S.p.A (Italy), MIM Software Inc. (U.S.), and Image Analysis, Ltd. (U.K.) (a subsidiary of IAG, Image Analysis Group (U.K.)).
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