Kenneth Research recently added a report on Medical Image Analysis Software Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Medical Image Analysis Software Market along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Image Analysis Software Market products.
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“The global medical image analysis software market in 2020 is estimated to be ~USD 2.9 billion, and it is expected to grow at a compound annual growth rate (CAGR) of ~9% from 2022 to 2030. Dentistry, orthopedics, urology, neurology and oncology may promote market growth. The increasing use of ultrasound imaging systems to facilitate faster diagnosis, especially for chronic diseases, is expected to drive demand. In addition, continued development in imaging technologies such as computer-aided diagnosis (CAD) is expected to drive demand for these platforms.
In recent years, the introduction of artificial intelligence (AI) in medical imaging has changed market dynamics and is expected to have a positive impact on growth in the near future. Artificial intelligence-based solutions have multiple applications in medical imaging, including diagnosis, detection, image analysis, and clinical decision support.
Although the adoption of artificial intelligence in MRI and CT technology is still in its infancy, it is expected that during this period, increasing demands for accuracy, efficiency, and patient safety will drive the adoption of artificial intelligence medical images. Imaging platforms and 3D imaging and the benefits associated with using these systems, such as high-resolution images, ease of use, and flexibility, are driving growing demand.
The introduction of technologically advanced products and the emergence of efficient information management systems are expected to drive market growth in the next few years. The high level of attention to innovation in medical image analysis has led to the implementation of certain measures. Due to the increasing demand for effective solutions to improve patient outcomes, it is expected that diagnostic and research centers will become important end users of image analysis solutions. These market segments have a small revenue share because they usually outsource imaging services to hospitals.
SOFTWARE TYPE INSIGHT:
Embedded software dominated the medical image analysis software market with a revenue share of 52% in 2020. This high share is attributed to the benefits of using these solutions. The integrated toolset is designed for a large number of radiology applications to improve workflow. For example, Philip;s Xcelera
Cardiology Information Management is an integrated image management software that facilitates single-point access to advanced clinical applications and improves clinical workflow. The introduction of these types of solutions contributes to its dominant revenue share. Embedded systems are widely adopted due to their cost-effectiveness, centralized data storage, and multiple users’ access to real-time data for processing, and are expected to further drive growth.
END USE INFORMATION:
According to the end-use, the market is divided into hospitals, diagnostic centers, outpatient surgery centers (ASC), etc. Hospitals dominate in 2020, about 32%. One of the key factors driving growth is supporting infrastructure, which is essential for surgical intervention using medical imaging software. Compared with research and diagnostic centers, the installed base of diagnostic imaging systems and solutions in hospitals is larger. In addition, the influx of patients is relatively high. This continues to allow the end-use segment to maintain its leading position. In addition, preferential reimbursement programs from governments around the world have led to an increase in the number of operations, thereby driving demand.
MODAL OUTLOOK:
Due to profitability, the main revenue share of tomography in 2020 is approximately 31%. Dual-source and AI-enabled CT scanners are expected to become an important milestone in market growth. It is expected that the introduction of advanced products in the next few years will drive the demand for CT imaging software. For example, Clarisonics artificial intelligence CT scanner "ClariCT." was approved by the FDA in June 2019, followed by revenue from X-ray systems.
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Due to the early introduction of X-ray radiography systems, the adoption of these instruments has increased year by year. Radiography involves the use of X-rays, so long-term exposure brings related risks of harmful radiation. However, the benefits of radiography far outweigh the risks posed by these procedures. This market segment is expected to grow at a constant compound annual growth rate during the forecast period. Due to the advantages of fast analysis and accuracy, the ultrasound image analysis software department is expected to witness a lucrative compound annual growth rate in the next few years. In addition, ultrasound imaging is non-invasive and there is no associated ionizing radiation exposure. This is an important factor driving the growth of this market segment.
IMAGE TYPE INFORMATION:
The 4D imaging segment accounted for the largest market share in 2020, at 45%. Due to technological advancements, this segment is expected to maintain its leading position throughout the forecast period. 4D imaging allows efficient and accurate visualization of the human body in real time, thereby eliminating distortion in the procedure. 4D images are the analysis of 3D images with real-time motion. Due to the increasing adoption of these technologies, the 3D and 4D imaging software solutions market may see profitable growth during the forecast period.
REGIONAL INSIGHT:
North America will dominate the market with a revenue share of 35% in 2020. This is attributable to well-developed healthcare facilities with advanced diagnostic equipment and favorable government initiatives to support the adoption of IT healthcare in the region. In addition, factors such as increased R&D investment and the presence of major market players in the region are contributing to market growth.
As healthcare professionals increasingly adopt medical image analysis software, the Asia-Pacific region is expected to see lucrative growth in the next few years. In the area. Increasing awareness of the relative benefits of these systems is a key factor that is expected to drive growth. In addition, growing healthcare expenditures and disposable income levels in countries such as China and India are contributing to the growth of the industry.
MAJOR PLAYERS AND MARKET SHARE PROSPECTS:
The industry is inherently highly competitive, with a few companies dominating the global market. The industry is driven by technology, as R&D is continuously conducted to develop cost-effective diagnostic solutions. Competitors are adopting strategies such as cooperation agreements, partnerships, mergers and acquisitions, regional expansion, and new product development to gain advantages in other areas. Some well-known companies operating in the medical image analysis software market are: Toshiba Medical Systems, Bruker, Xinapse Systems Co., Ltd., Esaote Inc., ClaroNAv Inc., Merge Healthcare Inc., Aquilab GmbH, Spacelabs Healthcare Inc., MIM Software Inc.. Dearream Health Inc. Agfa-Gevaert Corporation, Philips Healthcare, Siemens Healthineers, GE. health care.
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