Medical Image Analysis Software Market To Reach $6,388.9 Million by 2030, says P&S Intelligence
NEW YORK, July 22, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, the size of the medical image analysis software market was $3,112.7 million in 2021, and it will grow at a rate of over 8%, to reach about $6,388.9 million by 2030. The growth can be credited to the increasing population, growing incidence of chronic ailments, and widening applications of computer-aided diagnosis.
Hospitals are the major users of such software, with an approximately 60% share in 2021, as they have supportive infra that is vital for performing diagnoses and surgical interventions. Furthermore, the number of imaging systems is higher in hospitals as compared to diagnostic centers and research institutions. In addition, the inflow of patients is relatively higher in hospitals, which makes these users’ requirement for advanced imaging analysis software the highest.
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Because of a large number of diagnostic and healthcare centers and with North America leading the way in healthcare research and development, it has the largest global revenue share of the medical image analysis software market. Moreover, the constant upgradation in the products for effective detection and image-guided surgeries will help the market maintain its lead in the future.
APAC will register the highest growth rate, of approximately 9%, in the near future. The existence of many market players and increasing awareness concerning the early detection of diseases through cutting-edge diagnostic imaging technologies are the main factors supporting the growth of the medical image analysis software market.
Integrated software was the market dominator, with a more than 70% revenue share, in 2021. This is because of the convenience provided by integrated imaging analysis software in medical diagnosis, via an effective, easy, and comprehensible workflow. All hospital departments are connected, and they can easily regulate the radiological process and examine the images.
Cloud-based integration is in trend because of the improved accessibility and storage scaling capabilities of cloud computing. Imaging systems with their software on the cloud also offer possibly unlimited storage of data, cost-efficiency, and data access to numerous users simultaneously, even from distant locations.
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In 2021, MRI was the major modality in the medical image analysis software market, with revenue of about $350 million, because of the growing demand for early and precise disease diagnosis.
The growing consciousness about the possible benefits of MRI scanning, increasing frequency of numerous lifestyle-related and chronic ailments, such as cancer and CVDs, and surging demand for cutting-edge imaging solutions push the use of software to understand the anatomical images formed by MRI.
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