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The Worldwide Medical Imaging Software Industry is Expected to Grow at a CAGR of over 7% Between 2020 and 2026


DUBLIN, May 20, 2021 /PRNewswire/ — The “Medical Imaging Software Market – Global Outlook and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.

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The global medical imaging software market by revenue is expected to grow at a CAGR of over 7% during the period 2020-2026.



Advances in imaging systems and analysis software that help reduce exposure and imaging duration are likely to influence the market. The global medical imaging software market has been significantly affected by the COVID-19 pandemic. Since the outbreak, significant changes have been observed in clinical operations of radiology departments across the world. Amid the COVID-19 flurry, the volume of ambulatory imaging declined dramatically, whereas elective imaging services were shut down. The pandemic affected the usage of software applied in imaging and diagnostics equipment.

With the decrease in patients’ volume, the demand for diagnosis and imaging for software development has slow down. Companies developing such software halted their projects due to the decreased demand in COVID-19. A significant decline in the volume of tests such as X-ray, CT, Ultrasound, and MRI was observed in most countries. This sector was deeply affected compared to diagnostics due to the higher prices of medical imaging tests. However, these effects are short-lived, which are unlikely to hamper the long-term growth of the market. The market is to grow at an impressive growth due to high demand for diagnostic imaging software and the introduction of advanced medical imaging equipment.



The following factors are likely to contribute to the growth of the medical imaging software market during the forecast period:

  • Developments in Artificial Intelligence and Cloud-based Imaging Software Solutions
  • High Adoption of Digital Tomosynthesis
  • Growth of Advanced Visualization Technology
  • A rise in Demand for Hybrid Imaging Technology

The study considers the global vaccine contract manufacturing market’s present scenario and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.



Global Medical Imaging Software Market Segmentation

The global medical imaging software market research report includes a detailed segmentation by type, modality, application, imaging type, end-user, geography. Medical image analysis software is likely to reach over USD 4 billion by 2026. In 2020, the analysis software segment accounted for over 44%, mainly due to the increased demand for analyzing software. Medical imaging has grown into one of the fastest developing areas in the healthcare sector. Over the past few decades, multiple technologies, including CT, MRI, ultrasound, and nuclear imaging, have evolved. Several software types have been developed to handle images and advances in medical image hardware and devices.



The global ultrasound medical imaging software market is expected to reach over USD 2 billion by 2026, growing at a CAGR of approximately 6%. In 2020, the segment accounted for the market share of approximately 27%. The use of 3D technology in diagnostic radiology could develop better images and high-quality results, thereby influencing the market’s growth. The emergence of breast ultrasound has simplified imaging of women with dense breasts, thereby missing out on cancer detection. Advances in ultrasound technology have increased its attractiveness for several clinical applications, ranging from breast health to cardiology due to non-invasive, cost-effectiveness, and reduced radiation exposure.



The global cardiology medical imaging software market expects to grow at a CAGR of approx.7% during 2020-2026 and accounted for a share of over 22% in 2020. The increasing trend in cardiovascular diagnostics toward non-invasive multimodalities is a significant impetus for the market’s growth. Advances in imaging protocols help reduce radiation exposure, decrease procedural complications, and offer cost-effective algorithms to diagnose obstructive, flow-limiting coronary artery lesions as an adjunct to invasive coronary angiography.



Two-dimensional (2D) accounted for the share of over 71% in the global medical imaging software market in 2020. Despite the advance in 3D technology, the market share of 2D techniques is likely to grow as they continue to be applied widely due to the low cost and high resolution. The increasing disease burden across the world is likely to increase the demand for several diagnostic tools. It is estimated that over 3 billion X-ray examinations and more than 25 million echocardiograms are performed annually throughout the world. These statistics depict the high usage of 2D incorporated imaging techniques, leading to the highest contribution to 2D equipment. The 2D market is likely to extend its reach with the inclusion of artificial intelligence and digital technology.



Hospitals accounted for the highest share of 43% of the global medical imaging software market in 2020. Hospital imaging has generated a substantial quantity of revenue and captured a large proportion of the outpatient radiology volume. Other imaging centers displayed a significant decrease in average weekly imaging volume (64%) compared to hospital settings (54%) during the COVID-19 pandemic. The increased demand for digital imaging systems is likely to replace traditional diagnostic systems in hospitals.

INSIGHTS BY VENDORS

The global medical imaging software market is observ ing radial transformations. The incorporation of AI in medical imaging has grown at a higher level in recent years. IBM/Merge, Philips, Agfa, and Siemens have already started integrating AI into their medical imaging software systems. GE showed predictive analytics software using elements of AI for the impact on imaging departments. Philips uses AI as a component of its new Illumeo Software with adaptive intelligence, which automatically pulls in related prior exams for radiology. IBM Watson, Siemens Healthineers, GE Healthcare, Agfa Healthcare, Carestream Health, Cerner Corporation, Change Healthcare, Koninklijke Philips, N.V, Fujifilm Corporation, Sectra AB, and Intelerad Medical Systems are the major players contributing to the market’s growth.

KEY QUESTIONS ANSWERED

1. How big is the medical imaging software market?

2. What are the most common medical imaging techniques?

3. What was the value medical image analysis market in 2020?

4. What is hybrid imaging technology?

5. Who are the key players in the medical imaging software market?



Key Topics Covered:



1 Research Methodology



2 Research Objectives



3 Research Process



4 Scope & Coverage

4.1 Market Definition

4.1.1 Inclusions

4.1.2 Exclusions

4.2 Base Year

4.3 Scope of The Study

4.4 Market Segmentation

4.4.1 Market Segmentation by Type

4.4.2 Market Segmentation by Modality

4.4.3 Market Segmentation by Application

4.4.4 Market Segmentation by Imaging Type

4.4.5 Market Segmentation by End-user

4.4.6 Market Segmentation by Geography



5 Report Assumptions & Caveats

5.1 Key Caveats

5.2 Currency Conversion

5.3 Market Derivation



6 Market at a Glance



7 Introduction

7.1 Overview



8 Market Opportunities & Trends

8.1 Developments in AI & Cloud-Based Imaging Software Solutions

8.2 Rising Adoption of Digital Breast Tomosynthesis

8.3 Technological Advancements In Medical Imaging Systems



9 Market Growth Enablers

9.1 Growth of Advanced Visualization Technologies

9.2 Rising Demand for Hybrid Imaging Technology

9.3 Quality & Faster Image Acquisition With Optimal Radiation Exposure

9.4 Rising Investments in AI-Based Medical Imaging



10 Market Restraints

10.1 Concerns Of Data Breach & Software Hacking

10.2 Stringent Regulations Slowing Adoption Of AI

10.3 High Cost Of Imaging Equipment & Lack Of Skilled Professionals



11 Market Landscape

11.1 Market Overview

11.2 Market Size & Forecast

11.3 Impact Of COVID-19

11.4 Five Forces Analysis

11.4.1 Threat Of New Entrants

11.4.2 Bargaining Power Of Suppliers

11.4.3 Bargaining Power Of Buyers

11.4.4 Threat Of Substitutes

11.4.5 Competitive Rivalry



12 Software Type

12.1 Market Snapshot & Growth Engine

12.2 Market Overview

12.3 Medical Image Analysis Software

12.3.1 Market Overview

12.3.2 Market Size & Forecast

12.3.3 Medical Image Analysis Software: Geographical Segmentation

12.4 Medical Image Processing Software

12.4.1 Market Overview

12.4.2 Market Size & Forecast

12.4.3 Medical Image Processing Software: Geographical Segmentation

12.5 Medical Image Management Software

12.5.1 Market Overview

12.5.2 Market Size & Forecast

12.5.3 Medical Image Management Software: Geographical Segmentation

12.6 Others

12.6.1 Market Overview

12.6.2 Market Size & Forecast

12.6.3 Others: Geographical Segmentation



13 Modality

13.1 Market Snapshot & Growth Engine

13.2 Market Overview

13.3 Ultrasound

13.3.1 Market Overview

13.3.2 Market Size & Forecast

13.3.3 Ultrasound: Geographical Segmentation

13.4 Radiography

13.4.1 Market Overview

13.4.2 Market Size & Forecast

13.4.3 Radiography: Geographical Segmentation

13.5 Computerized Tomography

13.5.1 Market Overview

13.5.2 Market Size & Forecast

13.5.3 Computerized Tomography: Geographical Segmentation

13.6 Magnetic Resonance Imaging

13.6.1 Market Overview

13.6.2 Market Size & Forecast

13.6.3 Magnetic Resonance Imaging: Geographical Segmentation

13.7 Mammography

13.7.1 Market Overview

13.7.2 Market Size & Forecast

13.7.3 Mammography: Geographical Segmentation

13.8 PET/ SPECT

13.8.1 Market Overview

13.8.2 Market Size & Forecast

13.8.3 PET/SPECT: Geographical Segmentation

13.9 Others

13.9.1 Market Overview

13.9.2 Market Size & Forecast

13.9.3 Others: Geographical Segmentation



14 Application

14.1 Market Snapshot & Growth Engine

14.2 Market Overview

14.3 Cardiology

14.3.1 Market Overview

14.3.2 Market Size & Forecast

14.3.3 Cardiology: Geographical Segmentation

14.4 Orthopedic

14.4.1 Market Overview

14.4.2 Market Size & Forecast

14.4.3 Orthopedic: Geographical Segmentation

14.5 Oncology

14.5.1 Market Overview

14.5.2 Market Size & Forecast

14.5.3 Oncology: Geographical Segmentation

14.6 Neurology

14.6.1 Market Overview

14.6.2 Market Size & Forecast

14.6.3 Neurology: Geographical Segmentation

14.7 Gastroenterology

14.7.1 Market Overview

14.7.2 Market Size & Forecast

14.7.3 Gastroenterology: Geographical Segmentation

14.8 Dental

14.8.1 Market Overview

14.8.2 Market Size & Forecast

14.8.3 Dental: Geographical Segmentation

14.9 Obstetrics & Gynecology

14.9.1 Market Overview

14.9.2 Market Size & Forecast

14.9.3 Obstetrics & Gynecology: Geographical Segmentation

14.10 Others

14.10.1 Market Overview

14.10.2 Market Size & Forecast

14.10.3 Others: Geographical Segmentation



15 Imaging Type

15.1 Market Snapshot & Growth Engine

15.2 Market Overview

15.3 2D

15.3.1 Market Overview

15.3.2 Market Size & Forecast

15.3.3 2D: Geographical Segmentation

15.4 3D

15.4.1 Market Overview

15.4.2 Market Size & Forecast

15.4.3 3D: Geographical Segmentation

15.5 Others

15.5.1 Market Overview

15.5.2 Market Size & Forecast

15.5.3 Others: Geographical Segmentation



16 End-User

16.1 Market Snapshot & Growth Engine

16.2 Market Overview

16.3 Hospitals

16.3.1 Market Overview

16.3.2 Market Size & Forecast

16.3.3 Hospitals: Geographical Segmentation

16.4 Diagnostic Centers

16.4.1 Market Overview

16.4.2 Market Size & Forecast

16.4.3 Diagnostic Centers: Geographical Segmentation

16.5 Ambulatory Surgical Centers

16.5.1 Market Overview

16.5.2 Market Size & Forecast

16.5.3 Ambulatory Surgical Centers: Geographical Segmentation

16.6 Research & Academic Institutes

16.6.1 Market Overview

16.6.2 Market Size & Forecast

16.6.3 Research & Academic Institutes: Geographical Segmentation



17 Geography

17.1 Market Snapshot & Growth Engine

17.2 Geographic Overview



18 North America



19 Europe



20 APAC



21 Latin America



22 Middle East & Africa



23 Competitive Landscape

23.1 Competition Overview

23.2 Market Share Analysis



24 Key Company Profiles



25 Other Prominent Vendors



26 Report Summary

26.1 Key Takeaways

26.2 Strategic Recommendations



27 Quantitative Summary

28 Appendix



For more information about this report visit https://www.researchandmarkets.com/r/q7sau1

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