The medical imaging software market held a value of USD 2.66 billion in 2017 and is projected to grow at a CAGR of 8.4% over the forecast period. The medical imaging software market is an actively growing market. With the increasing penetration of computers in medical treatment, there is a rise in demand for effective software.
Medical Imaging Software gives more specific details to doctors and helps in easy data transfer. Therefore, more healthcare institutes are insisting on and investing in such software.
The insights given by imaging software helps in the precise and timely treatment of patients. Therefore, the medical imaging software market is expected to grow significantly during the forecast period.
Covid 19 Analysis
The negative impact of covid-19 disruptions could be felt in each and every industry. The health system was overburdened, and all attention was diverted to covid management. Hence, there was a slight recession in overall demand.
However, the need for such software and automated devices has risen during the period. Large investments in the health sector by the different governments are expected to fuel the demand growth further.
Medical Imaging Software Market Dynamics
The advancements in medical services now reside in the hands of technology. Medical Imaging software is an integral part of computer-aided diagnostics (CAD). Thus, the market of such software has great possibilities.
Medical Imaging software is highly productive as they provide rich insights to medical professionals. Moreover, they are user-friendly and capable of doing multiple tasks such as storage and transfer of medical data. Therefore, more healthcare institutions are opting for such software to reduce the burden on professionals and to cut diagnosis costs.
The rising rate of lifestyle-related disorders is bringing more patients to hospitals. So, Medical imaging software can greatly help in the effective management of patients traffic without affecting service quality. Hence, this market is witnessing rapid growth in the present and will maintain the pace in the future too.
The lack of skilled medical professionals for the effective use of such software is a major constraint that will take time to resolve. The high cost of diagnostic hardware associated with the software is too a major reason for less demand for the product.
Additionally, worldwide concerns of data privacy are also a major hindrance to its growth. Moreover, the slow approach by governments towards the use of AI in the medical field is also causing growth stagnation.
Medical imaging software is that software that can create and store visual images of human body parts for clinical analysis and treatment. This software is a part of increasing technological advancements in medicine which offer several advantages. We can find the use of such software in ultrasound imaging, radiography, resonance imaging, tomography, etc.
The use of computers in medicine better known as Computer-Aided Diagnostics (CAD) gives better insights into a particular problem. In fact, Imaging software is capable of analyzing disorders and presenting them as rich data insights. Moreover, this software allows medical professionals to share the data with other companions at no time. Therefore, considerably reducing diagnosis time and cost.
This report aims to provide a clear and complete analysis of the Medical Imaging Software market. The specific objectives are :
Medical Imaging Software Market Segment Overview
Segmentation by Software type
Standalone software holds the largest market share. Such software are more reliable, secure, and easy to use. They can evaluate and process data without much reliance upon the external network. The Standalone software segment is also expected to show the highest CAGR during the current forecast period.
Segmentation by Imaging type
4D imaging is the largest market segment for medical imaging software. 4D imaging offers several advantages, such as it provides the 3D image of body parts along with their real-time movements.Medical imaging software market segment was holding about 45% of the market share in 2019. Besides this 3D imaging is also an active market that provides cost-effective 3D images for precise analysis.
Segmentation by Modality
Among different modalities, computed tomography CT is the largest market segment. CT enables viewers to get a detailed image of bones, internal organs, soft tissues, and even blood vessels. Next to CT, is radiography which holds the second-largest Market share owing to cost-effective and wide applications. However, ultrasound technology is the fastest-growing market segment due to its relatively less health risk and more insightful data obtained from it.
Segmentation by Application
Cardiology makes more use of imaging software than any other segment. This fact correlates with the rising number of cardiac disorders. Moreover, rapid innovations in cardiac imaging technology are also sustaining growth. Therefore, medical imaging software market segment is also estimated to have a higher CAGR rate during the current forecast period.
Segmentation by End User
Among other end users clinics and hospitals generate the largest demand for imaging software. This segment was holding 36 % of the total market share in 2020. This software can greatly increase the efficiency of medical professionals and cut costs on various factors. Therefore, clinics and hospitals are readily investing in such technologies.
Medical Imaging Software Market Regional Analysis
The different regional markets for medical imaging software are:
North America holds the largest share of the medical imaging software market. Countries in this region have developed health infrastructure and are ready for the technological transition. Moreover, large spendings on healthcare facilities and R&D of such projects by governments is also driving the growth. Furthermore, the rise in some chronic diseases due to hectic lifestyles also adds to the demand.
Europe is the second-largest medical imaging software market in terms of volume. It has a number of renowned institutes and R&D centers working for technological modernization of the health industry. Moreover, greater insist on healthcare facilities is creating the demand in this region.
The Asia Pacific is the fastest-growing segment. The rise in disposable income is leading to greater spending capacity on healthcare. Moreover, the boom of the software industry in India, China, Japan, and Korea is making this region an innovation hub.
In the rest of the World ROW segment, Middle East countries are having a higher growth rate. Government Initiatives for improving the healthcare sector are rising the demand here.
Medical Imaging Software Market Competitive Landscape
Many well-known companies are competing in this market ranging from healthcare industries to tech giants. Some of the prominent players of the Global Medical Software Imaging market are:-
In June 2019, ClariPiInc developed an artificial intelligence-enabled CT scanner called 'ClariCT.AI'. They got the FDA clearance for the same in 2019. They are a leading medical imaging company and this development is really appreciable.
The medical imaging software market report will be beneficial for every stakeholder of the Medical Imaging Software market. It will help in decision making for those directly connected with the industry such as :
This report provides a complete analysis of the Medical Imaging Software market in terms of current value and future forecast. We have also identified the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help to make decisions about investment in the product. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the recent developments in the Medical Imaging Software market.
Frequently Asked Questions (FAQ) :
The global medical imaging software market was valued at USD 2.66 billion in 2017.
The global market is expected to exhibit a solid 8.4% CAGR over the forecast period.
The increasing demand for accurate medical imaging and image archiving is the major driver for the global medical imaging software market.
The Americas is the leading regional market for medical imaging software.
Leading players in the medical imaging software market include GE Healthcare, MIM Software, Hologic, Fujifilm, IBM, and Acuo Technologies, among others.