Medical Imaging Analysis Software Market Size

Medical Imaging Analysis Software Market Analysis

The medical imaging analysis software market is expected to register a CAGR of 7.6% over the forecast period.

The COVID-19 pandemic has had a significant impact on the market studied. The application of X-ray imaging for the diagnosis and treatment of COVID-19 and associated diseases has positively impacted the market's growth. CT scans were considered one of the best suitable non-invasive techniques to detect COVID infections during the pandemic. For instance, as per the NCBI article published in November 2021, chest CT is considered the gold standard imaging modality for COVID-19 pneumonia. Such applications of CT scans in treatment and disease diagnosis have contributed to the increased use of medical imaging analysis software in the initial days of the pandemic. Therefore, with the emergence of the new strain, the market is expected to continue considerable growth in the current years.

The technological advancements in medical imaging systems and analysis software, increasing the usage of imaging equipment due to the rising prevalence of chronic diseases, and rising applications of computer-aided diagnosis are some of the major drivers for the market. Since medical imaging analysis software is one of the essential requirements for the detection of chronic diseases, therefore, increasing cases of chronic diseases are anticipated to propel the demand for the product.

Moreover, an increase in the elderly population has also led to a steep increase in the number of chronic conditions. For instance, according to the NCBI research article published in September 2021, the global prevalence of peripheral arterial disease (PAD) is estimated to be 3.0% to 12.0%, affecting nearly 27.0 million people in the U.S. and Europe. The same source also reported that, in Europe, the prevalence of PAD is estimated at around 17.8% in people aged between 45 and 55. The increasing prevalence of such diseases may lead to an increase in the usage of diagnostic imaging tools, thereby boosting the market for medical imaging analysis software. As the usage of radiographs, ultrasound, fluoroscopy, or nuclear medicine may create visual representations of a body's interior, which can be used to deal with a variety of non-communicable or chronic diseases. Thus, the increasing prevalence of chronic diseases is anticipated to positively impact the market over the forecast period.

The technological advancements in medical imaging systems and analysis software are a prime factor driving the market's growth. For instance, in August 2021, GE Healthcare introduced the Allia platform, which is designed to enhance the user experience, improve workflow efficiency, and increase the adoption of advanced image guidance, at the Radiological Society of North America's (RSNA) 2021 Annual Meeting. Likewise, in November 2021, Philips Healthcare launched new 1.5-tesla and 3-tesla MRI scanners, as well as software-based workflow enhancements, which are designed to enable radiology facilities to operate more efficiently. Such advancements and innovations are expected to create new opportunities for the market and may encourage many new players to enter the market, thereby propelling market growth.

However, the cost of maintenance in terms of the budget is likely to hinder the market growth over the forecast period.