Market Size of Medical Imaging Software Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.11 Billion |
| Market Size (2029) | USD 11.83 Billion |
| CAGR (2024 - 2029) | 7.84 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Imaging Software Market Analysis
The Medical Imaging Software Market size is estimated at USD 8.11 billion in 2024, and is expected to reach USD 11.83 billion by 2029, growing at a CAGR of 7.84% during the forecast period (2024-2029).
Machine learning and artificial intelligence have attracted the healthcare industry as these innovative analytics strategies have become more accurate and precise.
- The need for medical imaging software for advanced treatment for people with arthritis, cancer, etc., demands an advanced version. This advanced image is used to advance patient care and improve operating productivity by empowering doctors and other healthcare professionals by providing more details about patient conditions.
- An increase in demand for diagnostic imaging software in applications such as dental, Orthopedic, Cardiology, obstetrics and gynecology, Mammography, urology, and neurology, is expected to contribute to the market growth.
- The increasing use of ultrasonic imaging equipment for earlier diagnosis, particularly chronic disorders, is likely to drive the market's demand. Furthermore, ongoing advancements in imaging technologies, such as Computer-aided Diagnosis (CAD), are expected to boost demand for these systems. The adoption of Artificial Intelligence (AI) in medical imaging has transformed market trends in recent years and is expected to impact future growth positively.
- The high cost of imaging equipment, combined with the increased implementation and licensing fees of software, is the biggest constraint to market expansion, particularly in countries with poor reimbursement scenarios. For example, most healthcare facilities in developing nations, such as hospitals and diagnostic centers, have costs.
- During the COVID-19 pandemic, various AI, machine learning, and deep learning technologies were applied in medical image processing, which will drive market expansion further. Because of the increasing demand for efficient solutions for better patient outcomes, diagnostic and research institutes are expected to emerge as significant end users of image analysis solutions. Due to the technological advancements in medical applications, the market is increasing after the pandemic.
