Market Trends of Medical Imaging Software Industry
This section covers the major market trends shaping the Medical Imaging Software Market according to our research experts:
Cardiology Applications Segment Holds Major Market Share
- As the frequency of chronic diseases related to the heart is increasing globally, the demand for medical imaging software is increasing. With such rising demand, prominent market players are focusing on R&D and new product launches, as well as joint ventures and acquisitions, to develop their businesses.
- For instance, in March 2022, Philips announced Health Suite Interoperability, a fully integrated cloud-enabled Health IT platform designed to address the different workflow demands of the imaging industry.
- Medical image software has been found to improve analysis speed and accuracy. Key players around the globe are integrating emerging technologies like AI and Cloud computing to introduce new medical imaging software applications. For instance, Arterys, located in San Francisco, combines deep learning AI algorithms with cloud computing. Arterys designed for cardiac MRIs to assist in identifying abnormal lesions in these areas.
- In February 2022, Cleery launched Cleerly 2.2.0, a new software version that tracks heart disease based on the quantity and kind of atherosclerosis. Such market innovations and new product releases contribute to expanding the Medical Imaging Software Market Size.
- In Cardiac problems like heart transplantation, medical imaging software is used to know the volumetric and functional data analysis. According to Scandiatransplant, the number of heart transplant recipients in the Nordic countries in 2021 Sweden had the most significant number of transplanted heart patients, with 66 individuals transplanted a new heart. Denmark had the second-highest number of transplants, with 24 patients.
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North America is Expected to Register the Largest Market
- North America is expected to be the largest market for medical imaging software globally. The region has a considerably high level of investments in medical infrastructure, especially in countries like the United States, Mexico, and Canada. This scenario, coupled with the increasing multitude of hardware in the region, is expected to boost the demand for medical imaging software.
- The expansion can be attributed to the availability of well-established healthcare institutions equipped with modern diagnostic equipment and favorable government measures to boost the use of healthcare IT in this region. Furthermore, rising R&D investments and the presence of significant market competitors are fueling regional market expansion.
- In October 2022, Enlitic, one of the leading healthcare IT firms, announced a new partnership with MULTI Inc., a healthcare technology provider of authentic parts, equipment, and services. The two organizations collaborated to provide the Enlitic Curie platform to healthcare providers across the United States to assist radiology departments in driving operational efficiencies. As the need for high-quality patient care grows, hospital leaders focus on building more efficient operations while expanding revenue prospects that contribute to better patient outcomes. To achieve these aims, the Curie|ENDEX application impacts the workflows of several users within the radiology department.
- As a result, many medical imaging software vendors are moving towards vendor-neutral archive (VNA) technologies that enable access to images form several networks and the ability to integrate them with third-party or centralized Electronic Health Record (HER) systems.
- According to the American Cancer Society estimation in January 2022, the number of new lung and bronchus cancer cases registered in the United States is 2,36,740. The highest number of these cases is estimated to be in Florida. The increase in cancer patients necessitates the use of medical imaging software.
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