Medical Imaging Market Highlights
Medical imaging software supports processing and producing high-resolution images of the internal body parts of a human for disease diagnosis and treatment. The emergence of 3D and 4D imaging technologies, increasing the prevalence of geriatric population and subsequent growth in the incidence of cardiac, and neurological diseases including cancer, growing government funding’s for development of medical diagnostics field are some factors that are anticipated to drive the market growth during the assessment period. Additionally, a rise in the number of diagnostic centres and increased healthcare expenditure is likely to contribute to market growth. As per the data by the Office for National Statistics, in 2016, the gross domestic expenditure on research and development (R&D) was Euro 33.1 billion (USD 35.2 billion) in the UK. However, the high cost of equipment related to clinical validation and lack of skilled professionals may hamper the market growth during the assessment period.
The Medical Imaging Software Market Size was valued at USD 1.8 Billion in 202 and is projected to grow from USD 1.9 Billion in 2023 to USD 3.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.60% during the forecast period (2023 – 2032).
Medical imaging software is a type of software that enables the processing, analysis, visualization, and storage of medical images. Medical imaging software can help improve the diagnosis, treatment, and monitoring of various diseases and conditions.
The medical imaging software market is expected to grow at a significant rate during the forecast period of 2023-2032. The market is driven by factors such as increasing demand for advanced imaging modalities, rising prevalence of chronic diseases, growing adoption of artificial intelligence and cloud-based solutions, and rising investments in research and development.
Segmentation
The global medical imaging software market outlook has been segmented into software type, imaging type, modality, application, and end user
By software type, the market has been segmented into integrated software and stand-alone software.
Based on imaging type, the global medical imaging software market has been segmented into 2D imaging, 3D imaging, and 4D imaging.
Based on modality, the market has been segmented into Computed Tomography (CT), MRI (Magnetic Resonance Imaging), radiography, photoacoustic imaging, nuclear medicine, echocardiography, ultrasound, thermography, and others.
Based on application, the market has been segmented into neurology, cardiology, oncology, musculoskeletal, dental, obstetrics & gynaecology, urology & nephrology, and others.
The global medical imaging software market, by end user, has been segmented into clinics & hospitals, diagnostic centres, research laboratories, and others.
Regional Analysis
On a regional basis, the Americas is anticipated to dominate the global medical imaging software market owing to the growing clinical R&D budgets by both governments as well as public and private organizations in diagnostic imaging modalities and increasing adoption of advanced technologies in the region. Additionally, the rising prevalence of geriatric population along with various chronic diseases is contributing to the growth of this market. According to a report by the Population Reference Bureau, the number of older population (aged 65 and above) will rise to nearly 24% from 15% by 2060. Europe is expected to hold the second largest position in the global medical imaging software market owing to the presence of strong academic & research base and availability of funding for research in the European countries.
Moreover, the rising number of diagnostics centres, strong healthcare infrastructure and awareness among people for detection of diseases is boosting the market in this region. The Asia-Pacific region is anticipated to be the fastest growing region is due to rising demand for technologically advanced software solutions, good quality healthcare infrastructure and incidence of major key players for growth and development in this region. The Middle East & Africa is expected to contribute the least share of the global medical imaging software market. Moreover, the Middle East & Africa region will provide strong opportunities for medical imaging software market due to the rising government initiatives for the healthcare sector.
Key Players
The global medical imaging software market players are GE Healthcare, Siemens Healthineers, Agfa-Gevaert N.V., Hologic Inc., Pie Medical Imaging, Media Cybernetics, Inc., AQUILAB, MIM Software Inc., Merge Healthcare Incorporated, ScienceSoft USA Corporation, Acuo Technologies, Fujifilm Holding Company, IBM Corporation, and others.
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