The global medical image analysis software market size was estimated at USD 2.41 billion in 2016 and is expected to witness a CAGR of 8.1% over the forecast period. Increase in demand for diagnostic imaging software in fields such as dental, orthopedics, urology, neurology, and oncology is likely to contribute toward market growth in the coming years.
Growing adoption of ultrasound imaging systems to facilitate faster diagnosis, particularly of chronic diseases, is expected to propel demand. In addition, continuous developments in the field of imaging technology, such as computer-aided diagnosis (CAD), is anticipated to bolster demand for these platforms.
Introduction of technologically advanced products such as multimodality imaging platforms and 3D imaging and benefits associated with the use of these systems, such as high-resolution imaging, convenient use, and flexibility, are contributing to growing demand.
Hospitals are the leading end users of these solutions, thanks to introduction of technologically advanced products and advent of efficient information management systems. High focus on innovation in medical image analysis has given rise to certain measures that are being implemented.
Diagnostic and research centers are expected to emerge as crucial end users as well, owing to rising demand for efficient solutions for better patient outcomes. These segments accounted for smaller revenue shares in the market as they commonly outsource imaging services from hospitals.
The integrated software segment accounted for the largest revenue share as of 2015. This integrated toolkit is designed for a host of radiology applications to improve workflow. For instance, Philip’s Xcelera Cardiology Information Management is an integrated image management software that facilitates single-point access to advanced clinical applications and improves clinical workflow. Introduction of these types of solutions is contributing to its dominant revenue share.
High adoption of these systems is also due to its associated benefits such as cost effectiveness and centralized data storage. Multiple users can process and view data with the use of integrated software, which provides live viewing features. The aforementioned factors are expected to drive demand for integrated solutions over the forecast period.
The orthopedic segment held the dominant share as of 2015. Ultrasound image analysis is considered as a fast emerging diagnostic technique in the field of orthopedics. 2D ultrasound technology used for orthopedic-related diagnosis helps reduce time spent in optimizing images and improves efficiency of diagnostic tests. For instance, Merge OrthoPACS by Merge Healthcare Incorporated is a standalone platform designed to view, measure, compare, and manipulate orthopedic images.
The cardiology and oncology segments are anticipated to witness significant growth in the coming years as prevalence of these diseases is increasing at an alarming rate. This is likely to result in growing demand for diagnostic solutions over the forecast period.According to a study conducted by the American College of Surgeons Clinical Congress in 2014, surgeons are focusing on advancing computer technologies to improve visualization of cancerous tumors. This is anticipated to boost the adoption of these software solutions in the years to come.
Radiographic systems held the dominant share in the medical image analysis software market in 2015 owing to associated advantages such as cost effectiveness. Owing to early introduction of radiography x-ray systems, adoption of these instruments has increased over the years. Radiography involves use of x-rays and as such, poses a related risk of harmful radiation through prolonged exposure. However, the associated benefits of radiography far exceed the risks that are presented with these procedures. This segment is expected to grow at a steady rate over the forecast period.
The ultrasound image analysis software segment is anticipated to witness lucrative growth over the coming years due to its benefits of rapid analysis and accuracy. In addition, ultrasound imaging is non-invasive and there is no ionizing radiation exposure associated with it. This is a major factor driving segment growth.
By way of end use, the market has been segmented into diagnostic, hospitals, and research centers. Hospitals held the dominant share of around 32.0% in 2015. One of the key factors aiding the growth of this end-use segment is supportive infrastructure, which is crucial in performing surgical interventions using medical imaging software.
Compared to research and diagnostic centers, the installed base of diagnostic imaging systems and solutions is higher in hospitals. In addition to this, patient inflow is also relatively much higher. This continues to keep the end-use segment in the lead. Moreover, favorable reimbursement initiatives by governments around the world have resulted in greater surgery volumes, thereby boosting demand for imaging devices.
North America held the dominant share in terms of revenue, accounting for over 30.0% in 2015. Presence of well-established healthcare facilities with advanced diagnostic equipment and favorable government initiatives to support adoption of healthcare IT are contributing to its large revenue share. In addition, increasing R&D investments and presence of key market players in this region are contributing toward market growth.
Asia Pacific is anticipated to exhibit lucrative growth in the next few years owing to increasing adoption of medical imaging software by healthcare professionals in the region. Growing awareness pertaining to associated benefits of these systems is a key factor expected to propel growth. Furthermore, increasing healthcare expenditure and disposable income levels in countries such as China and India are contributing toward industry growth.
Some prominent market players are Toshiba Medical Systems Corporation; Bruker Corporation; Xinapse Systems Ltd.; Esaote Inc.; ClaroNAv Inc.; Merge Healthcare Inc.; Aquilab GmbH; Spacelabs Healthcare Inc.; MIM Software Inc.; Carestream Health Inc.; Agfa-Gevaert Corporation; Philips Healthcare; Siemens Healthineers; and GE Healthcare.
The industry is highly competitive in nature, with a handful companies dominating the global market. The industry is technology driven as there is continuous R&D being undertaken for development of cost-effective diagnostic solutions. Competitors are adopting strategies such as collaborative agreements, partnerships, mergers and acquisitions, regional expansions, and new product developments to gain an edge over the rest.
Base year for estimation
Actual estimates/Historical data
2013 - 2015
2016 - 2024
Revenue in USD Million& CAGR from 2016 to 2024
North America, Europe, Asia Pacific, Latin America, & MEA
U.S., Canada, U.K., Germany, Japan, China, Brazil, Mexico, South Africa
Revenue forecast, company share, competitive landscape, growth factors and trends
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, the global medical image analysis software market report has been segmented on the basis of type, modality, application, end use, and region:
Type Outlook (Revenue, USD Million, 2013 - 2024)
Modality Outlook (Revenue, USD Million, 2013 - 2024)
Magnetic Resonance Imaging
Positron Emission Tomography
Single-Photon Emission Tomography
Application Outlook (Revenue, USD Million, 2013 - 2024)
Obstetrics & Gynecology
Urology & Nephrology
End-use Outlook (Revenue, USD Million, 2013 - 2024)
Regional Outlook (Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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