Medical Image Report

Medical Image Analysis Software Market Size, Share & Trends Analysis Report By Software Type (Integrated, Standalone), By Imaging Type (3D, 4D), By Modality, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-918-0
  • Number of Report Pages: 120
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the medical image analysis software market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for medical image analysis software market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of medical image analysis software market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Medical Image Analysis Software Market Categorization:

The medical image analysis software market was categorized into six segments, namely software type (Integrated Software, Stand-alone Software), modality (Tomography, Ultrasound Imaging, Radiographic Imaging, Combined Modalities, Mammography), imaging type (2D Imaging, 3D Imaging, 4D Imaging), application (Orthopedic, Dental, Neurology, Cardiology, Oncology, Obstetrics & Gynecology, Mammography, Urology & Nephrology), end-use (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The medical image analysis software market was segmented into software type, modality, imaging type, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The medical image analysis software market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Russia; Japan; China; India; South Korea; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Medical image snalysis software market companies & financials:

The medical image analysis software market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • KONINKLIJKE PHILIPS N.V. , Koninklijke Philips N.V. is a conglomerate that operates under three main divisions—electronics, healthcare, and lighting. The company has offices in 60 countries and its products are known & trusted by consumers across these divisions. Under the healthcare division, it offers a variety of services including emergency care and resuscitation solutions. The company acquired several companies in the healthcare sector, such as ATL Ultrasound, Agilent Technologies Healthcare Solutions Group, ADAC Laboratories, and Marconi Medical Systems.

  • GE HEALTHCARE, INC. , GE Healthcare, Inc. offers products and services in the healthcare industry. The solutions include medical imaging, monitoring, cell, and gene therapy technologies. The company caters to healthcare providers, patients, researchers, and the life sciences domain. GE Healthcare, Inc. is a subsidiary of General Electric Company. The company offers a wide range of products including performance improvement solutions, biopharmaceutical, manufacturing technologies, patient monitoring and diagnostics, IT, and medical imaging. It is an operating segment of General Electric and its products are sold worldwide to hospitals, pharmaceutical & biotechnology companies, the life sciences research market, and medical facilities.

  • SIEMENS HEALTHINEERS , Siemens Healthineers is a medical technology company with nearly 18,500 patents globally. The company offers medical technology, software solutions, and clinical consulting services to healthcare stakeholders. The company’s business is divided into six segments—diagnostic imaging, laboratory diagnostics, advanced therapies, point-of-care diagnostics, ultrasound, and others. The company is also actively developing its enterprise services and digital health services.

  • AGFA-GEVAERT GROUP , The Agfa-Gevaert Group produces and markets a wide range of IT solutions & imaging systems, mainly for the healthcare sector, printing industry, and detailed industrial applications. The company has three focused operating business sections: Agfa Graphics, Agfa HealthCare, and Agfa specialty products. It has research and production centers located in Belgium, France, Germany, the UK, Austria, the U.S., Canada, Brazil, & China. The company is commercially active globally either by wholly owned sales organizations or a network of representatives & agents.

  • TOSHIBA MEDICAL SYSTEMS CORPORATION (CANON MEDICAL SYSTEMS CORPORATION) , Canon Medical Systems Corporation is a medical device organization that offers solutions for delivering accurate & fast diagnoses, enhancing treatment, and improving patient care while enriching the quality of life. The company specializes in angiography, CT, magnetic resonance, ultrasound, X-ray, and eye care. It also offers education programs, services, and support to the medical device industry. In 2016, Toshiba Medical was acquired by Canon and later in 2018, the official corporate name was changed to Canon Medical Systems Corporation from Canon Group Company Toshiba Medical Systems Corporation.

  • SPACELABS HEALTHCARE , Spacelabs Healthcare develops, manufactures, and sells medical equipment. The company provides diagnostic cardiology solutions, stress testing, ECG, and ABP monitoring. It offers patient monitoring & connectivity solutions, clinical tools, and accessories. It also provides anesthesia delivery and ventilation services. The company majorly operates in the U.S. and operates as a subsidiary of OSI Systems, Inc.

  • MIM SOFTWARE, INC. , MIM Software, Inc. offers imaging solutions in the areas of nuclear medicine, radiation oncology, radiology, urology, cardiac imaging, and neuroimaging. The company offers solutions for mobile, computer workstations, and cloud-based platforms. It has a global presence and sells its products to hospitals, imaging centers, research organizations, specialty clinics, & pharmaceutical companies. The main distributors of the company are American Radiology Oncology Solutions; Ashraf & Co. Ltd.; Beijing HGPT Technology & Trade Co. Ltd.; Bianco Saglik; BnB Healthcare Co., Ltd.; Ernest Bioscientific Company; Euro Automation; Euro Meditech Co., Ltd.; Medvio; NL-Tec Pty. Ltd.; OncoMed-Solutions GmbH (LLC); Oy Scanex Medical Systems Ab; Spectrum Dynamics Medical, Inc.; Taiwan Trump Corporation; Tema Sinergie; TEMED Sp. z o.o.; and Transmedic Group Pte Ltd.

  • AQUILAB SAS , Aquilab SAS is involved in the field of new healthcare technologies, offering oncology centers with innovative software solutions to enhance the precision and quality of radiotherapy treatments & diagnostic imaging. The company develops advanced solutions for quality assurance of radiotherapy equipment and medical imaging. Nearly 250 clinics in France and worldwide use the company’s products.

  • ESAOTE SPA , Esaote SPA is a leading company offering medical imaging solutions in dedicated MRI and ultrasound. It is complemented by technical services, Healthcare IT, interventional ultrasound products, clinical solutions, and education. The company is one of the leading Top Ten international diagnostic imaging companies. It has different subsidiaries present in Holland, the U.S., Germany, France, Argentina, India, Brazil, China, and Spain.

  • MERGE HEALTHCARE, INC. (IBM) , Merge Healthcare, Inc. develops software solutions that automate diagnostic workflow and healthcare data to create electronic records of patients. It is a leading provider of enterprise imaging, clinical systems, and interoperability. The company also provides software for clinical trials, which offers end-to-end support and other health data & analytics solutions. Since 2015, Merge Healthcare, Inc. has been a subsidiary of IBM.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Medical Image Analysis Software Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Medical Image Analysis Software Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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