MEDICAL IMAGING SOFTWARE INDUSTRY INSIGHTS
The global medical imaging software market size was valued at USD 5.8 billion in 2021 and is expected to reach USD 9 billion in 2026, growing at a CAGR of 7% during 2020-2026. Advances in imaging systems and analysis software that help reduce exposure and imaging duration are likely to influence the market. The global medical imaging software market has been significantly affected by the COVID-19 pandemic. Since the outbreak, significant changes have been observed in clinical operations of radiology departments across the world. Amid the COVID-19 flurry, the volume of ambulatory imaging declined dramatically, whereas elective imaging services were shut down. The pandemic affected the usage of software applied in imaging and diagnostics equipment. With the decrease in patients' volume, the demand for diagnosis and imaging for software development has slow down. Companies developing such software halted their projects due to the decreased demand in COVID-19. A significant decline in the volume of tests such as X-ray, CT, Ultrasound, and MRI was observed in most countries. This sector was deeply affected compared to diagnostics due to the higher prices of medical imaging tests. However, these effects are short-lived, which are unlikely to hamper the long-term growth of the market. The market is to grow at an impressive growth due to high demand for diagnostic imaging software and the introduction of advanced medical imaging equipment.
- The global medical image analysis software market size is expected to grow at a CAGR of approx. 8% during 2020–2026 due to rapid and constant progress in computerized medical image visualization.
- The medical image management software segment is likely to grow at the fastest CAGR during the forecast period because of the increased digitalization of medical records and information.
- The ultrasound segment expects to observe a revenue share of over USD 2 billion by 2026 due to rapid innovations in ultrasound technology.
- CT scanners are likely to exhibit revenue growth of over USD 1.6 billion by 2026 due to increased preference for minimally invasive diagnostic procedures.
- Increasing hospitalization rates and rapid advances in medical imaging equipment are majorly contributing to the global medical imaging software market's growth.
- Orthopedic and neurology segments are expected to grow at a CAGRs of 8% during 2020–2026.
- North America and APAC expect to dominate the market in terms of revenue and growth, respectively, during the forecast period.
GLOBAL MEDICAL IMAGING SOFTWARE MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Imaging Type
INSIGHTS BY TYPE
Medical image analysis software is likely to reach over USD 4 billion by 2026. In 2020, the analysis software segment accounted for over 44%, mainly due to the increased demand for analyzing software. Medical imaging has grown into one of the fastest developing areas in the healthcare sector. Over the past few decades, multiple technologies, including CT, MRI, ultrasound, and nuclear imaging, have evolved. Several software types have been developed to handle images and advances in medical image hardware and devices.
The medical image processing software accounted for 25% of the market share in 2020. Image processing methods help store and handle medical data and provide access to radiologists and physicians worldwide, thereby increasing the demand for processing software. Moreover, the increasing sophistication of cross-sectional imaging with rapid development and integration of interventional radiology into the clinical arena has dramatically impacted patient care.
INSIGHTS BY MODALITY
The global ultrasound medical imaging software market is expected to reach over USD 2 billion by 2026, growing at a CAGR of approximately 6%. In 2020, the segment accounted for the market share of approximately 27%. The use of 3D technology in diagnostic radiology could develop better images and high-quality results, thereby influencing the market’s growth. The emergence of breast ultrasound has simplified imaging of women with dense breasts, thereby missing out on cancer detection. Advances in ultrasound technology have increased its attractiveness for several clinical applications, ranging from breast health to cardiology due to non-invasive, cost-effectiveness, and reduced radiation exposure.
Computerized Tomography (CT) is likely to witness the highest incremental growth of over USD 662 million during the forecast period. It is also expected to grow at the fastest CAGR of 9% during 2020–2026. There have been several notable advances in CT technology that are likely to have a significant clinical impact. The increasing elderly population, the growing application of minimally invasive diagnostic procedures, improved healthcare infrastructure in emerging economies are expected to aid the market’s growth.
INSIGHTS BY APPLICATION
The global cardiology medical imaging software market expects to grow at a CAGR of approx.7% during 2020–2026 and accounted for a share of over 22% in 2020. The increasing trend in cardiovascular diagnostics toward non-invasive multimodalities is a significant impetus for the market's growth. Advances in imaging protocols help reduce radiation exposure, decrease procedural complications, and offer cost-effective algorithms to diagnose obstructive, flow-limiting coronary artery lesions as an adjunct to invasive coronary angiography.
In 2020, the orthopedics segment accounted for over 19% of the global medical imaging software market share. The introduction of advanced 3D digital technological advancements is modernizing orthopedic clinical practices as they allow complex structures to be manufactured in less duration. Such technologies can make complex surgeries precise, cost-effective, and error-free, which is increasing their application. Orthopedic imaging is leveraging an array of image-guided tools such as PACS and MRI to improve diagnosis, planning, execution, and navigation via surgeries.
INSIGHTS BY IMAGING TYPE
Two-dimensional (2D) accounted for the share of over 71% in the global market in 2020. Despite the advance in 3D technology, the market share of 2D techniques is likely to grow as they continue to be applied widely due to the low cost and high resolution. The increasing disease burden across the world is likely to increase the demand for several diagnostic tools. It is estimated that over 3 billion X-ray examinations and more than 25 million echocardiograms are performed annually throughout the world. These statistics depict the high usage of 2D incorporated imaging techniques, leading to the highest contribution to 2D equipment. The 2D market is likely to extend its reach with the inclusion of artificial intelligence and digital technology.
The 3D medical imaging market expects to cross over USD 2 billion by 2026, and the segment accounted for approximately 22% of the market share in 2020. 3D technology is observing high adoption as they assist surgeons to perform invasive procedures and decrease the damage to the surrounding healthy tissues. It offers an innovative opportunity to represent medical data than traditional technologies more accurately.
INSIGHTS BY END-USER
Hospitals accounted for the highest share of 43% of the global medical imaging software market in 2020. Hospital imaging has generated a substantial quantity of revenue and captured a large proportion of the outpatient radiology volume. Other centers displayed a significant decrease in average weekly imaging volume (64%) compared to hospital settings (54%) during the COVID-19 pandemic. The increased demand for digital imaging systems is likely to replace traditional diagnostic systems in hospitals.
Diagnostic centers expect to grow at the fastest CAGR of 8%, registering an absolute growth of over 55% during the forecast period. Diagnostic imaging volumes have been shifting toward independent diagnostic testing facilities. The rise in deductible health plans and recent price transparency regulations helps accelerate the trend toward low-cost settings such as diagnostic centers. The success of non-hospital-based imaging centers could be partly due to the ability to provide expedited and convenient outpatient access.
INSIGHTS BY GEOGRAPHY
North America is likely to account for over USD 3 billion by 2026, growing at a CAGR of approx. 6% during 2020–2026. The rise in the number of hospitals and diagnostic centers has increased the adoption of imaging devices. In the US alone, there are over 10,000 diagnostic centers equipped with imaging and diagnostic systems. Ramping up the availability of portable or mobile imaging systems during the COVID-19 pandemic has helped increase options to diagnose patients inside and outside the healthcare settings. Hence, the major factors contributing to the market’s growth include increasing hospitalization rates demanding high usage medical imaging systems, a large number of imaging centers, and increased demand for diagnostic and imaging systems during the COVID-19 pandemic.
APAC expects to grow at the fastest CAGR of approx. 10% during the forecast period. It is likely to show productive growth due to the growing awareness and high adoption of imaging and diagnostics software by healthcare professionals. China, India, Japan, South Korea, and Australia are the region's major contributing countries. The market is expected to witness high growth during the forecast period due to rapid growth in the elderly population and prevalence of related disorders, which require early computer aided diagnosis, thereby increasing the need for medical imaging equipment.
The global medical imaging software market is observing radial transformations. The incorporation of AI in medical imaging has grown at a higher level in recent years. IBM/Merge, Philips, Agfa, and Siemens have already started integrating AI into their medical imaging software systems. GE showed predictive analytics software using elements of AI for the impact on imaging departments. Philips uses AI as a component of its new Illumeo Software with adaptive intelligence, which automatically pulls in related prior exams for radiology. IBM Watson, Siemens Healthineers, GE Healthcare, Agfa Healthcare, Carestream Health, Cerner Corporation, Change Healthcare, Koninklijke Philips, N.V, Fujifilm Corporation, Sectra AB, and Intelerad Medical Systems are the major market players contributing to the market’s growth.
The global medical imaging software market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Medical Image Analysis Software
- Medical Image Processing Software
- Medical Image Management Software
- Computerized Tomography
- Magnetic Resonance Imaging
- Positron Emission Tomography/ Single Photon Emission Computed Tomography
- Obstetrics and Gynecology
- Diagnostic Centers
- Ambulatory Surgical Centers (ASCs)
- Research & Academic Institutes
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa