The Worldwide Medical Imaging Software Industry is Expected to Grow at a CAGR of over 7% Between 2020 and 2026

DUBLIN, May 20, 2021 /PRNewswire/ -- The "Medical Imaging Software Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global medical imaging software market by revenue is expected to grow at a CAGR of over 7% during the period 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 following factors are likely to contribute to the growth of the medical imaging software market during the forecast period:

• Developments in Artificial Intelligence and Cloud-based Imaging Software Solutions
• High Adoption of Digital Tomosynthesis
• Growth of Advanced Visualization Technology
• A rise in Demand for Hybrid Imaging Technology

The study considers the global vaccine contract manufacturing market's present scenario and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Global Medical Imaging Software Market Segmentation

The global medical imaging software market research report includes a detailed segmentation by type, modality, application, imaging type, end-user, geography. 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 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.

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.

Two-dimensional (2D) accounted for the share of over 71% in the global medical imaging software 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.

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 imaging 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.

INSIGHTS BY VENDORS

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 players contributing to the market's growth.

KEY QUESTIONS ANSWERED
1. How big is the medical imaging software market?
2. What are the most common medical imaging techniques?
3. What was the value medical image analysis market in 2020?
4. What is hybrid imaging technology?
5. Who are the key players in the medical imaging software market?

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of The Study
4.4 Market Segmentation
4.4.1 Market Segmentation by Type
4.4.2 Market Segmentation by Modality
4.4.3 Market Segmentation by Application
4.4.4 Market Segmentation by Imaging Type
4.4.5 Market Segmentation by End-user
4.4.6 Market Segmentation by Geography

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview

8 Market Opportunities & Trends
8.1 Developments in AI & Cloud-Based Imaging Software Solutions
8.2 Rising Adoption of Digital Breast Tomosynthesis
8.3 Technological Advancements In Medical Imaging Systems

9 Market Growth Enablers
9.1 Growth of Advanced Visualization Technologies
9.2 Rising Demand for Hybrid Imaging Technology
9.3 Quality & Faster Image Acquisition With Optimal Radiation Exposure
9.4 Rising Investments in AI-Based Medical Imaging

10 Market Restraints
10.1 Concerns Of Data Breach & Software Hacking
10.2 Stringent Regulations Slowing Adoption Of AI
10.3 High Cost Of Imaging Equipment & Lack Of Skilled Professionals

11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Impact Of COVID-19
11.4 Five Forces Analysis
11.4.1 Threat Of New Entrants
11.4.2 Bargaining Power Of Suppliers
11.4.3 Bargaining Power Of Buyers
11.4.4 Threat Of Substitutes
11.4.5 Competitive Rivalry

12 Software Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Medical Image Analysis Software
12.3.1 Market Overview
12.3.2 Market Size & Forecast
12.3.3 Medical Image Analysis Software: Geographical Segmentation
12.4 Medical Image Processing Software
12.4.1 Market Overview
12.4.2 Market Size & Forecast
12.4.3 Medical Image Processing Software: Geographical Segmentation
12.5 Medical Image Management Software
12.5.1 Market Overview
12.5.2 Market Size & Forecast
12.5.3 Medical Image Management Software: Geographical Segmentation
12.6 Others
12.6.1 Market Overview
12.6.2 Market Size & Forecast
12.6.3 Others: Geographical Segmentation

13 Modality
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Ultrasound
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Ultrasound: Geographical Segmentation
13.4 Radiography
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Radiography: Geographical Segmentation
13.5 Computerized Tomography
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Computerized Tomography: Geographical Segmentation
13.6 Magnetic Resonance Imaging
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Magnetic Resonance Imaging: Geographical Segmentation
13.7 Mammography
13.7.1 Market Overview
13.7.2 Market Size & Forecast
13.7.3 Mammography: Geographical Segmentation
13.8 PET/ SPECT
13.8.1 Market Overview
13.8.2 Market Size & Forecast
13.8.3 PET/SPECT: Geographical Segmentation
13.9 Others
13.9.1 Market Overview
13.9.2 Market Size & Forecast
13.9.3 Others: Geographical Segmentation

14 Application
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Cardiology
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Cardiology: Geographical Segmentation
14.4 Orthopedic
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Orthopedic: Geographical Segmentation
14.5 Oncology
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Oncology: Geographical Segmentation
14.6 Neurology
14.6.1 Market Overview
14.6.2 Market Size & Forecast
14.6.3 Neurology: Geographical Segmentation
14.7 Gastroenterology
14.7.1 Market Overview
14.7.2 Market Size & Forecast
14.7.3 Gastroenterology: Geographical Segmentation
14.8 Dental
14.8.1 Market Overview
14.8.2 Market Size & Forecast
14.8.3 Dental: Geographical Segmentation
14.9 Obstetrics & Gynecology
14.9.1 Market Overview
14.9.2 Market Size & Forecast
14.9.3 Obstetrics & Gynecology: Geographical Segmentation
14.10 Others
14.10.1 Market Overview
14.10.2 Market Size & Forecast
14.10.3 Others: Geographical Segmentation

15 Imaging Type
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 2D
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 2D: Geographical Segmentation
15.4 3D
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 3D: Geographical Segmentation
15.5 Others
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.5.3 Others: Geographical Segmentation

16 End-User
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Hospitals
16.3.1 Market Overview
16.3.2 Market Size & Forecast
16.3.3 Hospitals: Geographical Segmentation
16.4 Diagnostic Centers
16.4.1 Market Overview
16.4.2 Market Size & Forecast
16.4.3 Diagnostic Centers: Geographical Segmentation
16.5 Ambulatory Surgical Centers
16.5.1 Market Overview
16.5.2 Market Size & Forecast
16.5.3 Ambulatory Surgical Centers: Geographical Segmentation
16.6 Research & Academic Institutes
16.6.1 Market Overview
16.6.2 Market Size & Forecast
16.6.3 Research & Academic Institutes: Geographical Segmentation

17 Geography
17.1 Market Snapshot & Growth Engine
17.2 Geographic Overview

18 North America

19 Europe

20 APAC

21 Latin America

22 Middle East & Africa

23 Competitive Landscape
23.1 Competition Overview
23.2 Market Share Analysis

24 Key Company Profiles

25 Other Prominent Vendors

26 Report Summary
26.1 Key Takeaways
26.2 Strategic Recommendations

27 Quantitative Summary

28 Appendix

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