Technology now controls the improvements in medical services. Computer-aided diagnostics includes medical imaging software as a crucial component (CAD). Hence, there are numerous opportunities on the market for this programme. Since they give medical practitioners deep insights, medical imaging software is very productive. Furthermore, they are user-friendly and effective at a variety of functions, including the storage and transfer of medical data. As a result, more healthcare organisations choose this software to ease the workload on doctors and lower the price of diagnosing patients. Hospitals are seeing an increase in patients as a result of the prevalence of lifestyle-related diseases. In order to effectively manage patient flow without compromising service quality, medical imaging software can be quite helpful. As a result, this market is currently expanding quickly and will continue to do so in the future.
RECESSION IMPACT
The recession will have a significant effect on the market for medical imaging software. Several factors, including the severity and duration of the economic downturn as well as the general level of demand for medical imaging software, would influence how a recession would affect the market for medical imaging software. When healthcare budgets are slashed during a recession, less money might be allocated to medical technology, particularly medical imaging software. If hospitals and healthcare institutions delay or forego expenditures in new equipment and technology, it may have an effect on the market for medical imaging software.
DRIVING FACTORS
Growing Number of Hospitals and Diagnostic Facilities Support Market Expansion
The demand for better healthcare facilities is rising in tandem with the threat of sickness and infection to humanity, and to meet this demand, major market participants in the healthcare sector are expanding their networks throughout numerous nations worldwide. Diagnostic facilities are expanding quickly in affluent nations like the U.S. Diagnostic facilities include services like radiography, computed tomography, echocardiography, photoacoustic imaging, and others. With the aid of this technology, early diagnosis of chronic diseases like cancer, cardiovascular disease, and others is possible. According to the American Cancer Society, 80% of people diagnosed with cancer in the US are 55 years of age or older, and 57% are 65 years of age or older.
RESTRAINING FACTORS
High Cost of Treatment to Limit Market Growth
Radiation is employed in the CVD diagnosis process, which has the potential to have negative effects on skin and tissue as well as increase the risk of cancer. An angiography system will cost, on average, $1.5 million, which raises the whole cost of therapy. The hospital's per-bed-per-day costs for admitted patients in the adult cardiology ward, paediatric cardiology ward, and cardiac care unit were assessed to be INR 28,144 (US$ 434), INR 22,210 (US$ 342), and INR 18,774 (US$ 289), respectively, according to a study published in PLOS ONE. A patient's treatment for any CVD was expected to cost INR 2,47,822 (US $3842). A patient's treatment for any CVD was expected to cost INR 2,47,822 (US $3842). The most expensive CVD to treat was rheumatic heart disease, with cardiomyopathy and other CVDs following. In America, there are $216 billion in annual health care costs and a $147 billion productivity loss. Growth in the medical imaging software industry may be constrained by the rising costs and effects of CVD and related disorders on both the economics of individuals and the nation.
SEGMENTATION
By Type
Based on type, the medical imaging software market is segmented into Integrated Software and Standalone Software. The integrated software category dominated the market in 2022 attributed to the advantages of employing these solutions. The integrated toolkit is intended to enhance workflow for a variety of radiological applications. For instance, the integrated image management software Philip's Xcelera Cardiology Information Management offers single-point access to advanced clinical applications and enhances clinical efficiency.
By Image Type
Based on image type, the medical imaging software market is segmented into 2D imaging, 3D imaging and 4D imaging. The 4D imaging category dominated the market in 2022. As a result of technological improvements in 4D imaging technology, which allows for efficient and accurate real-time visualisation of the human body and eliminates distortion in operations, this market segment is anticipated to continue its leadership position throughout the forecast period. Using real-time movement, 4D imaging is a 3-dimensional image software.
By Modality
Based on modality, the medical imaging software market is segmented into tomography (computed tomography, magnetic resonance imaging, positron emission tomography, single-photon emission computed tomography) radiographic imaging, ultrasound imaging (2D ultrasound systems, 3D & 4D ultrasound systems), doppler imaging, mammography, combined modalities, SPECT/CT and PET/MR. The tomography category dominated the market in 2022 due to its efficiency in terms of cost. CT scanners with a dual source and AI capabilities are anticipated to be significant market turning points. In the upcoming years, it is projected that the release of cutting-edge devices would increase demand for CT imaging software. For instance, in June 2019, ClariPiInc got FDA approval for their "ClariCT.AI" AI-enabled CT scanner. Revenues for radiographic systems came next.
By Application
Based on application, the medical imaging software market is segmented into cardiology, orthopaedics, oncology, neurology, obstetrics and gynaecology, mammography, dental, respiratory and urology & nephrology. The cardiology category dominated the market in 2022. The increasing frequency of cardiovascular and congenital heart conditions and government support to increase treatment accessibility are credited with the surge. The U.S. FDA approved the marketing of software in February 2020 to aid medical practitioners in acquiring cardiac ultrasound or echocardiogram pictures.
By End User
Based on end user, the medical imaging software market is segmented into hospitals, diagnostic imaging centers and other end users. The hospitals category dominated the market in 2022. Supportive infrastructure, which is essential when employing medical imaging software to undertake surgical treatments, is one of the main drivers promoting the segment's growth. However, there are also significantly more patients coming in. This keeps the end-use segment in the lead even today. Also, more surgeries have been performed, increasing demand, as a result of attractive reimbursement measures by governments all over the world.
REGIONAL INSIGHTS
North America is projected to hold the largest share of the medical imaging software market over the forecast period. The existence of well-established healthcare facilities with cutting-edge diagnostic technology and supportive government actions to encourage the adoption of healthcare IT in this region are credited with this increase. Also, rising R&D expenditures and the existence of significant market participants are fostering regional market expansion. On the other hand, the Asia Pacific medical imaging software market is anticipated to grow significantly due to the region's healthcare providers' growing use of medical image software. One important element anticipated to fuel market growth is the rising awareness of the benefits associated with these systems. Additionally, rising healthcare costs and disposable income in nations like China and India are fostering regional market expansion.
LIST OF KEY COMPANIES PROFILED:
- Koninklijke Philips N.V.
- GE Healthcare, Inc.
- Siemens Healthineers
- Agfa-Gevaert Group
- Toshiba Medical Systems Corp. (Canon Medical Systems Corp.)
- Spacelabs Healthcare
- MIM Software, Inc.
- Aquilab SAS
- ESAOTE SpA
- Merge Healthcare, Inc. (IBM)
- ClaroNav, Inc.
- Xinapse, Inc.
- Bruker
- In February 2022, the European Society of Radiology and GE Healthcare have renewed their strategic relationship for the Vienna, Austria, site-based ECR 2022 on July 13–17 and the online European Congress of Radiology ECR 2022 on March 2–6, 2022. The patient experience, sustainability & resilience, and digital and artificial intelligence will be the three strategic pillars on which GE Healthcare will concentrate its efforts.
| Attributes | Details |
| Market Size in 2022 | USD 3.2 Billion |
| Market Forecast in 2030 | USD 5.4 Billion |
| Compound Annual Growth Rate | 7.70 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Type, By Image Type, By Modality, By Application, By End User and By Geography |
| By Type |
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| By Image Type |
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| By Modality |
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| By Application |
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| By End User |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2016-2021 |
| Forecast Year | 2023-2030 |
