Global Medical Image Analysis Software Market valued at $3 billion in 2021, is expected to grow at a consistent CAGR of >10%

Medical image analysis software uses deep learning algorithms to read and evaluate images.

Increasing Volume of Medical Images Coupled with Shortage of Radiologists

Medical images make up ~90% of the data in healthcare and >95% of it goes unanalyzed or unused. The number of images generated globally increases every year and this trend is likely to continue, as growing number of people will gain access to better medical care. Growing volume of images puts pressure on radiologists. This issue further intensifies with the shortage of trained radiologists across the globe. This in turn drives the adoption of medical image analysis software which helps increase the speed and accuracy of analysis thereby reducing report turnaround time. However, flawed, incomplete or poor-quality images can pose challenge to efficiently make use of this software.

Technological Advancements in Medical Image Analysis Software Market

While medical imaging analysis software can definitely reduce radiologist workload, it is not yet capable to entirely replace the radiologist. The medical image analysis software has evolved to include multiple imaging modalities such as MRIs, CT scans, ultrasound and nuclear medicine. Moreover, the companies in this field are putting effort to improve analytic abilities of medical imaging software so as to create software capable of independently detecting clinical anomalies in medical images.

Emerging Growth Opportunities in Oncology & Mammography Application Areas

There is wide scope of application of medical image analysis software in areas like oncology, cardiology, orthopedics, dentistry, mammography and neurology. While cardiology acquires substantial share of the market in terms of application, adoption of this software in mammography and oncology areas is likely to witness significant growth in the coming years.

Hospitals and Diagnostic Centers Leads the Adoption

“Hospitals are the major end-users of medical image analysis software, followed by diagnostic centers. This is mainly attributed to huge installed base of diagnostic imaging systems, significant patient inflow and budget for installing such software to reduce physician/radiologist workload.” - VP, Sales & Marketing, Leading Supplier, US

Competitive Landscape Analysis: Medical Image Analysis Software Market

The global medical image analysis software market is fragmented. Some of the key players operating in the medical image analysis software market are GE Healthcare, Philips Healthcare, Siemens Healthineers, AQUILAB, Agfa Healthcare, IBM, MIM Software, Canon Medical Systems, Xinapse Systems, ContextVision, Quantib, Mirada Medical, Neusoft Medical Systems, INFINITT Healthcare, Oxagile, Esaote, Lunit, Aidoc, ChironX, Contextflow, 4Quant, Qure, Methinks, AnalyzeDirect and ScienceSoft.

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