Global Medical Imaging Software Market- Market Overview:

The global medical imaging software market is expected to grow from USD 2.46 billion in 2022 to USD 4.65 billion by 2030, at a CAGR of 8.3% during the Projection period 2023-2030. The growth of the medical imaging software market is mainly driven by the continuous development in the field of imaging technology.

Medical imaging software is mainly used to view, train, store, and share medical data in order to improve the effectiveness of the chosen medical treatment. Medical imaging software is divided into two categories: 2D imaging and 3D imaging. Medical personnel can use this program to track, preserve, alter, and manage patient photos and administrative workflow. Hospitals are the principal treatment facility for any form of diagnostic and treatment, and they have the majority of facilities and healthcare experts. Supportive infrastructure, which is crucial in performing surgical treatments utilizing medical imaging software, contributes to growth. Hospitals have a larger installed base of diagnostic imaging equipment and solutions than research and diagnostic institutes. The increasing prevalence of chronic diseases drives demand for effective diagnostics, which drives demand for medical imaging software. The rapid expansion can be attributed mostly to an increase in the use and adoption of image analysis technologies for diagnosis. Furthermore, the increasing emphasis on providing better treatment has resulted in the adoption of various computer-aided diagnosis technologies, which is adding to market growth. The development of technologically advanced goods like 3D/4D platforms and multimodality imaging platforms is also expected to boost software demand in the next years. Numerous advantages, such as high-resolution photos and flexibility, as well as the simplicity of use of multi-modal integrated workflows, are likely to boost demand and enhance product penetration over the Projection period.

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Market Dynamics:

Drivers:                          

• Advanced Form of Medical Imaging Software

A more advanced form of medical imaging software is required for the advanced treatment of persons with arthritis, cancer, and other diseases. This improved image is utilized to promote patient care and boost operational productivity by delivering more information about patient problems to doctors and other healthcare professionals. Demand for diagnostic imaging software in applications such as dentistry, cardiology, orthopedics, obstetrics and gynecology, urology, and neurology, mammography, is likely to drive market growth.

Restraints:                                             

• High Cost

The most significant impediment to market expansion is the high cost of imaging equipment, paired with rising implementation and license fees for software, particularly in countries with poor reimbursement scenarios. Most healthcare institutions in impoverished countries, for example, such as hospitals and diagnostic centers, have fees which are restricting the market.

Opportunities:

• Rising Prevalence of Diseases

The rising prevalence of lifestyle-related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased government investment and reimbursement initiatives, and expansions of new facilities by market players in developing countries are expected to drive market growth. For example, in June 2021, the Indian government released X-Ray Setu, a free Artificial Intelligence (AI)- based tool designed to assist doctors with early COVID-19 therapies. Siemens Healthineers opened a new CT scanner production line in India in 2022 to meet the growing demand for CT scanners and strengthen its market position.

Challenges:

• Lack of Professionals

The shortage of competent medical professionals to handle medical imaging software may have a detrimental impact on market growth. Furthermore, the high installation and maintenance costs, most healthcare facilities in developing nations, such as diagnostic centers and hospitals, cannot afford these systems.

Segmentation Analysis:

The global medical imaging software market has been segmented based on imaging type, application, and region.

By Imaging Type

The imaging type segment is 3D imaging, 2D imaging, and 4D imaging. The 2D imaging segment led the largest share of the medical imaging software market with a market share of around 40.23% in 2022. Pericardial effusion is best visualized with two-dimensional imaging. The amount and distribution of fluid should be examined from different imaging windows and planes. It is necessary to identify whether the effusion is loculated and whether it is circumferential.

By Application

The application segment is orthopedic, cardiology, dental, obstetrics & gynecology, mammography, and urology & nephrology. The cardiology segment led the largest share of the medical imaging software market with a market share of around 38.30% in 2022. The global prevalence of chronic cardiac disorders is increasing, which is driving up demand for medical imaging software. With such increased demand, leading market players are focused on research and development, new product releases, joint ventures, and acquisitions to grow their operations. For example, in March 2022, Philips launched Health Suite Interoperability, a fully integrated cloud-enabled Health IT platform designed to suit the imaging industry's various workflow expectations.

Global Medical Imaging Software Market - Sales Analysis.

The sale of the medical imaging software market expanded at a CAGR of 7.3% from 2016 to 2022.

The increasing demand for cutting-edge imaging modalities by teaching hospitals and universities to provide advanced technology training is likely to have a substantial impact on market growth over the Projection years. Furthermore, the use of AI to automate picture quantification and identification is projected to drive market expansion. For example, Google's AI platform, Deepmind, cooperated with Moorfields Eye Hospital to analyze all optical CT scan eye scans to ensure early identification of age-related macular degeneration.

Thus, owing to the aforementioned factors, the global medical imaging software market is expected to grow at a CAGR of 8.3% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the medical imaging software market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the medical imaging software market and held a 38.4% share of the market revenue in 2022.

• The North America region witnessed a major share. The region has made significant expenditures in medical infrastructure, particularly in countries such as the United States, Mexico, and Canada. Furthermore, the presence of well-established healthcare institutions equipped with contemporary diagnostic equipment, as well as favorable government policies to increase the use of healthcare IT in this region, can be linked to the expansion. Additionally, increased R&D investments and the presence of major market rivals are driving the regional market growth. Enlitic, one of the major healthcare IT organizations, announced a new relationship with MULTI Inc., a healthcare technology provider of genuine parts, equipment, and services, in October 2022.
• Asia-Pacific is anticipated to experience significant growth during the Projection period. Because of the increasing prevalence of chronic diseases and the strong need for sophisticated imaging devices. A growing number of local manufacturing units are projected to produce reasonably priced diagnostic devices which is boosting the market growth.

Global Medical Imaging Software Market - Country Analysis:

• Germany

Germany's medical imaging software market size was valued at USD 0.17 billion in 2022 and is expected to reach USD 0.32 billion by 2030, at a CAGR of 8.4% from 2023 to 2030. The existence of a large number of industry participants in the region, as well as the high frequency of new product releases, are factors contributing to regional market growth.

• China

China’s medical imaging software market size was valued at USD 0.18  billion in 2022 and is expected to reach USD 0.34 billion by 2030, at a CAGR of 8.6% from 2023 to 2030. Numerous advantages, such as high-resolution photos and flexibility, as well as the simplicity of use of multi-modal integrated workflows, are likely to boost demand in the region and enhance product penetration over the Projection period.

• India

India's medical imaging software market size was valued at USD 0.14 billion in 2022 and is expected to reach USD 0.26 billion by 2030, at a CAGR of 8.5% from 2023 to 2030. The rising prevalence of lifestyle-related disorders is expected to drive market expansion. For example, in June 2021, the Indian government released X-Ray Setu, a free Artificial Intelligence (AI)-based tool designed to assist doctors with early COVID-19 therapies. Siemens Healthineers opened a new CT scanner production line in India in 2022 to meet the growing demand for CT scanners and strengthen its market position.

Key Industry Players Analysis:

To increase their market position in the global medical imaging software market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.         

• GE Healthcare
• Mindray Medical International
• Koninklijke Philips N.V.
• Siemens Healthineers
• Samsung Medison Co., Ltd.
• Canon Medical Systems Corp.
• PerkinElmer Inc.
• Esaote
• Hologic, Inc.
• Koning Corporation
• FUJIFILM VisualSonics Inc.
• Cubresa Inc.

Latest Development:

• In February 2022 – The European Society of Radiology and GE Healthcare renewed their strategic relationship for the online European Congress of Radiology ECR 2022, which will take place March 2-6, 2022, and the onsite ECR 2022, which will take place July 13-17 in Vienna, Austria. GE Healthcare's activities would be concentrated on three strategic pillars: digital and artificial intelligence, patient experience, and sustainability and resilience.
• In July 2022, Canon Medical introduced the Vantage Fortian at ECR. The new MRI system incorporates novel workflow solutions, image enhancement, and quicker scan technologies, all of which contribute to faster MRI treatment times.
• In July 2022, Calyx and Qynapse have teamed to improve the use of AI-based neuroimaging techniques in clinical trials of therapy options for the central nervous system (CNS) or brain and spinal cord issues.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	8.3%
Market Size	2.46 billion in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Imaging Type, By Application, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	GE Healthcare, Mindray Medical International, Koninklijke Philips N.V., Siemens Healthineers, Samsung Medison Co., Ltd., Canon Medical Systems Corp., PerkinElmer Inc., Esaote, Hologic, Inc., Koning Corporation, FUJIFILM VisualSonics Inc., and Cubresa Inc.
By Imaging Type	3D Imaging 2D Imaging 4D Imaging
By Application	Orthopedic Cardiology Dental Obstetrics & Gynecology Mammography Urology & Nephrology
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Medical Imaging Software Market By Imaging Type:

• 3D Imaging
• 2D Imaging
• 4D Imaging

Global Medical Imaging Software Market By Application:

• Orthopedic
• Cardiology
• Dental
• Obstetrics & Gynecology
• Mammography
• Urology & Nephrology

Global Medical Imaging Software Market By Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia