How big is the medical image analysis software market?

The global medical image analysis software market size is expected to reach USD 4.5 billion, expanding at a CAGR of 8.15% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing incidence of chronic diseases creates demand for effective diagnostics solutions, which spurs demand for medical image analysis software. The high growth is majorly attributed to increase in usage and uptake of image analysis solutions for diagnosis.

In addition, shifting focus to provide enhanced care has led to incorporation of various computer aided diagnosis systems, which is further contributing to the market growth. Introduction of technologically advanced products such as 3D/4D platforms and multimodality imaging platforms is also presumed to the demand for the software in the forthcoming years.

Various benefits such as flexibility and high-resolution images, along with convenient use of multi-modal integrated workflows, are expected to bolster demand and increase product penetration throughout the forecast period. Stand-alone platforms are anticipated to witness steady growth. These platforms are user-friendly and cost less as compared to integrated solutions. These solutions offer more details and features and are used by researchers, allowing them to share and access research data and analyses, thereby enhancing their ability to diagnose, research, monitor, and treat disorders. For instance, GE healthcare’s ViewPoint 6 (for MFM) is a standalone software designed for dedicated ultrasound reporting and image management.

Tomography technology held the dominant revenue share of around 33.2% in 2019, owing to the cost effectiveness. Dual source and artificial intelligence enabled CT scanners are expected to be important milestones in the market growth. Introduction of advanced products is anticipated to propel the demand for CT imaging software in the coming years. For instance, ClariPiInc received FDA clearance for its artificial intelligence enabled CT scanner called “ClariCT.AI” in June 2019.

Radiographic systems followed in terms of revenues. Owing to the early introduction of radiography x-ray systems, the adoption of these instruments has increased over the years. Radiography involves the use of x-rays and as such, poses a related risk of harmful radiation through prolonged exposure. However, the benefits of radiography far exceed the risks posed by these procedures. The segment is expected to expand at a steady CAGR over the forecast period.

The ultrasound image analysis software segment is anticipated to witness lucrative CAGR in the forthcoming years due to benefits such as rapid analysis and accuracy. In addition, ultrasound imaging is non-invasive and there is no ionizing radiation exposure associated with it. This is a major factor driving segment growth.