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Medical Image Analysis Software Market Worth, $12.3 Billion by 2031: Report

Portland, OR, March 24, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global medical image analysis software market was valued at $3.9 billion in 2021, and is projected to reach $12.3 billion by 2031, registering a CAGR of 12.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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Report coverage & details:

Forecast Period 2022–2031
Base Year 2021
Market Size in 2021 $3.9 Billion
Market Size in 2031 $12.3 Billion
CAGR 12.2%
No. of Pages in Report 220
Segments Covered Type, Modality, Application, End User, and Region.
Drivers Surge in demand for medical image analysis software
Rise in the incidence of neurological diseases
Increase in the prevalence of chronic conditions in the population
Restraints High cost of medical image analysis software
Opportunities Increase in healthcare expenditure
Technological advancements in medical image analysis software

Impact of Covid-19 on the Medical Image Analysis Software Market

  •              Medical image analysis software has proven to be an effective tool in accurately diagnosing and guiding the treatment of various pathophysiological conditions during the COVID-19 pandemic. This, in turn, resulted in a significant surge in demand for medical imaging applications.
  • Additionally, as targeted therapies and vaccines are being developed to prevent future outbreaks, the market is anticipated to continue to grow. For instance, the use of mRNA technology in the development of some COVID-19 vaccines has enabled a more personalized approach to vaccination.

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The global medical image analysis software market is segmented based on type, modality, application, end user, and region. The study utilizes tabular and graphical representation to offer a thorough study of the segments and their sub-segments. The segmentation can assist investors and market participants to build strategies based on the top revenue-generating and fastest-growing segments identified by the study.

By type, the integrated segment contributed to the major share in 2021, garnering more than four-fifths of the global medical image analysis software market revenue, and is projected to rule the roost by 2031. The stand-alone segment, on the other hand, would display the fastest CAGR of 12.8% throughout the forecast period.

By modality, the computed tomography segment accounted for the highest share in 2021, holding nearly one-fourth of the global medical image analysis software market revenue. The magnetic resonance imaging segment, simultaneously, would portray the fastest CAGR of 13.4% throughout the forecast period.

By application, the cardiology segment generated the highest share in 2021, holding nearly one-fourth of the global medical image analysis software market revenue. The dental segment, however, would showcase the fastest CAGR of 13.4% throughout the forecast period.

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By end user, the hospitals segment accounted for the highest share in 2021, generating nearly half of the global medical image analysis software market revenue. The same segment would also showcase the fastest CAGR of 12.5% during the forecast period.

By region, North America held the major share in 2021, garnering more than two-fifths of the global medical image analysis software market revenue. Asia-Pacific, at the same time, would cite the fastest CAGR of 13.5% from 2022 to 2031.

The key market players analyzed in the global medical image analysis software market report include GE Healthcare, Siemens Healthineers, Spacelabs Healthcare, Agfa Healthcare, MIM Software, Inc., Canon Medical Systems Corporation, ESAOTE SPA, Koninklijke Philips N.V., IBM Corporation (Merge Healthcare, Inc.), and Coexya. These market players have adopted several strategies including new product development, clinical trials, product approval, branding, partnership, new product upgrade/ development, acquisition, expansion, strategic alliance, product launch, geographical expansion, collaboration and agreement to highlight their expertise in the market. The report is helpful in formulating the business performance and developments by the top players. 

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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