Medical Imaging Software Market - Forecast, 2024 - 2030

Medical Imaging Software Market - Forecast, 2024 - 2030

Medical Imaging Software Market Size is forecast to reach $ 13252.4 Million by 2030, at a CAGR of 7.25% during forecast period 2024-2030.

Medical Imaging software allows medical professionals to track, archive, manipulate and manage patient images and administrative workflow. With the help of such software analysis, it gets easy to diagnose, prognosis evaluation and assess the progression of the disease by comparing images of different patients or the same patient taken at various times. X-ray, CT (Computed Tomography) scan, MRI (magnetic resonance imaging), radiography, photoacoustic imaging and, echocardiography is mostly preferred imaging technology for the diagnosis of various diseases. The increasing prevalence of various chronic diseases like cancer, arthritis, etc, are majorly responsible for the growing size of the medical imaging software market. According to a World Health Organisation report, each year, approximately 400,000 children develop cancer and causing an overall of 10 million deaths in 2020. Early diagnosis of such a life-threatening disease by screening is possible, thanks to developed technology in medical imaging.

Such increasing cases of various chronic diseases and rising numbers of injuries and accidents emerge the global demand for medical imaging software. With such growing demand key market players focus on R&D and new product launch with joint venture and acquisition to expand the business. For instance, in March 2022, Philips launched HealthSuite Interoperability a fully integrated cloud-enabled Health IT platform to meet diverse workflow needs across the imaging enterprise. Such rapid enhancement in technology and raising global need for medical imaging software fuels Medical Imaging Software Industry over the forecast period 2024-2030.

Medical Imaging Software Market Report Coverage

The report: “Medical Imaging Software Market Forecast (2024-2030)" by Industry ARC, covers an in-depth analysis of the following segments in the Medical Imaging Software Market.

By Software Type: Integrated, Standalone. 

By Modality: Computed Tomography (Magnetic Resonance Tomography, Positron Emission Tomography, Single-Photon Emission Tomography), Ultra-Sound Imaging, Radiographic Imaging, Combined Modalities. 

By Imaging Type: 2D Imaging, 3D Imaging and 4D Imaging. 

By Application: Dental Applications, Orthopedic Applications, Cardiology Applications, Obstetrics and Gynecology Applications, Mammography Applications and Urology and Nephrology Applications and Others. 

By End-Users: Hospitals, Diagnostic Centers, Ambulatory Surgical Centers and Others. 

By Geography: North America (the U.S., Canada and Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia and the Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia and New Zealand and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (the Middle East and Africa).

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Key Takeaways

  • Geographically, North America held a dominant market share in the year 2021, owing to advanced health infrastructure in countries like the United States and Canada and R&D in the health care sector that help to grow the Medical Imaging Software Market Size in this region.
  • The Medical Imaging Software Market is predicted to increase owing to the increasing prevalence of chronic disease and the growing need for primary screening. However, increasing healthcare cost is the major restriction that may limit market growth over the forecast period 2024-2030.
  • A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Medical Imaging Software Market Report.

Medical Imaging Software Market: Market Share (%) by Region, 2021

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Medical Imaging Software Market Segment Analysis - by Software Type

The Medical Imaging Software Market based on software type can be further segmented into Integrated and Standalone. The Integrated segment held a dominant market share in the year 2021. This is owing to benefits in improving the workflow of the medical procedure. For instance, in March 2022, Intelerad Medical Systems launched the Enterprise Imaging and Informatics Suite at the 2022 Healthcare Information and Management Systems Society (HIMSS) Global Health Conference and Exhibition in Orlando, Fla. This software includes Clario SmartWorklist to efficiently manage imaging and patient data, Ambra Image Exchange which aid secure transmission of patent images and the Cardiovascular Suite which features registry alignment, analytics reports and EHR integration. Owing to such benefits of integrated software it is in demand in medical imaging and drives the growth of the Medical Imaging Software Market Share.

However, Standalone is estimated to grow with the fastest CAGR of 7.25% over the forecast period 2024-2030. As this is a user-friendly platform and cheap in cost as compared to integrated technology. Standalone type of software offers more details and features; hence it is popular for researchers to share and access research data & analyze. It also improves the ability to diagnose, monitor, research and treat disorders. radiography, photoacoustic imaging, echocardiography, magnetic resonance imaging and computed tomography are used to diagnose and research. Such attributes of standalone technology and its increasing use in the medical sector hike the growth of the standalone segment and fuel the growth of the Medical Imaging Software Market Share over the forecast period 2024-2030.

Medical Imaging Software Market Segment Analysis - by Application

Medical Imaging Software Market based on the application can be further segmented into Dental Applications, Orthopaedic Applications, Cardiology Applications, Obstetrics and Gynecology Applications, Mammography Applications, Urology and Nephrology Applications and Others. The cardiology segment held a dominant market share in the year 2021. This is owing to the increasing prevalence of cardiovascular disease and government support to improve the accessibility of treatment. For instance, in February 2022, Cleery launched Cleerly 2.2.0, a new version of its software that tracks heart disease by the amount and type of atherosclerosis. Such innovative developments and new launches in the market assist the growth of the Medical Imaging Software Market Size.

However, Mammography applications are estimated to grow with the fastest CAGR of 7.25% over the forecast period 2024-2030. This is owing to the increasing prevalence of cancer around the world. According to the American Cancer Society in 2021, about 1.9 million new cancer cases were reported and 608570 cancer-related deaths in the United States. Cancer is the second leading cause of death after cardiac disease and such an increasing rate of cancer patient create demand for early detection and diagnosis techniques such as mammography. Such factors assist the growth of the Medical Imaging Software Market Size over the forecast period 2024-2030.

Medical Imaging Software Market Segment Analysis - by Geography

The Medical Imaging Software Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 36% in the year 2021. This result of increasing research and development owing to better healthcare infrastructure and high healthcare expenditure in the region. In addition, rapid enhancement in research and developments, increasing investment by key market players and favorable government policies are major factors that contribute to the growth of the Medical Imaging Software Market Share in this region.

Furthermore, Asia-Pacific is estimated to grow with the fastest CAGR over the forecast period 2024-2030. Owing to the increasing adoption of medical image services like radiography, photoacoustic imaging, echocardiography, magnetic resonance imaging, computed tomography and others. Cardiovascular disease is the leading cause of death in the Asia-Pacific region. According to the American College of Cardiology, the number of people dying from cardiovascular disease (CVD) in Asia is increasing rapidly. Asia-pacific accounts for half of the cardiovascular deaths in the world. Owing to such increasing prevalence of chronic disease in this region creates demand for a medical imaging software and drives the growth of the Medical Imaging Market Size and Medical Imaging Software Market Share in the Asia-Pacific region.

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Medical Imaging Software Market Drivers

The Market is Being Driven by Rising Chronic Disease Rates and an Ageing Population.

The world population is rapidly aging as a result of different government programs aimed at accelerating the longevity revolution. The majority of wealthy countries are seeing an increase in the number of elderly people. According to UN estimates, there were 703 million people aged 65 and more in 2019, with that number anticipated to rise to 1.5 billion by 2050. The incidence of chronic diseases is rising over the world, particularly in terms of hypertension, diabetes and respiratory difficulties. The increasing number of chronic diseases and increasing aging population drive Medical Imaging Industry Growth over the forecast period 2024-2030.

Increasing Number of Hospitals and Diagnostic Centers Aid Market Growth.

With the rising global population and the increasing threat of disease or infections to humankind there is simultaneously an increase in demand for better healthcare facilities and to provide that leading market players in the healthcare industry expand their network across various countries on the globe. In developed countries like the U.S., diagnostic centers are increasing rapidly. Diagnostic centers give services like radiography, photoacoustic imaging, echocardiography, magnetic resonance imaging, computed tomography and others. As per the American Cancer Society, 80% of the people diagnosed with cancer in the US are 55 years of age or older and 57% are 65 or older with the help of this technology, early diagnosis of chronic diseases like cancer and cardiovascular disease and others are possible. According to World Health Organisation ‘South-East Asia regional strategy for primary health care: 2022-2030’ published in December 2021, aims to accelerate progress in all countries of the Region toward universal health coverage (UHC), health security and the health-related Sustainable Development Goals (SDGs) which support the growth of Medical Imaging Software Industry.

Medical Imaging Software Market Challenge

High Cost of Treatment and Certain Health Issues may Limit Market Growth.

The diagnosis technique used to detect CVD is aligned with radiation, which may lead to various bad impacts on skin and tissue and it can create chances to cause cancer. There will be a $1.5 million average cost for an angiography system which increases overall treatment cost. As per the research article by PLOS ONE, the hospital's per-bed-per-day costs for admitted patients in the Cardiac Care Unit, adult cardiology ward and pediatric cardiology ward were calculated to be INR 28,144 (US$ 434), INR 22,210 (US$ 342) and INR 18,774 (US$ 289), respectively. Inpatient costs accounted for about 70% of total costs, with equipment costs accounting for more than half of inpatient costs, followed by human resource costs (28 %). The cost of treating any CVD per patient was estimated to be INR 2,47,822 (US $3842). Rheumatic Heart Disease had the highest treatment costs of all CVDs and diagnose followed by Cardiomyopathy and other CVDs. In America, $216 billion in annual expenditure on health care and lost $147 billion loss in productivity. Such increasing cost and impact of CVD and related diseases on patients’ economies as well as the country may limit the Medical Imaging Software Industry's growth.

Medical Imaging Software Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Medical Imaging Software Market. The top 10 companies in the Medical Imaging Software Market are:

  1. GE Healthcare
  2. Siemens Healthineers
  3. Agfa-Gevaert N.V.
  4. Hologic Inc.
  5. Pie Medical Imaging
  6. AQUILAB
  7. MIM Software Inc.
  8. Merge Healthcare Incorporated
  9. ScienceSoft USA Corporation
  10. Acuo Technologies

Recent Developments

  • In December 2021, GE Healthcare completed the acquisition of BK Medical, an advanced surgical visualization company whose ultrasound technology helps clinicians see inside the patient’s body in real-time during surgery and helps them make critical decisions. The acquisition was completed with a $1.45 billion cash transaction.
  • In April 2021, Siemens Healthineers AG completed the acquisition of Varian Medical Systems, Inc. which help Siemens Healthineers to fight against cancer to a new level. With this acquisition, the company will create a unique, highly integrated portfolio of imaging, laboratory diagnostics, artificial intelligence and treatment for the global fight against cancer with significant potential for increased value creation.
  • In May 2020, The Agfa-Gevaert Group, a leading company in imaging technology and IT solutions with over 150 years of experience has successfully completed the sale of part of Agfa HealthCare’s IT business to the Dedalus Group at an enterprise value of 975 million Euro. Agfa HealthCare pursues its Imaging IT software business, which is not included in the sale.

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