Medical Image Analysis Software Market Worth $5.65 Billion by 2029

Medical Image Analysis Software Market by Software Type (Integrated, Standalone), Image (2D, 3D, 4D), Modality (X-ray, CT, Ultrasound, MRI), Application (Cardiology, Orthopedic, Neurology), End User (Hospital, Diagnostic Center)—Global Forecast to 2029

Meticulous Research^®—a leading market research company, published a research report titled ‘Medical Image Analysis Software Market by Software Type (Integrated, Standalone), Image (2D, 3D, 4D), Modality (X-ray, CT, Ultrasound, MRI), Application (Cardiology, Orthopedic, Neurology), End User (Hospital, Diagnostic Center)—Global Forecast to 2029.’

According to this latest publication from Meticulous Research^®, the medical image analysis software market is projected to reach $5.65 billion by 2029, at a CAGR of 7.8% from 2022 to 2029. The growth of the medical image analysis software market is driven by the rising prevalence of chronic diseases, technological advancements, and growing applications of computer-aided diagnosis. However, the lack of skilled professionals and the reluctance to adopt newer technologies among low- and middle-income countries are the major challenges to the growth of this market.

The medical image analysis software market is segmented based on Software Type (Integrated Software and Standalone Software), Image Type (2D Image, 3D Image, and 4D Image), Modality (X-Ray Imaging [Computed Tomography, Fluoroscopy, and Radiography], Ultrasound Imaging, Magnetic Resonance Imaging [MRI], and Combined Modalities), Application (Cardiology, Orthopedics, Oncology, Neurology, Obstetrics & Gynecology, Mammography, Urology & Nephrology, and Other Applications), End User (Hospitals, Diagnostics Centers, Ambulatory Surgical Centers, and Academic & Research Institutes), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).

Based on software type, in 2022, the integrated software segment is expected to account for the larger share of the medical image analysis software market. The large market share of this segment is attributed to the high adoption of diagnostic imaging tools and the benefits offered by integrated medical image analysis software, such as cost-effectiveness, centralized data storage, and ease of data access to single or multiple users.

Based on image type, in 2022, the 3D image segment is expected to account for the largest share of the medical image analysis software market. The large market share of this segment is attributed to the wide adoption of 3D imaging equipment, technological advancements in 3D imaging, and the rising demand for 3D medical images for 3D visualization.

Based on modality, in 2022, the X-ray imaging segment is expected to account for the largest share of the medical image analysis software market. The large market share of this segment is attributed to the cost-effectiveness, easy availability, and higher performance of X-ray imaging compared to other modalities.

Based on application, in 2022, the cardiology segment is expected to account for the largest share of the medical image analysis software market. The large market share of this segment is attributed to the high prevalence of cardiovascular & congenital heart diseases, the rising innovations in cardiac imaging techniques, and government support to improve the accessibility of treatments.

Based on end user, in 2022, the hospitals segment is expected to account for the largest share of the medical image analysis software market. The large market share of this segment is attributed to the large number of patients treated in hospitals, the growing number of hospitals, especially in developing countries, the presence of highly skilled healthcare professionals, and the high spending capabilities of hospitals, resulting in the increased adoption of advanced medical imaging technologies.

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Key Players
Key companies operating in the medical image analysis software market are Koninklijke Philips N.V. (Netherlands), Canon Inc. (Japan), GE HealthCare (U.S.), Siemens Healthineers AG (Germany), Agfa-Gevaert N.V. (Belgium), Carestream Health, Inc. (U.S.), AQUILAB SAS (France), Esaote S.p.A (Italy), MIM Software Inc. (U.S.), and Image Analysis, Ltd. (U.K.), (a subsidiary of IAG, Image Analysis Group (U.K.)).

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