Medical Image Analysis Software Global Market Report 2022: Ukraine-Russia War Impact

Major players in the medical image analysis software market are AGFA Healthcare, AQUILAB, Carestream Health Inc, Esaote S.p.A, GE Healthcare, Image Analysis Group, INFINITT Healthcare Co. Ltd., Merge Healthcare Inc, MIM Software Inc, Mirada Medical Limited, Philips Healthcare, ScienceSoft USA Corporation, Siemens Healthineers, Toshiba Medical Systems Corporation, and Xinapse Systems Ltd.

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The global medical image analysis software market is expected to grow from $2.87 billion in 2021 to $3.22 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The medical image analysis software market is expected to grow to $4.56 billion in 2026 at a CAGR of 9.1%.

The medical image analysis software market consists of the sales of medical image analysis software by entities (manufacturers, sole traders, and partnerships) that are used to enhance the efficiency of the chosen medical treatment by examining, training, storing, and exchanging medical data. It can be used in medical image analysis in two dimensions and three dimensions.

Medical image analysis software allows for the quantitative analysis and display of medical images from a variety of modalities, including PET, MRI, CT, and microscopy. Researchers at remote sites (through the internet) can readily share research data and analyses using medical image processing, analysis, and visualization’s standard user interface and analysis tools, boosting their ability to research, diagnose, monitor, and treat medical illnesses.

The main types of medical image analysis software are integrated software and standalone software. Integrated software is a collection of software especially created to work on closely related programs.

The different types of imaging include 2D images, 3D images, and 4D images. The various modalities are tomography, ultrasound imaging, radiographic imaging, x-ray imaging, MRI, and others.

It is used in several different applications such as orthopedics, dental applications, neurology, cardiology, oncology, obstetrics and gynecology, mammography, and others that are employed in hospitals, diagnostic centers, research centers, and other end-users.

North America was the largest region in the medical image analysis software market in 2021. The regions covered in the medical image analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

An increase in the incidence of chronic diseases is expected to propel the growth of the medical image analysis software market going forward. Chronic diseases are conditions or illnesses that often last for three months or longer and have the potential to get worse over time.

Medical imaging enables doctors to identify diseases such as cancer, diabetes, and others in their early stages, improving patient outcomes. Early diagnosis and treatment of diseases makes them more manageable, making this cutting-edge technology genuinely life-changing.

For instance, according to the World Health Organization, a US-based specialized agency responsible for international public health, chronic disease prevalence has risen by 57% in the year 2020. Also, 19.3 million new cancer cases were registered, and almost 10.0 million cancer deaths occurred in 2020. Therefore, an increase in the incidence of chronic diseases is driving the demand for the medical image analysis software market.

Product innovation is a key trend gaining popularity in the medical image analysis software market. Major companies operating in the medical image analysis software market are focused on developing technologically advanced software solutions to strengthen their market position.

For instance, in August 2020, Random Walk Imaging AB, a Sweden-based novel software solutions company, introduced dVIEWR, the first commercial software product for clinical researchers and radiologists. dVIEWR creates new parameter maps that provide actionable information on tissue microstructure at a previously unheard-of level of precision and detail. The ‘drag and drop’ interface, which is powered by the MICE ToolkitTM, allows clinical researchers without substantial programming skills to conduct custom image analysis workflows quickly and easily. Similarly, more experienced users can customize their own workflow designs, inputs, and outputs using the interface.

In October 2021, Nano X Imaging Ltd., an Israel-based innovative medical imaging company, acquired Zebra Medical Vision for $200 million. This acquisition is expected to further both businesses’ common objective of creating the next generation of AI-enabled hardware and software devices, which is projected to raise the bar for medical equipment. With these acquisitions, Nanox would be in a position to focus on resolving three significant global shortages, such as the lack of radiologists, medical imaging devices, and connectivity across nations and societies for the analysis of medical data. Zebra Medical Vision is an Israel-based deep-learning medical imaging analytics company.

The countries covered in the medical image analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical image analysis market research report is one of a series of new reports that provides medical image analysis market statistics, including medical image analysis industry global market size, regional shares, competitors with a medical image analysis market share, detailed medical image analysis market segments, market trends and opportunities, and any further data you may need to thrive in the medical image analysis industry. This medical image analysis market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

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