“As per the most authenticated market research report by SNS Insider, the medical image analysis software market is anticipated to reach USD 4.7 billion by 2028, with a CAGR of 7.3% over the forecast period of 2022–2028.”
Medical Image Analysis Software Market Outlook 2022:
Deep learning algorithms are employed in medical image analysis software to read and examine photos linked to healthcare. These systems are very helpful in managing heavy workloads and are able to examine hundreds of medical photos at once. Manufacturers and researchers can reduce clinical errors by using less unnecessary testing, avoid misdiagnosis, and eventually improve the quality of care by using medical image analysis software.
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Major Company Profiles included in Medical Image Analysis Software Market are:
Drivers, Restraints, Opportunities, and Challenges
The medical image analysis software market has experienced rapid expansion, which is mostly attributable to the rise in usage and adoption of imaging software for diagnostic purposes. Numerous medical specialties, including orthopedics, dentistry, neurology, cancer, urology, and others employ this technology for diagnosis. Medical imaging systems are needed to give an accurate and quick diagnosis since the prevalence of chronic conditions like cancer, cardiovascular diseases, and neurological diseases continues to rise. This fact will increase the need for medical imaging software and propel market expansion.
A significant barrier to market expansion, especially in nations with subpar reimbursement policies, is the high cost of imaging equipment together with the high cost of software development and licensing. While the rising risk of imaging equipment & software hacking is a constraint for the growth of the global market, the increasing adoption of image analysis software that is available through the cloud is projected to give for many potential opportunities in the global market.
Impact of the COVID-19 Pandemic
The demand for the products was still high because to the exponential rise in medical cases in 2020 and 2021, therefore Covid-19 had little impact on the global medical image analysis software market. However, meeting the demand was difficult due to supply chain restrictions around the world. However, throughout that time, there has been an increase in demand for such software and automated equipment. Significant investments made in the health sector by various governments are expected to stimulate ongoing demand growth.
Medical Image Analysis Software Market Segmentation Analysis 2022
Based on type, the medical image analysis software market was dominated by integrated software. Due to the software's advantages, such as cost effectiveness and centralized data storage, there is a high acceptance rate, which contributes to its dominance. Furthermore, using integrated software that offers live viewing options, numerous individuals can process and monitor the data.
The orthopedic segment has a significant market share for the main application of medical image analysis. The market is expected to expand as a result of the rising elderly population and frequent product approvals for orthopedic medical imaging systems.
Hospitals hold the largest end-user market share. Infrastructure that supports using medical imaging software to make a surgical intervention. Furthermore, the number of surgeries performed, where these devices are a crucial component of the operations and contribute to market share, is rising as a result of Medicare and Medicaid's favorable reimbursement policies.
Major Segments and Sub-Segment of Medical Image Analysis Software Market are Listed Below:
Segmentation By Type:
Segmentation By Image Type:
Segmentation By Modality type:
Segmentation By Application:
Segmentation By End User:
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Regional Analysis
With the rising number of medical cases, sophisticated healthcare infrastructure, excellent medical reimbursement policies, growing public awareness of health care, and the presence of large-scale manufacturers in the region, North America is anticipated to dominate the medical image analysis software market. Because of the expansion of healthcare facilities, technological breakthroughs in nations like China and Singapore, and the availability of high-quality and reasonably priced medical facilities, Asia-Pacific is anticipated to see a high CAGR over the projection period. The region's growth is projected in part because of the expanding population and the ensuing increase in medical emergencies.
Key Questions answered in this report are:
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Medical Image Analysis Software Market Segmentation, By Type
9. Medical Image Analysis Software Market Segmentation, By Image Type
10. Medical Image Analysis Software Market Segmentation, By Modality Type
11. Medical Image Analysis Software Market Segmentation, By Application
12. Medical Image Analysis Software Market Segmentation, By End User
13. Regional Analysis
14.Company Profiles
15.Competitive Landscape
16.Conclusion
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Nov 21, 2022
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