Market Trends of Medical Imaging Analysis Software Industry
This section covers the major market trends shaping the Medical Imaging Analysis Software Market according to our research experts:
The X-ray Imaging Segment is Expected to Witness Significant Growth Over the Forecast Period
X-ray imaging is a commonly used imaging modality that is expected to see growth in the future due to advancements in technology and the increasing adoption of X-rays for diagnostic purposes.
With the development and introduction of medical X-ray image analysis software, treatment and patient data management are enhanced to a greater extent. The data can be easily shared between healthcare providers or researchers at remote sites, which is a key contributing factor to the growth of the segment. Additionally, the software reduces training requirements and saves costs and time. As per the AAAS research article published in December 2021, X-ray is a low-cost and powerful technology that is extensively used in medical diagnosis and industrial non-destructive inspection, and the ability of X-rays to image the inside of the body without intrusive procedures represents a significant advancement. Thus, the growth in the number of X-rays performed worldwide will, in turn, augment the use of imaging analysis software across healthcare settings.
Furthermore, several companies are launching products associated with X-ray image analysis software that will positively impact the segment's growth. For example, in February 2022, Carestream Health launched the DRX compass X-Ray system, an accurate, convenient, and configurable digital radiology solution designed to provide radiologists with a new efficiency level. The image view software used in the DRX compass enables upgraded cybersecurity. Additionally, in August 2021, CXR-AID, a chest X-ray program powered by artificial intelligence (AI) developed by Fujifilm, has been made available in Japan after receiving certification from the Pharmaceuticals and Medical Devices Agency (PMDA). CXR-AID, which was created utilizing Lunit's AI technology, can recognize significant abnormal findings from X-ray images, such as chest nodules, consolidation, and pneumothorax.
Therefore, owing to the aforesaid factors, the X-ray Imaging segment is expected to witness significant growth over the forecast period.
North America is Expected to Witness Considerable Growth Over the Forecast Period
North America holds a major share of the medical imaging analysis software market. It is expected to show a similar trend over the forecast period.
The growth is due to factors such as technological advancements and innovation and increasing cases of chronic diseases in the North American region. For instance, in October 2021, HALO Diagnostics, a medical imaging provider headquartered in Southern California, partnered with Subtle Medical, a healthcare technology company focused on AI-powered software solutions that enable faster, safer, and smarter medical imaging. HALO has implemented both Subtle MR and Subtle PET image enhancement software at multiple locations, leading to higher-quality imaging and an improved patient experience.
Furthermore, in January 2022, a Canadian company called Mireye unveiled an AI-based product intended to automate the process of situating patients for x-ray tests. According to the company, the software and hardware combination does away with the necessity for manual measurements and body part alignment. It is currently accessible as an upgrade for current x-ray equipment. Thus, this trend in countries across North America is driving market growth in the region.
Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players, and increasing cases of chronic diseases in the United States are some of the factors driving the growth of the medical imaging analysis software market in the region. There is an increasing burden of chronic diseases among the population of the region, requiring them to undergo imaging scans for diagnosis and treatment. For instance, the data provided by the American Heart Association in its "Heart Disease and Stroke Statistics-2021" Update shows that about 126.9 million adults in the United States had some form of cardiovascular disease, and 121.5 million adults had hypertension. The scanning procedures, such as CT, angiography, colonography, dual-energy, and perfusion CT, have revolutionized diagnosis and treatments. With the increasing number of imaging procedures, hospitals and diagnostic imaging centers require sophisticated software to better analyze patient conditions.
Therefore, owing to the aforementioned factors, the growth of the studied market is predicted in the North American region.
