Artificial Intelligence
Medical Imaging Analysis Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
New York, April 27, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Medical Imaging Analysis Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06249241/?utm_source=GNW
14 million by 2027.
The COVID-19 pandemic has been continuing to transform the growth of various markets, the immediate impact of the outbreak is varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities Due to the rising prevalence of COVID-19, relative niche applications of medical imaging software in which lung scans have been done are expected to gain demand. Lung imaging has potential benefits, such as reduced exposition of healthcare workers to infected patients, repeatability during follow-up, low costs, and easier application in low-resource settings.?
In April, the US Food and Drug Administration (FDA) issued guidance to provide a policy to help expand the availability and capability of medical imaging software used to diagnose and monitor medical conditions, while mitigating circumstances that could lead to the exposure of patients, healthcare providers, and healthcare technology management (HTM) to COVID-19.
The major factors for the growth of the medical imaging analysis software market include the technological advancements in medical imaging systems and analysis software, increasing usage of imaging equipment due to the rising prevalence of chronic diseases, and rising applications of computer-aided diagnosis. There is an increase in the prevalence of chronic diseases, globally. According to the estimates of the GLOBOCAN in 2020, there were an estimated 2,281,658 new cancer cases diagnosed and 612,390 deaths, due to cancer in the United States. The increasing burden of these chronic diseases is leading to an increase in the usage of medical imaging techniques. In addition, according to a study published by British Heart Foundation in July 2020, there were approximately 7.5 million people living with heart disease in United Kingdom and nearly 170,000 deaths each year, an average of 460 people each day or one death every three minutes happen in United Kingdom due to cardiovascular disorders.
Increase in the elderly population has led to a steep increase in the number of chronic diseases. According to the MDPI Journal research article titled ‘Prevalence of Peripheral Arterial Disease and Associated Vascular Risk Factors in 65-Years-Old People of Northern Barcelona’ published in September 2021, reported that the worldwide prevalence of peripheral arterial disease (PAD) is estimated to be 3–12%, affecting nearly 27 million people in America and Europe. The same source also reported that in Europe, the prevalence of PAD is estimated at around 17.8% in the ages of 45 and 55. Thus, these studies showing the high burden of peripheral vascular diseases is expected to boost the growth of the market. The will lead to an increase in the usage of medical imaging analysis software, as the usage of radiographs, ultrasound, fluoroscopy, or nuclear medicine may create the visual representations of a body’s interior, which can be used to deal with a variety of non-communicable or chronic diseases. This trend is demanding advanced imaging technologies with updated software, which may propel the growth of the market during the forecast period.
Additonally, increasing innovative launches by the manufacturers inorder to meet the growing demand is also a contributing factor for the growth of the market. For instance, in August 2020, Canon medical launched a mobile digital x-ray system called SOLTUS 500 mobile digital x-ray for enhanced versatalityand performance in the United states market. Thus, due to the above mentioned factors are propelling the growth of the market in the forecast period.
Key Market Trends
The X-ray Imaging Segment is Expected to be the Fastest Growing Segment over the Forecast Period
The COVID-19 pandemic has turned on the spotlight on medical imaging, particularly on X-ray devices. X ray imaging plays a key role in the diagnosis of COVID-19 and indicates the affected lung tissue in infected patients. In June 2020 GE Healthcare launched an artificial intelligence-powered chest X-ray analysis suite for thoracic X-rays and for diseases such as tuberculosis and pneumonia which are linked to COVID-19. Thus, in view of the ongoing pandemic, the X ray imaging analysis software segment is expected to be positively impacted by COVID-19 accurate diagnosis and treatment.
X-ray has applications in the examination of bone or tissue samples. X-ray imaging data is analyzed using imaging software. With the development of medical x-ray image analysis software, treatment and data management have become easy for medical personnel. The data can be easily shared between the healthcare providers or researchers at remote sites. This is a key contributing factor for the market growth. GE’s Rhythm Radiography is an advanced x-ray software that combines advanced image acquisition, review, and data management tools for all x-ray testing methods, including computed radiography, digital radiography, and film digitization. Its advanced data sharing capabilities allow significant improvements in productivity and enable faster identification of quality problems. Using x-ray software, process efficiency can be improved. The software reduces training requirement and saves cost and time, hence, preferred by the patients and healthcare providers. The x-rays, analysis, and documentation are easily exported to electronic medical records as PDF files or JPG images.
Moreover several companies are launching products associated with X ray image analysis software. For example in November 2019 the company Lunit had announced the certification of CE mark for chest x-ray analysis AI, Lunit INSIGHT CXR. In additon in January 2020 the company Nanox had announced the funding of USD 26 million for Nanox System which is composed of digital X-ray device and the Nanox.Cloud software. Hence the demand for imaging modalities and increasing advancements in technologies are driving this market.
North America Accounted for the Largest Share in the Global Market
North America holds a major share in the medical imaging analysis software market and is expected to show a similar trend over the forecast period, without significant fluctuations. The United States is one of the largest markets for medical imaging analysis software. There are regular updates in the new imaging software, and new companies are providing solutions that provide easy image post-processing and optimization, with tools to filter. Imaging analysis software, combined with the enhanced visualization software, is now provided by companies. For instance, in November 2020, GE healthcare received United States Food and Drug Administration 510(K) clearance for its SIGNA 7.OT magnetic resonance imaging system.
With the rising concerns regarding radiation doses, these tools are helpful in understanding better dose adjustment for imaging, thus, helping to capture a better image. The scanning procedures, such as CT angiography, colonography, dual-energy, perfusion CT, etc. revolutionized the diagnosis and treatments. There is an increasing burden of chronic diseases among the people of the United States, requiring them to undergo imaging scans in the process of diagnosis and treatment. According to the American Heart Association 2021 report , about 126.9 adults in the United States had some form of cardiovascular diseases and 121.5 million adults had hypertension. Such increasing prevalmece of various heart diseases are expected to be one of the major driving factors for the growth of the market in this region. With the increase in the number of imaging procedures, hospitals and diagnostic imaging centers require a sophisticated software. All the aforementioned factors may propel the market growth over the forecasted period.
Competitive Landscape
The medical imaging analysis software market is moderately consolidated, owing to the presence of a few key players in the market. The companies are focusing on the technological advancement of the devices, in order to gain significant market shares. Some of the market players are Agfa-gevaert Group, Aquilab sas, Canon Inc. (Canon Medical Systems USA), Carestream Health Inc., General Electric Company , International Business Machines Corporation (ibm) , Koninklijke Philips NV, Sciencesoft USA Corporation, Siemens Healthineers and Xinapse Systems Ltd
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