The global medical image analysis software market is projected to reach USD 4.5 billion by 2027 from USD 3.2 billion in 2022, at a CAGR of 7.8%. The growth in this market is driven by factors such as technological advancements in medical imaging systems and analysis software, growing public- and private-sector investments in the medical imaging market, the rising prevalence of chronic diseases, and growing applications of computer-aided diagnosis. On the other hand, budgetary constraints are expected to restrain the market growth to a certain extent.
Key players in the medical image analysis software market include GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Canon Inc. (Japan), Agfa HealthCare (Belgium), International Business Machines Corporation (US), Carestream Health, Inc. (US), AQUILAB SAS (France), Esaote S.p.A. (Italy), MIM Software, Inc. (US), Image Analysis, Ltd. (UK), ScienceSoft USA Corporation (US), Xinapse Systems Ltd. (UK), INFINITT Healthcare Co., Ltd. (South Korea), Dentsply Sirona (US), Medis Medical Imaging Systems BV (Netherlands), Neusoft Medical Systems Co., Ltd. (China), Planmeca Oy (Finland), AnalyzeDirect, Inc. (US), Arterys, Inc. (US), and Media Cybernetics (US). Other players in the market include QMENTA (US), Cefla Medical Equipment (Italy), Ziosoft (US), Kitware, Inc. (US), and Lunit Inc. (South Korea).
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GE Healthcare (US) held the leading position in the global medical image analysis software market in 2021. The company offers an extensive range of medical image analysis software. To further strengthen its product portfolio and market presence, the company focuses on new product developments, expansions, and collaborations as key growth strategies. For example, in August 2021, GE Healthcare collaborated with AWS (Amazon Web Services, US) to provide AI and cloud-based imaging solutions, integrated data, and clinical and operational insights to hospitals and healthcare providers.
Koninklijke Philips N.V.
Koninklijke Philips N.V. (Netherlands) has a strong geographic presence and a robust product portfolio. As part of its growth strategy, Philips focuses on organic growth strategies like product launches and approvals. The company also lays emphasis on inorganic growth strategies like partnerships, acquisitions, and collaborations to increase its presence in the medical image analysis software market. Its recent product launches and upgrades like HealthSuite Interoperability, PerformanceBridge, CT 5100 – Incisive, and Smart Workflow have ensured that the company’s solutions are up-to-date and relevant.
Siemens Healthineers (Germany) held the third position in the global medical image analysis software market. The company offers its customers a wide product portfolio, and to maintain its competitive position in the market, the company focuses on product launches as its key growth strategy. In line with this strategy, the company launched mammography imaging solutions, enterprise imaging solutions, and other solutions. In February 2022, the company collaborated with Universal Medical Imaging (US) to help primary healthcare institutions in China improve the efficiency of their image screening and disease diagnosis using advanced imaging diagnostic equipment and remote scanning assistant tools from Siemens Healthineers and nationwide medical imaging experts at Universal Medical Imaging. The company’s high-quality imaging equipment and its presence across the globe help it to maintain its leading position in the medical image analysis software market.
Medical Image Analysis Software Market by Type (Integrated), Images (2D, 3D, 4D), Modality (CT, MRI, PET, Ultrasound), Application (Orthopedic, Oncology, Neurology, Mammography, Dental), End User (Hospital, Diagnostic Center) - Global Forecasts to 2027
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