Medical Image Analytics Market Growth – at a CAGR of 7.9% During Forecast Period 2019-2027
Increasing prevalence of chronic and acute diseases across the globe and rise in government and private investments in healthcare infrastructure development are among the key factors driving the global market revenue growth
Emergen Research has published its latest report titled “Medical Image Analytics Market, By Modality (Tomography, Ultrasound Imaging, Radiographic Imaging, Combined Modalities), By Application (Orthopedic, Neurology, Cardiology, Oncology, Mammography, Others), By End-use (Hospitals & Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Others), and By Region Forecast to 2028”
According to Emergen Research, the global medical image analytics market size was USD 2.72 billion in 2020 and is expected to reach USD 5.02 billion in 2028 and register a revenue CAGR of 7.9% during the forecast period, 2021-2028.
Revenue growth of the global medical image analytics market is primarily attributed to factors such as rising prevalence of chronic and acute diseases worldwide, rapidly growing patient pool, increasing awareness of early disease diagnosis and treatment, and growing use of medical image analysis software and solutions in the fields of oncology, neurology, orthopedics, urology, gynecology, and dentistry.
Rapid integration of emerging technologies such as artificial intelligence (AI) and deep learning in medical imaging systems including CT, PET, and MRI, and increasing adoption of cutting-edge medical imaging technologies including 3D and 4D imaging, computer-aided design (CAD), and multimodality imaging, owing to their significant advantages such as high-resolution images, convenient use, higher cost-effectiveness, faster image processing, greater precision, and improved clinical decision-making, are among the other major factors boosting the global medical image analytics market revenue growth.
Furthermore, rising trends of telehealth and telemedicine, rapid adoption of advanced medical imaging solutions in hospitals, diagnostic centers, and ambulatory surgical centers, and increasing R&D activities for more advanced medical image analysis solutions are expected to support market revenue growth.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Cardiology Segment Accounted for Largest Revenue Share in 2020:
The cardiology segment dominated other segments in terms of revenue share in the global market in 2020. Rising prevalence of chronic conditions such as obesity, diabetes, and hypertension, increasing incidence of cardiovascular disorders, growing use of advanced medical image analysis solutions in diagnostic procedures, and increasing volumes of cardiac surgeries are major factors driving this segment’s revenue growth.
Diagnostic Centers Segment to Account for Fastest Revenue CAGR:
The diagnostic centers segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Increasing prevalence of cancer and cardiac, neurological, urological, and orthopedic disorders, growing need for cutting-edge medical image analysis solutions for rapid and accurate disease diagnosis, growing adoption of advanced medical image analysis software and devices in diagnostic centers, and rapidly evolving healthcare infrastructure are key factors supporting revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America medical image analytics market led in terms of largest revenue share in the global market in 2020. Major factors contributing to revenue growth of the North America market are rise in geriatric population, growing prevalence of chronic and acute diseases, rapid adoption of technologically advanced medical imaging solutions, rising number of state-of-the-art diagnostic and imaging centers in the region, and presence of leading market players, including Carestream Health Inc., Merge Healthcare Inc., and GE Healthcare.
Major Companies in the Global Medical Image Analytics Market Include:
- Agfa-Gevaert Corporation
- Toshiba Medical Systems Corporation
- Spacelabs Healthcare Inc.
- Xinapse Systems Ltd.
- Carestream Health Inc.
- Merge Healthcare Inc.
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- MIM Software Inc.
- Bruker Corporation
For the purpose of this report, Emergen Research has segmented the global medical image analytics market based on modality, application, end-use, and region:
Modality Outlook (Revenue, USD Billion; 2018-2028)
- Ultrasound Imaging
- Radiographic Imaging
- Combined Modalities
Application Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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