Increasing Elderly Population Boost the Demand for Medical Image Analysis Software

The medical image analysis software industry has garnered USD 3,112.7 million revenue in 2021, and it is projected to generate USD 6,388.9 million revenue in 2030, advancing at a growth rate of 8.3% in the coming years. It is attributed to the surging population and increasing incidences of chronic diseases, with wide usage of computer-aided diagnosis.

In addition, the rising demand for diagnostic imaging in oncology, urology, orthopedics, neurology, and cardiology propels the industry's growth.

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Healthcare technologies such as radiography, MRI, nuclear imaging, and ultrasonography are utilized for the diagnosis of chronic disorders or non-communicable diseases, as they produce pictures of the inside organs of the body. The surging requirement for modern software and enhanced imaging technologies is projected to boost industry growth.

The medical image analysis software industry is projected to grow, ascribed to the increasing prevalence of chronic diseases, such as breast cancer, CVDs, and arthritis.

The rising prevalence of CVDs leads to an increased requirement for echocardiograms for the diagnosis of various heart conditions. An unhealthy lifestyle results in increasing cases of comorbidities.

In addition, the worldwide elderly population aged more than 65 years or more would reach 1.5 billion in 2050, according to United Nations. The geriatric population is more susceptible to each kind of disease, and it is projected to result in a growing requirement for advanced imaging devices and analysis software for diagnosis.

Under the end user segment, hospitals capture a significant share of the industry, accounting for 60%. These hospitals offer a supportive infrastructure for performing surgical interventions with the usage of medical imaging software.

In addition, AI-based imaging devices lure physicians to adopt them with the in-built automation and ease that saves time. Therefore, surging operational efficiency, with improved diagnostic techniques aid doctors in providing personalized care in lesser time.

North America leads the healthcare R&D, with a rising number of healthcare and diagnostic centers in the region. It captures the largest industry share, globally. In addition, the industry players are focusing on introducing new products that aid effective diagnosis and image-guided surgeries.

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The U.S. has a higher demand for computer programs to facilitate better medical image analysis, led by the massive investments from private and government sectors, rising penetration of healthcare facilities, and increasing frequency of chronic diseases, including CVDs, and cancer.

Moreover, the European medical imaging analysis industry is projected to rise at a fast pace. It is ascribed to the rising adoption of telemedicine, increasing healthcare expenditure, technological advancements, rising awareness of the early diagnosis of diseases, and penetration of established players.

The major players operating in the industry are:
1-Siemens Healthineers
2- Canon Inc.
3- AQUILAB SAS
4- Xinapse Systems Ltd.
5- Agfa Gevaert N.V.
6- INFINITT Healthcare Co. Ltd.
7- Agfa Gevaert N.V.

Therefore, rising incidences of CVDs propel the demand for medical imaging analysis software for effective diagnosis.

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This release was published on openPR.