The medical imaging and radiology software market size has grown strongly in recent years. It will grow from $6.78 billion in 2023 to $7.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The expansion observed in the historical period can be credited to factors such as adherence to regulations, heightened healthcare spending, an aging population, the pursuit of precision medicine, and the wider acceptance of digital imaging technology.
The medical imaging and radiology software market size is expected to see strong growth in the next few years. It will grow to $10.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The projected growth in the upcoming period is linked to the integration of artificial intelligence, the emergence of telemedicine and remote imaging, the introduction of new imaging modalities, the focus on population health management, and the integration with electronic health records (EHR). Noteworthy trends anticipated in the forecast period include the adoption of AI and machine learning, the utilization of cloud-based radiology software, the advancement of imaging modalities, an emphasis on population health analytics, and the integration of radiology software with EHR systems.
The increasing prevalence of chronic diseases is anticipated to drive the growth of the medical imaging and radiology software market in the future. Chronic diseases, characterized by enduring symptoms requiring continuous medical management, result from various factors such as urbanization, genetic predisposition, and sedentary lifestyles. Medical imaging and radiology software play a crucial role in managing chronic conditions by enabling early detection, precise diagnosis, disease monitoring, and treatment planning, thereby facilitating timely interventions and optimizing patient outcomes. For instance, in September 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, each year there are 41 million deaths worldwide, accounting for 74% of all fatalities attributed to chronic diseases. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2 million from diabetes. Therefore, the growing prevalence of chronic diseases drives the growth of the medical imaging and radiology software market.
Leading companies in the medical imaging and radiology software sector are innovating by introducing new technologies such as deep learning reconstruction (DLR) technology to enhance image quality, increase diagnostic accuracy, and streamline workflow efficiency. These cutting-edge solutions leverage artificial intelligence and advanced algorithms to reconstruct medical images with greater clarity and detail. DLR technology, driven by artificial intelligence, is an advanced imaging technique that sharpens medical images and speeds up scan times, particularly in modalities such as magnetic resonance imaging (MRI), thereby improving image quality, expediting diagnoses, and enhancing patient experiences. For example, in August 2023, FUJIFILM Healthcare Americas Corporation launched the ECHELON Synergy MRI system, a 1.5 Tesla MRI system incorporating Synergy DLR technology powered by AI. This innovation enhances image sharpness, accelerates scan times, and promises superior image quality and higher throughput, ultimately leading to increased patient satisfaction. Additionally, features such as a spacious bore and table for patient comfort, SoftSound gradient technology for reduced noise, and AutoExam One Touch operation for streamlined workflow are incorporated. Furthermore, the integration of Hydro AG antibacterial coating addresses healthcare-associated infections, offering additional protection against common bacterial strains.
In April 2024, GE HealthCare bolstered its portfolio by acquiring MIM Software Inc., a US-based software company, for an undisclosed sum. This strategic move enables GE HealthCare to enhance its precision care strategy by integrating MIM Software's imaging analytics and digital workflow solutions, catering to evolving patient needs and reinforcing its commitment to providing clinicians and healthcare systems with integrated and automated solutions. MIM Software Inc. specializes in providing imaging solutions for various medical fields including radiation oncology, radiology, nuclear medicine, theranostics, and urology.
Major companies operating in the medical imaging and radiology software market are McKesson Corporation, Siemens Healthineers AG, Fujifilm Holdings Corporation, GE Healthcare, Agilent Technologies Inc., Koninklijke Philips N.V., Canon Medical Systems Corporation, Agfa-Gevaert N.V., Carestream Health Inc., Spacelabs Healthcare, Sectra AB, Intelerad Medical Systems Incorporated, Merge Healthcare Incorporated, Advanced Data Systems Corporation, Visage Imaging Inc., Novarad Corporation, Ambra Health, Mach7 Technologies Limited, VEPRO AG, Medical Informatics Engineering Inc., TeraMedica Inc, Dicom Solutions LLC, OmniPACS Inc., Zegami Ltd., Insignia Medical Systems Ltd.
North America was the largest region in the medical imaging and radiology software market in 2023. The regions covered in the medical imaging and radiology software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical imaging and radiology software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Medical imaging and radiology software are specialized computer programs crafted for visualizing, analyzing, and manipulating medical images. These tools empower healthcare professionals, notably radiologists and technicians, to examine radiological images, conduct active research, annotate findings, and generate comprehensive reports for diagnosis and treatment planning.
The primary categories of medical imaging and radiology software include picture archiving and communication systems (PACS), radiology information systems (RIS), and others. PACS, in particular, are digital systems tailored for storing, retrieving, distributing, and presenting medical images, facilitating efficient access and management of radiological images by healthcare professionals. Imaging modalities covered encompass x-ray imaging software, computed tomography (CT) imaging software, magnetic resonance imaging (MRI) software, ultrasound imaging software, and nuclear medicine imaging software. These applications find utility in hospitals, diagnostic centers, and other healthcare facilities.
The medical imaging and radiology software market research report is one of a series of new reports that provides medical imaging and radiology software market statistics, including the medical imaging and radiology software industry global market size, regional shares, competitors with medical imaging and radiology software market share, detailed medical imaging and radiology software market segments, market trends, and opportunities, and any further data you may need to thrive in the medical imaging and radiology software industry. This medical imaging and radiology software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical imaging and radiology software market also includes sales of imaging modalities, scanners, digital cameras, endoscopes, and picture archiving and communication systems (PACS) workstations. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The medical imaging and radiology software market size is expected to see strong growth in the next few years. It will grow to $10.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The projected growth in the upcoming period is linked to the integration of artificial intelligence, the emergence of telemedicine and remote imaging, the introduction of new imaging modalities, the focus on population health management, and the integration with electronic health records (EHR). Noteworthy trends anticipated in the forecast period include the adoption of AI and machine learning, the utilization of cloud-based radiology software, the advancement of imaging modalities, an emphasis on population health analytics, and the integration of radiology software with EHR systems.
The increasing prevalence of chronic diseases is anticipated to drive the growth of the medical imaging and radiology software market in the future. Chronic diseases, characterized by enduring symptoms requiring continuous medical management, result from various factors such as urbanization, genetic predisposition, and sedentary lifestyles. Medical imaging and radiology software play a crucial role in managing chronic conditions by enabling early detection, precise diagnosis, disease monitoring, and treatment planning, thereby facilitating timely interventions and optimizing patient outcomes. For instance, in September 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, each year there are 41 million deaths worldwide, accounting for 74% of all fatalities attributed to chronic diseases. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2 million from diabetes. Therefore, the growing prevalence of chronic diseases drives the growth of the medical imaging and radiology software market.
Leading companies in the medical imaging and radiology software sector are innovating by introducing new technologies such as deep learning reconstruction (DLR) technology to enhance image quality, increase diagnostic accuracy, and streamline workflow efficiency. These cutting-edge solutions leverage artificial intelligence and advanced algorithms to reconstruct medical images with greater clarity and detail. DLR technology, driven by artificial intelligence, is an advanced imaging technique that sharpens medical images and speeds up scan times, particularly in modalities such as magnetic resonance imaging (MRI), thereby improving image quality, expediting diagnoses, and enhancing patient experiences. For example, in August 2023, FUJIFILM Healthcare Americas Corporation launched the ECHELON Synergy MRI system, a 1.5 Tesla MRI system incorporating Synergy DLR technology powered by AI. This innovation enhances image sharpness, accelerates scan times, and promises superior image quality and higher throughput, ultimately leading to increased patient satisfaction. Additionally, features such as a spacious bore and table for patient comfort, SoftSound gradient technology for reduced noise, and AutoExam One Touch operation for streamlined workflow are incorporated. Furthermore, the integration of Hydro AG antibacterial coating addresses healthcare-associated infections, offering additional protection against common bacterial strains.
In April 2024, GE HealthCare bolstered its portfolio by acquiring MIM Software Inc., a US-based software company, for an undisclosed sum. This strategic move enables GE HealthCare to enhance its precision care strategy by integrating MIM Software's imaging analytics and digital workflow solutions, catering to evolving patient needs and reinforcing its commitment to providing clinicians and healthcare systems with integrated and automated solutions. MIM Software Inc. specializes in providing imaging solutions for various medical fields including radiation oncology, radiology, nuclear medicine, theranostics, and urology.
Major companies operating in the medical imaging and radiology software market are McKesson Corporation, Siemens Healthineers AG, Fujifilm Holdings Corporation, GE Healthcare, Agilent Technologies Inc., Koninklijke Philips N.V., Canon Medical Systems Corporation, Agfa-Gevaert N.V., Carestream Health Inc., Spacelabs Healthcare, Sectra AB, Intelerad Medical Systems Incorporated, Merge Healthcare Incorporated, Advanced Data Systems Corporation, Visage Imaging Inc., Novarad Corporation, Ambra Health, Mach7 Technologies Limited, VEPRO AG, Medical Informatics Engineering Inc., TeraMedica Inc, Dicom Solutions LLC, OmniPACS Inc., Zegami Ltd., Insignia Medical Systems Ltd.
North America was the largest region in the medical imaging and radiology software market in 2023. The regions covered in the medical imaging and radiology software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical imaging and radiology software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Medical imaging and radiology software are specialized computer programs crafted for visualizing, analyzing, and manipulating medical images. These tools empower healthcare professionals, notably radiologists and technicians, to examine radiological images, conduct active research, annotate findings, and generate comprehensive reports for diagnosis and treatment planning.
The primary categories of medical imaging and radiology software include picture archiving and communication systems (PACS), radiology information systems (RIS), and others. PACS, in particular, are digital systems tailored for storing, retrieving, distributing, and presenting medical images, facilitating efficient access and management of radiological images by healthcare professionals. Imaging modalities covered encompass x-ray imaging software, computed tomography (CT) imaging software, magnetic resonance imaging (MRI) software, ultrasound imaging software, and nuclear medicine imaging software. These applications find utility in hospitals, diagnostic centers, and other healthcare facilities.
The medical imaging and radiology software market research report is one of a series of new reports that provides medical imaging and radiology software market statistics, including the medical imaging and radiology software industry global market size, regional shares, competitors with medical imaging and radiology software market share, detailed medical imaging and radiology software market segments, market trends, and opportunities, and any further data you may need to thrive in the medical imaging and radiology software industry. This medical imaging and radiology software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical imaging and radiology software market also includes sales of imaging modalities, scanners, digital cameras, endoscopes, and picture archiving and communication systems (PACS) workstations. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Medical Imaging and Radiology Software Market Characteristics3. Medical Imaging and Radiology Software Market Trends and Strategies32. Global Medical Imaging and Radiology Software Market Competitive Benchmarking33. Global Medical Imaging and Radiology Software Market Competitive Dashboard34. Key Mergers and Acquisitions in the Medical Imaging and Radiology Software Market
4. Medical Imaging and Radiology Software Market - Macro Economic Scenario
5. Global Medical Imaging and Radiology Software Market Size and Growth
6. Medical Imaging and Radiology Software Market Segmentation
7. Medical Imaging and Radiology Software Market Regional and Country Analysis
8. Asia-Pacific Medical Imaging and Radiology Software Market
9. China Medical Imaging and Radiology Software Market
10. India Medical Imaging and Radiology Software Market
11. Japan Medical Imaging and Radiology Software Market
12. Australia Medical Imaging and Radiology Software Market
13. Indonesia Medical Imaging and Radiology Software Market
14. South Korea Medical Imaging and Radiology Software Market
15. Western Europe Medical Imaging and Radiology Software Market
16. UK Medical Imaging and Radiology Software Market
17. Germany Medical Imaging and Radiology Software Market
18. France Medical Imaging and Radiology Software Market
19. Italy Medical Imaging and Radiology Software Market
20. Spain Medical Imaging and Radiology Software Market
21. Eastern Europe Medical Imaging and Radiology Software Market
22. Russia Medical Imaging and Radiology Software Market
23. North America Medical Imaging and Radiology Software Market
24. USA Medical Imaging and Radiology Software Market
25. Canada Medical Imaging and Radiology Software Market
26. South America Medical Imaging and Radiology Software Market
27. Brazil Medical Imaging and Radiology Software Market
28. Middle East Medical Imaging and Radiology Software Market
29. Africa Medical Imaging and Radiology Software Market
30. Medical Imaging and Radiology Software Market Competitive Landscape and Company Profiles
31. Medical Imaging and Radiology Software Market Other Major and Innovative Companies
35. Medical Imaging and Radiology Software Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Medical Imaging and Radiology Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on medical imaging and radiology software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for medical imaging and radiology software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical imaging and radiology software market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Picture Archiving and Communication System (PACS); Radiology Information System (RIS); Other Types2) by Imaging Modality: X-ray Imaging Software; Computed Tomography (CT) Imaging Software; Magnetic Resonance Imaging (MRI) Software; Ultrasound Imaging Software; Nuclear Medicine Imaging Software
3) by Application: Hospitals; Diagnostic Centers; Other Applications
Key Companies Mentioned: McKesson Corporation; Siemens Healthineers AG; Fujifilm Holdings Corporation; GE Healthcare; Agilent Technologies Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- McKesson Corporation
- Siemens Healthineers AG
- Fujifilm Holdings Corporation
- GE Healthcare
- Agilent Technologies Inc.
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Agfa-Gevaert N.V.
- Carestream Health Inc.
- Spacelabs Healthcare
- Sectra AB
- Intelerad Medical Systems Incorporated
- Merge Healthcare Incorporated
- Advanced Data Systems Corporation
- Visage Imaging Inc.
- Novarad Corporation
- Ambra Health
- Mach7 Technologies Limited
- VEPRO AG
- Medical Informatics Engineering Inc.
- TeraMedica Inc
- Dicom Solutions LLC
- OmniPACS Inc.
- Zegami Ltd.
- Insignia Medical Systems Ltd.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 7.35 Billion |
Forecasted Market Value ( USD | $ 10.23 Billion |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |