Valued at an already impressive $3.2 billion as of last year, the global medical image analysis software market is projected to grow at the compound annual growth rate (CAGR) of 7.7% over the next seven years, culminating in a 2030 revenue year that could hit a ceiling of $5.9 billion. Among the many contributors to this ramp up are the increasing need for said software in diagnostic and disease treatment areas, in addition to higher rates of chronic disease and the plethora of advances in medical imaging technology. The variety of specialities wherein medical image analysis plays a crucial role, such as radiology, cardiology, dermatology, and especially oncology, at the very least guaranteed the market is not in threat of any downturn in the near future.
Diving deeper into the leaps forward in technology, advances in MRI and CT tech have opened up opportunities for the development of more refined imaging software, much of which can now render fully detailed, 3D images of the human body. This affords healthcare providers more leeway in spotting and diagnosing medical conditions, improving accuracy, and allowing for more physician-driven personalization in the process.
A heightened demand for non-invasive diagnostic procedures is also a major market driver, and as patients gain more knowledge of the risk inherent to invasive procedures as well as the alternatives available to them, said procedures are on the rise in a big way. Advanced medical image analysis software can provide helpful optics on these matters for both physicians and patients alike.
The optimism around the market is not without its dark side, though, as data privacy and security concerns as well as inflated costs due to better tech have proved to be hindrances to large-scale adoption.