The medical imaging and radiology software market has seen considerable growth due to a variety of factors.
• The medical imaging and radiology software market has grown strongly in recent years. It is projected to rise from $7.35 billion in 2024 to $8 billion in 2025, at a CAGR of 8.9%.
This growth is driven by regulatory compliance, increased healthcare spending, the aging population, a demand for precision medicine, and the increased adoption of digital imaging technologies.
The medical imaging and radiology software market is expected to maintain its strong growth trajectory in upcoming years.
• The medical imaging and radiology software market is projected to grow to $11.09 billion by 2029 at a CAGR of 8.5%.
Growth is attributed to AI integration, telemedicine and remote imaging, new imaging modalities, population health management, and EHR integration. Trends include AI adoption, cloud-based software, advanced imaging modalities, population health analytics, and EHR integration.
The increasing prevalence of chronic diseases is anticipated to drive the growth of the medical imaging and radiology software market. Chronic diseases are long-term conditions that require continuous medical management. Factors such as urbanization, genetic factors, and sedentary lifestyles contribute to the rising occurrence of these diseases. Medical imaging and radiology software are essential in early detection, diagnosis, monitoring, and treatment planning for chronic diseases. For example, in September 2023, the World Health Organization (WHO) reported that 74% of global deaths, approximately 41 million annually, are due to chronic diseases, with major causes being cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. As a result, the growing burden of chronic diseases supports the expansion of the medical imaging and radiology software market.
The medical imaging and radiology software market covered in this report is segmented –
1) By Type: Picture Archiving And Communication System (PACS), Radiology Information System (RIS), Other Types
2) 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
Subsegments:
1) By Picture Archiving And Communication System (PACS): PACS Hardware, PACS Software, Cloud-based PACS, On-premises PACS
2) By Radiology Information System (RIS): RIS Software, RIS Hardware, Cloud-based RIS, On-premises RIS
3) By Other Types: Electronic Health Record (EHR) Integration Software, Medical Imaging Analytics Software, Medical Imaging AI Software, Telemedicine And Teleradiology Software, 3D Imaging Software, Diagnostic Imaging Software, Endoscopic Imaging Systems
Leading companies in the medical imaging and radiology software sector are innovating with technologies such as deep learning reconstruction technology to boost image quality, enhance diagnostic precision, and streamline workflow. These forward-thinking solutions utilize AI and sophisticated algorithms to offer more detailed and clearer medical pictures. Deep learning reconstruction (DLR) technology, powered by artificial intelligence, sharpens medical images and speeds up scan durations in techniques like magnetic resonance imaging (MRI), resulting in better image quality, expedited diagnoses, and improved patient experiences. For example, FUJIFILM Healthcare Americas Corporation, a healthcare firm based in the US, launched the ECHELON Synergy MRI system in August 2023. This system is a 1.5 Tesla MRI system that includes AI-powered Synergy DLR technology. This advancement in technology enhances the image clarity while also reducing scan times, leading to increased throughput, superior image definition, and higher patient satisfaction. The system is designed to improve accessibility to MRI services by reducing patient wait times. It boasts a large bore and table for maximum patient comfort, SoftSound gradient technology to decrease noise pollution, and AutoExam One Touch operation for improved workflow efficiency. The addition of Hydro AG antibacterial coating helps to combat healthcare-associated infections, thus offering protection against common bacteria.
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.