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How has the medical imaging and radiology software market grown in recent years?

In recent times, the market size of medical imaging and radiology software has experienced substantial growth. The value is set to increase from $7.35 billion in 2024 to approximately $8 billion in 2025, exemplifying a compound annual growth rate (CAGR) of 8.9%. Factors such as regulatory compliance, rise in healthcare spending, aging population, the need for precision medicine, and enhanced usage of digital imaging technology have contributed to this growth during the historical period.

How is the medical imaging and radiology software market size expected to evolve during the forecast period?

A considerable expansion is anticipated in the medical imaging and radiology software market in the upcoming years. The market is projected to reach $11.09 billion in 2029, with a compound annual growth rate (CAGR) of 8.5%. This growth during the forecast period can be ascribed to factors such as the incorporation of artificial intelligence, the rise of telemedicine and remote imaging, the emergence of new imaging modalities, the focus on population health management, and the amalgamation with electronic health records (EHR). Dominant trends during this prospective period encompass the embrace of AI and machine learning, the utilization of cloud-based radiology software, the advancements in imaging modalities, the emphasis on population health analytics, and the convergence of radiology software with EHR.

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Which key drivers are propelling the medical imaging and radiology software market’s growth?

The escalating occurrence of persistent diseases is anticipated to fuel the development of the medical imaging and radiology software market. Chronic illnesses, diagnosed by constant recurrent symptoms, require regular medical attention due to their long-term presence. Numerous aspects such as urbanization, genetics, and inactive lifestyles contribute to the rise of chronic diseases. The medical imaging and radiology software market is significantly influenced by these factors, as the software offers utility in managing chronic illnesses through early detection, precise diagnosis, monitoring, and treatment strategy, thus enabling timely healthcare interventions and improving patient results. For example, as per data from the World Health Organization (WHO), a Switzerland-based intergovernmental body, in September 2023, 41 million deaths globally, equivalent to 74% of total mortalities, were linked to chronic diseases. These deaths included 17.9 million from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, the escalating prevalence of chronic illnesses is a key factor driving the growth of the medical imaging and radiology software market.

What are the market segments in the medical imaging and radiology software industry?

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

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Which leading companies are shaping the growth of the medical imaging and radiology software market?

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.

What emerging trends are influencing the growth of the medical imaging and radiology software market?

Leading healthcare technology companies in the fields of medical imaging and radiology are looking to enhance their product offerings through the integration of groundbreaking technologies like deep learning reconstruction (DLR). The aim is to augment image clarity, boost the precision of diagnostics, and streamline workflows. Deep learning reconstruction technology employs artificial intelligence and progressive algorithms to garner superior quality in the reconstruction of medical imagery. The DLR technique intensifies the sharpness of medical visuals while simultaneously reducing scan times in platforms including magnetic resonance imaging (MRI), all leading to quicker diagnosis and enriched patient experiences. In a particular example from August 2023, FUJIFILM Healthcare Americas Corporation, a US healthcare firm, introduced the ECHELON Synergy MRI system. Encompassing Synergy DLR technology powered by AI, this 1.5 Tesla magnetic resonance imaging (MRI) system accelerates scan times and intensifies image clarity, assuring heightened patient satisfaction, superior image quality, and improved throughput. The vision behind the system is to expedite access to MRI services and shorten patient wait times. Features such as a sizable bore and table for patient ease, minimal noise through SoftSound gradient technology, and efficient operation with AutoExam One Touch are part of the system. Moreover, the inclusion of Hydro AG antibacterial coating safeguards against healthcare-associated infections by offering additional protection against prevalent bacteria.

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Which geographic areas are influencing the growth of the medical imaging and radiology software market?

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.

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