The Global Ultrasound Imaging Software Market is estimated to reach over USD 1.98 billion by 2030, exhibiting a CAGR of 9.6% during the forecast period.
Ultrasound Imaging Software is crucial for the proper functioning of an ultrasound system. Increasing technological advancements have fuelled demand for advanced systems and imaging technologies which is expected to drive Ultrasound Imaging Software market growth over the forecast period. The rising prevalence of chronic diseases and increasing preference for early diagnosis are also factors that could majorly cause Ultrasound Imaging Software market growth through 2031. Augmented healthcare expenditure and spending are also anticipated to favor the adoption of Ultrasound Imaging Software. Ultrasound imaging software companies are expected to focus on developing economies where investments in the healthcare sector are increasing. India, China, and Japan are anticipated to be highly lucrative markets for Ultrasound Imaging Software providers through 2031.
The unprecedented emergence of the COVID-19 pandemic led to a substantially negative impact on the global Ultrasound Imaging Software market potential. Lockdown restrictions made it difficult for companies to run their business efficiently, resulting in losses. As the pandemic has subsided and conditions have been lifted, we expect a steady increase in demand for Ultrasound Imaging Software through 2031.
The Ultrasound Imaging Software market is segmented on the basis of service type, Application and end-user. Based on service, the market is segmented as Integrated, Standalone, and Next Generation/AI-based Software. By Application, the market is segmented into radiology, OB/GYN, Urology, Cardiology, and Others (Orthopedic, etc.). By end-user, the market is segmented into hospitals, speciality clinics, and others (ASCs, Research Institutes, etc.)
Based on service type, the Next Generation/AI-based Software segment is projected to exhibit a fast growth outlook.
Rapid technological advancements are expected to boost the adoption of next-generation technologies in healthcare systems and hence will boost Next Generation/AI-based Software segment growth over the forecast period. The stand-alone software segment is expected to account for a major market share in the global Ultrasound Imaging Software landscape across the forecast period. The Next Generation/AI-based Software segment is anticipated to witness the fastest growth through 2031.
Hospitals Account for a significant market share
The hospital segment is anticipated to account for significant market share as well as revenue share owing to the increasing deployment of ultrasound imaging systems in these establishments. Increasing investments in healthcare infrastructure development are anticipated to boost their spending capacity and hence also favour the adoption of advanced technologies. The rising digitalization of hospitals is also expected to fuel growth in this segment through 2031.
The North America Ultrasound Imaging Software market holds a dominant outlook in the region.
Demand for Ultrasound Imaging Software is expected to have a bright outlook in the region of North America across the forecast period, and this is expected to attract all major Ultrasound Imaging Software market players to this region. The fast adoption of novel technologies is a major factor that is expected to boost the adoption of Ultrasound Imaging Software in this region throughout the forecast period. Rising digitization increasing healthcare spending, the prevalence of chronic diseases, and an increasing geriatric population are prominent factors that influence the Ultrasound Imaging Software market growth over the forecast period through 2031. The United States is anticipated to lead sales of Ultrasound Imaging Software in this region and will be followed by Canada throughout the forecast period. Rising demand for early diagnostics is also expected to favor Ultrasound Imaging Software market growth through 2031.
The key players in the Ultrasound Imaging Software market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolio and strengthen their market footprint across the globe. Some of the major key players in the AmCad BioMed, Amolab, ContextVision, Caption Health, Inc., DiA Imaging Analysis Ltd., Koios Medical, Inc, eZono, GE Healthcare, iNNOGING Medical Limited, Medecom, Philips Healthcare, PS-Medtech, Siemens Healthineers, MIM Software, Inc., and Esaote SpA