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AI in Medical Imaging Market

AI in Medical Imaging Market Size, Share and Growth Analysis by Solution, by Application, by Image Acquisition Technology, by End User, and by Region for 2024-2031

AI in Medical Imaging Market Size and Share Analysis

The global AI in medical imaging market size is estimated to jump to US$10.2 Bn by the end of 2031 from US$1.6 Bn anticipated in 2024. The market is expected to display a CAGR of 30.3% from 2024 to 2031.

Market Attributes

Key Insights

Global AI in Medical Imaging Market Size (2024E)

US$1.6 Bn

Projected Market Value (2031F)

US$10.2 Bn

Projected Growth Rate (CAGR 2024 to 2031)

30.3%

Historical Growth Rate (CAGR 2019 to 2024)

26.4%

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Market Introduction

Artificial Intelligence (AI) is transforming various sectors, and medical imaging is one of the areas experiencing significant advancements. The global AI in medical imaging market is growing rapidly, driven by technological advancements, increasing healthcare demands, and the need for improved diagnostic accuracy.

Continued advancements in deep learning algorithms enable more accurate and efficient analysis of medical images, leading to improved diagnostic accuracy. Deep learning models can now handle complex tasks such as image segmentation, lesion detection, and classification with unprecedented accuracy and speed.

AI algorithms are being integrated with various imaging modalities such as MRI, CT, PET, and ultrasound, enabling comprehensive diagnostic assessments and personalized treatment planning. Medical imaging is essential to healthcare because it provides accurate disease diagnosis and treatment.

The photographic industry has undergone a change because to technology and digital data. As a result, during the last few years, the healthcare sector has adopted more AI-based solutions.

North America, and Europe lead AI in medical imaging due to their advanced healthcare systems and high levels of disposable income. The existence of significant players and encouraging governmental regulations has also fuelled the need for artificial intelligence in medical imaging.

Asia Pacific is expected to grow at a profitable rate over the course of the predicted timeframe. The increase may be attributed to the expanding population and the incidence of diseases. The industry is also expanding due to Asia's rapidly modernizing healthcare infrastructure, particularly in China, Indonesia, and India.

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Historical Growth and Course Ahead

The period from 2018 to 2023 witnessed significant growth and evolution in the field of AI in medical imaging, driven by technological advancements, increasing adoption, and shifting healthcare needs.

Rapid developments in AI algorithms, particularly deep learning, and convolutional neural networks (CNNs), revolutionized medical image analysis. Additional, increasing awareness about the potential of AI in medical imaging led to a surge in market demand, with healthcare providers and technology companies investing heavily in AI-based solutions.

Ongoing advancements in AI algorithms, particularly in areas such as explainable AI, federated learning, and domain adaptation, will further enhance the capabilities of AI in medical imaging. Integration with emerging technologies like augmented reality (AR), virtual reality (VR), and blockchain will open new possibilities for image visualization, data sharing, and security.

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Key Trends and Innovations in the Market

•  Increasing demand for advanced deep learning algorithms

•  AI-powered CDSS providing real-time decision to support clinicians during image interpretation

•  Integration with imaging modalities

•  Personalized medicine and precision imaging

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Market Growth Drivers

Adoption of AI-Based Diagnostic Imaging to Enhance Healthcare Models

The radiology and healthcare industries are predicted to undergo a major transformation in the years to come due to the introduction of state-of-the-art artificial intelligence tools and technologies.

With increased use of AI in the medical field, particularly in radiology, the current market for medical imaging AI is expected to present a plethora of opportunities for organizations.

AI-based diagnostic imaging streamlines radiology workflows by automating routine tasks such as image analysis, interpretation, and report generation.

By assisting radiologists in image triaging and prioritizing cases based on urgency, AI improves workflow efficiency, reduces turnaround times, and increases throughput. This allows healthcare providers to deliver faster diagnoses, optimize resource utilization, and improve patient satisfaction.

Factors Impeding the Market Growth

Reluctance of Medical Practitioners for AI-Based Diagnostics

The widespread adoption of digital health has enabled healthcare professionals to utilize cutting-edge treatment methods, facilitated by advancements in AI technology for enhanced patient diagnosis and care. Despite these advancements, there is observed hesitancy among doctors toward embracing new technologies.

Concerns often revolve around the fear that AI could eventually replace them within the medical domain. According to medical professionals, qualities like empathy and persuasion, inherent to human nature, cannot be replicated by technology.

Moreover, there is apprehension that overreliance on technology might lead patients to forego crucial in-person treatments, potentially straining doctor-patient relationships in the long term.

Many healthcare practitioners’ express skepticism regarding the accuracy of AI in diagnosing patient illnesses. Convincing providers about the affordability, security, and efficacy of AI-based solutions remains a challenge, despite their potential to offer convenience and improve patient care.

However, healthcare providers are increasingly acknowledging the potential benefits of AI across various medical domains, indicating a growing openness to integrating AI-based technologies into healthcare practices.

Future Opportunities for Key Companies

Untapped Opportunity in Developing Economies

Developing countries are focusing on combining their AI efforts, which will allow companies to employ AI in conjunction with medical imaging to boost their revenue share.

China hopes to become the global leader in AI by 2031. The plan asks for large financial and investment commitments from the government to hasten the adoption of AI technologies in the corporate world.

Furthermore, the expanding patient populations in countries like China, Brazil, and India are expected to help players in the AI medical imaging market.

Category-wise Analysis

Category

Projected CAGR through 2031

Solution- Software Tools/ Platform

33.8%

End User- Hospitals

35.6%

Software Tools/ Platform Continue to be the Bestseller Category

Software tools and platforms continue to be the bestseller category in AI in medical imaging market, driven by several key factors that highlight their importance and widespread adoption.

The software tools/platform sector held a substantial market share and is expected to continue to dominate in the years to come, with a projected compound annual growth rate of 33.8%.  

Leading software tools and platforms adhere to stringent regulatory standards, such as FDA approvals, and CE marking, ensuring compliance with healthcare regulations and quality standards.

Hospitals Set to Explore Excellent Prospects

The hospitals and clinics segment held the largest share in AI in medical imaging market. Many hospitals and healthcare organizations are implementing AI technology in their medical imaging departments to enhance patient care, optimize productivity, and increase diagnosis accuracy.

Manufacturers of medical imaging equipment have started incorporating AI capabilities into their models or developing AI-powered substitutes to improve customer choice. Many IT companies are focusing on developing AI tools, and algorithms designed specifically for the interpretation of medical images.

A handful of these companies are establishing partnerships with healthcare providers and growing in recognition within the sector. Government health organizations worldwide are increasingly investing in AI technologies for medical imaging to improve healthcare outcomes and reduce costs.

Region-wise Analysis

Region

CAGR through 2031

North America

34.3%

Europe

31.2%

 

North America Spearheads as the Global Healthcare IT Leader

 

North America is expected to account for a significant share in the global AI in medical imaging market. The US, and Canada are home to some of the world's leading technology companies, and start-ups specializing in AI, and healthcare technologies.

These firms are continuously innovating, creating sophisticated AI algorithms and solutions that significantly enhance medical imaging capabilities. This technological leadership is a crucial driver of market dominance in North America.

The region boasts a well-established and advanced healthcare infrastructure that supports the integration and adoption of cutting-edge technologies.

Hospitals, and diagnostic centres in North America are equipped with state-of-the-art medical imaging equipment, making them ideal candidates for implementing AI solutions that can enhance diagnostic accuracy and efficiency.

Europe Emerges Significant at over 31% CAGR by 2031

Europe market is projected to secure a CAGR of 31.2% in the forecast period from 2024 to 2031. Europe is poised to exhibit a notable CAGR in the global AI in medical imaging market, driven by several factors that position the region as a key player in the adoption and advancement of AI technologies in healthcare.

Additionally, European countries have robust healthcare systems with strong government support for healthcare innovation and digital transformation. Various government initiatives and funding programs promote research and development in AI for medical imaging, fostering a conducive environment for market growth.

Competitive Landscape Analysis

The AI in medical imaging market is a rapidly evolving sector within the healthcare industry. This market is characterized by significant innovation and the involvement of numerous key players ranging from established medical imaging companies to emerging AI-focused startups.

Top Industry Players Profiled

  • Agfa-Gevaert Group
  • Ada Health
  • Enlitic Inc
  • CellmatiQ GmbH
  • General Electric Company
  • IBM
  • NVIDIA CORPORATION
  • MICROSOFT
  • Koninklijke Philips N.V.,
  • Siemens AG

Recent Industry Developments

June 2023

GE Healthcare declared that the length of time needed for an MRI would be shortened by its new deep learning (DL) technology. The state-of-the-art picture acquisition accelerator known as Sonic DL can record the motion of a single cardiac contraction in real-time and reduce scan times by up to 83%.

November 2022

Nuance Communications, Inc. and NVIDIA announced a cooperation aimed at providing better patient care at lower costs. This agreement will be the first to put AI-based diagnostic tools in the hands of radiologists and other doctors on a large scale.

Global AI in Medical Imaging Market - Report Scope & Segmentation

Attributes

Details

Forecast Period

2024 to 2031

Historical Data Available for

2018 to 2023

Market Analysis

US$ Billion for Value

Key Regions Covered

  • North America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa
  • Latin America

Key Market Segments Covered

  • By Solution
  • By Application
  • By Image Acquisition Technology
  • By End-use
  • By Region

Key Companies Profiled in the Report

  • Agfa-Gevaert Group
  • Ada Health
  • Enlitic Inc
  • CellmatiQ GmbH
  • General Electric Company
  • IBM
  • NVIDIA CORPORATION
  • MICROSOFT
  • KONINKLIJKE PHILIPS N.V.
  • SIEMENS

Report Coverage

  • Market Forecast and Trends
  • Company Share Analysis
  • Competitive Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Global Artificial Intelligence in Medical Imaging Market Segmentation

By Solution

  • Software Tools/ Platform
  • Services

By Application

  • Oncology
  • Cardiovascular
  • Digital Pathology
  • Neurology
  • Oral Diagnostics
  • Others

By Image Acquisition Technology

  • Computed Tomography
  • Magnetic Resonance Imaging
  • X-Ray
  • Molecular Imaging
  • Ultrasound Imaging

By End User

  • Hospitals and Clinics
  • Research Laboratories
  • Diagnostic Centers
  • Others

By Region

  • North America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa
  • Latin America

- Companies Covered in This Report -

- Frequently Asked Questions -

The demand for artificial intelligence (AI) in medical imaging is being driven by several key factors globally. These drivers include technological advancements, increasing healthcare needs, economic factors, and evolving regulatory frameworks.

Some of the key players operating in the market are Agfa-Gevaert Group, Ada Health, Enlitic Inc., CellmatiQ GmbH, and General Electric Company.

The regions such as North America, Europe, and East Asia are experiencing the highest growth rates in the Artificial Intelligence (AI) in medical imaging market are primarily driven by technological advancements, increasing healthcare investments, and supportive regulatory environments.

The future of AI in medical imaging is poised to witness several transformative trends that will enhance diagnostic capabilities, improve patient outcomes, and streamline healthcare workflows.

The United States holds the largest share in the global artificial intelligence (AI) in medical imaging market.

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