Global AI-powered X-ray Imaging Market: Market Outlook
X-Ray technology has been widely associated with the healthcare and research and development sector for several years. However, in recent times, there has been so much advancements in the technology, which is helping several end-user industries enhance the production quality. Technological advancement is one of the primary factors driving the growth of the global AI-powered X-ray imaging market. Due to the significant advantages of AI-powered X-ray imaging devices, market players are now focusing on introduction of AI and robotic powered systems. Several advancements in medical imaging, mainly in computed tomography (CT) technology, has led to the rapid growth of X-ray examinations. The rising prevalence of chronic disorders and growing technological advancements in x-ray imaging procedures are likely to drive the global AI-powered X-ray imaging market growth.
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What are the Key Trends Impacting Growth of the AI-powered X-ray Imaging Market?
The growing prevalence of various chronic diseases is increasing the demand of the global AI-powered X-ray imaging market. Around, 33% of the adults suffers more than one chronic disease worldwide. The increasing adoption and popularity of mobile x-rays devices and increasing use of advanced technology are expected to aid the demand for AI-powered X-ray imaging market. The emergence of artificial intelligence and robotic-enable digital systems is expected to drive the future growth of the global AI-powered X-ray imaging market. Due to such kind of technological advancement, market players are getting advantages to improve their software capabilities and product offerings in the x-ray imaging market. In addition, substantial disease burden and need for advanced treatment are offering significant growth opportunities in the global AI-powered medical X-ray imaging market.
Robotic and AI powered x-ray imaging devices to increase productivity by precision and high grade of automation. The rising radiologist workload, growing complications in clinical decision making, and huge R&D investments are the major drivers boosting the global AI-powered X-ray imaging market growth.
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What are the Key Challenges that may Restrain Growth of the Global AI-powered X-ray Imaging Market?
Physicians' unwillingness toward the adoption of AI, and the high cost of the devices are the major factor restraining the global AI-powered x-ray imaging market. The delay in regulatory approvals, data security and privacy issues, and legal implications of AI systems are also major restrains of the global AI-powered x-ray imaging market. Furthermore, there are some other challenges that may hamper the growth of the global AI-powered X-ray imaging market such as rise in medical imaging expenses and lack of trained staff.
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Key Segments of Global AI-powered X-ray Imaging Market Covered in the Report
Based on portability, the global AI-powered X-ray imaging market has been segmented as
- Stationary AI-powered X-ray Imaging Devices
- Portable AI-powered X-ray Imaging Devices
Based on application, the global AI-powered X-ray imaging market has been segmented as
- General Radiography
- Dental Applications
Based on end user, the global AI-powered X-ray imaging market has been segmented as
- Diagnostic Centers
Based on the region, the global AI-powered X-ray imaging market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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- Siemens Healthineers AG.
- Agfa - Gevart Group
- Hologic, Inc.
- General Electric Company
- Fujifilm Holdings Corporation
- iCAD, Inc.
- Nuance Communications, Inc.
- Koninklijke Philips N.V.
- Synopsys Inc.
- Butterfly Network, Inc.
- Arterys Inc, Ltd.
- Blackford Analysis Limited
- Beijing Infervision Technology Co.
- MIRADA MEDICAL LIMITED
- VUNO Inc.
- Zebra Medical Vision, Inc.
others are operating the global AI-powered X-ray imaging market.
What strategies are the Key Players adopting for Increasing their Market Share in the AI-powered X-ray Imaging Market?
Many companies are focused on developing new treatment and diagnostic options, while some companies are carrying out acquisitions in order to expand its portfolio, some are trying to expand their regional presence and tap emerging markets. Acquisitions empower the company with products and increase the company’s portfolio. Global AI-powered X-ray imaging market is currently witnessing a significant growth in the market landscape. Many companies are rising their investment in development of healthcare infrastructure. Thus, this is leading to huge growth opportunities for the AI-powered X-ray imaging market. Furthermore, there is an extensive entry of emerging players developing AI-powered X-ray imaging systems, and software companies into the healthcare space. All these predominant strategies adopted by the key manufacturers have led to a significant increase in sales of AI-powered X-ray imaging across the globe.
What is the Commercial Potential of AI-powered X-ray Imaging?
AI is expected to find significant applications in the management of patient information generated during processing, diagnosis, and treatment. Artificial intelligence are widely used in the solutions to help professionals make more accurate decisions on disease diagnosis and treatment. It has the capacity to diagnose patients and also supplement doctors’ abilities and find and collate beneficial data for patient care in the absence of doctors as well.
Currently, R&D activities are being conducted by various companies to offer artificial intelligence in different imaging modalities. For example, at the 2018, EmTech Digital conference in March, Google Cloud researchers, demonstrated that the whole processes in medicine such as examining radiological images could be automated using artificial intelligence. In February, different manufacturers of digital X-ray products showcased the use of AI in different modalities, at the 2017, Health Information and Management Systems Society (HIMSS) annual conference. Philips, IBM/Merge, Siemens, and Agfa, have already started incorporating artificial intelligence into their medical imaging software systems. Systems incorporating artificial intelligence provides a significant shift in how professionals work and boost workflow efficiency, while at the same time improving patient care.
Why is the U.S. a Big Market for AI-powered X-ray Imaging?
U.S. has different stakeholders in the X-ray technology space, including, X-ray system providers, X-ray component providers etc. Prominent AI-powered X-ray imaging companies in the region include, GE, Spellman High Voltage Electronics Corporation Siemens Healthineers, Comet Group, and others. National Cancer Institute in 2018, stated that an estimated 1,735,350 new cases of cancer have been diagnosed in the United States. Further, the institute observed that the number of new cases of cancer is 439.2 per 100,000 men and women per year. Also, the prediction says that the number of new cancer cases per year is expected to rise to 23.6 million by 2030 in the United States.
The multinational companies in the region are highly focused on integrating X-ray devices with artificial intelligence technology to reduce the detection time. For example, GE has developed AI-powered X-ray systems for the diagnosis of collapsed lung. The major driver for AI-powered X-ray imaging in the country is regulations and standards mandated by the concerned associations, presence of major players and skilled man power and growing technological advancements in the region.
What is the Scenario of Asia Pacific in the Global AI-powered X-ray Imaging Market?
The Asia Pacific diseases AI-powered X-ray imaging market is slated to witness strong growth in the coming years, due to the increasing awareness about disease, treatment and their repercussions, and the ongoing development of new treatment methods and devices. There has been a significant economic development in several Asia Pacific countries which has resulted in greater spending on healthcare and improved purchasing power. In addition to this, the growing medical tourism in countries such as India, Thailand, Singapore, Malaysia, and South Korea has spurred the demand for AI-powered X-ray imaging from countries around the world.
Furthermore, the growing geriatric population is driving the AI-powered X-ray imaging market growth in Asia Pacific, particularly in Japan; allowing for greater affordability to advanced technologies; increasing disposable incomes, favorable government initiatives, and the rising prevalence of target diseases. In Asia, many trade fairs and conferences have also been organized to create awareness regarding imaging equipment and radiology, such as in May 2017, Radiology Asia conference was held in Singapore. Such programs help to drive the market for AI-powered X-ray imaging in Asia Pacific and draw foreign investments and partnerships.
What is the Repercussion of the Pandemic on the Growth of the AI-powered X-ray Imaging Market?
COVID-19 pandemic has caused a disturbance in almost all the industries. Due to the COVID-19 pandemic, health care systems are negatively impacted, and delivery of medical facilities effectively to all patients has become a huge challenge worldwide. Covid-19 pandemic has changed the national healthcare priorities and spending but this is considered to be short-term impact on the AI-powered X-ray imaging market. Due to global restrictions, the market initially faced disturbance in the demand and supply, hence market is expected to experience a short-term negative growth. It has been observed that there has been bounded access to molecular testing kits for the diagnosis of COVID-19. Despite, short-term negative impact, handheld and mobile or portable X-ray imaging devices, designed for routine diagnostic applications, have proven beneficial in the initial screening process. The portable imaging devices has a vast applications in modern healthcare systems such as dentistry and cardiology, covering various internal organs in various parts the body, such as the abdomen/gastrointestinal tract and chest. This is expected to drive the global AI-powered X-ray imaging market during the forecast period.
The report covers exhaust analysis on:
- AI-powered X-ray Imaging Market Segments
- AI-powered X-ray Imaging Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
- Detailed overview of parent market
- Changing AI-powered X-ray imaging market dynamics in the industry
- AI-powered X-ray Imaging-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- AI-powered X-ray imaging market industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.