AI in Medical Imaging Market Share, Size, Trends, Industry Analysis Report, By Technology (Deep Learning, NLP), By Application (Neurology, Respiratory & Pulmonary, Cardiology), By Modality, By End-use, By Region, And Segment Forecasts, 2024- 2032
- Published Date:Mar-2024
- Pages: 116
- Format: PDF
- Report ID: PM4783
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global ai in medical imaging market size was valued at USD 1,157.33 million in 2023. The market is anticipated to grow from USD 1,550.47 million in 2024 to USD 16,175.52 million by 2032, exhibiting the CAGR of 34.1% during the forecast period.
Market Overview
The application of AI-powered medical imaging is revolutionizing healthcare by assisting doctors in delivering more precise, efficient, and personalized diagnoses and treatment options for their patients. Through deep learning algorithms, medical imaging technology now empowers medical professionals to identify abnormalities and detect diseases with unprecedented accuracy and speed. This advancement has led to significant enhancements in diagnostic accuracy, treatment efficiency, and overall patient care quality. In recent times, the healthcare industry has increasingly embraced Artificial Intelligence (AI) to enhance patient care, diagnostics, and analysis of medical data. AI's integration into medical imaging is gaining traction, aiming not to replace radiologists but to enhance the diagnostic process alongside them.
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Physicians are increasingly relying on imaging techniques to monitor tumors and track the dissemination of cancer cells, providing them with a more efficient and prompt method to assess the effectiveness of therapies. This evolving role of imaging is set to revolutionize the kinds of treatments patients undergo and significantly enhance the quality of information available to doctors regarding treatment efficacy. Consequently, doctors will be better equipped to make informed decisions about the most suitable treatment options for their patients.
Growth Drivers
Rise in prevalence of chronic diseases
The prevalence of diseases is on the rise, leading to an increased number of diagnostic procedures and consequently driving market demand. Moreover, AI-driven medical imaging facilitates earlier detection, improved diagnosis, and personalized patient care. AI-powered medical imaging systems have undergone significant technological advancements and are gaining popularity, especially in high-income countries. The development of integrated RTI software, which seamlessly integrates into imaging devices like MRI or CT scanners, represents one such advancement, enabling the automation of medical image processing. Additionally, innovations include the integration of smartphone technology and AI into medical imaging, enabling frontline healthcare professionals to conduct non-invasive condition screenings using smartphones.
Shortening detection time and ensuring highest accuracy
The integration of artificial intelligence (AI) in medical imaging has significantly enhanced diagnostic capabilities, revolutionizing the healthcare industry. One of the primary objectives in this field is to reduce detection time while ensuring the highest accuracy possible. AI algorithms are designed to analyze medical images swiftly and accurately, allowing for expedited diagnosis and treatment planning. By leveraging machine learning techniques, AI systems can continuously learn from vast amounts of data, refining their diagnostic accuracy over time. This iterative learning process enables AI-powered medical imaging systems to achieve remarkable precision, often surpassing human capabilities in detecting abnormalities and identifying subtle patterns indicative of various diseases.
Several driving factors contribute to the growth and adoption of AI in medical imaging. Firstly, the increasing prevalence of chronic diseases and the growing demand for early detection and intervention drive the need for more efficient diagnostic tools. AI-enabled imaging solutions offer the potential to expedite the diagnostic process, leading to timely interventions and improved patient outcomes. Additionally, advancements in computational power and imaging technology have facilitated the development of sophisticated AI algorithms capable of processing complex medical data with unprecedented speed and accuracy. Furthermore, the integration of AI into medical imaging workflows enhances productivity and efficiency for healthcare providers, allowing them to streamline operations and allocate resources more effectively.
Restraining Factors
Regulations and ethical concerns
The intersection of artificial intelligence (AI) and medical imaging holds immense promise for revolutionizing healthcare diagnostics and treatment planning. However, navigating this landscape entails grappling with stringent regulations and ethical considerations. Regulatory frameworks governing AI in medical imaging vary globally, posing a significant challenge for companies seeking to operate across borders. In the Asia-Pacific region, where the market for AI in medical imaging is burgeoning, diverse regulatory approaches further compound this issue. Ethical concerns also loom large, particularly regarding patient privacy, data security, and algorithmic biases. Striking a balance between innovation and regulatory compliance while upholding ethical standards is paramount to fostering trust among stakeholders.
The AI in medical imaging market, despite its exponential growth trajectory, faces several restraining factors. One such challenge lies in the complexity of integrating AI solutions into existing healthcare infrastructure. Implementation hurdles, including interoperability issues with legacy systems and clinician adoption, can impede widespread deployment. Moreover, the high costs associated with AI technology acquisition, coupled with uncertain reimbursement models, present barriers to entry for healthcare providers, particularly in resource-constrained settings. Additionally, the lack of standardized protocols for validating AI algorithms and ensuring their safety and efficacy poses a considerable challenge. Regulatory bodies, industry stakeholders, and technology developers must collaborate to address these constraints and foster an environment conducive to the responsible and equitable adoption of AI in medical imaging. Only through concerted efforts to navigate regulatory landscapes, address ethical concerns, and overcome restraining factors can the full potential of AI in medical imaging be realized, ultimately enhancing patient outcomes and advancing healthcare delivery worldwide.
Report Segmentation
The market is primarily segmented based on technology, application, modality, end use, and region.
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By Technology |
By Application |
By Modality |
By Region |
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By Technology Analysis
NLP segment is expected to witness the highest growth during the forecast period
The NLP segment is expected to grow at a robust rate over the forecasted period. NLP technology employs computer programs capable of understanding and presenting data in human language, images, and text formats. This growth can be attributed to the expanded utilization of NLP in prominent areas such as machine learning (ML) and artificial intelligence (AI). The swift expansion of NLP has led to the emergence of new trends and advancements in the field, facilitating tasks ranging from diagnosis to the exploration of novel pharmaceuticals. Moreover, healthcare heavily relies on various types of images and scans.
By Application Analysis
Neurology segment accounted for the largest market share in 2023
The neurology segment accounted for the largest market share in 2023. This was driven by the growing adoption of AI in neurology, which enhances accuracy, improves patient care, and boosts efficiency. Furthermore, AI finds applications in neuro-oncology, neuro-vascular disease detection, neurosurgery, and the identification of traumatic brain injuries.
The breast imaging segment will grow rapidly during the forecast period. The increasing incidence of breast cancer cases and the growing patient preference for early-stage detection, which facilitates timely and precise treatment, are driving factors for the demand for breast screening. Additionally, other key drivers expected to propel market expansion include government initiatives supporting clinical interpretation and improved access to breast cancer screening technologies.
According to WHO, in 2020, breast cancer affected 2.3 million individuals worldwide, resulting in 685,000 fatalities. Early detection of cancer significantly improves health outcomes. However, screenings can be labor-intensive, and patients often experience stress while undergoing mammograms and awaiting results. In addressing these challenges, Google Health and Northwestern Medicine collaborated in 2021 on a clinical research project to investigate whether artificial intelligence (AI) models can expedite the diagnosis process during screenings. The aim is to minimize the assessment gap and enhance the overall patient experience.
By Modality Analysis
CT Scan segment dominated the market in 2023
CT scan segment garnered the largest share in 2023. This dominance is due to its standard imaging method for numerous clinical outcomes. Both major and minor suppliers offer a diverse range of AI-based medical imaging solutions designed for CT scans. Compared to other imaging modalities, CT scans gather more comprehensive data. Furthermore, there is no evidence to suggest that the minimal radiation doses used in CT scans pose long-term harm.
Regional Insights
North America region registered the largest share of the global market in 2023
The North America region dominated the market in 2023. This is primarily due to its technologically advanced infrastructure and high per capita income levels. Furthermore, the market's growth in the region is fueled by the presence of numerous market players and supportive government regulations. As per the American Cancer Society, approximately 236,740 new cases of lung and bronchus cancer are projected in the United States this year. Additionally, a CT scan can accurately depict the shape, size, and precise location of any lung tumor, including cases where individuals may be at risk of developing lung cancer without exhibiting any visible signs or symptoms of the disease.
Asia Pacific is expected to grow with rapid pace during the forecast period. This growth is primarily due to the extensive adoption of advanced technologies, improved network connectivity, and expanded government initiatives. Moreover, the escalating number of startups leveraging artificial intelligence (AI), notably in China and India, along with the substantial rise in investments, and the significant potential of AI to enhance image quality and bridge the healthcare infrastructure gap in the region.
Key Market Players & Competitive Insights
Major market participants are concentrating on forming strategic alliances with technology suppliers and driving product advancement. For instance, in July 2022, Philips obtained FDA's 510(k) approval for its SmartSpeed AI-powered software, facilitating pioneering high-speed, high-resolution MR imaging. Its extensive adaptability allows for faster and superior-quality scans across nearly all patient demographics, including those with implants (covering 97% of clinical protocols).
Some of the major players operating in the global market include:
- Siemens Healthineers AG
- GE Healthcare
- IBM Watson Health
- BenevolentAI Limited
- Philips Healthcare
- Zebra Medical Vision Inc.
- Samsung Electronics Co. Ltd
- Medtronic Plc
- EchoNous, Inc.
- Enlitic Inc.
- Nvidia Corporation
- Oxipit.ai
Recent Developments in the Industry
- In February 2024, Hartford HealthCare inaugurated its new Center for AI Innovation in Healthcare. The center aims to leverage the revolutionary capabilities of Artificial Intelligence (AI) to effectively improve patient care while formalizing its commitment to AI progressions.
Report Coverage
The AI in medical imaging market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, technology, application, modality, end use, and their futuristic growth opportunities.
AI in Medical Imaging Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 1,550.47 million |
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Revenue forecast in 2032 |
USD 16,175.52 million |
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CAGR |
34.1% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
key companies in AI in Medical Imaging Market are Siemens Healthineers, GE Healthcare, IBM Watson Health, Philips Healthcare
AI in Medical Imaging Market exhibiting the CAGR of 34.1% during the forecast period.
The AI in Medical Imaging Market report covering key segments are technology, application, modality, and region.
key driving factors in AI in Medical Imaging Market are Rise in prevalence of chronic diseases
The global AI in medical imaging market size is expected to reach USD 16,175.52 million by 2032
