What are the Historical Developments and Current Growth Metrics of the AI Enabled Medical Imaging Solutions Market?
The ai enabled medical imaging solutions market has seen considerable growth due to a variety of factors.
• The market size for AI-integrated medical imaging solutions has seen exponential growth in the past few years. It's projected that from a market value of $2.21 billion in 2024, it will expand to $2.92 billion in 2025, experiencing a compound annual growth rate (CAGR) of 31.8%.
The considerable growth in this historical timeframe can be credited to advancements in the fields of computer vision, digital conversions of medical images, the spread of different imaging techniques, the development of machine learning algorithms, and the access to substantial datasets.
What is the Forecasted Market Size and CAGR for the AI Enabled Medical Imaging Solutions Market Size In The Coming Years?
The ai enabled medical imaging solutions market is expected to maintain its strong growth trajectory in upcoming years.
• The market for AI-based medical imaging solutions is anticipated to undergo significant expansion in the forthcoming years. By 2029, predictions indicate that it will attain a worth of $8.68 billion, with a compound annual growth rate (CAGR) of 31.4%.
This upward trend during the forecast period can be credited to applications of AI in mental health imaging, robotic surgeries enhanced by AI, effects of quantum computing, wider use in remote patient monitoring, and the evolution of the regulatory structure. Key trends throughout this period encompass the extraordinary surge in AI adoption, early detection and prevention efforts powered by AI, hybrid structures and combined learning methods, augmented intelligence in the field of radiology, and personalized medicine facilitated by AI.
What Key Factors and Trends Are Driving The Growth AI Enabled Medical Imaging Solutions Market?
The escalating frequency of long-term health conditions is set to drive the expansion of the AI-enabled medical imaging solutions market in the forthcoming years. Long-term diseases, operations that persist for more than three months, include conditions like cancer, diabetes, heart conditions, arthritis, chronic obstructive pulmonary disease, asthma, and autoimmune diseases. AI-facilitated medical imaging accelerates the early detection of these chronic illnesses by scrutinizing complex imaging data, leading to faster anomaly recognition and quicker medical interventions for improved patient results. For example, the World Health Organization (WHO) reported in September 2023 that Noncommunicable diseases (NCDs) annually claim 41 million lives, accounting for 74% of all global deaths. Among these, 17 million people succumb to an NCD before turning 70, with 86% of these early deaths happening in economically weaker and medium income countries. Cardiovascular diseases are at the forefront, claiming 17.9 million lives annually, followed by chronic respiratory illnesses (4.1 million), cancers (9.3 million), and diabetes (2.0 million, inclusive of deaths from renal disease associated with diabetes). Consequently, the rising prevalence of chronic disorders is propelling the growth of the AI-enabled medical imaging solutions market.
What Are The Market Segments In The AI Enabled Medical Imaging Solutions Market?
The AI-enabled medical imaging solutions market covered in this report is segmented –
1) By Product: Software, Hardware
2) By Modality: Computed Tomography (CT), Magnetic Resonance (MR), X-Ray, Ultrasound, Mammography, Multimodality Imaging Systems, Other Modalities
3) By Technology: Deep Learning, Natural Language Processing (NLP), Computer Vision, Other Technologies
4) By Application: Breast Imaging, Respiratory And Pulmonary, Neurology, Orthopedics, Other Applications
5) By Industry Vertical: Hospital And Healthcare Providers, Patients, Pharmaceuticals And Biotechnology Companies, Healthcare Payers, Other Industry Verticals
Subsegments:
1) By Software: Image Analysis And Interpretation Software, Workflow And Management Solutions, Diagnostic Support Tools
2) By Hardware: AI-Enhanced Imaging Devices, Imaging Sensors And Detectors, Workstations And Displays For Image Processing
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What Trends Are Shaping The AI Enabled Medical Imaging Solutions Market?
Major players in the AI-enabled medical imaging solutions market are centered on AI-improved image reconstruction initiatives like deep learning reconstruction. This new technology assists healthcare professionals in diagnosing patients while providing a comfortable experience. Deep learning reconstruction is a method applied in medical imaging to enhance image resolution using advanced deep learning algorithms. For example, in November 2023, Canon Medical Systems USA Inc., which specializes in imaging solutions, introduced the Precise IQ Engine. This new high-resolution deep learning algorithm for magnetic resonance imaging leverages Altivity—an innovative concept in AI technology that incorporates intelligent systems to deliver unprecedented levels of quality, insight and value. PIQE optimizes matrix sizes, removing noise and generating crisp anatomical images, thus pushing the boundaries in MR imaging. Furthermore, the PIQE software generates highly detailed images from less sharp photos while retaining their quality and mitigating the interference effect.
Who Are the Key Players In The AI Enabled Medical Imaging Solutions Market?
Major companies operating in the AI-enabled medical imaging solutions market report are:
• Siemens AG
• IBM Corporation
• NVIDIA Corporation
• Fujifilm Holdings Corporation
• Koninklijke Philips N.V.
• GE HealthCare TechnologiesInc
• Zebra Technologies Corp.
• Agfa-Gevaert N.V.
• Carestream Health
• Nuance Communications Inc
• Aidoc Medical
• SyntheticMR
• Butterfly Network Inc
• EnvoyAI
• ICAD INC.
• Arterys Inc.
• Beijing Infervision Technology Co. Ltd.
• Subtle Medical
• Ziosoft
• ContextVision AB
• RADLogics Inc.
• Qview Medical Inc
• Riverain Technologies
• icometrix
• DiA Imaging Analysis Ltd.
• Imagen AI
• MaxQ AI Ltd.
What Are The Regional Insights Into The AI Enabled Medical Imaging Solutions Market?
North America was the largest region in the AI-enabled medical imaging market in 2024. The regions covered in the AI-enabled medical imaging solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
