What Fueled The Previous Growth In The AI in Medical Imaging Market?
The ai in medical imaging market has seen considerable growth due to a variety of factors.
•Recent years have seen a dramatic expansion in the market size for AI in medical imaging. The projection is for growth from a value of $2.8 billion in 2024, rising to $3.81 billion in 2025, representing a compound annual growth rate (CAGR) of 36.0%.
Factors attributable to this growth during the historical period include an escalation in medical imaging data volume, rising demand for enhanced diagnostic precision, increased instances of chronic diseases, improved workflow efficiency, and a growth in healthcare spending.
What Is The Expected Growth In The AI in Medical Imaging Market Size?
The ai in medical imaging market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the AI in medical imaging market is projected to experience a significant surge, reaching a value of $14.64 billion in 2029 with an annual growth rate (CAGR) of 40.0%.
This anticipated growth within the forecast period can be ascribed to various factors such as the integration with electronic health records (EHR), the rising use in image-guided interventions, the rise of AI-fueled personalized treatment, a heightened emphasis on preventative healthcare, and the worldwide advancement of telemedicine. Notable trends within this predicted period include improvements in imaging methods through AI, increased data interoperability and sharing, the evolution of regulatory frameworks, growth in industry collaboration, and a strengthening focus on explainable AI.
What Main Forces Are Fueling Expansion In The AI in Medical Imaging Market?
The increase in AI use within the radiology sector is set to drive the AI in medical imaging market forward. Radiology is a medical specialty that centers on diagnosing and treating diseases or injuries through medical imaging techniques. The application of AI in medical imaging, particularly in radiology, is gaining popularity due to its ability to enhance the interpretation of medical images, and to increase the effectiveness and precision of radiological procedures such as automated image analysis, image reconstruction, enhancement, and computer-aided detection. As an example, a report released by the Radiological Society of North America in October 2023, a non-profit organization based in the US, revealed that 75% out of more than 500 FDA approved AI algorithms are directed towards radiology, an increase from 70% in 2021. Moreover, Itransition, a US-based software development company, stated in November 2022 that 30% of radiologists made use of AI in their clinical work in 2022. They also noted that 20% of practices have plans to purchase AI tools in the foreseeable future. Thus, as AI becomes increasingly utilized within the field of radiology, it will continue to push the AI in medical imaging market upwardly.
What Are The Primary Segments In The Global AI in Medical Imaging Market?
The AI in medical imaging market covered in this report is segmented –
1) By Technology: Deep Learning, Natural Language Processing (NLP), Other Technologies
2) By Solution: Software Tools, Services
3) By Modality: Computed Tomography (CT) Scan, Magnetic Resonance Imaging (MRI), X-Rays, Ultrasound, Nuclear Imaging
4) By Application: Digital Pathology, Oncology, Cardiovascular, Neurology, Lung (Respiratory System), Breast (Mammography), Liver (GI), Oral Diagnostics, Other Applications
5) By End-Use: Hospitals, Diagnostic Imaging Centers, Other End-Users
Subsegments:
1) By Deep Learning: Convolutional Neural Networks (CNNs), Recurrent Neural Networks (RNNs), Generative Adversarial Networks (GANs), Transfer Learning
2) By Natural Language Processing (NLP): Speech Recognition, Text Analytics, Information Extraction, Clinical Decision Support Systems
3) By Other Technologies: Machine Learning, Computer Vision, Image Processing Algorithms, Predictive Analytics Tools
Pre-Book The AI in Medical Imaging Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Key Trends Are Driving Changes In The AI in Medical Imaging Market?
Innovations in technology are becoming key trends in the AI in medical imaging market. Leading firms within this market are conceiving pioneering technologies to maintain their standing. For example, U.S.-based medical imaging company, Viz.AI inc., in November 2022, introduced its AI-enabled radiology suite. This state-of-the-art technology is integrated into healthcare organizations' picture archiving and communication systems (PACS) to securely enable the transfer of imaging data across departments and expedite patient diagnosis. It also comes with bespoke features such as AI-driven alerts that inform radiologists of potential diseases in real-time, prioritized lists to help radiologists concentrate on urgent cases, real-time communication tools for collaboration with other care team members, leading to improved patient outcomes, cost reduction, and enhanced efficiency.
Who Are the Key Players in the AI in Medical Imaging Market?
Major companies operating in the AI in medical imaging market include:
• Alphabet Inc
• Microsoft Corporation
• The International Business Machines Corporation
• Sanofi
• Oracle Corporation
• Merative
• Medtronic plc
• Nvidia Corporation
• Siemens Healthineers AG
• Koninklijke Philips NV
• Stryker
• GE HealthCare Technologies Inc.
• Lunit Inc.
• DeepMind
• Viz.AI inc.
• Aidoc
• AZmed
• Digital Diagnostics Inc.
• Butterfly Network Inc.
• Cleerly
• Behold.ai
• Butterfly Network
• Enlitic
• Nano-X Imaging Ltd.
• Arterys
• Caption Health
• EchoNous Inc.
• Gleamer
• CloudMedX
• CellmatiQ GmbH
• Mediwhale
• dentalXrai GmbH
What Is The Most Dominant Region In The AI in Medical Imaging Market?
North America was the largest region in the AI in medical imaging market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
