What Has Been the Progress and Growth of the Artificial Intelligence in Medical Imaging Market in Recent Years?
The artificial intelligence in medical imaging market has seen considerable growth due to a variety of factors.
• The market size of artificial intelligence in medical imaging has seen a substantial expansion in the recent past. The growth forecast predicts an increase from $3.42 billion in 2024 to $4.46 billion in 2025, maintaining a compound annual growth rate (CAGR) of 30.4%.
The scale-up during the historical period is credited to factors such as the surging demand for AI-integrated CT, a growing incidence of cancer, a surge in the usage of cloud computing, an increasing elderly population, and the execution of beneficial government initiatives.
What Can Be Expected from the Artificial Intelligence in Medical Imaging Market Size?
The artificial intelligence in medical imaging market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions show a tremendous surge in the market size of artificial intelligence in medical imaging in the coming years. It is estimated to reach a remarkable $13.16 billion by 2029, with a compound annual growth rate (CAGR) of 31.1%.
This predicted growth during the forecast period can be associated with factors such as an increasing desire to reduce the workload of radiologists, a rising older population, increased investment, an augmented demand for large and complex datasets, and the increasing need for AI-integrated CT. Some significant trends during this period include the utilization of computer vision techniques allowing AI algorithms to examine medical images, advancements in deep learning technology, product innovations in nuclear medicine, and advancements in other technologies like ultrasound systems and magnetic resonance imaging product innovation.
What Are the Critical Driver Fuelling The Artificial Intelligence in Medical Imaging Market's Growth?
The expansion of imaging modalities is projected to boost the growth of AI in the medical imaging market. Imaging modalities are the various techniques used for visualizing internal body structures for diagnosis and treatment. AI algorithms play a crucial role in these modalities by aiding in image reconstruction, reducing noise, and correcting artifacts, thereby improving the clarity and precision of CT images. For example, the National Health Service, a government department in the UK, reported in July 2022 that 43.3 million imaging tests were conducted in England from April 2021 to March 2022. Additionally, approximately 3.67 million imaging tests occurred in March 2022 alone. Hence, the increasing use of imaging modality is fueling the growth of AI in the medical imaging market.
How Is The Artificial Intelligence in Medical Imaging Market segmented?
The artificial intelligence in medical imaging market covered in this report is segmented –
1) By Modality: Computed Tomography (CT) Scan, Magnetic Resonance Imaging (MRI), X-rays, Ultrasound, Nuclear Imaging
2) By Technology: Deep Learning, Natural Language Processing (NLP), Other Technologies
3) By Application: Neurology, Respiratory And Pulmonary, Cardiology, Breast Screening, Orthopedics
4) By End-Use: Hospitals, Diagnostic Imaging Centers, Other End-Users
Subsegments:
1) By Computed Tomography (CT) Scan: Cardiac CT, CT Angiography, Lung CT, Abdominal CT, Head CT
2) By Magnetic Resonance Imaging (MRI): Brain MRI, Spine MRI, Musculoskeletal MRI, Abdominal MRI, Functional MRI
3) By X-rays: Chest X-rays, Dental X-rays, Mammography, Bone X-rays, Fluoroscopy
4) By Ultrasound: Abdominal Ultrasound, Cardiac Ultrasound, Obstetric And Gynecological Ultrasound, Vascular Ultrasound, Musculoskeletal Ultrasound
5) By Nuclear Imaging: Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), Bone Scans, Thyroid Scans, Cardiac Scans
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How Are Emerging Trends Reshaping The Dynamics Of The Artificial Intelligence in Medical Imaging Market?
Major companies in the AI in medical imaging market are producing inventive products such as AI-based MRI devices to enhance patient care. A traditional Magnetic Resonance Imaging (MRI) machine is upgraded with AI technology in an AI-enabled MRI system. For instance, GE Healthcare, a medical technology firm based in the US, introduced an AI-based MRI system named SIGNA Champion in December 2023. The SIGNA Champion boasts AI-driven workflow features like AIR Recon DL and Sonic DL, designed to enhance efficiency and offer superior image quality to users at all skill levels. The system uniquely combines spacious patient clearance within the bore and brief scanning durations.
Who Are the Key Players In The Artificial Intelligence in Medical Imaging Market?
Major companies operating in the artificial intelligence in medical imaging market report are:
• Google LLC
• Microsoft Corporation
• IBM Watson Health
• Intel Corporation
• NVIDIA Corporation
• Siemens Healthineers
• Koninklijke Philips N.V
• GE Healthcare
• Agfa-Gevaert Group/Agfa HealthCare
• Aidoc Medical
• Arterys Inc.
• Lunit Inc.
• Butterfly Network Inc.
• Digital Diagnostics Inc.
• Caption Health Inc.
• EchoNous Inc.
• Covera Health Inc.
• Nanox Imaging LTD.
• AZmed
• InformAI LLC
• Avicenna AI
• ImageBiopsy Lab
• Nucleai
• Icometrix NV.
• Gleamer
What Is The Most Dominant Region In The Artificial Intelligence 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 artificial intelligence in medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
