How Has the Artificial Intelligence In Radiology Market Size Evolved in Recent Years?
The artificial intelligence in radiology market has seen considerable growth due to a variety of factors.
• Over recent years, the market size of artificial intelligence in radiology has seen dramatic growth. It is projected to increase from $2.2 billion in 2024 to $2.86 billion in 2025, indicating a compound annual growth rate (CAGR) of 30.2%.
The historical growth pattern is due to factors such as the increase in medical imaging data, the emergence of advanced deep learning algorithms, a need for better diagnostic precision, the establishment of regulatory approvals and standards, as well as a focus on enhancing cost-efficiency and workflow processes.
What are the Market Size and Expected Growth Rates for the Artificial Intelligence In Radiology Market?
The artificial intelligence in radiology market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of artificial intelligence in radiology is predicted to witness substantial expansion in the coming years. It is projected to reach $8.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 30.3%.
The expected growth in the forecast period can be linked to continuous improvements in AI algorithms, incorporation with electronic health records (EHRs), expansion of AI capabilities beyond diagnosis, enhancement of images via AI, and improved interoperability and data exchange. Notable trends during the forecast period encompass telemedicine and remote healthcare services, partnerships between healthcare and tech firms, advancements in imaging technologies, quantitative imaging analysis, and automated report creation.
Which Key Drivers Are Propelling The Artificial Intelligence In Radiology Market's Growth?
The projected expansion of artificial intelligence (AI) in the radiology market is largely influenced by its increasing use in the healthcare sector. The exceptional ability of AI-fueled algorithms to diligently analyze and interpret medical imaging helps radiologists by enhancing the detection of minor abnormalities and improving diagnosis results. The AI technology not only optimizes the radiological processes but also ensures speed and accuracy in diagnoses. To illustrate, The Health Foundation, a self-governing charity in the UK, reported in July 2024, that over half of the UK populace (54%) and a notable 76% of the NHS staff surveyed were in favour of utilizing AI in patient care, while a staggering percentage advocated for its utilization in administrative tasks (61% of the public and 81% of NHS staff). Consequently, the escalating use of AI within healthcare is propelling the expansion of artificial intelligence (AI) within the radiology market.
What Are The Key Segments Within The Global Artificial Intelligence In Radiology Market?
The artificial intelligence in radiology market covered in this report is segmented –
1) By Solution Type: AI Software, AI Hardware
2) By Modality: Computed Tomography (CT), Magnetic Resonance (MR), X-Ray, Mammography, Ultrasound (US), Other Modalities
3) By Application: Neurology, Chest And Lung, Musculoskeletal, Abdomen, Cardiology, Other Applications
4) By End-User: Hospitals, Diagnostic Imaging Centers, Other End-Users
Subsegments:
1) By AI Software: Image Analysis Software, Workflow Optimization Software, Radiology Reporting Software, Decision Support Systems, Predictive Analytics Tools
2) By AI Hardware: Imaging Devices, Servers And Computing Infrastructure, Robotics For Automated Imaging, Workstations For Radiologists, Wearable Devices For Patient Monitoring
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What Trends Are Shaping The Artificial Intelligence In Radiology Market?
Leading corporations in the artificial intelligence (AI) in radiology industry are introducing new offerings, like suites, in order to bolster their market profitability. These AI-driven radiology suites are versatile systems which utilize artificial intelligence to augment diagnostic power and simplify medical imaging procedures, thereby enhancing precision and swiftness. For example, Viz.ai Inc., an American medical software service company, rolled out its Viz radiology suite in November 2022. This forefront software suite employs sophisticated, FDA-approved algorithms for quick analysis of various medical imaging data, including CT scans, EKGs, and echocardiograms. This complete AI-assisted care coordination tool not only offers instantaneous insights, but also facilitates automated evaluations, speeding up diagnosis and treatment times. Ultimately, this revolutionary solution enhances patient outcomes by quickening the diagnostic and treatment workflow.
Who Are the Key Players In The Artificial Intelligence In Radiology Market?
Major companies operating in the artificial intelligence in radiology market report are:
• Microsoft Corporation
• IBM Corporation
• NVIDIA Corporation
• Siemens Healthineers AG
• Koninklijke Philips N.V
• GE Healthcare Technologies Inc.
• Canon Medical Systems Corporation
• HeartFlow Inc.
• Viz.ai Inc.
• Aidoc Medical Ltd.
• EnvoyAI
• Butterfly Network Inc.
• Digital Diagnostics Inc.
• Caption Health
• Day Zero Diagnostics Inc.
• Enlitic Inc.
• Arterys
• Nano X Imaging Ltd.
• Subtle Medical Inc.
• CureMetrix Inc.
• AliveCor Inc.
• DiA Imaging Analysis Ltd.
• Freenome Holdings Inc.
• Imagen Technologies
• Gleamer Ltd.
• Quibim
• Behold.ai
• Gauss Surgical Inc.
• 3D Systems
• InformAI LLC
• Intel Corporation
What Are The Regional Insights Into The Artificial Intelligence In Radiology Market?
North America was the largest region in the artificial intelligence in radiology market in 2024. The regions covered in the artificial intelligence in radiology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
