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Global AI Radiology Tool Market – Industry Trends and Forecast to 2031

ICT

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Global AI Radiology Tool Market – Industry Trends and Forecast to 2031

  • ICT
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global AI Radiology Tool Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 1.18 USD Billion
Diagram Market Size (Forecast Year) USD 3.49 USD Billion
Diagram CAGR %

Major Markets Players

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Global AI Radiology Tool Market, By Type (Diagnostic Radiology, Interventional Radiology), End User (Clinics, Hospitals, Diagnostic Centres, Others) - Trends and Forecast to 2031.

AI Radiology Tool Market

AI Radiology Tool Market Analysis and Size

Increasingly adopts artificial intelligence to enhance diagnostic accuracy and efficiency. AI-powered radiology tools utilize machine learning algorithms to analyze medical images such as X-rays, MRIs, and CT scans, aiding radiologists in detecting abnormalities and making diagnoses. Key trends in this market include the integration of AI into existing radiology workflows, the development of advanced image analysis techniques, and the rise of collaborations between technology firms and healthcare providers to optimize patient care. This burgeoning market promises to revolutionize medical imaging, offering improved diagnostic capabilities and potentially reducing healthcare costs.  

Global AI radiology tool market was valued at USD 1.18 billion in 2023 and is expected to reach USD 3.49 billion by 2031, registering a CAGR of 14.5% during the forecast period of 2024-2031. “Diagnostic radiology” segment dominate the market due to the increasing demand for accurate and efficient diagnostic imaging solutions. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Diagnostic Radiology, Interventional Radiology), End User (Clinics, Hospitals, Diagnostic Centres, Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa

Market Players Covered

IBM (U.S.), Bay Labs (U.S.), Resonance Health (Australia), Zebra Medical Vision (Israel), Samsung Electronics (South Korea), Arterys (U.S.), Koninklijke Philips (Netherlands), Nuance Communications (U.S.), Siemens Healthineers AG (Germany), OrCam (Israel) among others

Market Opportunities

  • Expansion of AI Integration in Healthcare Systems
  • Rising Adoption of Telemedicine and Remote Imaging

Market Definition

An AI radiology tool refers to a software application or platform that utilizes artificial intelligence (AI) techniques, such as machine learning algorithms, to assist radiologists in interpreting and analyzing medical images, such as X-rays, MRIs, CT scans, and ultrasounds. These tools aim to enhance diagnostic accuracy, efficiency, and workflow optimization in radiology practices by automating tasks such as image interpretation, anomaly detection, and report generation. AI radiology tools play a crucial role in improving patient care outcomes by providing timely and accurate diagnoses, reducing interpretation errors, and potentially lowering healthcare costs.

AI Radiology Tool Market Dynamics

Drivers

  • Increasing Demand for Efficient Diagnostic Solutions

The growing demand for accurate and timely diagnostic imaging solutions is a significant driver for the Global AI radiology tool market. AI-powered tools offer radiologists enhanced capabilities to interpret medical images swiftly and accurately, thereby improving patient outcomes and reducing diagnosis time.

  • Technological Advancements in Artificial Intelligence

Rapid advancements in artificial intelligence technologies, particularly in machine learning and deep learning algorithms, are driving the innovation and development of more sophisticated AI radiology tools. These advancements enable the creation of tools that can analyze complex medical images with higher accuracy and efficiency, further fueling market growth.

Opportunities

  • Expansion of AI Integration in Healthcare Systems

The opportunity lies in the broader integration of AI radiology tools into healthcare systems worldwide. As healthcare providers increasingly recognize the benefits of AI in improving diagnostic accuracy and efficiency, there is a growing opportunity for AI radiology tool vendors to expand their market presence and cater to a larger customer base.

  • Rising Adoption of Telemedicine and Remote Imaging

The increasing adoption of telemedicine and remote imaging services presents a significant opportunity for AI radiology tools. These tools enable healthcare providers to analyze medical images remotely, facilitating quicker diagnosis and treatment decisions, especially in underserved or remote areas where access to radiologists may be limited.

Restraint/Challenge

  • Regulatory Challenges

Regulatory challenges in the AI radiology tool market stem from stringent requirements for medical software validation and compliance with healthcare data privacy laws. Ensuring FDA approval, addressing ethical concerns regarding AI's role in diagnosis, and navigating international regulatory frameworks pose hurdles for developers.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In July 2022, FDA approval for Philips SmartSpeed AI-based software revolutionized MRI imaging. Its broad compatibility and accelerated scans, three times faster, enhance efficiency and image quality for a wide range of patients, including those with implants, boosting MR department productivity

AI Radiology Tool Market Scope

The market is segmented on the basis of type and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Diagnostic Radiology
  • Interventional Radiology

End User

  • Clinics
  • Hospitals
  • Diagnostic Centres
  • Others

AI Radiology Tool Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by country, type and end user as referenced above.

The countries covered in the market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.    

North America dominates and is the fastest growing region in the global AI radiology tool market is primarily due to factors such as the presence of a robust healthcare infrastructure and high adoption rates of advanced technologies in medical imaging. Additionally, strong investment in research and development, coupled with supportive government initiatives and favorable reimbursement policies, further bolster the region's leadership in AI radiology innovation and adoption.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.      

Competitive Landscape and AI Radiology Tool Market Share Analysis

The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • IBM (U.S.)
  • Bay Labs (U.S.)
  • Resonance Health (Australia)
  • Zebra Medical Vision (Israel)
  • Samsung Electronics (South Korea)
  • Arterys (U.S.)
  • Koninklijke Philips (Netherlands)
  • Nuance Communications (U.S.)
  • Siemens Healthineers AG (Germany)
  • OrCam (Israel)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The AI Radiology Tool Market size will be worth USD 3.49 billion by 2031.
The AI Radiology Tool Market growth rate will be 14.5% by 2031.
Increasing Demand for Efficient Diagnostic Solutions and Technological Advancements in Artificial Intelligence are the growth drivers of the AI Radiology Tool Market.
The type and end user are the factors on which the AI Radiology Tool Market research is based.
The major companies in the AI Radiology Tool Market are IBM (U.S.), Bay Labs (U.S.), Resonance Health (Australia), Zebra Medical Vision (Israel), Samsung Electronics (South Korea), Arterys (U.S.), Koninklijke Philips (Netherlands), Nuance Communications (U.S.), Siemens Healthineers AG (Germany), OrCam (Israel).
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