Global Artificial Intelligence in Medical Imaging Market – Industry Trends and Forecast to 2030

Artificial Intelligence in Medical Imaging Market Analysis and Size

Different illnesses are becoming more common, which has surged the number of diagnostic procedures performed, increasing the market demand. Increasing the ability and improving processes and treatment of the patients is essential to increasing the market growth. Scientists have used AI to access radiographic properties and automatically identify difficult patterns in imaging data. These factors are pushing the market growth.

Data Bridge Market Research analyses that the artificial intelligence in the medical imaging market, which was USD 753.9 million in 2022, would rise to USD 8,466.35 million by 2030 and is expected to undergo a CAGR of 35.3% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Artificial Intelligence in Medical Imaging Market Scope and Segmentation

Market Definition

Medical imaging is a diagnostic procedure that includes the creation of visual aids for the human body and monitoring the performance and functioning of the organs. With the addition of artificial intelligence (AI) in healthcare and medical imaging, surgeons can get help in carrying out the image capturing process and diagnose these images for the conclusion and personalized treatment according to every individual and patient.

Global Artificial Intelligence in Medical Imaging Market Dynamics

Drivers

• Growing Adoption of AI in Radiology

The growing adoption of AI to perform image quantification and identification process is also expected to increase market growth. For instance, Google's AI platform, Google's Deepmind collaborated with Moorfields Eye Hospital to observe all eye scans performed using an optical CT scanner to ensure early detection of age-related macular degeneration. Additionally, introducing 3D MRI and CT scans enables radiologists to analyze scans, reduce analysis time and increase efficacy quickly. Thus, this factor boosts market growth.

• Growing Demand for CT

CT systems are one of the top diagnostic tools extensively used in several research institutes and hospitals that surge the market growth. Growing demand for Point of Care (POC) CT devices and the increasing development of a high-precision CT scanner by adding AI & ML and advanced visualization systems are increasing the market growth. Thus, this factor boosts market growth.

Opportunities

• Increasing Investments with AI Firms

Developing countries primarily focus most of their efforts on adopting their AI investments. This will assist the firms in making huge financial growth using AI with medical imaging. For instance, China is considered to be the leader in artificial intelligence by 2030. The strategy needs major government funding and investments for firms to adopt AI technologies more rapidly. Thus, this factor boosts the market growth.  

• Increasing Product Approvals

There have been increasing product approvals that are beneficial for market growth. For instance, the FDA has given Philips SmartSpeed AI-based software its 510(k) approval in 2022, allowing them to provide ground-breaking high-speed, high-resolution MR imaging. Its huge compatibility allows quicker and higher-quality scans for nearly all patients with several illnesses, such as those with implants (97% of clinical protocols). Thus, this factor boosts market growth.

Restraints/Challenges

• Increasing Cost of Artificial Intelligence In Medical Imaging

The huge cost of various artificial intelligence techniques in medical imaging samples and other equipment for diagnosing numerous diseases restricts the market growth. Currently, R&D of artificial intelligence in medical imaging is more costly and cannot be afforded by most hospitals and research institutes in underdeveloped and developing countries. Therefore, these factors hamper the market growth.

This artificial intelligence in medical imaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 artificial intelligence in medical imaging 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 2021, VUNO Inc., a South Korean AI business, announced a strategic partnership with Samsung Electronics to adopt the AI-powered mobile digital X-ray system VUNO Med-Chest X-ray within the GM85. This partnership is expected to bring VUNO closer to developing AI applications.

Global Artificial Intelligence in Medical Imaging Market Scope

The artificial intelligence in medical imaging market is segmented on the basis of technology, offering, deployment type, application, clinical applications and end-user. The growth amongst these segments will help you analyze 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.

Technology

• Deep Learning
• Computer Vision
• NLP
• Others

 Offering

• Hardware
• Software
• Services

Deployment Type

• On-Premise
• Cloud

Application

• X-Ray
• CT
• MRI
• Ultrasound
• Molecular Imaging

Clinical Applications

• Breast
• Lung
• Neurology
• Cardiovascular
• Liver, Prostate
• Colon
• Musculoskeletal
• Others

End User

• Hospitals
• Clinics
• Research Laboratories
• Others

Artificial Intelligence in Medical Imaging Market Regional Analysis/Insights

The artificial intelligence in medical imaging market is analyzed and market size insights and trends are provided by technology, offering, deployment type, application, clinical applications and end-user as referenced above.

The countries covered in the artificial intelligence in medical imaging 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 Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the artificial intelligence in the medical imaging market due to the increasingly technologically advanced healthcare infrastructure and disposable income in this region. In addition, many market players and government regulations in the region are the main factors for market growth.

Asia-Pacific is expected to grow significantly due to the rapidly emerging healthcare infrastructure in Indonesia, China, and India.  In addition, the increasing number of startups using artificial intelligence (AI), mostly in China and India, and AI's huge potential is helping enhance market growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream 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 their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The artificial intelligence in medical imaging market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for artificial intelligence in medical imaging market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the artificial intelligence in medical imaging market. The data is available for historic period 2011-2021.

Competitive Landscape and Artificial Intelligence in Medical Imaging Market Share Analysis

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

Some of the major players operating in the artificial intelligence in medical imaging market are:

• BenevolentAI (U.K.)
• OrCam (Israel).
• BioXcel Therapeutics Inc (U.S.)
• Aitia (U.S.)
• Qventus (U.S.).
• K Health (U.S.)
• Prognos Health (U.S.).
• Viz.ai, Inc (U.S.)
• mPulse Mobile (U.S.)
• Suki AI, Inc (U.S.)
• ZealthLife technologies Pte. Ltd (Singapore)
• Owkin Inc. (U.S.)
• Siemens Healthineers AG (Germany)
• EchoNous, Inc (U.S.)
• Enlitic, Inc (U.S.)

SKU-32890