AI in Medical Imaging Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

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The AI in medical imaging market is expected to grow USD 824.2 million in 2022, and a CAGR of 34.8% is expected during the forecast period. Increasing demand for early disease detection and advancements in AI and machine learning technology are expected to drive growth in the market significantly. Rising incidences of chronic diseases are driving growth in the market.

Rising healthcare expenditure and increasing health awareness are driving the demand for AI in the medical imaging market significantly. The increasing number of cardiac and cancer patients due to lifestyle imbalance and the increasing volume of medical data and imaging records require advanced AI tools to process and analyze information effectively.


Growth Drivers

Growing focus on personalized medicine and integration of AI technologies into existing imaging systems is driving growth in the market. Venture capital and research funding are supporting innovation and development in AI-powered medical imaging technologies. Increasing volumes of medical data and imaging records require advanced AI tools to process and analyze information effectively and efficiently. AI does streamline the imaging workflows and reduces the time required for image acquisition and interpretation.

Increasing growth in healthcare infrastructure and rising healthcare expenditure is driving growth in the market. The increasing number of diagnostic clinics and hospitals all over the world is driving growth in the market. AI-powered tools do automate the process of image analysis, reducing the time required for radiologists to review and interpret images. It increases the efficiency of medical imaging departments and speeds up the diagnostic processes. AI algorithms do analyze medical images with high precision, often identifying subtle abnormalities that might be missed by human radiologists.

AI predicts the likelihood of disease progression based on imaging data and helps in early intervention and personalized treatment planning. AI algorithms improve the quality of medical images by reducing noise, enhancing resolution, and correcting distortions. Increasing demand for AI systems in training programs for radiologists and medical professionals, providing simulated cases and feedback to improve their diagnostic skills.

Segmentation

End-Users

·         Hospitals

·         Diagnostic Centers

·         Others

Application

·         Neurology

·         Respiratory and Pulmonary

·         Cardiology

·         Breast Screening

·         Orthopedic

·         Others

Imaging Modalities

·         CT-Scan

·         MRI

·         X-Ray

·         Ultrasound

·         Nuclear Imaging

By Technology

·         Deep Learning

·         Natural Language Processing

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

AI in Medical Imaging Market by Application Segmentation

On the basis of the application, the AI in the medical imaging market is segmented by CT-Scan, MRI, X-Ray, Ultrasound, and Nuclear Imaging. MRI is the leading segment and is expected to dominate during the forecast period. MRI and CT-Scan produce high-resolution images, and they are used in complex diagnostics, making them prime candidates for AI applications. Increasing demand for X-ray images is also significant in the market with advancements in artificial intelligence.


AI for chest X-rays and bone scans is the most in demand. Ultrasound for the whole abdomen is the most rapidly growing segment in the market for chronic abdomen diseases. Ultrasound and nuclear imaging are growing areas as well with operational efficiency and diagnostic accuracy. Overall, the adoption of AI varies with modality and specific clinical applications, but MRI and CT scans are currently prominent in leveraging AI technology.

AI in Medical Imaging Market by End-User Segmentation

On the basis of the end-user, The AI in the medical imaging market by end-user is segmented into hospitals, diagnostic centers, and others. Hospitals are the leading segment and are expected to dominate the market because Hospitals typically handle a large number of imaging studies, which creates a significant demand for AI tools to enhance accuracy and efficiency in image analysis. Hospitals are more likely to invest in and integrate advanced technologies. Including AI to improve diagnostic accuracy, streamline workflows, and manage large volumes of patient data.

Hospitals often have dedicated budgets for adopting cutting-edge technologies to maintain high standards of patient care and stay competitive in the medical field. AI systems in hospitals help radiologists and other medical professionals with clinical decision support by providing insight that improves diagnostic accuracy and treatment planning. Hospitals frequently deal with complex cases that require advanced imaging techniques and AI assistance to provide accurate diagnoses and personalized treatment plans. Increasing demand for AI-related solutions in the form of natural language processing, machine learning, and all are the key factors behind the significant growth in the market.

Regional Outlook

On the basis of the regions, the AI in medical imaging market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. The region has well-established healthcare facilities and sophisticated imaging technologies, providing a strong foundation for AI integration. Technological advancements in the United States of America and Canada have brought a revolutionary change in medical imaging systems. Rapid adoption of new technologies and innovation is driving growth in the market significantly.

The presence of leading research institutions and universities in North America drives significant advancements in AI and medical imaging. Substantial investment from venture capital, government grants, and private funding in AI technologies and healthcare innovations. Many leading companies and startups specializing in AI in medical imaging are based in North America, contributing to the region’s market leadership. The prevalence of chronic diseases in North America drives demand for advanced diagnostic and imaging solutions. The regulatory environment in North America, particularly in the United States of America and Canada, provides clear guidelines for the development and implementation of AI technologies in healthcare.

Asia Pacific is the region with emerging economies like China and India with rapidly growing populations. A large number of people are suffering from chronic diseases in these countries, and rising healthcare expenditure is driving growth in the market. Countries like South Korea and Japan are witnessing significant growth due to the increasing number of pathologies, clinics, and medical institutes established in the region. The European market in the presence of Germany, Spain, Italy, and France is also witnessing significant growth due to the rapidly growing geriatric population.


Key Players

·         Siemens Healthineers

·         General Electric

·         Koninklijke Phillips

·         Digital Diagnostics Inc.

·         Fujifilm

·         Intel Corporation

·         Lunit Inc.

·         Digital Diagnostic Inc.

·         Arterys Inc.

·         Other Players

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