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Artificial Intelligence (AI) in Medical Imaging Market

Artificial Intelligence (AI) in Medical Imaging Market Size, Share & Trends Analysis Report

Artificial Intelligence (AI) in Medical Imaging Market Size, Share, Statistics & Trends Analysis Report By Component (Software, Services), By Technology (Deep Learning, Natural Language Processing (NLP), Others), By Application (Neurology, Respiratory and Pulmonary, Cardiology, Breast Screening, Orthopedics, Others), By Modality (CT Scan, MRI, X-rays, Ultrasound, Nuclear Imaging), By End-User (Hospitals, Diagnostic Imaging Centers, Others), Based On Region, And Segment Forecasts, 2022 – 2029

Published
Report ID : BMRC 2505
Number of pages : 300
Published Date : Jan 2023
Category : Healthcare
Delivery Timeline : 48 hrs

Global Artificial Intelligence (AI) in Medical Imaging Market is valued at USD 1.5 Billion in 2021 and is expected to reach USD 9.9 Billion by 2028 with a CAGR of 30.9% over the forecast period.

Global Artificial Intelligence (AI) in Medical Imaging Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029: The technological advancements revolutionizing AI in medical imaging is one of the primary factors expected to boost the growth of the Global Artificial Intelligence (AI) in Medical Imaging Market.

Scope-

One of the most promising areas of health and medical innovation is the use of artificial intelligence (AI) in medical imaging. Medical imaging uses AI in a variety of ways, including image capture, processing for assisted reporting, planning for follow-up visits, data management, data mining, and more. AI has demonstrated impressive sensitivity and precision in the categorization of imaging abnormalities in recent years, and it guarantees to enhance tissue-based detection and characterization.

A branch of artificial intelligence called machine learning (ML) uses computational models and algorithms that replicate the structure of the brain's organic neural networks. Layers of interconnected nodes make up the architecture of neural networks. The input values are weighted and summarized at each node in the network and then passed on to an activation function. In recent years the use of AI in healthcare and medical imaging has altered the way that diagnoses are performed.

Artificial intelligence enables medical professionals to execution of the picture acquisition process and provides assistance in the diagnosis of these images for the diagnosis and specialized care of each patient. Researchers have used AI to quantitatively assess radiographic qualities and automatically discover intricate patterns in imaging data. AI has been employed in radiation oncology to improve a number of unique picture modalities that are used at different phases of the therapy.

One of the most well-liked study subjects in medical imaging nowadays is radiation miss, which involves the high-throughput extraction of a significant number of picture attributes from radiation images. Additionally, AI plays a crucial role in the analysis of a large volume of medical photos, which reveals illness signs that would normally be missed.

COVID-19 Impact-

The COVID-19 pandemic has had a significant impact on nearly every industry worldwide, with the exception of healthcare. The delivery of medical image analysis software has also been impacted by the global supply chain disruption caused by tight restrictions on migration. The primary area in the healthcare sector where AI-enabled solutions are being developed is medical imaging.

The shifts in consumer demand, purchasing behavior, supply chain rerouting, market forces now driving AI in medical imaging, and considerable government initiatives are also noteworthy. In order to solve this crisis, some governments have also played significant roles in sustaining the use of AI-enabled imaging technologies.

The current epidemic appears to have escalated the  demand for technology and digital solutions, which is another strong signal. The impact of COVID-19 technology might be quite good in the medium to long term. 

Key Players-

Strategic collaborations with technology providers and product innovation are the main priorities for the major players competing in the sector. To further improve their position in the market, businesses are implementing tactics including mergers and acquisitions, product and service launches, agreements, joint ventures, partnerships, and expansions.

For instance, the FDA approved Philips Smart Speed AI-based software in July 2022, allowing it to provide industry-first high-speed, high-resolution MR imaging. For practically all patients suffering from a range of ailments, including those with implants (97% of clinical protocols), its broad compatibility enables faster and higher-quality scans. Additionally, the clever MR acceleration software provides 3 times faster scans, increasing the productivity of the MR department while maintaining good picture resolution.

The prominent players characterizing the competitive terrain of this market are -

  • Siemens Healthineers
  • General Electric
  • Koninklijke Philips
  • IBM
  • Agfa-Gevaert Group/Agfa Health Care
  • Arterys
  • AZmed
  • Caption Health
  • Gleamer
  • Butterfly Network

Segmentation-

By Component:

  • Software
  • Services

By Technology:

By Application:

  • Neurology
  • Respiratory and Pulmonary
  • Cardiology
  • Breast Screening
  • Orthopedics
  • Others

By Modality:

By End-User:

  • Hospitals
  • Diagnostic Imaging Centers
  • Others

By Regional & Country Level:

  • North America

    • U.S.
    • Canada
  • Europe

    • U.K.
    • France
    • Germany
    • Italy
  • Asia Pacific

    • China
    • Japan
    • India
    • Southeast Asia
  • Latin America

    • Brazil
    • Mexico
  • Middle East and Africa

    • GCC
    • Africa
    • Rest of Middle East and Africa

Market Drivers:

Technological Advancements Revolutionizing AI in Medical Imaging is Expected to Boost Artificial Intelligence (AI) in Medical Imaging Market Growth:

AI-based medical imaging systems have seen several technical improvements and are becoming highly popular in high-income nations. The creation of integrated RTI software, which can easily be integrated into imaging devices (such as MRI or CT scanners), is one of the advancements that make it possible to automate medical image processing. Other developments include the use of smartphone technology and AI in medical imaging, allowing front-line healthcare professionals to use a smartphone to do non-invasive disease screenings.

A number of radiologists throughout the world are interested in AI in medical imaging. Compared to conventional medical imaging technologies, it provides faster and more accurate findings, decreases diagnostic mistakes, and does so at a lower cost. Therefore, radiologists consider that the application of AI to medical imaging may present a huge possibility for its expansion in the coming years.

By making considerable expenditures for expanding alliances and acquisitions, multiple major, well-known firms, like GE Healthcare and Siemens Healthineers, have recently been able to boost the AI industry for medical imaging. Thermo Fisher Scientific and Paraxel are just two examples of other big healthcare-related or software firms that have begun making substantial investments in the market.

Market Restraints:

Lack of Integration and Practical Applications of Artificial Intelligence is expected to Hinder Artificial Intelligence (AI) in Medical Imaging Market Growth:

The key factors, among others, that will hinder market growth and further challenge the growth of artificial intelligence in the medical imaging market during the forecast period are an increasing lack of integration and practical applications of artificial intelligence, increasing cost, and unwillingness to adopt these systems.

Geography Analysis:

North America is expected to Capture a Major Share of the Global Artificial Intelligence (AI) in Medical Imaging Market:

In 2022, North America held a 44.0% revenue share, dominating the market owing to its technologically advanced equipment and high per capita income. In addition, the market for AI in medical imaging has been driven by the existence of several market players and favorable government regulations in the region. For instance, Avicenna, which is accessible on the Nuance AI marketplace, gained FDA clearance for CINA-LVO, CINA-ICH, and neurovascular emergency applications in June 2021. It offers a particular point of access to the radiology platform's extensive collection of AI diagnostic models.

Asia Pacific Artificial Intelligence (AI) in Medical Imaging Market Is Expected to Grow at A Considerable Pace Over the Forecast Period:

Asia Pacific is anticipated to see the quickest growth rate throughout the projection period owing to the widespread use of cutting-edge technology, improved network connection, and expanded government initiatives. The exponential growth in investment, the rise of artificial intelligence (AI)-using businesses, especially in China and India, and the huge potential for AI to reduce the region's healthcare infrastructure gap by enhancing picture quality is further driving the market in the region.

For instance, to enhance the accuracy of diagnoses and advance treatment, ThinkCyte, an AI-based medical imaging business, and Sysmex Corporation joined together in May 2021. Both businesses are also attempting to create cutting-edge testing and diagnostic methods. These innovations have significant clinical benefits. Meanwhile, digitization is speeding up in the healthcare industry, including robotic testing and medical image processing powered by AI. 

News-

  • September 2021, in order to solve the severe radiologists’ shortage, GE Healthcare presented its next-generation, cloud-based Picture Archive and Communication System (PACS). The demand for imaging scans is rising, which has put more burden on radiology departments. The revolutionary Edison True PACS system provides AI-enabled decision support to help radiologists handle heavier workloads, make examinations more complicated, and boost diagnostic precision.
Report Analysis Details
Historical data 2016 - 2021
Forecast Period 2022 - 2029
Market Size in 2021: USD 1.5 Billion 
Base year considered 2021
Forecast Period CAGR %:

30.9%

Market Size Expected in 2028: USD 9.9 Billion 
Tables, Charts & Figures: 175
Pages 300
Companies Siemens Healthineers, General Electric, Koninklijke Philips, IBM, Agfa-Gevaert Group/Agfa Health Care, Arterys, AZmed, Caption Health, Gleamer, and Butterfly Network
Segments Covered By Component, By Technology, By End-User, By Application, By Modality
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
SUMMARY
VishalSawant
Vishal Sawant
Business Development
vishal@brandessenceresearch.com
+91 8830 254 358
Segmentation
Segments

By Component:

  • Software
  • Services

By Technology:

  • Deep Learning
  • Natural Language Processing (NLP)
  • Others

By Application:

  • Neurology
  • Respiratory and Pulmonary
  • Cardiology
  • Breast Screening
  • Orthopedics
  • Others

By Modality:

  • CT Scan
  • MRI
  • X-rays
  • Ultrasound
  • Nuclear Imaging

By End-User:

  • Hospitals
  • Diagnostic Imaging Centers
  • Others
Country
Regions and Country

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherlands
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of MEA
Company
Key Players
  • Siemens Healthineers
  • General Electric
  • Koninklijke Philips
  • IBM
  • Agfa-Gevaert Group/Agfa Health Care
  • Arterys
  • AZmed
  • Caption Health
  • Gleamer
  • Butterfly Network

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