Artificial Intelligence in Radiology Market is valued at USD 53.9 Million in 2021 and expected to reach USD 461.1 Million by 2028 with a CAGR of 35.9% over the forecast period.
Increasing adoption of new technologies and smart solutions with the help of artificial intelligence is the next revolution in patient care driving the market growth.
Artificial intelligence also known as machine intelligence is a branch of computer science that works to create intelligent machines. The use of artificial intelligence has been rapidly progressing in medicine, particularly in radiology. In radiology, it is used to identify the onset of diseases at early stage and enable to plan the treatment for long term needs and offer the highest level of accuracy. AI is used in medical field as clinical decision support and information management (for both physician as well as patients) and can modify the practice of radiology in processes such as detection & prioritization, monitoring & registration, image acquisition and reporting. This technology can be used to analyze medical imaging solutions to identify most effective solution for acute abnormalities across both human as well as animal bodies. It can add a layer of precision and consistency to the search for anomalies if something goes unnoticed. Time sensitive cases like stroke treatments can be diagnosed faster by operating AI systems. The challenges in this field now become identifying opportunities for reducing inefficiencies in radiology workflow through AI integration.
Artificial intelligence in radiology market report is segmented on the basis of radiology type, application, technique and region & country level. Based upon radiology type, artificial intelligence in radiology market is segmented into mammography, chest imaging, neurology, colonography, cardiovascular, head CT scan and rest of the body. Based on application, the market is segmented into computer-aided diagnosis, clinical decision support, quantitative analysis tools, and computer-aided detection. Based upon technique, artificial intelligence in radiology market is segmented into x-rays, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, potential emission tomography (PET) and others.
The regions covered in this artificial intelligence in radiology market report are North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. On the basis of country level, the market of artificial intelligence in radiology is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
The artificial intelligence in radiology market is driven by the factors such as use of machine learning technology in diagnostic imaging along with the increasing use of quantitative imaging and biomarkers imaging in clinical practices. Apart from making radiologists more productive and efficient, AI and machine learning are likely to improve the experience of patients throughout imaging process. Market players are coming up with new image acquisition hardware along with embedded AI technologies. Core structure such as computing and storage devices, networking has also improved in performance with current technical advancements. Additionally, increase in the use of AI beyond image analysis like practice management, quality assurance and improvements in the performance of deep learning algorithms over early generation of AI are the factors that are also supporting the market growth. However, the factors such as slow regulatory approval process, lack of real-world confirmation to validate the economic benefits and the return on investment, and long sales & implementation cycles may hamper the market growth.
Moreover, offering speed, accuracy and quality of image interpretation and diagnosis in radiology creating new revenue opportunities for the market. Also, advances in computing and rapid changes in medical industry accelerating the innovations and huge R&D developments are fuelling the future growth of the market.
The artificial intelligence in radiology market by region is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America has captured the largest market share and is expected to continue the same over the forecast period owing to the well-established healthcare and medicine systems that supports the use of new technologies in this region. Startups receiving the most investors’ attention in AI due to which the market in North America is anticipated to observe high growth. The national institutes of health (NIH) held a workshop to explore the future of AI in medical imaging in which they found imaging research laboratories are swiftly generating machine learning systems that achieve expert human performance using open source methods and tools shows R&D developments in North America. Asia-Pacific countries are expected to show fast growth in the forthcoming years because of the growing technologies in imaging and biotechnology sectors and Government initiatives & increasing healthcare expenditures. In addition to this, presence of large number of patients and population pool will foster the market growth in this region within the forecast period. Based on the size of its population and huge volume of accessible digital medical data, china has significant advantage in developing medical AI and thus emerging as a popular hub for healthcare AI in radiology.
|Historical data||2015 - 2020|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 53.9 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 461.1 Million|
|Tables, Charts & Figures:||175|
|Artificial Intelligence Radiology Companies||Enlitic, Inc., EnvoyAI, Gleamer Ltd., IBM Corporation, Siemens Healthineers, General Electric, Koninklijke Philips, Agfa-Gevaert Group/Agfa Health Care, AZmed, and others.|
|Segments Covered||By Radiology Type, By Application, By Technique|
|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|
Some major key players for artificial intelligence in radiology market are
Middle East and Africa