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AI In Medical Imaging Market Size to Hit US$ 20.18 Billion by 2030

Published: Aug 10, 2022

According to Nova one advisor’s latest research report on the The global AI in Medical Imaging market gathered revenue around USD 20.18 billion by the end of 2030 and is estimated to expand at a modest CAGR of 36.9% during the prediction period 2022 to 2030.

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Emerging nations are focusing on aggregating their investments in AI that will help companies to integrate artificial intelligence with medical imaging to significantly enhance their revenue share. For instance, in July 2017, China published its next generation AI development plan. The country’s focus is to be the global leader in AI by the year 2030. The plan includes extensive government funding and investments in order to upsurge the adoption of AI solutions among organizations. This is likely to drive the AI in medical imaging market during the forecasted period.

Increase in Imaging Volumes: Key Driver of AI in Medical Imaging Market

  • Artificial intelligence is finding its way into numerous routine applications, ranging from driver assistance systems in cars and speech recognition to smart chatbots for help desks. Extraordinary results are achieved when artificial intelligence is utilized to rightly classify images.
  • Medical imaging is a significant part of healthcare and provides accurate disease diagnosis and treatment. Digital data and technology have transformed the imaging field. Therefore, the use of AI-based solutions in the healthcare sector has increased in the past few years. These factors are anticipated to drive the AI in medical imaging market in the upcoming years.
  • Earlier, few diagnostic methods were available in imaging such as palpation, while currently, numerous methods such as x-ray, CT, MRI, and (3D) ultrasound are available. Use of AI in medical imaging analysis improves accuracy, accelerates interpretation, and reduces repetition for radiologists that supports the AI in medical imaging market.

Surge in Investments in Healthcare Ecosystem to Transform AI in Medical Imaging Market

  • Increase in awareness about the benefits offered by AI technologies, and their extensive applications in the healthcare sector have led to a rise in the adoption of AI technologies for medical purposes, thus supporting AI in medical imaging market
  • Several healthcare agencies and hospitals have embraced artificial intelligence as a more desirable solution for clinical use. Leading companies in the AI in medical imaging market are extensively investing in AI technology solutions. Companies and researchers are collaborating to create effective AI-based platforms.
  • Developed countries have been facing demographic challenges, and investing in advanced and affordable healthcare systems for their people, thus driving the use of AI in medical imaging market. Such strategies prompt market players to invest in the healthcare sector and offer advanced solutions to customers, thereby strengthening their position in the AI in medical imaging market space.
  • More than US$ 2.7 Bn capital investment has been made in companies engaged in the development of AI in medical imaging from 2014 to 2021. This is expected to create opportunities in the AI in medical imaging market.

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Report Scope of the AI in Medical Imaging Market

Report Coverage

Details

Market Size

US$ 20.18 Billion by 2030

Growth Rate

CAGR of 36.9% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

 Solution, AI Technology, Image Acquisition Technology, Clinical Application, End User and Region,

Companies Mentioned

Agfa Healthcare, Ada Health GmbH, Arterys, Bay Labs, Inc. (Caption Health Inc.), Babylon, BenevolentAI, Butterfly Network, Inc., EchoNous, Inc., Enlitic, Inc., Gauss Surgical, GE Healthcare, IBM Corporation, Lunit Inc., Microsoft Corporation, NVIDIA Corporation, Philips Healthcare, OrCam, Qure.ai, Siemens Healthineers AG, Zebra Medical Vision

 

Enhanced Convenience, Precise Results Using AI Fuel Global Market for Medical Imaging

The application of artificial intelligence (AI) in medical imaging is one of the most promising areas of health and medical innovation. Certainly, AI finds various applications in medical imaging such as image acquisition, processing to aided reporting, follow-up planning, data storage, data mining, and others. In recent years, AI has shown remarkable precision and sensitivity in the classification of imaging abnormalities and ensures to improve tissue-based detection and characterization.  Machine learning (ML), a subfield of AI, incorporates computational models and algorithms that reflect the architecture of the biological neural networks in the brain. Neural network architecture is structured in layers made of interconnected nodes. Each node of the network performs a weighted sum of the input data that are consequently transferred to an activation function. The inclusion of AI in healthcare and medical imaging changed the mode of diagnostics, which contributed to the growth of the global AI in medical imaging market.

Artificial intelligence helps physicians in the execution of the image capturing procedure and grants support to diagnose these images for the diagnosis and individualized treatment of every patient. Researchers have applied AI to automatically recognize complicated patterns in imaging data and provide quantitative evaluations of radiographic characteristics. In radiation oncology, AI has been applied to several distinct image modalities that are used at various stages of the treatment. Radiomics, the extraction of a considerable number of image characteristics from radiation images with a high-throughput method, is one of the most popular research topics today in medical imaging research. Moreover, AI is an essential boosting power of processing a massive number of medical images and therefore, uncovers disease symptoms that fail to be recognized normally. Thus, the AI in medical imaging market is expected to grow during the forecast period.

Increased Use of AI for COVID-19 Related Imaging Issues Drives AI in Medical Imaging Market

The outbreak of the COVID-19 virus has widely spread all over the world since the beginning of 2020. Artificial intelligence using the deep learning technology has earned great success in the medical imaging domain due to its high ability of feature extraction. Mainly, deep learning was applied to identify and differentiate bacterial and viral pneumonia on pediatric chest radiographs. Attempts have also been made to identify various imaging features of chest CT, resulting in increased popularity for AI in medical imaging market amid the pandemic. However, with COVID-19 cases on the rise across the world, emerging AI technologies are developed to support hospitals in scaling treatment in the second wave. The COVID-19 pandemic has boosted the demand for enterprise imaging and telehealth by providing remote access to images and reports. It also highlights the significance of expanding the use of AI and machine learning in imaging, with the dual goals of improving diagnoses and improving clinician well-being and job security.

Scientists have made important additions to the campaign of fighting against COVID-19; there are increasing research findings, with each passing day, such as analysis reports and publications reported by both industrial and academic researchers. The use of Artificial Intelligence (AI) in the field of medical imaging research in disease detection and prediction has been gaining popularity. As compared to traditional image processing approaches, AI-based image analysis algorithms provide more reliable, efficient, fast, stable, and reproducible disease information. Hence, image analysis, image segmentation of infected lung areas, and analyses for clinical evaluation are the foundations of AI-based COVID-19 diagnosis procedures. These AI-based approaches have demonstrated significant commercialization potential for AI in medical imaging market during the forecast period.

Growing Inclination of Doctors toward AI-based Assistance

The increasing recognition of the advantages offered by AI techniques and their wide utilization areas have led to the adoption of AI in the healthcare and medical imaging sectors. Several key players in the AI in medical imaging market are beginning to merge or collaborate with leading AI technology providers to innovate AI-based solutions for applications in healthcare. Such approaches allow these market players to offer advanced solutions to their consumers and establish their position in this dynamic market space. Due to the expanding demand for AI-based techniques, achieving advancements are encouraging companies to gain momentum in terms of developing advanced products and tools. However, there are several areas wherein the AI technology is expected to witness a great impact. This includes enhanced diagnosis and incidental findings of images, predictive image analysis, and workflow efficiency with data analysis, report generation, and prioritization of key findings. This is likely to generate new opportunities for the players in the AI in medical imaging market.

Practitioners and radiologists consider that skills such as empathy and persuasion are humanistic skills, and thus, technologies cannot entirely rule out the presence of a specialist. Besides, there is a concern that patients may show an undue preference toward these technologies and may abandon necessary in-person methods, which might also challenge long-term doctor-patient relationships. However, presently, many healthcare experts have suspicions about the abilities of AI solutions in terms of precisely diagnosing patient conditions. Thus, it is challenging to persuade providers that AI-based solutions are cost-effective, practical, and safe solutions that offer assistance to doctors and better care for patients. Nevertheless, there is a possibility in the upcoming years that medical experts and radiologists might show more inclination toward AI-based technologies in healthcare. This is likely to prove propitious for the global AI in medical imaging market during the forecast period.

Emerging Economies Exhibit Heavy Potential to Increase on Market Share

Developing nations are focusing on aggregating their stakes in AI that will help organizations to integrate AI with medical imaging to enhance their revenue share. For instance, China aims to be the global leader in AI by the year 2030. The plan involves large government funding and investments to upsurge the adoption of AI solutions in companies. Moreover, the rising patient population in countries such as India, China, and Brazil is anticipated to offer meaningful growth opportunities for players operating in the AI in medical imaging market. The global AI in medical imaging market is projected to reach the value of US$ 20.18 Bn by 2030, expanding at a CAGR of 36.9% during the forecast period.

AI in Medical Imaging Market: Key Developments

  • Key providers of AI in medical imaging, such as Microsoft Corporation, NVIDIA Corporation, Philips Healthcare, GE Healthcare, and IBM Corporation are engaged in th integration of AI with enhancement in product offerings that helps to expand their geographic presence. Additionally, players active in providing AI in medical imaging are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisition with technology partners to improve their offerings and market reach.
  • Some of the key developments in the global AI in medical imaging market are highlighted below:
    • In June 2021, Avicenna.AI announced FDA approval to its application for CINA-LVO, CINA-ICH, and neurovascular emergencies that are accessible on the Nuance AI marketplace. This is the largest and first portal in the U.S. with one-stop access to an extensive array of AI diagnostic models within the radiology reporting platform.
    • In June 2021, Perimeter Medical Imaging AI announced complete successful technology transfer of the manufacturing process with Minnetronix Medical that will work for the development of optical coherence tomography (OCT) imaging systems
    • In June 2021, VUNO Inc., a South Korean AI organization announced a strategic partnership with Samsung Electronics for the integration of VUNO Med-Chest X-ray that is powered with AI into the GM85, a mobile digital X-ray system by Samsung. This alliance is expected to bring VUNO closer to expansion of market-ready AI applications with its accessibility to the global market.
    • In June 2020, AccentCare, a healthcare company located in the U.S. announced a partnership with Swift Medical to provide technology to thousands of healthcare providers. This will enable the officials to make quick decisions for treatments.
    • In June 2020, Visage Imaging, a subsidiary of Pro Medicus Limited, an Australian company, announced plans to sign a multi-year strategic agreement with Mayo Clinic to engage in research and develop artificial intelligence in the healthcare sector.
  • In the global AI in medical imaging market report, we have discussed individual strategies followed by company profiles of providers of AI in medical imaging. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global AI in medical imaging market.

 Some of the prominent players in the AI In Medical Imaging market include:

  • Agfa Healthcare
  • Ada Health GmbH
  • Arterys
  • Bay Labs, Inc. (Caption Health Inc.)
  • Babylon
  • BenevolentAI
  • Butterfly Network, Inc.
  • EchoNous, Inc.
  • Enlitic, Inc.
  • Gauss Surgical
  • GE Healthcare
  • IBM Corporation
  • Lunit Inc.
  • Microsoft Corporation
  • NVIDIA Corporation
  • Philips Healthcare
  • OrCam
  • Qure.ai
  • Siemens Healthineers AG
  • Zebra Medical Vision

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global AI in Medical Imaging market

Solution

  • Software Tools/ Platform
  • Services
    • Integration
    • Deployment

AI Technology

  • Deep Learning
  • Computer Vision
  • Others

Image Acquisition Technology

  • X-ray
  • Computed Tomography (CT)
  • Magnetic Resonance Imaging
  • Ultrasound Imaging
  • Molecular Imaging

Clinical Application

  • Cardiovascular
  • Neurology
  • Lung (Respiratory System)
  • Breast (Mammography)
  • Oncology
  • Pathology
  • Liver (GI)
  • Oral Diagnostics
  • Rest of Body

End User

  • Hospitals
  • R&D Centers
  • Laboratories & Diagnostic Centers

Regional Segmentation

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Middle East & Africa [GCC, North Africa, South Africa]

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Objectives of the Study

  • To define, describe, and forecast the AI In Medical Imaging market based on type, technology, application, end user, and region
  • To provide detailed information regarding the major factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of the market segments with respect to five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
  • To profile key market players and comprehensively analyze their product portfolios, market shares, and core competencies
  • To track and analyze competitive developments, such as product launches, expansions, acquisitions, agreements, and collaborations in the AI In Medical Imaging market

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