Artificial Intelligence (AI) in Radiology Market Size to Surpass Around USD 517.8 Million by 2030

According to Vision Research Reports, the global artificial intelligence (AI) in radiology market size was reached at USD 55.7 million in 2021 and is projected to surpass around USD 517.8 million by 2030, registering growth at a CAGR of 36.7% from 2022 to 2030.

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.

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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.

Scope of The Report

Market Dynamics

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.

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The Global Artificial Intelligence (AI) In Radiology Market report provides full coverage of the companies’ data, including details about their production and manufacturing capacity, product portfolio, business overview, revenue, gross profit margins, sales network and distribution channel, financial standing, and market position. The report also studies business strategies and strategic alliances undertaken by companies to gain a robust footing in the market. The report sheds light on the mergers and acquisitions, collaborations, joint ventures, brand promotions and product launches, agreements and partnerships, and corporate and government deals. The comprehensive analysis of the competitive landscape offers the readers a deeper understanding about the competitors.

The report further offers a complete value chain analysis along with an analysis of the downstream buyers and upstream raw materials. The study focuses on global trends, regulatory frameworks, and macro- and micro-economic factors. The report also provides an extensive analysis of the segment and sub-segmented expected to dominate the market over the projected period. The report offers a forecast estimation of the market with regards to the analysis of the market segmentation, including product type, end-user industries, application spectrum, and other segments.

Regional Analysis

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.

Recent Developments

March 2022- Mayo Clinic has recently announced the launch of its artificial intelligence startup program with four early-stage health tech companies. Mayo Clinic Platform_Accelerate, a 20-week program, focuses on helping AI-based startups get market-ready by providing access to Mayo Clinic experts in regulatory, clinical, business, and technology domains, emphasizing AI model validation and clinical readiness.

March 2022- Aimpoint Digital happily announced that Aimpoint Labs’s new venture is now fully functional. Well-reputed data and analytics consulting and solutions development firm, Aimpoint Digital is focused on assisting businesses to grow into analytics-driven organizations by obtaining tangible value from data.

Key Players

• AI Technologies Ltd.
• Enlitic, Inc.
• EnvoyAI
• Freenome Inc.
• Gleamer Ltd.
• IBM Corporation
• others

Market Segmentation

By Radiology Type

• Mammography
• Chest Imaging
• Neurology
• Colonography
• Cardiovascular
• Head CT Scan
• Rest of the body

By Application

• Computer-aided Diagnosis
• Clinical Decision Support
• Quantitative Analysis Tools
• Computer-aided Detection

By Technique

• X-rays
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Ultrasound
• Positron Emission Tomography (PET)
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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