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Discover trends, market shifts, and competitive outlooks for the artificial intelligence in radiology industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
What is the Projected CAGR for the Artificial Intelligence In Radiology Market Size from 2025 to 2034?
In recent times, the market size for artificial intelligence in radiology has exhibited exponential growth. It is projected to expand from $2.2 billion in 2024 to $2.86 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 30.2%. The substantial growth witnessed during the historical period can be tied to the expanding volume of medical imaging data, the emergence of deep learning algorithms, the rising demand for enhanced diagnostic precision, compliance with regulatory approvals and standards, and an emphasis on cost efficiency and refining workflow.
The market for artificial intelligence applied in radiology is set to witness significant expansion in the forthcoming years, reaching a staggering $8.23 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 30.3%. This predicted growth during the forecast period is linked to ongoing improvements in AI algorithms, synergy with Electronic Health Records (EHRs), the broadening applications of AI beyond just diagnosis, AI-enabled image augmentation, improved interoperability, and data exchange. Noteworthy trends for the forecast period include remote healthcare and telemedicine, cooperation between healthcare and technology businesses, advancements in imaging science, quantitative imaging analytics, and automated report preparation.
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What Are the Core Market Drivers Propelling Growth in the Artificial Intelligence In Radiology Industry?
The expanding usage of artificial intelligence (AI) in the healthcare sector is projected to fuel the advancement of AI in the radiology market in the future. AI-driven algorithms have shown an extraordinary ability to scrutinize and understand medical images accurately, assisting radiologists in identifying minor anomalies and enhancing the overall diagnostic results. The agility and speed provided by AI technologies not only optimize radiological procedures but also result in quicker and more precise diagnoses. For example, in July 2024, as per The Health Foundation, an independent charity based in the UK, over half (54%) of the UK public and three-quarters (76%) of the surveyed NHS staff supported the implementation of AI in patient care, with even higher percentages advocating its application for administrative responsibilities (61% of the public and 81% of NHS staff). Consequently, the expanding usage of AI in the healthcare sector is steering the advancement of artificial intelligence (AI) in the radiology market.
How Is the Artificial Intelligence In Radiology Market Segmented?
The artificial intelligence in radiology market covered in this report is segmented –
1) By Solution Type: AI Software, AI Hardware
2) By Modality: Computed Tomography (CT), Magnetic Resonance (MR), X-Ray, Mammography, Ultrasound (US), Other Modalities
3) By Application: Neurology, Chest And Lung, Musculoskeletal, Abdomen, Cardiology, Other Applications
4) By End-User: Hospitals, Diagnostic Imaging Centers, Other End-Users
Subsegments:
1) By AI Software: Image Analysis Software, Workflow Optimization Software, Radiology Reporting Software, Decision Support Systems, Predictive Analytics Tools
2) By AI Hardware: Imaging Devices, Servers And Computing Infrastructure, Robotics For Automated Imaging, Workstations For Radiologists, Wearable Devices For Patient Monitoring
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Which Regions Are Driving the Next Phase of the Artificial Intelligence In Radiology Market Growth?
North America was the largest region in the artificial intelligence in radiology market in 2024. The regions covered in the artificial intelligence in radiology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Key Market Trends and Innovations Are Shaping the Future of the Artificial Intelligence In Radiology Industry?
Top-tier firms in the AI in radiology market are introducing innovative products like suites to enhance their market profitability. AI-enabled radiology suites are consolidated systems that use artificial intelligence to elevate diagnostic capabilities and streamline workflows in the field of medical imaging, thereby boosting accuracy and efficiency. A case in point is the Viz radiology suite launched by Viz.ai Inc., a U.S.-based healthcare software service company, in November 2022. The suite serves as a next-gen solution that incorporates sophisticated FDA-approved algorithms to quickly process a variety of medical imaging data such as CAT scans, EKGs, and echocardiograms. This extensive AI-driven care coordination solution doesn’t just deliver real-time insights, it also automates evaluations, speeding up the diagnosis and treatment procedures. In essence, this revolutionary solution aids improved patient outcomes by hastening the diagnostic and treatment pathway.
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How Is the Artificial Intelligence In Radiology Market Defined and What Are Its Core Parameters?
Artificial intelligence (AI) in radiology refers to the application of artificial intelligence technologies, such as machine learning and image analysis algorithms, to enhance diagnostic accuracy and efficiency in medical imaging interpretation. AI techniques provide quantitative measurements and analysis of imaging data, offering more precise and objective information about the characteristics of tissues and structures.
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