Market Analysis on Artificial Intelligence in Medical Imaging Industry – Insights for Corporate Strategy and R&D
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What Is the Forecast for the Artificial Intelligence in Medical Imaging Market from 2024 to 2025?
The market size for artificial intelligence in medical imaging has seen significant growth in the past few years. It is projected to increase from $3.42 billion in 2024 to $4.46 billion in 2025, representing a compound annual growth rate (CAGR) of 30.4%. The historical growth surge is largely due to an increased appetite for AI-enabled CT scans, a rise in cancer prevalence, the growing acceptance of cloud computing, a surge in the elderly population, and the execution of supportive government actions.
What Is the Projected Market Size of the Artificial Intelligence in Medical Imaging Market?
The market space for artificial intelligence within medical imaging is anticipated to experience a rapid growth surge in the near future. The industry estimates suggest an increase to $13.16 billion in 2029 with a compound annual growth rate (CAGR) of 31.1%. Factors such as the need to reduce the workload of radiologists, an aging population, increased investments, an elevated demand for vast and intricate data sets, as well as a surge in demand for AI-optimized CT scans, are contributing to this growth during the forecast period. The upcoming trends include the use of computer vision techniques for enabling AI algorithms to examine medical images, advances in deep learning technology, product innovations like nuclear medicine, and the progressive ultrasound systems and magnetic resonance imaging product innovation.
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Who are the Major Competitors in the Artificial Intelligence in Medical Imaging Market Outlook?
Major companies operating in the artificial intelligence in medical imaging market report are Google LLC, Microsoft Corporation, IBM Watson Health, Intel Corporation, NVIDIA Corporation, Siemens Healthineers, Koninklijke Philips N.V, GE Healthcare, Agfa-Gevaert Group/Agfa HealthCare, Aidoc Medical, Arterys Inc., Lunit Inc., Butterfly Network Inc., Digital Diagnostics Inc., Caption Health Inc., EchoNous Inc., Covera Health Inc., Nanox Imaging LTD., AZmed, InformAI LLC, Avicenna AI, ImageBiopsy Lab, Nucleai, Icometrix NV., Gleamer
What Is Fueling Growth in the Artificial Intelligence in Medical Imaging Market?
The enhancement of imaging modalities is anticipated to fuel the expansion of AI in the medical imaging market. These modalities pertain to various medical imaging practices utilized for diagnostic and therapeutic visualization of the human body. AI algorithms play a significant role in these modalities by aiding in image reconstruction, reducing noise, and correcting artifacts, which results in more precise and clear CT images. For example, the National Health Service, a government department based in the UK, reported in July 2022 that 43.3 million imaging tests were conducted in England during the period from April 2021 to March 2022. In addition, approximately 3.67 million imaging tests were accounted for in March 2022 alone. Hence, the ongoing growth of the imaging modality is prompting the expansion of AI within the medical imaging market.
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Which Artificial Intelligence in Medical Imaging Market Segments Are Growing the Fastest?
The artificial intelligence in medical imaging market covered in this report is segmented –
1) By Modality: Computed Tomography (CT) Scan, Magnetic Resonance Imaging (MRI), X-rays, Ultrasound, Nuclear Imaging
2) By Technology: Deep Learning, Natural Language Processing (NLP), Other Technologies
3) By Application: Neurology, Respiratory And Pulmonary, Cardiology, Breast Screening, Orthopedics
4) By End-Use: Hospitals, Diagnostic Imaging Centers, Other End-Users
Subsegments:
1) By Computed Tomography (CT) Scan: Cardiac CT, CT Angiography, Lung CT, Abdominal CT, Head CT
2) By Magnetic Resonance Imaging (MRI): Brain MRI, Spine MRI, Musculoskeletal MRI, Abdominal MRI, Functional MRI
3) By X-rays: Chest X-rays, Dental X-rays, Mammography, Bone X-rays, Fluoroscopy
4) By Ultrasound: Abdominal Ultrasound, Cardiac Ultrasound, Obstetric And Gynecological Ultrasound, Vascular Ultrasound, Musculoskeletal Ultrasound
5) By Nuclear Imaging: Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT), Bone Scans, Thyroid Scans, Cardiac Scans
Which Industry Trends Are Shaping the Future of the Artificial Intelligence in Medical Imaging Market?
Key companies in the AI in medical imaging market are focusing on the creation of advanced products such as AI-powered MRI systems, to enhance patient care. Such systems are essentially conventional Magnetic Resonance Imaging (MRI) equipment modified with artificial intelligence (AI) capacities. For example, in December 2023, the US-based medical tech firm, GE Healthcare, introduced an AI-powered MRI system named SIGNA Champion. The system boasts a number of AI-aided workflow elements including AIR Recon DL and Sonic DL, aimed at improving efficiency and guaranteeing superior image quality irrespective of the user’s expertise. SIGNA Champion is particularly noteworthy for its ample space for patient comfort and relatively rapid scan times.
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Which Countries Are Leading the Artificial Intelligence in Medical Imaging Market?
North America was the largest region in the AI in medical imaging market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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This Report Delivers Insight On:
1. How big is the artificial intelligence in medical imaging market, and how is it changing globally?
2. Who are the major companies in the artificial intelligence in medical imaging market, and how are they performing?
3. What are the key opportunities and risks in the artificial intelligence in medical imaging market right now?
4. Which products or customer segments are growing the most in the artificial intelligence in medical imaging market?
5. What factors are helping or slowing down the growth of the artificial intelligence in medical imaging market?
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