The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Artificial Intelligence (AI) Radiology Tool Global Market Report 2024, the artificial intelligence (AI) radiology tool market is expected to show significant growth in the forecast period.

• The artificial intelligence (AI) radiology tool market is experiencing rapid expansion.
• In 2023, the market size reached $1.26 billion and is projected to grow to $1.48 billion by 2024, reflecting a compound annual growth rate (CAGR) of 17.8%.
• Factors driving this growth include governmental support, AI integration in radiology for increased accuracy, and a shift toward personalized and precision medicine.

Future Projections: Continued Market Expansion

• The AI radiology tool market is expected to continue its robust growth trajectory.
• By 2028, the market size is projected to reach $2.88 billion, with a CAGR of 18.1%.
• Key growth drivers during this period include the rising demand for efficient diagnostic solutions, advancements in technological infrastructure, and increasing adoption of AI in healthcare.

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Personalized Medicine as a Key Growth Driver

• The shift toward personalized medicine, which tailors treatment to individual patient characteristics, is a significant factor propelling market growth.
• AI radiology tools play a crucial role in personalized medicine by offering precise diagnostics, predictive analytics, and integration with genomic data.
• The approval of 16 novel personalized therapies in 2023 by the FDA highlights the growing importance of this approach in healthcare.

Major Players and Market Innovations

• Leading companies in the AI radiology tool market include Google LLC, Samsung Electronics, Microsoft Corporation, Intel Corporation, and GE HealthCare.
• These companies are driving market growth through the development of advanced AI platforms and solutions.
• For example, in November 2023, Radiology Partners launched RPX AI, a cloud-based platform designed to enhance diagnostic capabilities by integrating AI algorithms with medical imaging data.

GE HealthCare’s Strategic Acquisition

• GE HealthCare’s acquisition of MIM Software in April 2024 is a strategic move to enhance its AI solutions and streamline healthcare workflows.
• MIM Software’s AI-driven imaging solutions strengthen GE HealthCare’s ability to deliver precision care and improve patient outcomes.
• This acquisition reflects the ongoing trend of consolidation in the AI radiology tool market, as major players seek to enhance their technological capabilities.

Market Segmentation and Regional Insights

• The AI radiology tool market is segmented by type into Diagnostic Radiology and Interventional Radiology.
• Applications include Eye Care, Oncology, Radiology, Cardiovascular, and Pathology.
• End-users range from clinics and hospitals to diagnostic centers.
• North America was the largest region in the AI radiology tool market in 2023, driven by technological advancements and strong demand for precision diagnostics.

Conclusion

• The AI radiology tool market is poised for significant growth, driven by the increasing demand for personalized medicine and advancements in AI technology.
• Major companies are leading the charge with innovative platforms and strategic acquisitions, positioning the market for continued expansion.
• As the market evolves, AI-driven diagnostic solutions will play an increasingly vital role in enhancing healthcare outcomes.

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