Key Trends and Insights into the Artificial Intelligence in Medical Imaging Market: Growth Rate and Opportunities to 2034
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What key factors are powering the surge in the artificial intelligence in medical imaging market right now?
The market for artificial intelligence in medical imaging has seen substantial growth in the last few years. The market, which is expected to balloon from $3.42 billion in 2024 to $4.46 billion in 2025, comes with a compound annual growth rate (CAGR) of 30.4%. The historic period saw growth attributed to increased interest in AI-driven CT, an uptick in cancer prevalence, greater adoption of cloud computing technology, an aging population, and the application of government initiatives that support this growth.
How fast Is the artificial intelligence in medical imaging market expected to grow, and what’s its future value?
The market for artificial intelligence in medical imaging is predicted to witness a considerable expansion over the coming years, with a projected growth rate of 31.1% carrying it to reach $13.16 billion by 2029. The predicted growth during this forecast period is primarily attributed to the escalating efforts to reduce the workload on radiologists, surging investments, and a growing demand for handling large and complex data sets. Other contributing factors include an increasing requirement for AI-powered CT scans, and the surge in the elderly population. Trending advancements in the forecast period consist of the utilization of computer vision techniques to aid AI algorithms in analyzing medical images, progression in deep learning technology, product innovations like nuclear medicine, and advances in ultrasound systems and MRI product innovation.
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What are the leading drivers of growth in the artificial intelligence in medical imaging market?
The surge in imaging modalities is believed to fuel the expansion of AI in the medical imaging market. These imaging modalities are diverse medical imaging techniques utilized for both diagnostic and therapeutic visualization of the body. AI algorithms play a crucial role in image reconstruction, noise diminution, and artifact rectification, resulting in crisper, more precise CT images. For example, the National Health Service, a government department based in the UK, noted that 43.3 million imaging tests were administered in England from April 2021 to March 2022, as per the data of July 2022. Moreover, approximately 3.67 million imaging tests were recorded to have been conducted in March 2022 alone. As a result, the increasing utilization of imaging modality is spearheading the expansion of AI in the medical imaging market.
What are the key segments defining the artificial intelligence in medical imaging market?
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
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Who are the key players steering the development of the artificial intelligence in medical imaging market?
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 emerging trends are influencing the growth of the artificial intelligence in medical imaging market?
Leading firms in the AI in medical imaging market are introducing innovative offerings such as AI-enabled MRI systems, designed to enhance patient care. An AI-enabled MRI system is a traditional Magnetic Resonance Imaging (MRI) device that is augmented with artificial intelligence (AI) capabilities. For example, in December 2023, US-based medical technology firm GE Healthcare launched an AI-enabled MRI system called SIGNA Champion. The system boasts several AI-based workflow features such as AIR Recon DL and Sonic DL, which aim to boost efficiency and provide superior image quality for users regardless of their level of experience. SIGNA Champion uniquely blends ample patient clearance within the bore and shorter scanning periods.
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Which regions are most influential in expanding 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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