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What Is the Current and Projected Market Size of the Artificial Intelligence in Medical Imaging Market Through 2034?
In recent times, there has been a significant expansion in the artificial intelligence in medical imaging market size. It is projected that this market will expand from $3.42 billion in 2024 to $4.44 billion in 2025 with a compound annual growth rate (CAGR) of 29.9%. The historical growth can be associated with factors such as a surge in the demand for AI-powered CT, increasing cancer prevalence, the widespread adoption of cloud computing, the growing aging population, along with the execution of supportive government initiatives.
Over the coming years, the market size of artificial intelligence in medical imaging is predicted to witness substantial growth, escalating to a staggering $13.11 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 31.1%. This projected rise during the forecast period can be ascribed to factors such as the amplified focus on reducing the burden on radiologists, an aging population, amplified investment, surge in demand for processing large and intricate datasets, and increased interest for AI-powered CT scans. The period also sees prevalent trends including the use of computer vision methods to allow AI algorithms to scrutinize medical images, technology progression in deep learning, product advancements in the realm of nuclear medicine, and emerging technologies in ultrasound systems and MRI product innovation.
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What Are the Major Market Drivers Behind the Rising Adoption of Artificial Intelligence in Medical Imaging Market?
The anticipated rise in imaging modalities is predicted to spur AI’s growth in the medical imaging market. The term ‘imaging modalities’ pertains to the various medical imaging methods employed to visualize the human body for diagnostic and treatment aims. These modalities utilize AI algorithms for image reconstruction, noise reduction, and artifact correction, thereby resulting in more precise and high-resolution CT images. For example, as stated by the National Health Service, a government department based in the UK, approximately 43.3 million imaging tests were conducted in England from April 2021 to March 2022. Moreover, nearly 3.67 million of these tests reportedly took place in March 2022. Consequently, the surge in imaging modality is fueling AI’s expansion in the medical imaging market.
Which Key Market Segments Comprise the Artificial Intelligence in Medical Imaging Market and Drive Its Revenue Growth?
The artificial intelligence in medical imagingmarket 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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Which Areas Are Leading Regions in the Artificial Intelligence in Medical Imaging Market Expansion Across the Globe?
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.
What Are the Strategic Trends Steering theArtificial Intelligence in Medical Imaging Market Direction?
Major businesses that function in the AI in medical imaging market are creating pioneering products like AI-integrated MRI systems to optimally cater to patients’ needs. An AI-integrated MRI system melds a standard Magnetic Resonance Imaging (MRI) machine with artificial intelligence (AI) innovation. For instance, in December 2023, the American medical technology enterprise, GE Healthcare, unveiled SIGNA Champion, an MRI system enhanced with AI. SIGNA Champion offers a range of AI-powered workflow attributes such as AIR Recon DL and Sonic DL, which bolster efficiency and image quality excellence irrespective of the user’s experience level. SIGNA Champion stands out with its plentiful patient space inside the bore in the face of its short scan durations.
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How Is the Artificial Intelligence in Medical Imaging Market Conceptually Defined?
Artificial intelligence (AI) in medical imaging refers to the use of artificial intelligence algorithms to analyze medical images and provide quantitative assessments of radiographic characteristics. AI can help automatically identify and categorize pulmonary nodules as benign or malignant, which is lifesaving in many patients. AI can also be used to make diagnostic predictions for brain tumors and automate radiation treatment planning.
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