Unlocking the Future of the Artificial Intelligence In Radiology Market: Growth Rate, Key Trends, and Opportunities for 2025-2034
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How has the artificial intelligence in radiology market grown in recent years?
In recent times, there has been remarkable growth in the market size for artificial intelligence in radiology. This market is projected to inflate from $2.2 billion in 2024 to $2.86 billion in 2025, with a compound annual growth rate (CAGR) of 30.2%. Factors contributing to this growth during the historic period include a surge in the amount of medical imaging data, the emergence of deep learning algorithms, the need for enhanced diagnostic precision, regulatory sanctions and standards, and an emphasis on cost-effectiveness and workflow enhancement.
How is the artificial intelligence in regtech market size expected to evolve during the forecast period?
The market for artificial intelligence in radiology is forecasted to experience a significant surge in the coming years, reaching a worth of $8.23 billion in 2029 with a compound annual growth rate (CAGR) of 30.3%. This notable growth seen in the projection period can be due to ongoing improvements in AI algorithms, incorporation with electronic health records (EHRs), broadening of AI application boundaries beyond diagnoses, image improvement backed by AI, and enhanced data exchange and interoperability. Key trends expected during the forecast period encompass telemedicine and remote healthcare services, collaborations between health and technology enterprises, technological progress in imaging techniques, quantitative imaging analysis, and automated report creation.
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Which key drivers are propelling the artificial intelligence in radiology market’s growth?
The increasing utilization of artificial intelligence (AI) in healthcare is anticipated to drive the expansion of AI in the radiology market. The impressive proficiency with which AI-based algorithms can scrutinize and understand medical images boosts radiologists’ ability to identify minor abnormalities, thereby enhancing diagnostic outcomes. The AI technologies not only simplify radiological procedures but also results in quicker and more precise diagnoses. In July 2024, as per The Health Foundation, an independent UK charity, over half the UK populace (54%) and three-fourths of polled NHS staff (76%) voiced approval for AI’s deployment in patient care. Moreover, larger percentages approved its application in administrative tasks (61% for the public and 81% for NHS staff). Accordingly, the mounting use of AI in healthcare is propelling the progression of artificial intelligence (AI) in the radiology market.
What are the market segments in the artificial intelligence in radiology industry?
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 leading companies are shaping the growth of the artificial intelligence in radiology market?
Major companies operating in the artificial intelligence in radiology market report are Microsoft Corporation, IBM Corporation, NVIDIA Corporation, Siemens Healthineers AG, Koninklijke Philips N.V, GE Healthcare Technologies Inc., Canon Medical Systems Corporation, HeartFlow Inc., Viz.ai Inc., Aidoc Medical Ltd., EnvoyAI, Butterfly Network Inc., Digital Diagnostics Inc., Caption Health, Day Zero Diagnostics Inc., Enlitic Inc., Arterys, Nano X Imaging Ltd., Subtle Medical Inc., CureMetrix Inc., AliveCor Inc., DiA Imaging Analysis Ltd., Freenome Holdings Inc., Imagen Technologies, Gleamer Ltd., Quibim, Behold.ai, Gauss Surgical Inc., 3D Systems, InformAI LLC, Intel Corporation
What key trends are currently impacting the artificial intelligence in radiology market’s development?
Key players in the artificial intelligence (AI) in radiology market are introducing novel products, like suites, to boost their market revenues. AI-based radiology suites are comprehensive systems that utilize AI to augment diagnostic accuracy and optimize medical imaging procedures, thereby enhancing efficiency and precision. For instance, Viz.ai Inc., a prominent healthcare software service company in the US, unveiled the Viz radiology suite in November 2022. This state-of-the-art solution fuses advanced FDA-endorsed algorithms to rapidly process a diverse range of medical imaging data, including CT scans, EKGs and echocardiograms. This all-encompassing AI-empowered care coordination tool not only delivers real-time insights, but also facilitates automated assessments, speeding up the diagnostic and therapeutic journey. Ultimately, this ground-breaking solution fosters improved patient results by hastening the diagnostic and remedial procedures.
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Which geographic areas are influencing the growth of the artificial intelligence in radiology market?
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.
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