The Global AI in Medical Imaging Market size was USD 1.21 billion in 2021 and it is expected to grow to USD 16.85 billion in 2030 with a CAGR of 35.12% in the 2022-2030 period.
Global AI Medical Imaging Market: Overview
The AI in medical imaging market refers to the use of artificial intelligence technology in the field of medical imaging, such as X-rays, CT scans, and MRIs, to improve diagnosis and treatment outcomes. Key applications include image analysis, computer-aided diagnosis, and disease prediction. The market is expected to grow rapidly due to increasing demand for efficient and accurate medical imaging analysis, a growing aging population, and advancements in AI technology.
Rising demand for efficient and accurate medical imaging analysis, growing aging population, advancements in AI technology, increased adoption of electronic health records, government support for the integration of AI in healthcare, growing need for cost-effective solutions, shortage of radiologists and other medical imaging specialists are some market growth drivers. However, high cost of implementation and maintenance, data privacy and security concerns, lack of specialized AI personnel, limited awareness and understanding of AI technology in the medical industry are some restraints. The market is divided into five key geographic regions across the globe to offer analysis in terms of revenue and market contribution. Selected company profiles are also mentioned along with recent developments.
Key Insights
- As per the analysis done by our research analyst, the Global AI in Medical Imaging Market is estimated to grow with a CAGR of 35.12% over the forecast period (2022-2030).
- In terms of revenue, the Global AI in Medical Imaging Market size was valued at USD 1.6 billion in 2022 and is estimated to grow to around USD 16.85 billion in 2030.
- Medical imaging is important in healthcare because it allows for precise illness diagnosis and management. The photographic industry has been transformed by technology and digital data. As a result, the adoption of AI-based solutions in the healthcare industry has grown in recent years.
- The use of AI in imaging analysis to increase accuracy, speed up interpretation, and decrease repetition for radiologists is driving the market for AI in medical imaging.
- By technology, the deep learning segment held the largest share of over 56.9% in 2021
- Based on the Component Segmentation, the services sector will hold a major share in the market growth.
- Based on the Application, neurology segment is expected to dominate the market due to increased use of AI in neurology as it allows higher accuracy, and better patient care.
- Based on modality, the CT scan segment has accounted highest revenue share of around 34.8% in 2021.
- By End-User, the hospital segment dominated the market with a revenue share of more than 50% in 2021 and is expected to expand at the fastest CAGR during the forecast period.
- By Regional Analysis, North America Accounted for a major share of the market in 2022 due to the technologically advanced infrastructure.
COVID-19 Impact:
The COVID-19 pandemic has greatly impacted the AI in medical imaging market. The demand for medical imaging has increased due to the large number of patients requiring diagnosis and treatment for COVID-19. AI-powered medical imaging systems have been widely adopted to assist in the diagnosis of COVID-19, resulting in a surge in demand for such systems. Additionally, the COVID-19 pandemic has accelerated the adoption of telemedicine and remote patient monitoring, which rely heavily on medical imaging. This has further fueled the demand for AI in medical imaging. On the other hand, the pandemic has also disrupted the supply chain of AI in medical imaging, leading to a shortage of components and materials needed for manufacturing. This has temporarily hindered the growth of the market.
AI in Medical Imaging Market Dynamics:
Driving factors:
Rising Demand for Accurate and efficient imaging techniques: The demand for efficient and accurate medical imaging analysis has increased due to the growing need for early and accurate diagnosis of diseases. AI technology can assist healthcare professionals in interpreting complex medical images, reducing the risk of misdiagnosis and improving patient outcomes. Additionally, AI-powered medical imaging systems can provide quick and accurate results, reducing the turnaround time for diagnosis and treatment. This has led to an increase in demand for AI in medical imaging and is a major driver of growth in the market.
Increased Adoption of Medical Health Records: The increased adoption of electronic health records (EHRs) is another driver of growth in the AI in the medical imaging market. EHRs are digital versions of a patient's paper-based medical history and provide a comprehensive view of a patient's health information. AI technology can be used to analyze and extract meaningful insights from vast amounts of data stored in EHRs. This information can be used to support clinical decision-making, improve patient outcomes, and reduce healthcare costs. The integration of AI in EHRs has led to increased demand for AI in medical imaging and is expected to drive growth in the market.
Shortage of Radiologists & Other Imaging Professionals: There is a shortage of radiologists and other medical imaging professionals, which is a driver of growth in the AI in medical imaging market. This shortage has led to a growing demand for AI-powered solutions that can assist healthcare professionals in interpreting complex medical images and reducing the risk of misdiagnosis. AI technology can help overcome the shortage of medical imaging specialists by providing quick and accurate results, reducing the workload of existing professionals, and allowing non-specialists to perform image analysis with greater accuracy. This has led to an increase in demand for AI in medical imaging and is expected to drive growth in the market.
Restraints:
Privacy and Security Concern in Storing Medical Imaging Data: Medical imaging data is considered highly sensitive and personal information, as it often contains detailed images of the body. As a result, the storage and handling of this data is subject to strict regulations and laws, such as the Health Insurance Portability and Accountability Act (HIPAA) in the US.
There are concerns over the privacy and security of medical imaging data, including unauthorized access, theft, and loss of data. The data may also be vulnerable to hacking, malware attacks, and other forms of cybercrime. To mitigate these risks, healthcare organizations must implement robust security measures such as encryption, secure data storage, and access controls to protect sensitive patient information. Additionally, healthcare providers must comply with regulations and industry standards for data privacy and security, to ensure the protection of patient information and maintain trust in the healthcare system.
AI in Medical Imaging Market: Opportunities
The increasing demand from emerging countries such as India, Brazil and Mexico offers opportunities for the key players in terms of agreements, acquisitions, and partnerships with local players.
AI in Medical Imaging Market Scope:
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Attribute
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Details
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Market Size in 2021
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USD 1.21 billion
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Estimated Market Size in 2030
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USD 16.85 billion
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CAGR Growth Rate
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35.12%
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Base Year
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2021
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Forecast Years
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2022-2030.
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Companies Covered
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- General Electric
- Philips
- Medtronic
- IBM Corporation
- Siemens
- Agfa-Gevaert Group/Agfa HealthCare
- Arterys
- AZmed
- Butterfly Network
- Caption Health
- GLEAMER
- Mediaire
- MEDO
- Nanox Imaging
- Paige AI
- Perimeter Medical Imaging AI
- Predible Health
- 1QB Information Technology,
- QLARITY IMAGING
- Viz.ai
- VUNO
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Report Coverage
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Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
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AI in Medical Imaging Market: Segmentation
- Based on Component: Based on Component, the market is further segmented into Software/ Platform, and Services. Of these the services segment will be a dominant one.
- By AI Technology: The market is segmented into Deep Learning, NLP (Natural Language Processing). the deep learning segment has captured revenue share of around 56.9% in 2021. The NLP segment is anticipated to grow at the fastest CAGR from 2022 to 2030. NLP technology uses a computer program that understands and presents data in the form of current human language, images, and text.
- Based on Application: The market is further segmented into Orthopedic, Oral Diagnostics, Neurology, Cardiology, Oncology, Digital Pathology, Breast (Mammography), and Others. Due to the increased use of AI in neurology, which enables higher accuracy, better patient care, and high efficiency, the neurology segment held the largest share of 38.02% in 2021. AI is also used in neuro-vascular disease detection, neuro-oncology, neurosurgery, and the detection of traumatic brain injury. The oncology market is also expected to grow in popularity as more people become aware of cancer and its rising prevalence in the general population.
- By Modality: By imaging type the market is segmented into X-Ray, CT scan, MRI, Ultrasound Imaging, and Molecular Imaging. Due to the higher standard method of imaging for many clinical results, the CT scan segment held the largest revenue share of more than 34.8% in 2021. The X-ray segment is anticipated to reach at a strongest CAGR from 2022 to 2030. The main factor driving the segment is the increased use of interventional x-ray equipment, such as C-arms and others, for image-guided surgeries.
- By End-User: The market is segmented into Hospitals and Healthcare Providers, Research Laboratories & Diagnostic Centers, Pharmaceuticals and Biotechnology Companies, and others. The market is dominated by the Hospitals and Healthcare Providers segment and is expected to expand at the fastest CAGR during the forecast period. hospitals are omnipresent and easily accessible hence, many patients like hospitals.
Regional Insights:
North America dominate AI in the medical imaging industry with a revenue share of 45.0% in 2022 Because of their advanced healthcare systems and high levels of disposable income. Furthermore, the presence of a large number of market players in the region, as well as supportive government regulations, are driving the market for AI in medical imaging. Asia Pacific is expected to grow at the fastest rate during the forecast period due to widespread adoption of advanced technologies, improved network connectivity, and increased government initiatives. Furthermore, the market is expanding due to rapidly modernising healthcare infrastructure in Asian countries such as China, Indonesia, and India
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Competitive Analysis:
Key player operating in the global AI in Medical Imaging market are General Electric, Philips, Medtronic, IBM Corporation, Siemens, Agfa-Gevaert Group/Agfa HealthCare, Arterys, AZmed, Butterfly Network, Caption Health, GLEAMER, Mediaire, MEDO, Nanox Imaging, Paige AI, Perimeter Medical Imaging AI, Predible Health, 1QB Information Technology, QLARITY IMAGING.
Recent Developments:
- July 2022: In July 2022, Siemens Healthineer a subsidiary of Siemens secured clearance from FDA for MR Scanner MAGNETOM Free.Star. The product helps users to actively perform medical examinations using myExam Companion AI.
Segment Covered in the Report
By Component
- Software Tools/ Platform
- Services
By AI Technology
- Deep Learning
- Natural Language Processing (NLP)
- Others
By Modality
- X-rays
- CT Scan
- MRI
- Ultrasound Imaging
- Molecular Imaging
By Application
- Orthopedic
- Oral Diagnostics
- Neurology
- Cardiology
- Oncology
- Digital Pathology
- Breast (Mammography)
- Other
By End-User
- Hospital and Healthcare Providers
- Patients
- Pharmaceuticals and Biotechnology Companies
- Research Laboratories & Diagnostic Centres
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Frequently Asked Questions (FAQs):
What will be the CAGR of global AI in medical imaging market?
The global AI in medical imaging market is poised to grow at a CAGR of 35.12% from 2022 to 2030.
What is the AI in medical imaging market size?
The global AI in medical imaging market size was accounted at USD 1.21 billion in 2021 and it is expected to reach around USD 16.85 billion by 2030.
What are the key factors driving the market?
The expands care models in the healthcare sector is the main driving factors of the AI in medical imaging market. Another key factor driving the market growth include the increasing number of diagnostic procedures. AI-driven medical imaging offers earlier detection, better diagnostic results, and personalized care for patients.
Which region will lead the AI in medical imaging market?
North America region will lead the AI in medical imaging market in the forecast period.
Who are the prominent players operating in the AI in medical imaging market?
General Electric, Philips, Medtronic, IBM Corporation, Siemens, Agfa-Gevaert Group/Agfa HealthCare, Arterys, AZmed, Butterfly Network, Caption Health, GLEAMER, Mediaire, MEDO, Nanox Imaging, Paige AI, Perimeter Medical Imaging AI, Predible Health, 1QB Information Technology, QLARITY IMAGING.