Why This Study Matters
Radiology faces a triple squeeze: rising scan volumes, stagnant radiologist head count, and fast evolving reimbursement that now rewards computer assisted detection, triage, and quantification. AI is no longer experimental; it is operational. Capital allocation is shifting, yet market signals remain noisy-valuations, attach rate assumptions, and regulatory pace vary sharply by geography and modality. Marketstrat's "World Market for AI in Medical Imaging 2025-2032" cuts through that noise and offers a single, evidence weighted source of truth.
Market Snapshot
- Market size: US $2.7 B in 2023 -> US $28.4 B in 2032 (29.9 % CAGR).
- Growth catalysts: Enterprise "AI store" deals, NTAP & CADx CPT codes, Chinese subsidies, radiologist shortages.
- Modality mix: CT & MRI account for more than 60 % of spend today; Ultrasound accelerates after 2028.
- Clinical leaders: Oncology AI overtakes Neurology by 2028; Cardiology jumps to third as structured reporting matures.
- Regional dynamics: APAC growth rate surpasses Europe after 2027; North America remains the largest revenue pool through 2032.
Key Market Trends, Regional Growth, Strategic Implications for Vendors
The integration of artificial intelligence (AI) into the realm of medical imaging has shifted from an experimental curiosity to a mainstream imperative. This transition is driven by an intersection of factors:
- Global imaging procedure volumes continue to swell-estimates suggest that about 5 billion imaging exams (all modalities combined) are performed worldwide each year, with growth particularly prominent in emerging markets.
- Regulatory frameworks are increasingly accommodating: as of mid- to late-2023, the FDA has cleared or authorized nearly 700 AI/ML devices for healthcare applications, around 76% of which are in radiology (including diagnostic, triage, and workflow support tools).
- Clinical demand outpaces supply in many health systems, with radiologist shortages creating a ripe environment for AI-based workflow enhancements.
Within this ecosystem, Marketstrat sees AI solutions tackling a multi-faceted set of challenges-ranging from improved diagnostic accuracy and early detection of pathologies to greater efficiency in managing large volumes of scans. The market's double-digit CAGR forecasts reflect both genuine optimism about AI's potential and early but tangible clinical successes, particularly in oncology, neurology, and cardiovascular imaging.
Regional Growth Pattern
Accelerating but uneven
Marketstrat's analysis shows a near-30 % global CAGR, with the market growing from US $ 2.7 B in 2023 to US $ 28.4 B by 2032. Growth is led by:
- North America - largest absolute upside. Enterprise-size platform deals, value-based reimbursement for AI-assisted reads, and an accelerating replacement cycle to fully digital detector fleets underpin adoption.
- APAC - fastest expansion in dollar terms after North America, driven by China's multi-year AI subsidy program, Japan's new CADx reimbursement codes, and rapid rollouts in India/ASEAN private networks.
- Europe - steady uplift as MDR-certified algorithms are bundled into modality upgrades and national targets for cancer screening spur demand.
- LATAM & MEA - smaller bases but attractive pockets: conditional funding for TB/lung AI in Brazil and Saudi Arabia's Vision 2030 imaging buildouts lead the way.
Strategic Implications for Vendors
- 1. Platform over point-solutions - IDNs and public systems increasingly award multi-algorithm "AI store" contracts, favoring vendors with breadth and proven cybersecurity.
- 2. Local compliance is a moat - MDR in Europe and CFDA/GB standards in China create high-cost barriers that limit opportunistic entrants.
- 3. Emerging-market pricing power will erode - cloud-first SaaS bundles and OEM-embedded licensing models are becoming prerequisites for LATAM/MEA tenders.
- 4. Clinical-workflow integration is decisive - the largest deals hinge on seamless PACS/RIS integration, structured reporting, and audit trails for AI recommendations.
Bottom line: Capital availability, regulatory clarity, and enterprise IT readiness explain the regional growth deltas. Vendors that can align commercial models to these realities will capture disproportionate share as the market approaches the US $ 28.4 B mark by 2032.
Spotlight - Oncology Imaging AI Market
Oncology is the fastest professionalizing segment in AI driven medical imaging, growing from US $ 0.6 B in 2023 to an expected US $ 7.7 B by 2032 (32.7 % CAGR). Growth is propelled by three forces:
- 1. Clinical evidence: Large prospective trials in breast, lung and colon now show greater than or equal to 10 % sensitivity gain at constant specificity, catalyzing CPT and EU screening codes.
- 2. OEM platform pull: GE HealthCare, Siemens and Fuji embed multi tumor algorithms across CT, MR and RT consoles, tripling attach rates vs stand alone tools.
- 3. Capital light challengers: Cloud native pure plays from Korea, China and Israel deliver one tenth the on prem cost, expanding TAM in price sensitive regions.
North America retains >45 % of global profit through 2032 on the back of NTAP and Category I CPT momentum, while APAC overtakes Europe on volume by 2028 amid China's Class II lung screening mandate.
Strategic moves now: align product roadmaps with the CPT calendar (breast AI 2026, CT FFR lung 2026), publish greater than or equal to 10 peer reviewed real world studies, bundle oncology modules into enterprise AI suites, and tier SaaS pricing by GDP per capita to defend mature market ASPs while scaling emerging regions. Players executing on these levers are positioned to own the next inflection point in oncology imaging AI.
Why This Report
Marketstrat's "World Market for AI in Medical Imaging 2025-2032" goes several layers deep. Our dual lens methodology reconciles top down market sizing with bottom up attach rate and ASP calculations, all stress tested against licensed expert interview transcripts. Seven proprietary frameworks-M3, TEM, ARC, GTM Growth Maturity, Platform Leverage, Ecosystem Collaboration and Solution Adoption & Growth-translate raw data into decision tools that flag not just where the money is, but how fast it can be captured and at what risk.
The result is a single source of truth for OEM strategists, pure play AI vendors, investors and hospital procurement teams who need to quantify TAM, benchmark competitors and de risk capital allocation. If your growth plan depends on accurate attach rate assumptions, reimbursement scenarios or vendor evidence scoring, this is the report that turns market noise into actionable signal.
Seven proprietary strategy lenses-M3 Matrix, TEM Map, ARC Index, GTM Growth Maturity Quadrant, Platform Leverage Strip, Ecosystem Collaboration, and Solution Adoption & Growth Matrix-translate complex datasets into board ready visuals. Volume 1 delivers the macro picture and forecasts; Volume 2 profiles 120 vendors with side by side heat maps, attach rate models, and forward scenarios. Use the insights to benchmark competitors, stress test investment theses, or de risk purchasing decisions.
Report Stats
- Volume One: 380 page global market analysis with 160+ visuals and 155+Tables
- Volume Two: 515 page vendor compendium covering 120 companies and 600+ visuals
- Segmentation depth: Forecasts cut by five imaging modalities, seven clinical application areas, five geographic regions (twelve individual countries plus regional clusters), three revenue streams, five end-use or buyer segments / organizations, six AI technology categories.
- Time frame: 2023-24 actuals with 2025-2032 outlook - Market estimates and forecasts by segment
- Key proprietary analytical frameworks: M3 Matrix (size vs CAGR hotspots), TEM Map (technology maturity), ARC Index (approvals + reimbursement + clinical evidence), GTM Growth-Maturity Quadrant (vendor trajectory), Platform-Leverage Strip (ARR stickiness), Ecosystem Collaboration, and Solution Adoption & Growth Matrix (suite depth vs scaling velocity).
- Company Briefs: 120 Company profiles with frameworks & proprietary tools (Platform Leverage Strip, Growth & Maturity Heatmap, Attach-Rate Model, Reg-P Matrix). These briefs are decision tools. Numbers are directional, normalized for comparability, and best read alongside the underpinning sensitivity tables. Marketstrat Insights highlight levers-attach rate, modality expansion, and regulatory cadence. Use the Growth & Maturity Heatmap to gauge trajectory; deploy the Marketstrat Insight scenarios to stress test your own assumptions; consult the Watch Items to track each company's execution risk.
- Intended users: OEM and pure-play AI SW companies, investors sizing attach-rate upside, hospitals vetting vendor evidence before purchase, and regulators monitoring SaMD clearance velocity.