Artificial Intelligence in Medical Imaging Market Forecasts to 2030 - Global Analysis By Deployment Mode, Solution, Technology (Deep Learning, Natural Language Processing and Other Technologies), Imaging Mode, Application, End User and By Geography

According to Stratistics MRC, the Global Artificial Intelligence (AI) in Medical Imaging Market is accounted for $1.77 billion in 2023 and is expected to reach $10.25 billion by 2030 growing at a CAGR of 28.5% during the forecast period. Artificial intelligence (AI) in medical imaging refers to the application of AI techniques to a variety of imaging modalities, including ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and X-rays, to improve and automate the processing of medical images. It involves analyzing and extracting significant information from medical images using sophisticated algorithms and machine learning models in order to aid in the recognition, diagnosis, and treatment of a variety of illnesses and ailments.

According to the American Cancer Society, a total of 236,740 new cases of lung and bronchus cancer are estimated this year in the United States.

Market Dynamics:

Driver:

Increase in AI-Powered medical imaging start-ups

The market for medical imaging is being driven by AI in the current scenario. This is because the software gives doctors a benefit by making it possible for them to diagnose illnesses much more quickly and enable earlier intervention. Additionally, new AI-driven start-ups are putting an emphasis on and adding sophisticated features to AI medical imaging solutions. To advance AI in medical imaging, it is also necessary to increase funding and investment in the field. For instance, Lithuania's oxipit.ai raised USD 4.9 million in funding in January 2023 to develop fully autonomous AI medical imaging and broaden the market in new regions. Thus, market growth is being driven by the rising number of AI-driven start-ups globally and the rising funding for the development of fully autonomous AI medical imaging tools.

Restraint:

Increasing cost of AI in medical imaging

The market's growth is constrained by the high cost of various artificial intelligence techniques used in medical imaging samples and other equipment for diagnosing many diseases. The majority of hospitals and research institutions in underdeveloped and developing nations are currently unable to afford the higher costs associated with the R&D of artificial intelligence in medical imaging. These factors thus inhibit market growth.

Opportunity:

Implementation of AI-based computer vision models in healthcare

In the upcoming years, it is anticipated that advanced AI tools and technology will significantly change the healthcare and radiology industries. Companies involved in the current AI in the medical imaging industry anticipate that the adoption of AI in the medical field, particularly in radiology, will present a wide range of opportunities. Moreover, the growing disparity between the rising number of scans and the number of available radiologists who can read data is a major factor that will aid in the adoption of AI in the medical imaging market.

Threat:

Security concerns and stringent regulations

Data breaches or unauthorized access to patient data could hinder the widespread use of AI in the medical imaging industry. Finding a balance between data accessibility and privacy will be difficult for market participants. Additionally, AI must adhere to rules and legal requirements before it can be used in medical imaging. Strict regulations, such as those set forth by governing bodies and medical device authorities, must be followed in the development and application of AI algorithms for medical applications. Such aspects limit the market from expanding.

COVID-19 Impact:

The COVID-19 pandemic has had a significant impact on nearly every industry worldwide, with the exception of healthcare. The primary area in the healthcare sector where AI-enabled solutions are being developed is medical imaging. Due to the widespread use of COVID-19 for imaging infectious and lung diseases, radiology has seen a significant increase in use in many hospitals. A strong correlation exists between the pandemic and the increased demand for technology and digital solutions. The impact of COVID-19 technology could be very positive in the medium to long term.

The X-rays segment is expected to be the largest during the forecast period

During the forecast period, the X-ray segment is anticipated to hold the largest market share. The demand for AI in X-ray modalities has increased due to its high accuracy. Radiologists can now experience immersive and interactive experiences thanks to the integration of AR and VR technologies with X-ray imaging. X-ray images can now be seen in three dimensions by medical professionals, who can also overlay anatomical details or simulate procedures for preoperative planning. Moreover, these tools can facilitate more accurate interpretations and improve spatial comprehension, which would accelerate segment progression.

The breast screening segment is expected to have the highest CAGR during the forecast period

It is anticipated that during the forecast period, the breast screening segment will expand at the highest rate. The demand for breast screening is being driven by the increase in breast cancer cases and patients' desires for an early-stage diagnosis, which aids in receiving the proper treatment as soon as possible. Furthermore, government initiatives that support clinical interpretation and expanded access to breast cancer screening technologies are two additional major factors that are anticipated to fuel segment expansion.

Region with largest share:

Due to the technologically sophisticated infrastructure and high per capita income, North America dominated the market in 2022 and is predicted to dominate over the forecast period. The market for AI in medical imaging is being driven by the presence of numerous market players and favorable government regulations in the area. In addition, the region's research organizations and healthcare institutions are making significant investments in AI. Furthermore, a strong presence of major industry players and a thriving healthcare infrastructure are fostering regional growth in this region.

Region with highest CAGR:

Due to the widespread adoption of cutting-edge technologies, improved network connectivity, and expanded government initiatives, Asia Pacific is anticipated to experience the highest growth rate. The exponential growth in investment, the rise in artificial intelligence (AI)-using startups, particularly in China and India, and the enormous potential for AI to close the region's healthcare infrastructure gap by enhancing image quality are additional motivating factors. These technologies also have a high clinical value, which is promoting market growth.

Key players in the market:

Some of the key players in Artificial Intelligence (AI) in Medical Imaging market include: 1QB Information Technology, Agfa-Gevaert Group, Arterys Inc, AZmed, BenevolentAI, BioXcel, Therapeutics Inc, Butterfly Network, Caption Health, CellmatiQ, dentalXrai, Digital Diagnostics, EchoNous, Enlitic, Inc, GE Healthcare, Gleamer, HeartVista, IBM Watson Health, K Health, Koninklijke Philips, mPulse Mobile, Nanox Imaging, OrCam, Owkin Inc., Siemens Healthineers AG, Suki AI, Inc, Ultromics, Viz.ai, Inc, ZealthLife technologies Pte. Ltd and Zebra Medical Vision.

Key Developments:

In October 2023, BioXcel Therapeutics, Inc., a biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience, today provided an update on recent developments with its late-stage clinical programs as well as its patent portfolio for IGALMI™ (dexmedetomidine) sublingual film. These developments include meetings scheduled with the U.S. Food and Drug Administration (FDA) to discuss the TRANQUILITY and SERENITY III clinical programs and the receipt of two Notices of Allowance (NOAs) from the U.S. Patent and Trademark Office to extend method of use patent protection for sublingual dexmedetomidine.

In August 2023, Butterfly Network, Inc. a digital health company transforming care through the power of portable, semiconductor-based ultrasound technology and intuitive software, announced the release of its software development kit (SDK) for use by third parties. The kit will allow developers to utilize Butterfly's platform to build custom applications that can be commercialized to Butterfly's customer base - the largest user network in handheld point-of-care ultrasound.1 The Company ultimately plans to open "Butterfly Garden," an AI Marketplace where new apps will be hosted for Butterfly users to discover and purchase the latest AI capabilities.

In April 2023, AGFA HealthCare, a leading provider of Enterprise Imaging solutions, is proud to announce that it has joined the Amazon Web Services (AWS) Partner Network (APN) to scale up the global availability of AGFA Enterprise Imaging (AGFA EI) VNA and XERO® Universal Viewer on the cloud. The APN is a global community of AWS Partners that leverage programs, expertise, and resources to build, market, and sell customer offerings.

Deployment Modes Covered:

• On-Premise
• Cloud Based

Solutions Covered:

• Software Tools/ Platform
• Services

Technologies Covered:

• Deep Learning
• Natural Language Processing (NLP)
• Other Technologies

Imaging Modes Covered:

• Computed tomography (CT) Scan
• Magnetic Resonance Imaging (MRI)
• Molecular Imaging
• Nuclear Imaging
• Ultrasound Imaging
• X-rays
• Other Imaging Modes

Applications Covered:

• Neurology
• Respiratory and Pulmonary
• Cardiology
• Breast Screening
• Pathology
• Oral Diagnostics
• Orthopedics
• Other Applications

End Users Covered:

• Clinics
• Diagnostic Imaging Centers
• Hospitals
• Introduction
• Research Laboratories
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
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