The AI in medical imaging market size was valued at $1,891.12 million in 2022, and is projected to reach $29,754.83 million by 2032, registering a CAGR of 32.1% from 2023 to 2032.
The artificial intelligence in medical imaging market provides a disruptive junction of artificial intelligence and healthcare diagnostics that is set to revolutionize medical imaging practices. This booming industry aspires to take healthcare diagnostics and patient outcomes to unprecedented heights by seamlessly integrating modern AI algorithms with existing medical imaging modalities such as X-ray, CT, MRI, and ultrasound. AI-powered medical imaging solutions cover a wide variety of applications, such as image analysis, illness diagnosis, picture reconstruction, segmentation, and workflow optimization.
The scope of the report discusses the potential opportunities for the key players to enter the AI in medical imaging market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The AI in medical imaging market is segmented on the basis of modality, technology, application, industry vertical and region. On the basis of modality, it is classified into CT Scan, MRI, X-rays, Ultrasound Imaging and Molecular Imaging. On the basis of technology, it is classified into Deep Learning, Natural Language Processing (NLP), Computer Vision, and others. On the basis of application, it is classified into Breast Imaging, Respiratory and Pulmonary, Neurology, Orthopedics, and others. On the basis of industry vertical, it is classified into Hospital and Healthcare Providers, Patients, Pharmaceuticals and Biotechnology Companies, Healthcare Payers, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Several factors are driving the AI in medical imaging market, with one of them being the increasing use of AI in radiology. AI's capacity to quickly and accurately analyze medical pictures has improved diagnostic capabilities and shortened procedures. AI-assisted image interpretation benefits radiologists by assisting in the detection of minor anomalies, early illness diagnosis, and personalized therapy planning. This has led to better patient outcomes, a reduction in diagnostic blunders, and optimal resource use. Another driving factor is the rise in demand for AI-powered CT. A tremendous increase in demand for AI-powered Computed Tomography (CT) has been seen in recent years, driven by the technology's revolutionary effects on diagnostics and healthcare. Radiologists and physicians are now able to spot minor irregularities, complex tissue structures, and possible problems that could have gone unnoticed using conventional techniques thanks to AI algorithms that analyze CT images with unmatched speed and precision.
On the other hand, the rise in costs is hampering the market. The market for AI in medical imaging has been significantly constrained by the rising cost of implementation. While AI has shown incredible promise in improving patient care, treatment planning, and diagnostic accuracy, its adoption comes with a hefty price tag that presents difficulties for healthcare organizations and providers.
The artificial intelligence in medical imaging market provides a disruptive junction of artificial intelligence and healthcare diagnostics that is set to revolutionize medical imaging practices. This booming industry aspires to take healthcare diagnostics and patient outcomes to unprecedented heights by seamlessly integrating modern AI algorithms with existing medical imaging modalities such as X-ray, CT, MRI, and ultrasound. AI-powered medical imaging solutions cover a wide variety of applications, such as image analysis, illness diagnosis, picture reconstruction, segmentation, and workflow optimization.
The scope of the report discusses the potential opportunities for the key players to enter the AI in medical imaging market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The AI in medical imaging market is segmented on the basis of modality, technology, application, industry vertical and region. On the basis of modality, it is classified into CT Scan, MRI, X-rays, Ultrasound Imaging and Molecular Imaging. On the basis of technology, it is classified into Deep Learning, Natural Language Processing (NLP), Computer Vision, and others. On the basis of application, it is classified into Breast Imaging, Respiratory and Pulmonary, Neurology, Orthopedics, and others. On the basis of industry vertical, it is classified into Hospital and Healthcare Providers, Patients, Pharmaceuticals and Biotechnology Companies, Healthcare Payers, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Several factors are driving the AI in medical imaging market, with one of them being the increasing use of AI in radiology. AI's capacity to quickly and accurately analyze medical pictures has improved diagnostic capabilities and shortened procedures. AI-assisted image interpretation benefits radiologists by assisting in the detection of minor anomalies, early illness diagnosis, and personalized therapy planning. This has led to better patient outcomes, a reduction in diagnostic blunders, and optimal resource use. Another driving factor is the rise in demand for AI-powered CT. A tremendous increase in demand for AI-powered Computed Tomography (CT) has been seen in recent years, driven by the technology's revolutionary effects on diagnostics and healthcare. Radiologists and physicians are now able to spot minor irregularities, complex tissue structures, and possible problems that could have gone unnoticed using conventional techniques thanks to AI algorithms that analyze CT images with unmatched speed and precision.
On the other hand, the rise in costs is hampering the market. The market for AI in medical imaging has been significantly constrained by the rising cost of implementation. While AI has shown incredible promise in improving patient care, treatment planning, and diagnostic accuracy, its adoption comes with a hefty price tag that presents difficulties for healthcare organizations and providers.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ai in medical imaging market analysis from 2022 to 2032 to identify the prevailing ai in medical imaging market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ai in medical imaging market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ai in medical imaging market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Modality
- CT Scan
- MRI
- X-rays
- Ultrasound Imaging
- Molecular Imaging
By Technology
- Deep Learning
- Natural Language Processing (NLP)
- Computer Vision
- Others
By Application
- Breast Imaging
- Respiratory and Pulmonary
- Neurology
- Orthopedics
- Others
By Industry Vertical
- Hospital and Healthcare Providers
- Patients
- Pharmaceuticals and Biotechnology Companies
- Healthcare Payers
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Koninklijke Philips N.V.
- Siemens
- NVIDIA Corporation
- GE Healthcare
- ICAD INC.
- Aidoc
- Butterfly Network, Inc.
- IBM Corporation
- Zebra Technologies Corp.
- Arterys Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AI IN MEDICAL IMAGING MARKET, BY MODALITY
CHAPTER 5: AI IN MEDICAL IMAGING MARKET, BY TECHNOLOGY
CHAPTER 6: AI IN MEDICAL IMAGING MARKET, BY APPLICATION
CHAPTER 7: AI IN MEDICAL IMAGING MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: AI IN MEDICAL IMAGING MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the AI in medical imaging market was valued at $1.9 billion in 2022, and is estimated to reach $29.8 billion by 2032, growing at a CAGR of 32.1% from 2023 to 2032.The AI in medical imaging market is likely to experience high growth rate of 32.1% from 2023-2032 owing to high approval rate of products by governments.
The artificial intelligence in medical imaging market provides a disruptive junction of artificial intelligence and healthcare diagnostics that is set to revolutionize medical imaging practices. This booming industry aspires to take healthcare diagnostics and patient outcomes to unprecedented heights by seamlessly integrating modern AI algorithms with existing medical imaging modalities such as X-ray, CT, MRI, and ultrasound.
Several factors are driving the AI in medical imaging market, with one of them being the increasing use of AI in radiology. AI's capacity to quickly and accurately analyze medical pictures has improved diagnostic capabilities and shortened procedures. AI-assisted image interpretation benefits radiologists by assisting in the detection of minor anomalies, early illness diagnosis, and personalized therapy planning. This has led to better patient outcomes, a reduction in diagnostic blunders, and optimal resource use. Another driving factor is the rise in demand for AI-powered CT. A tremendous increase in demand for AI-powered Computed Tomography (CT) has been seen in recent years, driven by the technology's revolutionary effects on diagnostics and healthcare. Radiologists and physicians are now able to spot minor irregularities, complex tissue structures, and possible problems that could have gone unnoticed using conventional techniques thanks to AI algorithms that analyze CT images with unmatched speed and precision.
On the other hand, the rise in costs is hampering the market. The market for AI in medical imaging has been significantly constrained by the rising cost of implementation. While AI has shown incredible promise in improving patient care, treatment planning, and diagnostic accuracy, its adoption comes with a hefty price tag that presents difficulties for healthcare organizations and providers. Separately, the increase in product approvals and more funding received from AI companies presents significant opportunities for the market. The market offers sizable opportunity for expansion, driven by rising product approvals and investments made in partnership with AI enterprises.
The AI in medical imaging market is segmented on the basis of modality, technology, application, industry vertical, and region. On the basis of modality, it is classified into CT Scan, MRI, X-rays, Ultrasound Imaging and Molecular Imaging. On the basis of technology, it is classified into Deep Learning, Natural Language Processing (NLP), Computer Vision, and others. On the basis of application, it is classified into Breast Imaging, Respiratory and Pulmonary, Neurology, Orthopedics, and others. On the basis of industry vertical, it is classified into Hospital and Healthcare Providers, Patients, Pharmaceuticals and Biotechnology Companies, Healthcare Payers, and others.
On the basis of region, it is analyzed across North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Market Insights
In 2022, the CT scan segment in the modality segmentation accounted for highest revenue and is expected to reach $8.31 billion by 2032 at a CAGR of 29.3%, while the X-rays segment is projected to expand at the fastest CAGR of 36.5% during the forecast period.In 2022, the deep learning segment in the technology segmentation accounted for maximum revenue and is likely to touch $13.12 billion at 30.8% CAGR by 2032, while the computer vision segment is estimated to grow at the fastest CAGR of 36.9% during the forecast period.
In 2022, the breast imaging segment in the application segmentation garnered the largest market share and is estimated to be at $7.30 billion by 2032 at 29.2% CAGR, while the orthopedics segment is estimated to grow at the fastest CAGR of 35% during the forecast period.
In 2022, the hospital and healthcare providers segment garnered highest market share and is estimated to touch $13.29 billion by 2032 at 29.6% CAGR, while the patients segment is likely to expand at the fastest CAGR of 40.4% during the forecast period.
In 2022, North America contributed for a significant share of the market and is expected to touch $738.86 million at 30.6% CAGR, while Asia-Pacific was expected to expand at the fastest CAGR of 34.6% during the forecast years.
The AI in medical imaging market players profiled in the report include Siemens, NVIDIA Corporation, IBM Corporation, GE Healthcare, Koninklijke Philips N.V., Aidoc, Butterfly Network, Inc., Zebra Technologies Corp., Arterys Inc., and ICAD Inc. Market players have adopted various strategies, such as product launches, collaborations & partnerships, joint ventures, and acquisitions to expand their foothold in the market.
Companies Mentioned
- Koninklijke Philips N.V.
- Siemens
- NVIDIA Corporation
- GE Healthcare
- ICAD INC.
- Aidoc
- Butterfly Network, Inc.
- IBM Corporation
- Zebra Technologies Corp.
- Arterys Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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