Artificial Intelligence in Radiology Global Market Report 2024

The artificial intelligence in radiology market size has grown exponentially in recent years. It will grow from $1.68 billion in 2023 to $2.2 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth observed during the historical period can be attributed to several factors, including the increasing volume of medical imaging data, the rise of deep learning algorithms in radiology, a demand for improved diagnostic accuracy, regulatory approvals and adherence to standards, and a focus on achieving cost-efficiency and workflow improvement in medical imaging processes.

The artificial intelligence in radiology market size is expected to see exponential growth in the next few years. It will grow to $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%. The anticipated growth in the forecast period can be attributed to ongoing advancements in AI algorithms, increased integration with electronic health records (EHRs), expansion of AI applications beyond diagnosis, the application of AI for image enhancement, and improved interoperability and data sharing in the field of medical imaging. Major trends expected in the forecast period encompass the growth of telemedicine and remote healthcare, collaborative initiatives between healthcare and technology companies, continuous advancements in imaging technologies, the utilization of quantitative imaging analytics, and the adoption of automated report generation processes.

The increasing integration of artificial intelligence (AI) in healthcare is set to propel the growth of AI in the radiology market in the foreseeable future. AI-powered algorithms have demonstrated remarkable precision in analyzing and interpreting medical images, providing radiologists with assistance in detecting subtle abnormalities and enhancing overall diagnostic outcomes. The efficiency and speed offered by AI technologies not only streamline radiological workflows but also contribute to faster and more accurate diagnoses. As reported by the Department for Science, Innovation & Technology (DSIT), a UK-based government agency, the Department of Health and Social Care allocated $39.4 million (£36 million) to thirty-eight AI projects in 2021, emphasizing advancements in patient care and expedited diagnoses. Consequently, the growing application of AI in healthcare is a driving force behind the expansion of artificial intelligence (AI) in the radiology market.

Prominent companies operating in the artificial intelligence (AI) in radiology market are introducing new products, exemplified by suites, to enhance their market profitability. An AI-powered radiology suite is an integrated system that utilizes artificial intelligence to improve diagnostic capabilities and streamline processes in medical imaging, thereby enhancing accuracy and efficiency. In November 2022, Viz.AI Inc., a U.S.-based healthcare software service provider, unveiled the Viz Radiology Suite. This cutting-edge solution integrates FDA-approved algorithms to rapidly analyze diverse medical imaging data, including CT scans, EKGs, and echocardiograms. The comprehensive AI-powered care coordination solution offers real-time insights and automates assessments, expediting the diagnosis and treatment process. Ultimately, this innovative solution contributes to improved patient outcomes by accelerating the diagnostic and treatment workflow.

In January 2023, Bayer AG, a Germany-based pharmaceutical and biotechnology company, completed the acquisition of Blackford Analysis Ltd. for an undisclosed amount. This strategic move by Bayer aims to advance radiology by integrating AI into clinical workflows, elevating patient care, and strengthening its position in digital medical imaging. Blackford Analysis Ltd., based in the UK, is an AI platform technology provider specializing in AI in radiology.

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.

North America was the largest region in the artificial intelligence in radiology market in 2023. 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. The countries covered in the artificial intelligence (AI) in radiology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence (AI) in radiology market consists of revenues earned by entities by providing services such as image analysis and interpretation, computer-aided diagnosis, workflow optimization, image reconstruction, and integration with electronic health records. The market value includes the value of related goods sold by the service provider or included within the service offering. Artificial intelligence (AI) in the radiology market also includes sales of medical imaging software, diagnostic tools, mobile apps, telemedicine platforms, and medical imaging equipment used in providing AI in radiology services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The IT market is segmented into IT services, computer hardware, telecom, and software products.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Artificial intelligence (AI) in radiology involves the application of technologies such as machine learning and image analysis algorithms to enhance diagnostic accuracy and efficiency in medical imaging interpretation. AI techniques enable quantitative measurements and analysis of imaging data, providing more precise and objective information about the characteristics of tissues and structures.

The primary solution types of artificial intelligence in radiology comprise AI software and AI hardware. AI software refers to computer programs leveraging artificial intelligence techniques to perform tasks that traditionally require human intelligence. Various modality types within medical imaging include computed tomography (CT), magnetic resonance (MR), x-ray, mammography, ultrasound (US), and others. These applications find use in various medical fields such as neurology, chest and lung imaging, musculoskeletal imaging, abdominal imaging, cardiology, and others. End-users benefiting from AI in radiology encompass hospitals, diagnostic imaging centers, and other healthcare institutions.

The artificial intelligence in radiology market research report is one of a series of new reports that provides artificial intelligence in radiology market statistics, including artificial intelligence in the radiology industry global market size, regional shares, competitors with artificial intelligence in radiology market share, detailed artificial intelligence in radiology market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence in radiology industry. This artificial intelligence in radiology market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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