The Global AI In Medical Imaging Market size is expected to reach $10.3 billion by 2030, rising at a market growth of 32.2% CAGR during the forecast period.
Neuroimaging greatly aids the early detection and diagnosis of neurological disorders, including stroke, brain tumors, neurodegenerative diseases (such as Alzheimer’s and Parkinson’s), and multiple sclerosis. Therefore, the neurology segment captured $423.3 million revenue in the market in 2022. To enhance the quality of life and patient outcomes, AI algorithms may evaluate neuroimaging data to detect early indicators of pathology, describe the course of a disease, and forecast patient outcomes.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 2024, Siemens Healthineers AG joined hands with SmartAlpha. Under this partnership, the companies delivered cutting-edge AI-driven solutions designed to enhance workflow efficiencies and ensure consistent optimization of clinical performance. Additionally, In December, 2023, Agfa-Gevaert NV came into a partnership with Corista. Under this partnership, the DP3 technology of Corista was integrated with Enterprise Imaging for Pathology platform of Agfa-Gevaert.
Personalized medicine requires tailored imaging protocols to effectively capture specific disease characteristics and individual patient variations. AI algorithms can adapt imaging protocols based on patient demographics, clinical history, and genetic information, optimizing image acquisition parameters for better diagnostic accuracy and treatment planning. Hence, increasing personalized medicine and treatment planning propels the market’s growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
The market competition in the AI in Medical Imaging sector is robust and dynamic, characterized by a diverse array of players ranging from established industry leaders to innovative startups. As the demand for AI-driven solutions in medical imaging continues to grow, competition among companies intensifies, driven by factors such as technological innovation, regulatory compliance, and strategic partnerships. Established players leverage their brand reputation, extensive resources, and established customer bases to maintain market dominance and drive adoption of their AI solutions. These companies invest heavily in research and development to enhance their product offerings, expand their market reach, and stay ahead of emerging competitors.
Neuroimaging greatly aids the early detection and diagnosis of neurological disorders, including stroke, brain tumors, neurodegenerative diseases (such as Alzheimer’s and Parkinson’s), and multiple sclerosis. Therefore, the neurology segment captured $423.3 million revenue in the market in 2022. To enhance the quality of life and patient outcomes, AI algorithms may evaluate neuroimaging data to detect early indicators of pathology, describe the course of a disease, and forecast patient outcomes.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 2024, Siemens Healthineers AG joined hands with SmartAlpha. Under this partnership, the companies delivered cutting-edge AI-driven solutions designed to enhance workflow efficiencies and ensure consistent optimization of clinical performance. Additionally, In December, 2023, Agfa-Gevaert NV came into a partnership with Corista. Under this partnership, the DP3 technology of Corista was integrated with Enterprise Imaging for Pathology platform of Agfa-Gevaert.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC (Alphabet Inc.) are the forerunners in the market. In March, 2024, Microsoft Corporation expanded the partnership with NVIDIA Corporation, an American multinational corporation and technology company. Under this extended partnership, Microsoft Azure was integrated with NVIDIA DGX Cloud and the NVIDIA Clara suite of computing platforms, software, and services. Additionally, this extended partnership empowered healthcare and life sciences organizations to expedite innovation and enhance patient care by leveraging advanced AI capabilities and scalable cloud infrastructure. Companies such as General Electric Company, IBM Corporation, NVIDIA Corporation are some of the key innovators in the market.
COVID-19 Impact Analysis
The demand for AI-powered imaging systems that facilitate the remote interpretation of medical images surged due to the pandemic’s acceleration of telehealth and remote diagnostics deployment. AI algorithms facilitate the rapid analysis and triage of imaging studies, allowing healthcare providers to remotely assess and monitor patients, particularly those with COVID-19-related complications or other urgent medical conditions. Thus, the COVID-19 pandemic positively impacted market.Market Growth Factors
Precision medicine relies heavily on accurate and detailed medical imaging to identify specific biomarkers and genetic variations. AI-powered medical imaging systems can analyze these pictures at a speed and accuracy never before possible, enabling medical professionals to diagnose patients more precisely and create individualized treatment regimens for each patient. Therefore, the rising demand for precision medicine drives the market’s growth.Personalized medicine requires tailored imaging protocols to effectively capture specific disease characteristics and individual patient variations. AI algorithms can adapt imaging protocols based on patient demographics, clinical history, and genetic information, optimizing image acquisition parameters for better diagnostic accuracy and treatment planning. Hence, increasing personalized medicine and treatment planning propels the market’s growth.
Market Restraining Factors
Medical imaging involves generating and analyzing sensitive patient data, including imaging scans, medical histories, and clinical notes. As such, there are stringent regulations, such as HIPAA (Health Insurance Portability and Accountability Act) in the United States, that mandate the protection of patient confidentiality. Thus, data privacy and security concerns are hampering the market’s growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
By Technology Analysis
Based on technology, the market is divided into deep learning, natural language processing (NLP), and others. The natural language processing (NLP) segment attained 32.9% revenue share in the market in 2022. NLP algorithms can automate the generation of structured radiology reports from unstructured text, reducing the time and effort required by radiologists to create reports manually.By Modality Analysis
Based on modality, the market is categorized into CT scan, MRI, X-rays, ultrasound, and nuclear imaging. The X-rays segment held 13.2% growth rate in the market in 2022. X-rays are often used for routine screening and initial diagnosis of common conditions, such as fractures, pneumonia, and dental problems.
By End-use Analysis
By end-use, the market is divided into hospitals, diagnostic imaging centers, and others. The diagnostic imaging centers segment procured 40.5% revenue share in the market in 2022. Diagnostic imaging centers face pressure to optimize operational efficiency and streamline radiology workflows to accommodate increasing patient volumes and reduce waiting times.By Application Analysis
On the basis of application, the market is segmented into neurology, respiratory & pulmonary, cardiology, breast screening, orthopedics, and others. The cardiology segment held 15.8% growth rate in the market in 2022. Globally, the primary causes of morbidity and mortality are cardiovascular diseases (CVDs), which include heart failure, arrhythmias, and coronary artery disease.By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 41.5% revenue share in the market in 2022. North America boasts one of the most advanced healthcare infrastructures globally, with state-of-the-art hospitals, research institutions, and medical facilities equipped with advanced imaging modalities such as MRI, CT, PET, and ultrasound.Market Competition and Attributes
The market competition in the AI in Medical Imaging sector is robust and dynamic, characterized by a diverse array of players ranging from established industry leaders to innovative startups. As the demand for AI-driven solutions in medical imaging continues to grow, competition among companies intensifies, driven by factors such as technological innovation, regulatory compliance, and strategic partnerships. Established players leverage their brand reputation, extensive resources, and established customer bases to maintain market dominance and drive adoption of their AI solutions. These companies invest heavily in research and development to enhance their product offerings, expand their market reach, and stay ahead of emerging competitors.
Recent Strategies Deployed in the Market
- Mar-2024: Siemens Healthineers AG joined hands with SmartAlpha, a financial technology firm. Under this partnership, the companies delivered cutting-edge AI-driven solutions designed to enhance workflow efficiencies and ensure consistent optimization of clinical performance, Additionally, the partnership offered improved outcomes in various care environments.
- Mar-2024: Microsoft Corporation expanded the partnership with NVIDIA Corporation, an American multinational corporation and technology company. Under this extended partnership, Microsoft Azure was integrated with NVIDIA DGX Cloud and the NVIDIA Clara suite of computing platforms, software, and services. Additionally, this extended partnership empowered healthcare and life sciences organizations to expedite innovation and enhance patient care by leveraging advanced AI capabilities and scalable cloud infrastructure.
- Mar-2024: NVIDIA Corporation unveiled over twenty new microservices tailored for healthcare enterprises, enabling them to harness cutting-edge generative AI advancements from any location and across various cloud platforms. The new product incorporates finely tuned NVIDIA NIM AI models and workflows equipped with industry-standard APIs, facilitating their use as fundamental components for constructing and launching cloud-native applications. Additionally, the new product provides sophisticated capabilities in imaging, natural language processing, speech recognition, as well as the generation, prediction, and simulation of digital biology, enhancing the landscape of healthcare solutions with innovative AI technologies.
- Feb-2024: Koninklijke Philips N.V. unveiled CT 5300 system; a versatile X-ray CT platform integrated with advanced AI functionalities. The new product enhances diagnostic certainty, optimizes workflow efficiency, and ensures maximum system uptime. Its implementation leads to enhanced patient outcomes and heightened departmental productivity.
- Jun-2022: Zebra Technologies Corporation took over Matrox Imaging, a provider of innovative image processing and computer vision solutions, specializing in developing hardware and software components for industrial machine vision applications. This acquisition enhances Zebra's presence in the rapidly growing automation and vision technology solution sector, complementing its recently launched fixed industrial scanning and machine vision portfolio, along with the acquisitions of Adaptive Vision and Fetch Robotics.
List of Key Companies Profiled
- Siemens Healthineers AG (Siemens AG)
- GE HealthCare Technologies, Inc.
- Koninklijke Philips N.V.
- Fujifilm Holdings Corporation
- Agfa-Gevaert NV
- Microsoft Corporation
- Google LLC (Alphabet Inc.)
- Intel Corporation
- NVIDIA Corporation
- Zebra Technologies Corporation
Market Report Segmentation
By Technology- Deep Learning
- Natural Language Processing (NLP)
- Others
- CT Scan
- MRI
- Ultrasound
- X-rays
- Nuclear Imaging
- Hospitals
- Diagnostic Imaging Centers
- Others
- Neurology
- Breast Screening
- Cardiology
- Respiratory & Pulmonary
- Orthopedics
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global AI In Medical Imaging Market by Technology
Chapter 6. Global AI In Medical Imaging Market by Modality
Chapter 7. Global AI In Medical Imaging Market by End-use
Chapter 8. Global AI In Medical Imaging Market by Application
Chapter 9. Global AI In Medical Imaging Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- Siemens Healthineers AG (Siemens AG)
- GE HealthCare Technologies, Inc.
- Koninklijke Philips N.V.
- Fujifilm Holdings Corporation
- Agfa-Gevaert NV
- Microsoft Corporation
- Google LLC (Alphabet Inc.)
- Intel Corporation
- NVIDIA Corporation
- Zebra Technologies Corporation
Methodology
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