Artificial Intelligence (AI) Radiology Tool Global Market Report 2024

An artificial intelligence (AI) radiology tool is an advanced software application that leverages machine learning algorithms and sophisticated data analysis techniques to aid radiologists in interpreting and diagnosing medical imaging studies. These tools analyze a variety of medical images, such as X-rays, CT scans, MRIs, and ultrasounds, to detect anomalies, identify patterns, and provide quantitative assessments that might be difficult for human radiologists to quickly discern. The primary goal of AI radiology tools is to enhance the precision, efficiency, and speed of medical image interpretation, resulting in improved patient outcomes and reduced healthcare costs.

The main types of AI radiology tools are diagnostic radiology and interventional radiology. Diagnostic radiology is a medical specialty that uses various imaging techniques to diagnose and monitor diseases and injuries within the body. The different applications of these tools include eye care, oncology, radiology, cardiovascular care, pathology, and others, used by clinics, hospitals, diagnostic centers, and other end-users.

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

The artificial intelligence (AI) radiology tool market size has grown rapidly in recent years. It will grow from $1.26 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth during the historic period can be attributed to several factors, governmental support, the integration of AI into radiology tools to enhance accuracy and reduce errors, an increasing shift towards personalized and precision medicine, the application of AI to medical imaging, and improvements in diagnostic accuracy and efficiency.

The artificial intelligence (AI) radiology tool market size is expected to see rapid growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to several factors, increasing demand for efficient diagnostic solutions, growing demand for accurate and precise diagnostic results, expansion of technological infrastructure, increasing imaging volumes, and the rising adoption of artificial intelligence (AI) technology. Major trends during this period include advancements in AI technology, expanded AI integration in healthcare systems, the rising adoption of telemedicine and remote imaging, a proactive medical approach, and the increasing demand for efficient diagnostic solutions.

The growing emphasis on personalized medicine is expected to drive the growth of the artificial intelligence (AI) radiology tool market in the future. Personalized medicine, also known as precision medicine, is an innovative approach that customizes treatment and healthcare strategies based on the individual characteristics of each patient. This shift toward personalized medicine is fueled by significant advancements in genomics and molecular biology. AI radiology tools enhance personalized medicine by offering precise diagnostics, predictive analytics, real-time treatment response monitoring, integration with genomic data, and improved patient stratification. These tools enable individualized and effective healthcare interventions. For example, in February 2024, the Personalized Medicine Coalition, a US-based non-profit organization, reported that the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the increasing shift toward personalized medicine is driving the AI radiology tool market.

Major companies in the AI radiology tool market are focusing on developing advanced solutions, such as AI platforms, to enhance radiologists' diagnostic capabilities. These advanced AI platforms integrate algorithms to analyze medical imaging data, providing radiologists with enhanced insights and aiding in the accurate detection and diagnosis of various medical conditions. For instance, in November 2023, Radiology Partners (RP), a US-based radiology practice company, launched RPX AI, a cloud-based advanced AI platform for rapidly deploying AI medical imaging tools at scale using Amazon Web Services (AWS) HealthImaging. This platform aims to simplify the integration and implementation process for medical imaging AI models, making them more accessible and efficient for hospitals and health systems.

In April 2024, GE HealthCare, a US-based medical technology company, acquired MIM Software for an undisclosed amount. This acquisition strengthens GE HealthCare's position in the medical imaging market by providing advanced AI-powered imaging analysis and workflow solutions, enhancing its ability to deliver precision care and improve patient outcomes. MIM Software Inc. is a US-based software company that provides AI-driven medical imaging solutions for radiology and radiation oncology.

Major companies operating in the artificial intelligence (AI) radiology tool market are Google LLC, Samsung Electronics Co. Ltd, Microsoft Corporation, Intel Corporation, International Business Machines Corp., NVIDIA Corporation, Siemens Healthcare Private Limited, Koninklijke Philips N.V., GE HealthCare, Nuance Communications Inc., Aidoc Medical, OXOS Medical, Subtle Medical Inc., Enlitic Inc., Arterys Inc., Aidence.com, Oxipit.ai, Zebra Medical Vision, CellmatiQ GmbH, Azmed.

North America was the largest region in the artificial intelligence (AI) radiology tool market in 2023. The regions covered in the artificial intelligence (AI) radiology tool market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

The artificial intelligence (AI) radiology tool market consists of revenues earned by entities by providing services such as, diagnostic imaging services, cloud-based solutions and data management, and workflow optimization and automation. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) radiology tool market also includes sales of high-resolution imaging equipment, graphics processing units (GPUs), and medical image acquisition devices. 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 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).

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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