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AI in Medical Imaging Market is projected to Reach US$ 20.9 Billion by 2030, at a CAGR of 36.87% during the forecast period 2023-2030, Contrive Datum Insights

According to a market research study published by Contrive Datum Insights, North America generated 45% of the market’s sales in 2022, Asia-Pacific is anticipated to have the highest growth rate over the next few years.

Farmington, Jan. 25, 2023 (GLOBE NEWSWIRE) — The global AI in Medical Imaging Market was valued at USD 1.7 Billion in 2022 and is projected to reach USD 20.9 Billion by 2030, growing at a CAGR of 36.87% from 2023 to 2030. Medical imaging is a diagnostic process involving the creation of visual aids and images of the human body, as well as monitoring how well the body’s organs perform their functions. With the implementation of artificial intelligence (AI) in health care and medical imaging, diagnostics and the entire procedure are performed differently.

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The AI assists the surgeons in taking images and determining what is wrong with the images so that they can reach a conclusion and provide individualised treatment plans for each patient. Artificial intelligence is dominated by robots and machine learning. Machine learning is the process of discovering and employing computer algorithms to generate images. On the contrary, robots are utilised to assist patients, physicians, and operators with visualisation and diagnosis.

AI in Medical Imaging Market Recent Developments:

  • In June 2021,AI announced FDA approval for neurovascular emergencies accessible on the CINA-LVO, CINA-ICH and Nuance AI marketplaces. It is the first and largest portal in the United States to provide one-stop access to a wide range of AI diagnostic models within a radiation reporting platform.
  • In June 2021, Perimeter Medical Imaging AI announced that it had successfully completed a complete technology transfer of the manufacturing process with Minnetronix Medical to develop an optical coherence tomography (OCT) imaging system.
  • In June 2021, South Korean AI organization VUNO Inc. announced a strategic partnership with Samsung Electronics to integrate the AI-powered VUNO Med-Chest X-ray into Samsung’s mobile digital X-ray system, the GM85. Through this partnership, VUNO is expected to take one step closer to expanding market-ready AI applications with access to global markets.

AI in Medical Imaging Market Segmentation Analysis:

The healthcare sector is the largest market participant. This is because hospitals are widely dispersed and easily accessible, and because many people enjoy visiting hospitals. Positive reimbursement regulations are also anticipated to boost the medical imaging AI industry. During the anticipated time period, the number of individuals visiting diagnostic centres is anticipated to increase. This may be due to the fact that patients are becoming more health conscious and desiring diagnostic treatments and tests, both of which are driving market growth.

Compared to computed tomography scans, magnetic resonance imaging can produce flawless images. The MRI is frequently viewed as a superior alternative to X-rays because it provides more accurate and higher-quality images of soft tissues. Optical coherence tomography enables physicians to observe in three dimensions how the retina and membranes interact. This aids in the management of retinal and vitreous disorders.

Digital pathology is the most important segment of the industry, which can be attributed to the increasing productivity of pathologists. Digital pathology enables pathologists to examine the precision of image analytics, allowing them to process more slides in less time. This facilitates early disease detection and therapy initiation. AI and digital pathology also aid physicians in making the best decisions for the patient.

Regional Outlook:

North America generated 45% of the market’s sales in 2022. This was due to its most advanced infrastructure and highest per capita income. The market for artificial intelligence in medical imaging is also driven by the presence of several industry participants and supporting government laws. Avicenna’s CINA-LVO, CINA-ICH, and neurovascular emergency applications were approved by the FDA in June 2021. These applications are now accessible in the marketplace for Nuance AI. It provides the radiology platform with a specialised entry point to a vast array of AI diagnostic models.

Asia-Pacific is anticipated to have the highest growth rate over the next few years due to the number of people adopting new technologies, the connectivity of networks, and the addition of numerous government programmes. Additionally, the number of companies employing artificial intelligence (AI) is increasing, particularly in China and India.

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Scope of Report:

Report Attributes Details
Growth Rate 36.87% from 2023 to 2030
Market Size in 2022 USD 1.7 Billion
Revenue Forecast by 2030 USD 20.9 Billion
By Product Ultrasound Scanners, CT Scanners, MRI Systems, Optical Coherence Tomography Devices, Others
By Applications Digital Pathology, Oncology, Cardiovascular, Neurology, Lung (Respiratory System), Breast (Mammography), Liver (GI), Oral Diagnostics, Other
By End User Hospital and healthcare providers, Patients, Pharmaceuticals and Biotechnology companies, Healthcare payers, Others
By Companies Agfa Healthcare, Ada Health GmbH, Arterys, Bay Labs, Inc. (Caption Health Inc.), Babylon, BenevolentAI, Butterfly Network, Inc., EchoNous, Inc., Enlitic, Inc., Gauss Surgical, GE Healthcare, IBM Corporation, Lunit Inc., Microsoft Corporation, NVIDIA Corporation, Philips Healthcare, OrCam, ai, Siemens Healthineers AG, Zebra Medical Vision, and Others
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 to 2030

Market Drivers:

The introduction of cutting-edge AI tools and technologies is anticipated to have a significant impact on the future of radiology and healthcare. With the increasing usage of AI in the medical field, particularly in radiology, the present market for AI in medical imaging is anticipated to provide numerous prospects for corporate growth. The expanding gap between the growing number of radiologists and the number of scans that can interpret data is a major factor that will likely accelerate the application of AI in medical imaging.

Market Opportunity:

Developing nations are focusing the majority of their efforts on integrating their AI investments. This will help firms to make more money using AI with medical imaging. For instance, China aims to be the leader in artificial intelligence by 2030. For firms to adopt AI technologies more quickly, the strategy requires substantial government funding and investments. Also, it is believed that the increasing number of patients in countries such as India, China, and Brazil would be beneficial for AI medical imaging companies. The market for artificial intelligence in medical imaging is projected to reach $20 billion by 2031, expanding at a compound annual growth rate (CAGR) of 36%.

Market Challenges:

As a result of the rapid development of digital health, physicians and nurses are now able to assist patients with cutting-edge treatment methods. With the aid of AI technology, physicians can more accurately diagnose and treat patients. However, it has been suggested that physicians dislike using new technologies. For instance, doctors incorrectly believe that AI would someday replace them in the medical industry. Because empathy and the capacity to convince are regarded to be human abilities, doctors and radiologists believe that technology cannot totally eliminate the need for a doctor.

AI in Medical Imaging Market Key Segments Covered:

Top Market Players:
Agfa Healthcare, Ada Health GmbH, Arterys, Bay Labs, Inc. (Caption Health Inc.), Babylon, BenevolentAI, Butterfly Network, Inc., EchoNous, Inc., Enlitic, Inc., Gauss Surgical, GE Healthcare, IBM Corporation, Lunit Inc., Microsoft Corporation, NVIDIA Corporation, Philips Healthcare, OrCam, ai, Siemens Healthineers AG, Zebra Medical Vision, and Others.

By Product

  • Ultrasound Scanners
  • CT Scanners
  • MRI Systems
  • Optical Coherence Tomography Devices
  • Others

By End Use

  • Hospital and healthcare providers
  • Patients
  • Pharmaceuticals and Biotechnology companies
  • Healthcare payers
  • Others

By Application

  • Digital Pathology
  • Oncology
  • Cardiovascular
  • Neurology
  • Lung (Respiratory System)
  • Breast (Mammography)
  • Liver (GI)
  • Oral Diagnostics
  • Other

By AI Technology

  • Deep Learning
  • Computer Vision
  • Others

Regions and Countries Covered

  • North America: (US, Canada, Mexico, Rest of North America)
  • Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
  • Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
  • The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
  • Latin America: (Brazil, Argentina, Rest of Latin America)
  • Rest Of the World

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