The global artificial intelligence in medical imaging market is projected to grow at a CAGR of 36% during the forecast period 2022 to 2030 and to reach valuation of USD 20.1 billion by 2030.
Artificial intelligence (AI) is the imitation of human intelligence progressions by machines, mainly computer systems. Artificial intelligence has extensive applications in the healthcare sector. AI solutions assist healthcare providers in several aspects of patient care and administrative processes. Medical imaging can be defined as the diagnostic procedure that encompasses the formation of visual assistance and image representations of the human body and includes the monitoring of the execution and working of the organs of the human body.
Artificial intelligence primarily consists of two types, machine learning and robots. Machine learning comprises the recognition and application of the algorithm in computer systems for the interpretation of images, whereas robots assist doctors, patients, and operators in diagnostic procedures.
Scope of the Artificial Intelligence In Medical Imaging Market
|Market Size by 2030||USD 20.1 Billion|
|Growth Rate from 2022 to 2030||CAGR of 36%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
The health industry is full of key innovators. Key market players operating in the AI in medical imaging market are closely working with healthcare startups and professionals to develop cost-effective and technologically advanced medical treatments. There is a rise in cross-industry partnerships and collaborations, which is aiding AI in medical imaging market. Firms working in the AI in medical imaging market are extensively investigating the potential benefits of AI in medical imaging and creating advanced solutions. Thus, several market players are engaged in signing partnerships to provide better healthcare solutions. For instance, Radiology Partners (RP), a leading U.S. company, formed a strategic alliance with Aidoc, the leading supplier of AI-based solutions for medical imaging, to provide best AI capabilities to health systems and hospitals and accelerate the implementation of AI as the standard of care in radiology.
Furthermore, innovative health start-ups are participating in rounds of funding and raising investments from top companies. Some companies are adopting the practice of merging. For instance, Babylon merged with Alkuri Global Acquisition Corp. to go public. Players operating in the AI in medical imaging market are resorting to partnerships and collaborations to provide better healthcare solutions.
The outbreak of the COVID-19 virus has widely spread all over the world since the beginning of 2020. Artificial intelligence using the deep learning technology has earned great success in the medical imaging domain due to its high ability of feature extraction. Mainly, deep learning was applied to identify and differentiate bacterial and viral pneumonia on pediatric chest radiographs. Attempts have also been made to identify various imaging features of chest CT, resulting in increased popularity for AI in medical imaging market amid the pandemic. However, with COVID-19 cases on the rise across the world, emerging AI technologies are developed to support hospitals in scaling treatment in the second wave. The COVID-19 pandemic has boosted the demand for enterprise imaging and telehealth by providing remote access to images and reports. It also highlights the significance of expanding the use of AI and machine learning in imaging, with the dual goals of improving diagnoses and improving clinician well-being and job security.
Scientists have made important additions to the campaign of fighting against COVID-19; there are increasing research findings, with each passing day, such as analysis reports and publications reported by both industrial and academic researchers. The use of Artificial Intelligence (AI) in the field of medical imaging research in disease detection and prediction has been gaining popularity. As compared to traditional image processing approaches, AI-based image analysis algorithms provide more reliable, efficient, fast, stable, and reproducible disease information. Hence, image analysis, image segmentation of infected lung areas, and analyses for clinical evaluation are the foundations of AI-based COVID-19 diagnosis procedures. These AI-based approaches have demonstrated significant commercialization potential for AI in medical imaging market during the forecast period.
Surge in Investments in Healthcare Ecosystem to Transform AI in Medical Imaging Market
In terms of region, North America is anticipated to dominate the global AI in medical imaging market, owing to strategic investment of companies in the technology sector. The intent of these collaborations is to generate new sources of revenue through new customers. The North America AI in medical imaging market is expected to expand at a speedy pace in the upcoming years. Technological advancements and high rate of adoption of artificial intelligence technologies are key drivers of the market in the region. Furthermore, the presence of key players and an increase in investment in the healthcare ecosystem have fueled the demand for artificial intelligence in medical imaging in North America.
The AI in medical imaging market in Asia Pacific is estimated to expand at a robust pace during the forecast period. In Asia Pacific, the adoption of artificial intelligence in healthcare is expected to increase significantly during the forecast period. The expansion of the market in the region can be attributed to an increase in R&D expenditure and developments in the biotechnology and pharmaceutical sectors. Moreover, spending in the healthcare sector has increased, and countries of the region are steadily focusing on the development of a robust healthcare infrastructure for patient treatment and diagnoses. According to Invest India, the hospital sector in India is witnessing substantial investor interest from both domestic and global investors that will subsequently support the AI in medical imaging market.
Key players operating in the global AI in medical imaging market are
By AI Technology
By Image Acquisition Technology
By Clinical Application
By End User