AI In Medical Imaging Market (By Technology: Deep Learning, NLP; By Application: Neurology, Respiratory & Pulmonary, Cardiology; By Modality; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global AI in medical imaging market was surpassed at USD 1.03 billion in 2023 and is expected to hit around USD 20.45 billion by 2033, growing at a CAGR of 34.83% from 2024 to 2033.

Key Pointers

• North America dominated the market with a revenue share of 45% in 2023.
• Asia Pacific is expected to register the fastest growth rate from 2024 to 2033.
• By Technology, the deep learning segment held the largest share of 59% in 2023
• By Application, the neurology segment generated the maximum market share of 39% in 2023.
• By Modality, the CT scan segment had the largest market share of 36% in 2023.
• By Modality, the X-ray segment is anticipated to expand at the fastest CAGR during the forecast period.
• By End-use, the hospital segment captured the maximum market share of 53% in 2023.

AI In Medical Imaging Market Overview

The AI in medical imaging market encompasses a wide array of AI-powered technologies designed to enhance the accuracy, efficiency, and effectiveness of diagnostic imaging procedures. These technologies encompass various modalities, including X-ray, MRI, CT scans, ultrasound, and others, catering to diverse medical specialties and applications.

AI In Medical Imaging Market Growth Factors

The growth of the AI in medical imaging market is propelled by several key factors. Firstly, the increasing demand for accurate and efficient diagnostic tools in healthcare, driven by the rise of precision medicine and personalized treatment approaches, drives the adoption of AI-powered imaging solutions. Secondly, rapid advancements in AI algorithms and computational capabilities enable the development of sophisticated imaging technologies capable of analyzing complex medical data with unprecedented accuracy and speed. Additionally, the integration of AI into existing healthcare systems and imaging modalities streamlines workflow processes, enhancing operational efficiency and enabling seamless data interoperability. Furthermore, supportive regulatory frameworks and initiatives aimed at promoting innovation in healthcare contribute to the expansion of the AI in medical imaging market. Lastly, growing investments by healthcare organizations, research institutions, and technology companies in AI-driven imaging solutions underscore the market's potential for sustained growth and development.

AI In Medical Imaging Market Trends:

• Integration of AI with Imaging Modalities: AI is being seamlessly integrated with various imaging modalities such as X-ray, MRI, CT scans, and ultrasound, enhancing the diagnostic capabilities of these technologies.
• Rise of Deep Learning Algorithms: Deep learning algorithms are increasingly utilized in medical imaging applications, enabling more accurate and efficient analysis of medical images and patterns.
• Focus on Quantitative Imaging: There's a growing emphasis on quantitative imaging techniques facilitated by AI, allowing for precise measurement and analysis of anatomical structures and pathological features.
• Shift towards Predictive Analytics: AI-powered predictive analytics are gaining traction in medical imaging, enabling early detection of diseases, risk stratification, and personalized treatment planning.
• Expansion of AI Applications: Beyond diagnostics, AI is being applied to various aspects of medical imaging, including image reconstruction, segmentation, image enhancement, and automated reporting.
• Emphasis on Workflow Optimization: AI-driven automation and decision support systems are streamlining workflow processes in radiology departments, improving efficiency and reducing turnaround times.
• Interoperability and Data Sharing: Efforts to promote interoperability and data sharing between AI systems and existing healthcare IT infrastructure are driving the development of standardized formats and protocols.
• Integration with Electronic Health Records (EHR): AI-powered imaging solutions are increasingly integrated with EHR systems, enabling seamless access to patient data and facilitating comprehensive clinical decision-making.

Technology Insights

The deep learning segment held the largest share of 59% in 2023 as it is used in radiological applications such as object detection, image generation, image transformation, and image segmentation. By technology, the market is divided into deep learning, NLP, and others.

The NLP segment is anticipated to grow at the fastest rate during the forecast period. NLP technology uses a computer program that comprehends and presents data in the form of current human language, images, and text. The growth is attributed to the increased use of NLP in the popular fields of machine learning (ML) and artificial intelligence (AI). New trends and developments in the discipline have emerged due to NLP's quick growth. It helps in everything from diagnosis to the discovery of new drugs. Healthcare also strongly relies on various forms of photos and scans. Computer vision in NLP healthcare emerges. These images are frequently blurry and difficult to recognize or identified precise patterns.

Application Insights

The neurology segment held the largest share of 39% in 2023 owing to the increased use of AI in neurology as it enables higher accuracy, better patient care, and high efficiency. Additionally, AI is used in neuro-oncology, neuro-vascular disease detection, neurosurgery, and traumatic brain injury detection. By application, the market is segmented into neurology, respiratory and pulmonary, cardiology, breast screening, orthopedics, and others.

The breast screening segment is anticipated to grow at the fastest rate during the forecast period. The rise in breast cancer cases and patient desire for early-stage diagnosis, which helps in getting the precise treatment at the earliest, are factors driving the demand for breast screening. Some other key drivers anticipated to fuel market growth include supportive government initiatives to assist clinical interpretation and increased access to breast cancer screening technologies. In October 2021, the government of Goa initiated a program for 1 lakh women offering free breast cancer screenings. As part of this initiative, breast cancer screening is done at the 35 health centers in Goa.

Modality Insights

In 2023, the CT scan segment held the largest revenue share of over 36% due to the higher standard method of imaging for many clinical results. A wide variety of AI-based medical imaging solutions are being offered by both major and minor suppliers for use in the CT scan modality. The CT scan collects more thorough data as compared to other methods.  In addition, it has not been demonstrated that the little amounts of radiation used in CT scans are harmful over the long term. Based on modality, the market is segmented into CT scan, MRI, X-ray, ultrasound, and nuclear imaging.

The X-ray segment is anticipated to expand at the fastest CAGR during the forecast period. The increased usage of interventional x-ray equipment, such as C-arms and others, for image-guided surgeries, is the main factor driving the segment. The development of C-arms, notably tiny C-arms with flat panel detectors and digital radiography, has significantly increased the need for X-rays worldwide. In July 2019, based on X-ray technology, a mobile C-arm a flexible medical imaging tool has been developed that can be utilized in different operating rooms (ORs) throughout a clinic.

End-use Insights

The hospital segment dominated the market with a revenue share of 53% in 2023 and is expected to expand at the fastest CAGR during the forecast period. The growth is anticipated as hospitals are preferred by patients for the treatment process in the context of convenience and a variety of product offerings in one place. Moreover, hospitals are omnipresent and easily accessible.

Based on end-use, the market is segmented into hospitals, diagnostic imaging centers, and others. The hospitals segment is also anticipated to benefit from favorable reimbursement regulations. For instance, as per the American Hospital Association’s 2020 annual survey, AI-based imaging technology was used more in hospitals as compared to diagnostic centers.

Regional Insights

North America dominated the market with a revenue share of 45% in 2023 owing to the technologically advanced infrastructure and high per capita income. In addition, the presence of a large number of market players and supporting government regulations in the region are driving the market for AI in medical imaging. In June 2021, Avicenna received FDA approval for CINA-LVO, CINA-ICH, and neurovascular emergency apps and is available on the Nuance AI marketplace. It provides a specific point of access to a wide range of AI diagnostic models within the radiology platform offering.

Asia Pacific is expected to register the fastest growth rate over the forecast period owing to the significant adoption of advanced technologies, enhanced network connectivity, and increased government programs. In addition, the rising number of startups using artificial intelligence (AI), particularly in China and India, the rapidly increasing investment, and the enormous potential of AI to close the region's healthcare infrastructure gap by improving image quality are driving factors. In May 2021, ThinkCyte, an AI-based medical imaging company, and Sysmex Corporation collaborated to improve the accuracy of diagnoses and enhance treatment. In addition, both companies are working to develop novel testing and diagnostic technologies. These technologies have high clinical value. Meanwhile, digitalization is accelerating in areas of healthcare including AI-powered medical image processing and robotically assisted testing.

AI In Medical Imaging Market Key Companies

• Siemens Healthineers
• General Electric
• Koninklijke Philips
• IBM
• Agfa-Gevaert Group/Agfa Health Care
• Arterys
• AZmed
• Caption Health
• Gleamer
• Butterfly Network

AI In Medical Imaging Market Segmentations:

By Technology

• Deep Learning
• Natural Language Processing (NLP)
• Others

By Application

• Neurology
• Respiratory and Pulmonary
• Cardiology
• Breast Screening
• Orthopedics
• Other

By Modality

• CT Scan
• MRI
• X-rays
• Ultrasound
• Nuclear Imaging

By End-use

• Hospitals
• Diagnostic Imaging Centers
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa