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AI in the Medical Imaging Market is Expected to Grow at a CAGR of 45.68%. Deep Learning Creating Tremendous Opportunities - Arizton

·5 min read
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The global AI in the medical imaging market is projected to cross $10 billion by 2027 from $1.06 billion in 2021.

Chicago, June 15, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, AI in the medical imaging market is expected to grow at a CAGR of 45.68% during 2022-2027.  The increase in the adoption of AI-enabled procedures and applications that are approved for reimbursement will result in the launch of many more solutions in the market. Currently, many AI-based medical imaging platforms have been deployed across all major medical modalities.

Deep learning technology has a tremendous opportunity in medical imaging to emerge as the most disruptive technology radiology has seen since the advent of digital imaging. Within the next 15 years, deep learning-based applications will take over human efforts or manual work as most medical imaging diagnoses will be performed by intelligent machines to predict diseases, prescribe medicines, and guide treatments.

AI in Medical Imaging Market Report Scope

Report Attributes

Details

MARKET SIZE (2021)

$1.06 Billion

MARKET SIZE (2027)

$10.14 Billion

CAGR (2022-2027)

45.68%

 

BASE YEAR

2021

 

FORECAST YEAR

2022-2027

LARGEST MARKET

North America

FASTEST MARKET

Asia Pacific

MARKET SEGMENTS

Technology, Application, Modalities, and End-User

GEOGRAPHIC ANALYSIS

North America, Europe, APAC, Latin America, and Middle East and Africa

COUNTRIES COVERED

US, Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, UAE, and South Africa

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The expansion of the global geriatric population and its high dependency on health services is contributing to the market growth. The rise in investments by governments worldwide is evident from the surge in the presence of emerging players and start-ups that have launched several FDA-approved AI-based medical imaging diagnostics. The demand for AI-based medical imaging solutions is rising due to increasing work pressure and the low availability of radiologists in several countries in recent years.

Cardiology and neurology specialties have the highest number of vendors that develop AI-based medical imaging devices due to the high prevalence of cardiovascular and neurological diseases and high medical imaging data in these areas. Therefore, the urgent requirements for automation in medical imaging have motivated several large and small companies and start-ups to develop and launch AI-based medical imaging devices.

Key Highlights

  • Neurology dominated the specialty segment with the highest market share of 26.82% in 2021 as AI-based medical imaging systems have been highly adopted in Neurology. The rising prevalence of neurological conditions and the rising technological developments are the key factors fueling the growth of the Neurology segment.

  • CT Scan dominated the modality segment as it is the gold standard method of imaging for many clinical indications. Many key and small vendors are offering wide a range of AI-based medical imaging technologies to be used in CT Scan modality.

  • Deep Learning is dominating the technology segment, as deep learning has shown tremendous opportunities and many vendors have implemented deep learning technology to develop advanced AI-based medical imaging technologies.

  • Hospitals are dominating the end-user segment. Rising work pressure of chronic diseases on radiologists and subsequent surge in imaging activities has compelled radiologists to adopt AI-based medical imaging solutions.

  • North America dominated the geography segment because of the presence of a large patient population coupled with better adoption of AI-based medical imaging software and tools with more advances in AI, which is the primary factor for its high market share

  • APAC is anticipated to exhibit the highest CAGR of 51.06% during the forecast period. Rising healthcare challenges of aging populations, chronic disease prevalence, and growing demand for healthcare services, are making region bring more opportunities for the AI-based medical imaging market in the region.

Key Offerings:  

  • Market Size & Forecast by Revenue | 2021−2027

  • Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities

  • Market Segmentation – A detailed analysis of technology, application, modalities, end-user, and geography

  • Competitive Landscape – 4 key vendors and 30 other prominent vendors

Competitive Landscape

Many players are expanding their product portfolio to remain competitive in the market. Also, these players are continuously investing extensively in R&D initiatives to expand their product portfolio. Manufacturers such as General Electric Company (Healthcare), are continuously focusing on launching new products with innovative technology platforms and opening the platform (Edison Developer Program) for other companies that offer AI technologies to scale and deploy their applications across GE Healthcare’s customer base.

Key Vendors

  • General Electric

  • Siemens Healthineers

  • Koninklijke Philips

  • IBM Watson Health

Other Prominent Vendors

  • Agfa-Gevaert Group/Agfa HealthCare

  • Arterys

  • AI

  • AZmed

  • Butterfly Network

  • Caption Health

  • CellmatiQ

  • dentalXrai

  • Digital Diagnostics

  • EchoNous

  • GLEAMER

  • HeartVista

  • iCAD

  • Lunit

  • Mediaire

  • MEDO

  • Nanox Imaging

  • Paige AI

  • Perimeter Medical Imaging AI

  • Predible Health

  • 1QB Information Technology

  • Qure.ai

  • Quantib

  • QLARITY IMAGING

  • Quibim

  • Renalytix

  • Therapixel

  • Ultromics

  • Viz.ai

  • VUNO

Segmentation by Technology

  • Deep Learning

  • NIP

  • Others

Segmentation by Application

  • Neurology

  • Respiratory & Pulmonary

  • Cardiology

  • Breast Screening

  • Orthopedic

  • Others

Segmentation by Modalities

  • CT

  • MRI

  • X-RAY

  • Ultrasound

  • Nuclear Imaging

Segmentation by End-User

  • Hospitals

  • Diagnostic Imaging Centers

  • Others

Segmentation by Geography

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • APAC

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • Turkey

    • Saudi Arabia

    • UAE

    • South Africa

Explore our healthcare lifesciences profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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CONTACT: Arizton Advisory and Intelligence Call: +1-312-235-2040 +1 302 469 0707