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
MARKET SIZE (2021)
MARKET SIZE (2027)
Technology, Application, Modalities, and End-User
North America, Europe, APAC, Latin America, and Middle East and Africa
US, Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, Turkey, Saudi Arabia, UAE, and South Africa
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.
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.
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
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.
IBM Watson Health
Other Prominent Vendors
Agfa-Gevaert Group/Agfa HealthCare
Perimeter Medical Imaging AI
1QB Information Technology
Segmentation by Technology
Segmentation by Application
Respiratory & Pulmonary
Segmentation by Modalities
Segmentation by End-User
Diagnostic Imaging Centers
Segmentation by Geography
Middle East and Africa
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