Artificial Intelligence in MRI Market Size, Share, and Trends 2024 to 2034

Artificial Intelligence in MRI Market Size and Forecast 2024 to 2034

The global artificial intelligence in magnetic resonance imaging (MRI) market size is estimated at USD 6.48 billion in 2024 and is anticipated to reach around USD 16.65 billion by 2034, expanding at a CAGR of 9.89% from 2024 to 2034.

Artificial Intelligence in MRI Market Key Takeaways

• North America dominated the artificial intelligence in magnetic resonance imaging (MRI) market in 2023.
• By end user, the hospitals segment will gain a significant market share over the forecast period.

U.S. Artificial Intelligence in MRI Market Size and Growth 2024 to 2034

The U.S. artificial intelligence in magnetic resonance imaging (MRI) market size is evaluated at USD 1.86 billion in 2024 and is predicted to be worth around USD 4.87 billion by 2034, rising at a CAGR of 10.10% from 2024 to 2034. 

Segmentation of artificial intelligence in MRI on the basis of geography involves North America with the largest market share with increased revenue due to developed technology and advancements in artificial intelligence in MRI with increased performance and good results help the health care center with fast diagnosis and quick treatment involved for the patients with increasing disorders. Other regions such as Asia Pacific region with highest growth of the artificial intelligence in MRI market with increased growth rate, Europe, Latin America, Middle East and Africa and rest of the world contributes to increase the growth of market.

Market Overview

Magnetic resonance imaging involves the medical imaging procedure with technique and increased technology or imaging the human body. Utilization of magnetic field for scanning the human body and with the help of radio waves image is generated of the body (organs). MRI is different from the PET and CT scans. Utilization of Artificial intelligence in MRI in the hospitals, clinics, in diagnosis of the organs. Better imaging involved in MRI than in CT scans. Increased performance for monitoring the organs, functioning of the organ. Increased artificial intelligence developed system in the medical and health care sector.

Artificial intelligence involves distinguished in two segments such as robots and machine learning. Machine learning includes such as recognizing the image with algorithms integrated in to the system of computer. Robots performs functions like diagnosis, visualizing the organs of the human body. Increased demand from the market for the artificial intelligence in MRI with increased applications with utilizing the software over the network connectivity. Increased diagnosis of heart, bone fractures, neurological problems, chest disorders with the quick treatment. Increased performance, better results, increased accuracy. Increased diagnosis of the tumour and malignancy and fast treatment with easy recognition of the disorder.

Impact of Covid-19 on the market with increased growth rate of the artificial intelligence in MRI market with increased chronic diseases among the people with increasing population, lifestyle, dietary intake affects the market to grow with increased developments in MRI for diagnosis of the disorders. Which enhance the artificial intelligence market to grow at a larger extend with increased demands from the health care centre.

Artificial Intelligence in MRI Market Growth Factors

The rapid advance developed technologies in the MRI sector utilized in hospitals for diagnosis of the disorder with improved benefits. Developed technologies such as artificial intelligence supports the health care sector in identifying the various disorders. Increased work flow in medical sector with fast recognizing with quick treatments involved. Increased precision with better accuracy with increased support from the system in predicting the tumor and malignancy in the disorder with increase performance and better results and increased output have gained the market rate to a larger extend. Enhance support from the computer system with old system of imaging the body organs with increased technology with new developments such as MRI, CT scans.  Whereas MRI involves the deep study of the organs with easy identification of the tumor with increased imaging of the organs. Increase adoption of artificial intelligence in the health sector which helps to fuel the market growth at higher rate.

The outbreak of covid-19 with wide spread of corona virus in various regions with increased hospitalization of the patients with increased technology for diagnosis of the disorders which fuels the growth of the artificial intelligence in MRI and in the post pandemic situation with increased demands from the consumer in medical sector with enhance networking and software system with increased features in MRI scanning with fast detection of the problem and quick treatment. Increased research and developments with increased technology and improved techniques in MRI helps to boost the market growth.

The key market players involved in artificial intelligence in MRI with increased investments for new MRI techniques with fast and easy access to the MRI helps to increase the market rate with increased requirements for new technologies in health care sector. Availability of the various techniques in MRI scanning with improved software system considering the patient health condition proceeds the market growth.

Market Scope

Market Dynamics

Key Market Drivers

Enhanced numerous diagnostics process

• Increased chronic infections with increasing number of disorders among the people with increased diagnostics method developed in the market with new features integrated in to the system with increased output and good performance and high precision increased the market of artificial intelligence in MRI market with increased demand from the health care sector with faster results and quick treatment for the patient exceeds the market growth to a larger extend.

Increased demands of artificial intelligence in the MRI with increased Covid-19

• Increased wide spread of corona virus across the world with wide impact of Covid-19 on the market with reduced the rate of the market due to imposed rules and regulations from the government which led to the lock down across many regions which ceased the market growth. Increased artificial intelligence in MRI market due increased number of patients with increasing Covid-19 pandemic out break with increased hospitalization rate of patients enhance the market rate of artificial intelligence in MRI market.
• Increased number of research and developments in the diagnostic research medical equipment for screening the image of the body organs with improved diagnosis and enhance treatment high precision and good results boost the market to grow at a larger extent.

Key Market Challenges 

• Increased cost of the devices used for scanning - Artificial intelligence in MRI market with developed technologies in the MRI with increased precision help to boost market growth but increased cost of the treatments used for scanning the images can hamper the market growth to enhance. Cost and medical devices utilized should be balanced to extend the market growth.
• Lack of skill - Due to developed technology in artificial intelligence in MRI market an increased software system integrated in to the MRI system utilized for scanning medical professional with experience is required for performing the task of scanning the image. Lack of skill among the people for performing the task may decrease the market of artificial intelligence in the MRI market during the forecast period. 

Key Market Opportunities

• Utilization of artificial intelligence in MRI - Increased shift of doctors to the artificial intelligence-based techniques utilized for scanning the image of body (organ). Increased advance technologies developed in the MRI with increased performance and high accuracy and precision with increased demands from the health care sector with increased research and technology help to boost the market growth with increased revenue share. Increased efficiency of the equipment with increased work flow and increased management increased the market rate.
• Increased government initiative - Increased government interest for developing the artificial intelligence-based MRI techniques with integrating in to the hospitals for increasing the number of treatments and recovery at faster rate. Increased government investment in artificial intelligence in MRI market for developing more technologies with increased research and technology helps to expand the market at a larger extent during the forecast period.
• The key market players - The key market players involved in introducing the artificial intelligence in MRI market with increased medical devices developed for scanning the image with increased accuracy and results and increased research and development with various features help to increase the market to grow.

Clinical Applications Insights

Enhance applications of artificial intelligence in MRI in the medical sector with increased chronic diseases. Artificial intelligence in MRI used in neurology with highest market share with increased treatments for the brains with improved treatment and technology with integrated software in to the computer with increased performance for scanning images with easy identification of the conditions and also widely used in cardiovascular due to increased heart problems in day to day life with increased change in lifestyle and intake of the dietary supplements which affects the health of the individual. Which fuels the market of artificial intelligence to grow during the forecast period.

End Users  Insights

Artificial intelligence in MRI on the basis of end users. With increased advance technologies and developments with increased features and increased chronic disorders have exceeded the market growth with increased demands from the health care for developed artificial intelligence in MRI. Hospitals with increased market rate with increased rate of hospitalization with serious disorders helps for imaging and scanning with fast treatment and increased developments and software system integrated into the medical devices utilized for scanning and in the computers. Which fuels the market to grow.

Deployment Type Insights

Artificial intelligence in MRI on the basis of deployment type with improved network technology helps the market to grow. With increased integration of clouding system and easy transmission of data with improved connectivity and easy management of the work and increased performance constantly in various sector increased internet of things constantly and expansion of the market to grow.

Artificial Intelligence in MRI Market Companies

• IBM Corporation
• Bay Labs Inc
• Resonance Health Ltd
• Zebra Medical Vision Inc
• Samsung Electronics Co.Ltd
• Arterys Inc.
• Koninklijke Philips N.V.
• Nuance Communications Inc.
• Siemens Healthneer AG
• OrCam
• NVIDIA Corporation
• Freenome Holdings Inc.
• Clarify Health Solutions
• BioXcel Therapeutics
• GNS Healthcare
• Qventus
• K Health Inc
• Huma
• Voxel
• OWKIN INC.
• BERG LLC
• Suki Al Inc
• Renalytix
• Babylon
• Aga Health GmbH
• Prognos
• Medopad Ltd
• PAIGE

Recent Developments

• In the year 2019 October, Collaboration of Zebra Medical Vision and Emergent connection of the companies providing a software based on cloud-based techniques. To increase developments in health care sectors with high performance with increase customer support.
• In the year 2020 June, A health care company developed in U.S. named as AccentCare collaborated with Swift Medical with new technology for the health care sectors with increased decision and fast treatments.

Segments Covered in the Report

By Clinical Applications

• Musculoskeletal
• Colon
• Prostate
• Liver
• Cardiovascular
• Neurology
• Lung
• Breast
• Others

By Offering Type

• Hardware
• Software
• Services

By Technology

• Deep learning
• Machine learning
• Computer vision
• NLP (Natural Language Processing)
• Speech recognition
• Querying method
• Other

By Deployment Type

• On-premise
• Cloud

By End-User

• Hospitals
• Clinics
• Research and laboratories
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)