AI-Driven Innovations in Medical Imaging Market

08 Sep 2024

Table of Content

1. AI in Medical Imaging Market Revenue, Top Companies, Report 2033 2. Market Overview  3. AI in Medical Imaging Market Trends  4. AI in Medical Imaging Market Highlights 5. AI in Medical Imaging Market Top Companies   6. Regional Insights 7. Market Potential and Growth Opportunity

AI in Medical Imaging Market Revenue, Top Companies, Report 2033

The AI in medical imaging market size was valued at USD 0.98 billion in 2023 and is projected to reach USD 11.76 billion by 2033, registering a CAGR of 28.19% from 2024 to 2033. The growing adoption of artificial intelligence in radiology is expected to drive the growth of AI in the medical imaging market.

Market Overview 

AI in medical imaging market deals with diagnostic procedures that include the functioning of the organs, monitoring the performance, and the creation of visual aids for the human body; with the help of artificial intelligence in medical imaging and healthcare, surgeons can get help with personalized treatment according to every individual and patient, diagnose these images for the conclusion, and carry out the image-capturing process. 

The increasing cross-industry collaborations and partnerships, as well as the increasing funding for AI-based start-ups by private players, are expected to drive the growth of the market. In addition, the increasing presence of artificial intelligence tools in the medical industry, increasing attention to lessen radiologist’s workload, increasing government initiatives to promote the use of AI-based technologies, and rising demand for the influx of complex and large datasets are further contributed to boosting the growth of the AI in medical imaging market during the forecast period. 

AI in Medical Imaging Market Trends 

• The rising advancements and innovations in medical imaging technology fuel the growth of AI in medical imaging.
• The growing research and development from the growing ecosystem of market players are attributed to enhancing market growth. 
• The increasing demand for AI-powered computed tomography (CT) is further expected to enhance the growth of AI in the medical imaging market. 

Faster diagnosis and intervention, tracking patient care, and improving precision medicine to fuel the market growth 

AI-powered medical imaging enables faster condition detection for medical personnel, enabling earlier action. Radiologists typically need time to interpret pictures, whether they are CT scans or X-rays. Massive processing capacity and potent algorithms are used by AI-generated medical imaging equipment to provide clinicians with prompt decision help. Additionally, following the patient's condition and identifying even the tiniest change in a large quantity of data are made possible by machine learning and artificial intelligence technology in medical imaging. Tracking malignancies and brain tumors is useful in determining the most effective course of therapy.

Additionally, the efficiency of precision medicine can be enhanced by the integration of AI-powered algorithms with medical imaging. AI techniques are able to distinguish between different types of lung cancer, which makes it possible to choose the most suitable treatment. Based on the assessed stage and grade of the tumor, AI-powered medical imaging can more accurately forecast the survival rate of patients with tumors. These factors are expected to drive the growth of AI in the medical imaging market.

However, increasing the cost of artificial intelligence in medical imaging may restrain the growth of the market. The high cost of several artificial intelligence techniques in medical imaging equipment and samples for diagnosing various diseases hinders market growth. Currently, the research and development of artificial intelligence in medical imaging is very expensive and cannot be affordable by most research institutes and hospitals in developing and underdeveloped countries. Therefore, these factors may restrain the growth of the AI in medical imaging market.

AI in Medical Imaging Market Highlights

AI in Medical Imaging Market Top Companies  

• SIEMENS 
• Philips and SyntheticMR
• KONINKLIJKE PHILIPS N. V. 
• MICROSOFT
• NVIDIA CORPORATION 
• IBM 
• GENERAL ELECTRIC COMPANY
• CELLMATIQ GMBH
• Enlitic Inc 
• Ada Health
• Agfa-Gevaert Group 

Recent Innovation in AI in Medical Imaging by Philips and SyntheticMR

In March 2024, Philips and Synthetic MR embarked on a collaboration in the rapidly evolving field of medical diagnostics and launched an AI-based quantitative brain imaging system. The aim behind this launch was to enhance the diagnosis of neurological disorders and revolutionize the detection and analysis of conditions such as dementia, traumatic brain injuries, and multiple sclerosis. 

Recent Innovation in AI in Medical Imaging by Philips and SyntheticMR

In June 2024, an innovative medical imaging technology company, Nano-X Imaging, launched an artificial intelligence functionality in the Second Opinions online medical consultation service. It was a deep-learning medical imaging analytics subsidiary. This second Opinion has integrated three of Nanox.AI’s FDA 510(k)-AI solutions, allowing patients to get surgical and medical subspecialties such as orthopedic surgery, oncology, neurology, and radiology. 

Regional Insights

Asia Pacific is expected to grow fastest during the forecast period. The growing population, increasing frequency of illness, rapidly modernizing healthcare infrastructure, increasing significant adoption of advanced technologies, increasing government initiatives, and growing enhanced network connectivity contributed to propel the market growth. In addition, the growing number of startups using artificial intelligence in emerging countries and rapidly increasing investment are further expected to drive the growth of the Asia Pacific market.

• China, India, Japan, and South Korea are the leading countries in the region. China is the fastest-growing country and has the biggest market share. There are various market key players in China, such as Deepwise, Huiying Medical Technology, 12 Sigma Technologies, Yitu Healthcare, Infervision, and many others. Due to the developments in machine learning and AI technologies that are allowing the creation of effective and more precise medical imaging software, the Chinese AI medical imaging market is expanding. These factors are expected to enhance the growth of the market in the Asia Pacific region. 

North America dominated the AI in medical imaging market in 2023. The increasing supportive governmental regulations, the increasing existence of major players, the growing per capita income, and technologically advanced infrastructure have contributed to propelling market growth. The U.S. and Canada are the major countries in the region. AI and machine learning technologies are being used in the fast evolution of technologies and increasing number of medical imaging devices in the U.S. which further helps to accelerate the growth of the AI in medical imaging market in North America.

• For instance, in March 2024, The U.S.-based NVDIA Healthcare company launched more than two dozen microservices for healthcare data runs, medical imaging, chemistry, and biology in every NVIDIA DGX Cloud. It allowed healthcare enterprises to take advantage of the latest advances in generative AI from anywhere in the world. In addition, this NVIDIA microservices accelerated healthcare workflows for genomics analysis, medical imaging, and drug discovery in the United States. 

Market Potential and Growth Opportunity

AI in modern medical imaging

The healthcare sector can benefit greatly from the adoption of artificial intelligence. Healthcare providers can benefit from AI solutions in various ways, such as administrative tasks and patient care. Robotics and machine learning are the two primary branches of AI. Robots aid operators. Patients and medical professionals in the diagnostics process, while machine learning refers to employing and recognizing the technology in computer systems to interpret images. In addition, artificial intelligence in radiology and new trends in cooperation and collaboration are also modern algorithms for medical imaging and hence are expected to boost the growth of the AI in medical imaging market in the coming years.

AI in Medical Imaging Market News

• In October 2023, Abbott launched a coronary imaging software, Ultreon 1.0, in India. This new software combined optical coherence tomography with AI and provided physicians with a view of blockages and blood flow.
• In December 2023, GE Healthcare launched a number of deep learning and AI-enabled solutions that help meet challenges, such as the introduction of the new SIGNA Champion wide-bore magnetic resonance medical imaging. The aim behind this launch was to enable more precise and faster scans and patient comfort.    

Segment Covered in the Report

By Solution

• Software Tools/ Platform
• Services
  • Integration
  • Deployment

By Image Acquisition Technology

• X-Ray
• Computed Tomography
• Magnetic Resonance Imaging
• Ultrasound Imaging
• Molecular Imaging

By Application

• Digital Pathology
• Oncology
• Cardiovascular
• Neurology
• Lung (Respiratory System)
• Breast (Mammography)
• Liver (GI)
• Oral Diagnostics
• Other

By End Use

• Hospitals and Clinics
• Research Laboratories and Diagnostic Centers
• Others (Ambulatory Surgical Centres, Intensive care at home, etc.)

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