Innovative Applications of AI in Medical Imaging: A Market Analysis to Reach $29.8 billion by 2032
The global AI in medical imaging market is experiencing growth due to factors such as an increase in use of AI in radiology & rising demand for AI-powered CT.
PORTLAND, PORTLAND, OR, UNITED STATE, April 2, 2024 /EINPresswire.com/ — According to the report, the global AI in medical imaging industry generated $1.9 billion in 2022, and is anticipated to generate $29.8 billion by 2032, witnessing a CAGR of 32.1% from 2023 to 2032.
The intersection of artificial intelligence and healthcare diagnostics within the medical imaging sector presents a transformative opportunity. This rapidly growing market aims to elevate healthcare diagnostics and patient results to new levels by seamlessly merging advanced AI algorithms with established medical imaging technologies like X-ray, CT, MRI, and ultrasound. Utilizing AI, medical imaging solutions encompass a broad spectrum of functions, including image analysis, disease diagnosis, image reconstruction, segmentation, and workflow streamlining. These applications strive to enhance the precision, speed, and effectiveness of interpreting medical images, enabling early detection and precise diagnosis of various medical conditions.
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The most prominent factors that drive AI in medical imaging market growth are increase in use of AI in radiology, and increasing demand for AI-powered CT. However, the rise in costs of AI in medical imaging hampers the market growth to some extent. Nevertheless, the high amounts of funding from AI companies and gain in product approvals is anticipated to provide lucrative opportunities for the AI in medical imaging market growth during the forecast period.
AI in the medical imaging industry has the potential to significantly aid healthcare professionals and organizations. AI-powered technologies assist radiologists in detecting subtle abnormalities and patterns, reducing the risk of errors and enhancing diagnostic accuracy. Moreover, these tools expedite processes, allowing radiologists to concentrate on complex cases requiring human expertise. However, as AI continues to advance in the medical imaging sector, issues like data privacy, regulatory compliance, and interoperability remain crucial considerations. Striking the right balance between harnessing AI’s potential and adhering to ethical and regulatory standards will be pivotal in realizing the market’s full potential.
In 2022, the CT scan segment emerged as a significant player, capturing a substantial portion of the global AI in medical imaging market with more than one-third share, expected to maintain its dominance over the forecast period. Utilizing X-rays and advanced computer processing, CT scans provide detailed cross-sectional images of the body. Meanwhile, X-rays, another common imaging modality, utilize electromagnetic radiation to reveal internal structures, aiding in the diagnosis of fractures, lung diseases, dental issues, and various other disorders. Over the forecast years, the X-rays segment is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) of 36.5%, particularly when combined with AI, offering a powerful and innovative approach to enhance diagnostic accuracy, speed up interpretation, and elevate patient care.
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The deep learning sector is poised to uphold its leading position throughout the projected timeline, having commanded a significant share of the market revenue in 2022, accounting for nearly half of the global AI in medical imaging market. Deep learning technology has made a profound impact on medical imaging, enhancing diagnostic precision, automating image analysis, and aiding in early disease detection. Within the medical imaging domain, ‘computer vision’ refers to the sophisticated use of image processing and analysis techniques supported by AI. Nevertheless, the computer vision segment is forecasted to exhibit the highest CAGR of 36.9% from 2023 to 2032, as these AI-driven solutions enhance the effectiveness and precision of image interpretation, empowering healthcare professionals to make more informed decisions and detect issues at an earlier stage.
In terms of application, the breast imaging segment took the lead in 2022, capturing close to one-third of the global AI in medical imaging market revenue. AI applications in breast imaging encompass a variety of technologies and methods that leverage artificial intelligence to aid in the analysis, interpretation, and management of medical images related to breast health. Conversely, within the medical imaging sector’s orthopedic applications, artificial intelligence technologies are utilized to assess and understand medical images associated with musculoskeletal issues. The orthopedics segment is anticipated to demonstrate the highest CAGR of 35% from 2023 to 2032, as artificial intelligence contributes to precise diagnosis and treatment planning for conditions such as spinal diseases.
In terms of geographical distribution, North America commanded the largest market share in revenue in 2022, representing almost two-fifths of the global AI in medical imaging market, a dominance expected to persist throughout the forecast period due to the region’s mature adoption of the technology. However, the Asia-Pacific region is poised to witness the swiftest CAGR of 34.6% from 2023 to 2032, driven by technological advancements and increasing healthcare demands.
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Leading Market Players: –
• Siemens (Germany)
• NVIDIA Corporation (U.S.)
• IBM Corporation (U.S.)
• GE Healthcare (U.S.)
• Koninklijke Philips N.V. (The Netherlands)
• Aidoc (Israel)
• Butterfly Network, Inc. (U.S.)
• Zebra Technologies Corp. (U.S.)
• Arterys Inc. (U.S.)
• ICAD Inc. (U.S.)
The report provides a detailed analysis of these key players of the global AI in medical imaging market. These players have adopted different strategies such as new product launches, collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Developments/Strategies:
• In January 2023, GE Healthcare unveiled its latest deep learning (DL) technology designed to significantly decrease MRI scan times. This cutting-edge picture acquisition accelerator, referred to as Sonic DL, has the potential to reduce scan durations by up to 83%, enabling real-time tracking of even a single cardiac contraction.
• In November 2022, in a bid to enhance patient care while lowering expenses, Nuance Communications, Inc. and NVIDIA forged a partnership. This groundbreaking collaboration marks the first instance of placing AI-driven diagnostic tools directly into the hands of radiologists and other clinicians on a wide scale.
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