Global AI-Based Medical Imaging Market - Outlook and Forecast 2022-2027
- Market Report
- ID: OBO152GA
- Delivery Time: 1 Business Day
- Tag: AI-Based Medical Imaging
Market Overview
The global market for AI in medical imaging is projected to exceed USD 10 billion by 2027, growing at a CAGR of 45% from its value of USD 1.06 billion in 2021. The application of artificial intelligence (AI) in medical imaging has emerged as a promising area of health innovation, offering impressive accuracy and sensitivity in the detection of abnormalities and the potential to enhance tissue-based detection and characterization.
The need for AI adoption in medical imaging has been driven by the increasing number of diagnostic procedures and the simultaneous decline in the number of radiologists, resulting in heightened work pressure on these healthcare professionals. Researchers are actively exploring various ways to implement AI in medical imaging, with demand continually rising in the medical imaging software market. Whether it’s diagnosing cardiac events, neurological conditions, fractures, or thoracic complications, AI aids physicians in delivering quick and accurate diagnoses and treatment plans. By integrating AI into medical imaging practices, screening processes have improved, precision medicine software has been enhanced, and physicians’ workloads have been reduced.
Product Type | Market Report |
---|---|
No. of Pages | 335 |
Release Date | June 2022 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Market Size | USD 1.1 billion in 2020 |
Market Segments | Technology, Application, Modalities, End-User, and Geography |
Region | Global |
No. of Companies Mentioned | 34 |
Technological advancements in AI-based medical imaging technologies have significantly contributed to their acceptance, particularly in high-income countries. For example, the development of integrated AI software that can be directly incorporated into imaging equipment such as MRI or CT scanners has facilitated the automation of medical image analysis. Additionally, the integration of smartphone technology in AI in medical imaging allows frontline health workers to non-invasively screen for various conditions using a smartphone, expanding access to medical imaging capabilities.
AI in medical imaging has garnered attention from radiologists worldwide due to its ability to deliver faster and more accurate results while reducing diagnostic errors and costs compared to traditional imaging methods. Radiologists recognize the enormous potential of AI in medical imaging and anticipate its increased implementation in the years to come.
In recent years, several large established companies, including GE Healthcare and Siemens Healthineers, have made significant investments in partnerships and acquisitions to position themselves for growth in the AI in medical imaging market. Even companies not traditionally focused on healthcare, such as Thermo Fisher Scientific and Paraxel, have recognized the market’s potential and are making substantial investments in this space.
Market Segmentation
The market is segmented based on various factors, including technology, application, modalities, end-user, and geography.
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, France, UK, Italy, Spain
APAC – China, Japan, India, South Korea, Australia
Latin America – Brazil, Mexico, Argentina
Middle East & Africa – South Africa, Saudi Arabia, Turkey, UAE
North America is the leading market for artificial intelligence in medical imaging, primarily due to its high adoption of advanced technologies. The presence of key players in the region also contributes to its dominant market share.
Europe holds the second-largest market share in AI-based medical imaging, driven by prominent market players and high healthcare spending. Collaborative research with government funding further fuels the industry in this region.
The Asia-Pacific region is experiencing emerging adoption of advanced AI technologies in medical imaging. Government and corporate investments, as well as collaborations and partnerships among companies and research centers, are driving significant growth in this region.
In Latin America, the Middle East, and Africa, the slow growth of the industry can be attributed to factors such as lack of awareness about the importance of AI in medical imaging, radiologists’ job insecurity, insufficient IT infrastructure, inadequate training and knowledge among radiologists, data security concerns, and a shortage of skilled professionals.
Among all regions, the Asia-Pacific region is expected to witness the highest growth, with a projected CAGR of 51.06% in the global industry. The increasing prevalence of chronic diseases and diagnostic errors creates substantial opportunities for AI-based medical imaging market growth in this region.
Hospitals are adopting AI medical software either as a complete package or by selecting individual programs based on their industry relevance. Diagnostic imaging centers focus on implementing advanced products to attract customers and generate revenue through imaging procedures. AI in medical imaging, combined with clinical data, enables accurate prediction of heart attacks.
Neurology accounts for a significant share in the industry, with initial AI product development focusing on downstream processing. This includes AI for segmentation, anatomical structure detection, and quantification of various pathologies. Commercially available solutions now address previously unmet needs in intracranial hemorrhage, ischemic stroke, primary brain tumors, cerebral metastases, and abnormal white matter signal intensities.
AI has revolutionized cardiovascular magnetic resonance (CMR) by providing deep learning solutions for image acquisition, reconstruction, and analysis, supporting clinical decision-making. CMR is widely used in routine clinical decision-making, including diagnosis, follow-up, real-time procedures, and pre-procedure planning.
Deep learning methods have significantly improved medical image analysis, offering high accuracy, efficiency, stability, and scalability. AI tools in medicine reduce errors, improve accuracy, provide fast computing, and enhance diagnostics. Natural language processing, computer vision, and context-aware computing technologies are also used to develop new analysis methods for medical imaging products.
In 2021, Philips introduced its AI-enabled CT imaging portfolio, incorporating artificial intelligence at every step of CT image processing. Siemens Healthineers’ AI-Rad companion chest CT detects and highlights lung nodules and automatically calculates tumor burden. Their AI-Rad companion chest X-Ray aids in patient management during the COVID-19 pandemic, automatically processing upright chest X-ray images and detecting pneumothorax, nodules, consolidations, atelectasis, and pneumonia caused by the COVID-19 virus.
CT scans and MRI dominate the use of AI in medical imaging, as these modalities are widely adopted. However, AI applications in ultrasound and mammography are also gaining traction in the industry.
Competitive Landscape
Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips, and IBM Watson Health are prominent entities in the global AI in medical imaging market. These international players prioritize the development of innovative products with advanced technologies and expanding their product portfolios to maintain competitiveness. They consistently invest significantly in research and development (R&D) to broaden their range of offerings. GE Healthcare, for example, dedicates efforts to launching new products featuring innovative technology platforms, such as the Edison Developer Program, which allows other companies specializing in artificial intelligence technologies to scale and implement their applications across GE Healthcare’s customer base.
Strategic acquisitions and partnerships are also prevalent among key players as a means to foster growth. By engaging in such activities, these players can expand their operations through inorganic means. Moreover, obtaining approvals for innovative products and actively carrying out R&D activities further strengthens their market presence, drives growth, and sustains their positioning globally. In 2021 alone, more than 30 countries granted approval for FDA- and CE-approved AI in medical imaging technologies.
The increasing funding and investments from both public and private entities, including large corporations, serve as significant drivers for the AI in medical imaging market. Notably, over 20 startups from various regions have secured funds for the development of AI-based medical imaging technologies.
Key companies profiled in this report include General Electric, Siemens Healthineers, Koninklijke Philips, IBM Watson Health, Agfa-Gevaert Group/Agfa HealthCare, Arterys, Avicenna.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.
Key Questions Answered
HOW LARGE IS THE AI IN MEDICAL IMAGING MARKET?
The global AI in medical imaging market is projected to reach USD 10.15 billion by 2027.
WHAT IS THE GROWTH RATE OF THE AI IN MEDICAL IMAGING MARKET?
The global AI-based medical imaging market is expected to grow at a compound annual growth rate (CAGR) of 45.68%.
WHO ARE THE KEY PLAYERS IN THE AI IN MEDICAL IMAGING MARKET?
The key players in the AI in medical imaging market include General Electric, Siemens Healthineers, Koninklijke Philips, and IBM Watson Health.
WHAT ARE THE LATEST TRENDS IN THE AI-BASED MEDICAL IMAGING MARKET?
The latest trends in the AI-based medical imaging market are the increasing adoption of AI in medical imaging in developed countries and advancements in technology.
WHICH REGION IS EXPECTED TO HAVE THE LARGEST SHARE IN THE AI-BASED MEDICAL IMAGING MARKET?
North America is expected to hold the largest share in the AI-based medical imaging market.
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