Global AI-Enabled Medical Imaging Solutions Market 2021
The global market for AI-enabled medical imaging solutions exhibited a value of $1,854.5 million in 2022 and is projected to reach $18,356.5 million by 2032, reflecting a remarkable CAGR of 25.76% during the forecast period of 2022-2032. This growth can be attributed to several factors.
One of the key drivers is the growing awareness surrounding the early detection of chronic diseases. The integration of artificial intelligence (AI) into medical imaging solutions enables improved clinical decision-making and enhanced accuracy, aiding in the timely identification of these conditions. Moreover, the shortage of healthcare personnel further emphasizes the need for AI-enabled technologies to assist in efficient diagnosis and treatment planning.
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USD 1.4 billion in 2020
Modality, Product, Deployment Model, Workflow, Therapeutic Application, Region
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Technological advancements in AI-enabled products also contribute significantly to the market’s expansion. Continued research and development efforts have led to the creation of sophisticated AI algorithms and tools that enhance the capabilities of medical imaging systems. Additionally, the increasing regulatory approvals for these AI-enabled solutions provide strong support for their widespread adoption across various healthcare settings.
Furthermore, the therapeutic applications of AI-enabled devices are expanding, contributing to market growth. These devices offer innovative solutions for personalized treatment and improved patient outcomes. AI’s ability to analyze vast amounts of medical data and generate valuable insights has revolutionized areas such as drug discovery and image-guided therapy.
While the market presents substantial opportunities, it also faces certain limitations. Legal implications associated with AI systems need to be addressed to ensure ethical and responsible implementation. Additionally, the escalating number of security breaches raises concerns about the privacy and security of healthcare data, underscoring the importance of robust cybersecurity measures.
Despite these limitations, the COVID-19 pandemic has demonstrated the significant role of AI in healthcare. Radiology departments worldwide have increasingly adopted AI-based tools to combat the pandemic. AI’s contribution to diagnosis, prognosis evaluation, pandemic prediction, and drug discovery for COVID-19 has been widely recognized.
The market is segmented based on various factors, including modality, product, deployment model, workflow, therapeutic application, and region.
Segmentation by Modality
Computed Tomography (CT)
Magnetic Resonance (MR)
Multimodality Imaging Systems
Segmentation by Product
Segmentation by Deployment Model
Cloud- and Web-Based Solutions
Segmentation by Workflow
Diagnosis and Treatment Decision Support
Predictive Analysis and Risk Assessment
Reporting and Communication
Segmentation by Therapeutic Application
Segmentation by Region
North America – U.S., Canada
Europe – Germany, France, U.K., Italy, Spain, Switzerland, Sweden, Netherlands, and Rest-of-Europe
Asia-Pacific – Japan, China, India, Australia and New Zealand, South Korea, Singapore, and Rest-of-Asia-Pacific
Rest-of-the-World – Israel, Brazil, Mexico, and Rest-of-Rest-of-the-World
The global market for AI-enabled medical imaging solutions is dominated by computed tomography (CT) modalities, which held a market share of 44.02% in 2021 and are expected to reach a share of 42.00% by 2032. However, during the forecast period, the segments for mammography and multimodality imaging systems are expected to witness the fastest growth rates at a CAGR of 27.00% and 30.20% respectively. This dominance of the CT segment can be attributed to increasing partnerships and advancements in CT using AI, as well as the availability of efficient AI-based solutions for CT scans.
CT scans involve the use of computer-processed combinations of X-Ray measurements taken from different angles to produce cross-sectional images of specific areas of the body. The advancements in AI have greatly benefited the diagnosis using CT, with machine learning and deep learning solutions being used for various applications, such as detecting acute findings in abdominal CT exams and differentiating individual structures on chest CT scans. While radiologists typically focus on the primary indication, AI-enabled medical imaging solutions provide accurate and systematic examination of all scanned regions of the body.
In terms of product, the software segment dominates the global market with a market share of 67.98% in 2021 and is expected to grow at a remarkable CAGR of 25.93% during the forecast period. This growth can be attributed to an increasing number of software manufacturers entering the AI space. The software segment includes machine learning and deep learning solutions used in medical imaging for various applications such as image pattern identification, improving radiology workflow, analysis and acquisition of images, decision support, treatment selection and monitoring, predictive analysis, and reporting and communication.
Regarding workflow, the image analysis segment currently dominates the global market with a market share of 70.04% in 2021 and is expected to maintain its dominance with a share of 66.00% by 2032. However, the detection segment is expected to grow at the fastest rate during the forecast period with a CAGR of 28.47%. Image analysis involves extracting meaningful diagnostic information and suppressing irrelevant details. Partnerships and new product launches focused on AI-based image analysis solutions have increased in recent years, contributing to the growth of this segment.
In terms of deployment model, the cloud- and web-based solutions segment leads the global market with a share of 36.55% in 2021 and is expected to reach a share of 41.00% by 2032, growing at a CAGR of 27.08%. This segment’s dominance is due to the increased adoption of cloud- and web-based solutions, which offer advantages such as cost-effectiveness, customization, and vendor neutrality. Cloud-based solutions refer to services accessed through the internet via shared cloud computing infrastructure, providing increased capacity, scalability, and reduced maintenance costs. Web-based solutions can be accessed through a web browser, offering access and functionality to a broad population and easy maintenance compared to other deployment models.
In terms of therapeutic application, the specialty imaging segment is expected to dominate the market due to the increasing prevalence of chronic disorders such as cancer, cardiovascular diseases, and neurological disorders. The specialty imaging segment held a share of 58.14% in 2021 and is expected to grow at a CAGR of 26.32% during the forecast period. This segment includes the application of AI-based solutions in specialized disciplines such as oncology, cardiology, neurology, orthopedics, and respiratory.
North America and Europe, known for their technologically advanced industries and significant budgets for research and development (R&D), hold the largest shares in the global market. Asia-Pacific and Rest-of-the-World regions are expected to register significant growth due to factors such as the shortage of healthcare workforce leading to increased demand for AI automation and the increasing prevalence of chronic disorders driving awareness for early diagnosis.
The North America market for AI-enabled medical imaging solutions was valued at $729.4 million in 2021 and is expected to reach $10,151.2 million by the end of 2032, with a CAGR of 25.99% during the forecast period. The U.S. holds the largest share in this market, driven by the presence of several market players and the increasing adoption of AI-enabled solutions in radiology. Key players such as Optellum Ltd., Arterys Inc. (Tempus), Butterfly Network, Inc., CorTechs Labs Inc., Enlitic, Inc., iCAD, Inc., Synopsys, Inc., and Aidoc, among others, are headquartered in the U.S., contributing to the growth of the global AI-enabled medical imaging solutions market.
The selection of the profiled companies was based on input gathered from primary experts and an analysis of their company’s coverage, product portfolio, and market penetration.
Key companies profiled in this report include Agfa-Gevaert Group, Aidoc, Blackford Analysis Limited, Butterfly Network, Inc., Canon Inc., Caption Health, Carestream Health Inc., FUJIFILM Holdings Corporation, General Electric Company, Hologic, Inc., iCAD, Inc., Koninklijke Philips N.V., NVIDIA Corporation, Siemens Healthineers AG, VUNO, Inc.
Recent Industry Developments
In November 2022, Aidoc obtained approval from the U.S. Food and Drug Administration (FDA) for its CT-based AI solution designed for the diagnosis of aortic dissection (AD) and all vessel occlusions (VOs).
In September 2022, Aidoc established a partnership with Sana Klinikum Lichtenberg, the largest private hospital network in Germany consisting of 55 facilities. As part of this collaboration, Aidoc’s AI solution for pulmonary embolism (PE) will be seamlessly integrated into all facilities within the Sana Klinikum Lichtenberg network.
In June 2022, Blackford Analysis Limited joined forces with Us2.ai to bring advanced echocardiography analysis tools to the Blackford Platform.
In May 2022, Butterfly Network, Inc. formed a partnership with the Medical University of South Carolina with the goal of transforming patient care, health education, and medical research.
In August 2021, Blackford Analysis Limited collaborated with Qlarity Imaging to offer Radiologists access to QuantX Diagnostic AI through the Blackford Platform.
In September 2021, Aidoc and Subtle Medical joined forces to establish comprehensive AI solutions for medical imaging.
In December 2020, Agfa HealthCare, a subsidiary of Agfa-Gevaert Group, introduced a new product called RUBEE for AI, enabling hospitals to seamlessly integrate top-tier artificial intelligence (AI) into their imaging networks.
In May 2020, Agfa HealthCare, a subsidiary of Agfa-Gevaert Group, partnered with Northwest Clinics to enhance the imaging platform of clinics with the integration of RUBEE for AI.
In November 2021, Butterfly Network, Inc. formed a distribution partnership with Abdul Latif Jameel Health to distribute its Butterfly iQ+ ultrasound device to people across the Middle East, North Africa, Turkey, and India.
In August 2021, Caption Health entered into an exclusive partnership with Butterfly Network Inc. to facilitate early disease detection and management through AI-based guidance and diagnostics.
Key Questions Answered
What are the primary market drivers, challenges, and opportunities in the global market for AI-enabled medical imaging solutions?
Which emerging trends can be observed within the global market for AI-enabled medical imaging solutions?
How is each product type within the global market for AI-enabled medical imaging solutions expected to grow throughout the forecast period? What is the projected revenue for each of these products by the end of 2032?
What is the growth potential of the global market for AI-enabled medical imaging solutions in North America, Europe, Asia-Pacific, and the Rest-of-the-World (RoW)?
What is the trend in patent filings within the global market for AI-enabled medical imaging solutions?
Could you provide some case studies from the global market for AI-enabled medical imaging solutions?
How is the market segmented based on modality within the AI-enabled medical imaging solutions market?
What is the ranking of modalities in terms of their level of AI-enabled medical imaging solutions?
What is the market segmentation based on therapeutic application within the AI-enabled medical imaging solutions market?
How are therapeutic applications ranked in terms of the level of AI-enabled medical imaging solutions?
What impact has the COVID-19 pandemic had on the global AI-enabled medical imaging solutions market?