The AI Market in Medical Imaging is expected to register a CAGR of 30.4% over the forecast period from 2021 - 2026. The growing aging population, coupled with rising investment in the healthcare ecosystem, is expected to impact overall market growth over the forecast period positively. Developed nations have been facing this demographic challenge and have been investing in bringing affordable and advanced healthcare systems to the people, thereby providing impetus to the market. X-ray imaging is being widely used to detect lung and breast cancer. Additionally, a computed tomography (CT) scan can detect small lesions in the lungs that go undetected on an x-ray. Confirmative, diagnostic, and supportive are different uses of X-rays in the medical domain.
- Moreover, X-ray imaging equipment is also used to detect diverse diseases, such as fractures, infection, different cancers, and arthritis. As a result, the increasing number of cases associated with these diseases is likely to impact market growth positively. Additionally, the geriatric population is highly vulnerable to arthritis. The future of precision medicine, which allows tailoring diagnosis and treatment to each patient to optimize the outcome, is dependent on the ability to jointly analyze large datasets of heterogeneous biological (e.g., metabolic, genomic, neuroimaging) and clinical measures while incorporating critical clinical domain knowledge. The role of AI is expected to grow with such growing requirements.
- Soon, multiple medical imaging machines will be connected to the cloud, where AI algorithms will analyze the data and help human doctors in screening, assessing, and diagnosing patients. The impact of the implementation of AI to analyze medical images is enormous. In Mexico, there are only about 4,000 radiologists for 130 million people. AI in medical imaging may make the most significant impact in countries such as Mexico. In December 2019, IBM Watson Health highlighted its recent clients and collaborations for its IBM Watson Health Imaging artificial intelligence (AI) platform at the 105th RSNA Scientific Assembly and Annual Meeting. Clinical Review 3.0, a tool recently launched in the United Kingdom that analyzes medical imaging studies and their associated reports to identify potentially missed findings, is facilitating higher quality and more comprehensive care for the patient.
- The COVID-19 pandemic disrupted almost every industry, including healthcare. Among the most used COVID-19 screening options, imaging has been preferred by most of the healthcare professionals, as it provides a crucial diagnosis in a short time. All the imaging results have been used exhaustively to study the virus and its effect on different demography patients. Therefore, AI in Medical Imaging is expected to grow at a higher rate. With almost every healthcare organization putting efforts to manage better and stop the spread of COVID-19, multiple organizations have turned to medical imaging and imaging analytics tools to improve the virus's detection and prevention.
- In June 2020, according to a new report by a team at Johns Hopkins Medicine, artificial intelligence represents the potential, primarily to enhance the role of chest imaging and leveraging large-scale data to quickly find solutions for the detection, containment, and treatment of COVID-19. The team also stated that AI could also help improve risk stratification, categorizing the patients for the type of treatment they receive based on the course of their COVID-19 infection. Moreover, in August 2020, the National Institutes of Health (NIH) launched the Medical Imaging and Data Resource Center (MIDRC), which will utilize the artificial intelligence and medical imaging technology to enhance the COVID-19 detection and treatment.
Key Market Trends
Computed Tomography is Expected to Drive the Market Growth
- The major factors for the growth of the computed tomography (C.T.) market include the growing prevalence of various lifestyle associated chronic diseases such as cancer and cardiovascular conditions and increasing demand for advanced imaging solutions integrated with A.I. and further investment in AI-enabled solutions are some of the factors expected to drive the overall market growth. Increasing demand for advanced assessment tools in the emergency department and a growing number of ambulatory emergency care units are the drivers expected to positively impact the C.T. market growth, which will boost the overall demand of the A.I market in medical imaging.
- In June 2020, Qure.ai announced its first US FDA clearance for its head C.T. scan product. The U.S. Food and Drug Administration's decision covers four critical abnormalities identified by Qure.ai's emergency room product. Now, the A.I. tool can triage radiology scans with intracranial bleeds, mass effect, midline shift, and cranial fractures. Two of these capabilities include cranial fractures and midline shifts, which are exclusive to Qure.ai's product. This means that the recently cleared qER suite will triage nearly all critical abnormalities visible on routine head computed tomography scans.
- Imsight Technology, a Chinese company that has been developing equipment for digital radiographic examinations of the chest since 2018, has devised an A.I. system that assists computer-aided tomographic diagnostic screening of the lungs amid the ongoing coronavirus pandemic. The new system consists of a deep-learning process that reads in a considerable amount of data and can read images accurately as experienced doctors. During a trial in February 2020, the system processed images at more than 99% accuracy.
- According to NCBI, more than 70 million C.T. scans are performed in the U.S. and 5 million in the U.K. every year with an increasing annual rate of 10%, signifying the growth potential of C.T. in the overall medical imaging market. The more extended incubation period of COVID-19 is a massive restriction for early diagnosis and effective treatment for the ongoing pandemic. Preliminary screening of suspected patients by C.T. can reveal lung damages at the early stages. This has a significant impact in the developing countries where tests/million population ratio is lower and is likely to fuel the overall A.I. market in medical imaging.
Asia-Pacific to Witness Highest Growth
- In the Asia Pacific, artificial intelligence in healthcare is expected to witness lucrative growth over the forecast period, owing to rising R&D expenditure and developments in the pharmaceutical and biotechnology sectors. Additionally, the presence of a significant patient pool will trigger demand for better healthcare services, develop healthcare infrastructure, and increase disposable income to support further the growth of AI in Medical Imaging in the region. Furthermore, spending in the healthcare sector gained heightened traction. Economies in the region are increasingly concentrating on developing a robust healthcare infrastructure for patient diagnoses and treatment. According to Invest India, India's hospital sector, accounting for 80% of the total healthcare market, is observing a significant investor interest from both the global and domestic investors.
- Furthermore, AI medical imaging is one of the most common AI applications in the healthcare industry in China. It is currently the second-largest market segment of AI medical applications in China and was predicted to grow at a growth rate of more than 40% and reach a scale of USD 2.5 billion in 2024 (source: Ministry of Foreign Affairs of Denmark). There is a considerable gap in the number of professional doctors in medical imaging in China. The medical imaging dataset increases 30% every year in China, which also accounts for 90% of digital data volume for a hospital. In contrast, the number of radiologists increases by only 4% a year. AI medical imaging in China is considered by industry insiders to be the first market to commercialize AI in the healthcare industry in China.
- Two medical institutions in Shenzhen have currently adopted Imsight's AI system for computer-aided tomographic screening of the lungs. When the system identifies a possible COVID-19 infection, it specifies an affected site and conducts the necessary quantitative data analysis. The spread of COVID-19 has urged medical technology-related companies to shift to commercial production of equipment rapidly. Under normal conditions, companies are centering on activities such as approaching customers. Amid the abrupt increase in demand for medical examinations, new services such as online hospitals, temperature checks by AI, remote medical care, and delivery of drugs via the internet are rapidly moving toward practical use.
- The coronavirus has brought a lot of awareness to the medical industry in South Korea. South Korea has appreciated its fast response and its innovative technologies regarding testing for the coronavirus. The usage of AI in the medical industry in South Korea gained traction in 2019. Korean investors invested a lot of their money into Korean medical startups combining AI technologies into their products and services. Also, universities and corporations in Korea are increasing their partnerships with AI startups in Korea to compete with newer players entering the space. Lunit, a South Korean startup, has developed an AI-based system for detecting pneumonia, often present in COVID patients within seconds.
The AI Market in Medical Imaging is highly competitive, owing to the presence of a large number of players in the market operating in domestic as well as in the international market. The market appears to be moderately fragmented. Owing to the increase in AI applications in the medical imaging market, major players in the market are adopting strategies like product innovation, partnership, mergers, and acquisition. Some of the key developments are:
- July 2020 - Zebra Medical Vision announced that it had entered a strategic collaboration with TELUS Ventures. This collaboration includes an investment expected to grow Zebra-Med’s presence in North America and enable the company to showcase its artificial intelligence (AI) solutions to the latest modalities and clinical care settings.
- June 2020 - GE Healthcare introduced its Thoracic Care Suite, a collection of eight artificial intelligence (AI) algorithms from Lunit INSIGHT CXR to help alleviate clinical strain due to COVID-19. The AI suite quickly analyzes chest x-ray findings and flags abnormalities to radiologists for review, including pneumonia, which may indicate COVID-19, as well as tuberculosis, lung nodules, and other radiological findings.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Imaging Volumes
4.2.2 Ability and Achievement of Personalized Treatment and Improved Procedures and Treatments for Patients
4.3 Market Restraints
4.3.1 High Cost and Reluctance of Adoption of These Systems
4.4 Industry Value Chain Analysis
4.5 Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment of Impact of Covid-19 on the AI Market in Medical Imaging
5.1.1 Deep Learning
5.1.2 Computer Vision
5.1.4 Other Technologies
6.1.1 Software Tools/Platform
6.2 By Image Acquisition Technology
6.2.2 Computed Tomography
6.2.3 Magnetic Resonance Imaging
6.2.4 Ultrasound Imaging
6.2.5 Molecular Imaging
6.3 By End User
6.3.3 Research Laboratories & Diagnostic Centers
6.3.4 Other End Users
6.4.1 North America
6.4.4 Rest of the World
7.1.1 Siemens Healthineers AG
7.1.2 GE Healthcare
7.1.3 IBM Watson Health
7.1.4 BenevolentAI Limited
7.1.5 Philips Healthcare
7.1.6 Zebra Medical Vision Inc.
7.1.7 Samsung Electronics Co. Ltd
7.1.8 Medtronic Plc
7.1.9 EchoNous, Inc.
7.1.10 Enlitic Inc.
7.1.11 Nvidia Corporation
A selection of companies mentioned in this report includes:
- Siemens Healthineers AG
- GE Healthcare
- IBM Watson Health
- BenevolentAI Limited
- Philips Healthcare
- Zebra Medical Vision Inc.
- Samsung Electronics Co. Ltd
- Medtronic Plc
- EchoNous, Inc.
- Enlitic Inc.
- Nvidia Corporation