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AI Market in Medical Imaging - Growth, Trends, Forecasts (2020-2025)

  • ID: 5025952
  • Report
  • May 2020
  • Region: Global
  • 120 pages
  • Mordor Intelligence

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FEATURED COMPANIES

  • BenevolentAI
  • Enlitic Inc.
  • IBM Watson Health
  • Nvidia Corporation
  • Philips Healthcare
  • Siemens Healthineers AG
  • MORE
The AI Market in Medical Imaging is expected to register a CAGR of 30% over the forecast period 2020-2025. The AI in medical imaging market is expected to grow at a staggering pace during the forecast period, due to a range of factors, including improvement in computing power, learning algorithms, and availability of huge data sets, which are sourced from wearable health monitors and medical devices.
  • Growing application of artificial intelligence in the field of medical imaging industry, coupled with increasing personalized treatments customized to an individual patient’s requirement is expected to drive the global market.
  • Artificial intelligence is expected to revolutionize medical imaging in the upcoming years and is increasingly being used in cardiology, pathology, ophthalmology, etc. It is projected that artificial intelligence-based systems will eventually replace physicians in certain medical specializations in the forthcoming years.However, high capital requirement may create affordability issues and hamper the industry growth.
  • The adoption of AI in the medical sphere, especially in radiology, is anticipated to present a plethora of opportunities for companies involved in the current market for AI in medical imaging. One of the key factors that will most likely improve the adoption of AI in medical imaging, such as radiology, is the widening gap between the soaring number of scans and the number of available radiologists that can read data.
  • The COVID-19 disease is disrupting large parts of the world.Amongst the majorly used COVID-19 screening options, imaging is preferred by most healthcare professionals as it provides a primary diagnosis in a short time.All the imaging modalities have been used exhaustively to study COVID-19 and its effect on different patients in each demography. Therefore, AI Market in Medical Imaging is expected to grow at a higher rate.
  • Moreover, AI-based CT imaging is seen as one of the promising techniques that might lift some of the heavy weight of the physicians’ shoulders as it has already been widely recognized that AI can potentially have a substantial role in streamlining and accelerating the diagnosis of COVID-19 patients.
Key Market Trends

Computed Tomography is Expected to Drive the Market Growth
  • The major factors for the growth of the computed tomography (CT) 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 AI 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 emergency department, and growing number of ambulatory emergency care units are the factors expected to have positive impact on the CT market growth which will boost the overall demand of AI market in medical imaging.
  • According to NCBI, more than 70 million CT scans are performed in U.S. and 5 million in U.K every year with an annual increasing rate of 10%, signifying the growth potential of CT in overall medical imaging market.
  • The longer incubation period of COVID-19 is a huge restriction for early diagnosis and effective treatment for the ongoing pandemic. Preliminary screening of suspected patients by CT 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 AI market in medical imaging.
Asia-Pacific to Witness Highest Growth
  • Asia Pacific healthcare artificial intelligence market will witness lucrative growth over the forecast period due to rising R&D expenditure, developments in pharmaceutical and biotechnology sectors. Additionally, presence of large patient pool will trigger demand for better healthcare services, developing healthcare infrastructure and rising disposable income will further support Asia Pacific AI Market in Medical Imaging growth.
  • Further, investments in the healthcare sector have gained traction. Countries are increasingly focusing on developing a robust healthcare infrastructure for patient diagnoses and treatment. According to Invest India, the hospital industry in India, accounting for 80% of the total healthcare market, is witnessing a significant investor demand from both global as well as domestic investors. The hospital industry is expected to reach USD 132 billion by 2023 from USD 61.8 billion in 2017, growing at a CAGR of 16-17%.​
  • Moreover, with the growth of several cancer patients, the need for cancer-treating equipment has increased.To meet the demand for a rising population and the growing number of disease-affected people, the health ministry in Japan plans on expanding the range of hospitals.The ministry plans on adding 150 new hospitals, which could increase the demand for ​AI market in medical imaging.
Competitive Landscape

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 the applications of AI in medical imaging market, major players in the market are adopting strategies like product innovation, partnership and mergers and acquisition. Some of the key developments are:
  • January 2020 - Oxipit, an AI radiology solutions provider company entered into a partnership with HealthCare Konnect to bring ChestEye AI imaging suite to healthcare institutions in Nigeria.
  • December 2019 - GE Healthcare launched more than 30 new, imaging intelligent applications and smart devices designed to drive efficiency in radiology departments, which aims to double productivity and cost savings for systems by 2025.
  • October 2019 - Zebra Medical Vision partnered with Emergent Connect, a provider of cloud-based PACS software to improve healthcare experience and bring the power of AI to Emergent Connect's growing customer base.
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
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FEATURED COMPANIES

  • BenevolentAI
  • Enlitic Inc.
  • IBM Watson Health
  • Nvidia Corporation
  • Philips Healthcare
  • Siemens Healthineers AG
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Imaging Volumes
4.2.2 Ability and Achievement of Personalized Treatment, Improved Procedures and Treatment of the Patients
4.2.3 Increasing Demand for Pattern Recognition to Optimize Echocardiogram Evaluation
4.3 Market Restraints
4.3.1 Lack of Integration and Practical Applications of AI
4.3.2 High Cost and Reluctance of Adoption of these Systems
4.4 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 MARKET SEGMENTATION
5.1 Offering
5.1.1 Software Tools/Platform
5.1.2 Services
5.2 Technology
5.2.1 Deep Learning
5.2.2 Computer Vision
5.2.3 NLP
5.2.4 Others
5.3 Image Acquisition Technology
5.3.1 X-Ray
5.3.2 Computed Tomography
5.3.3 Magnetic Resonance Imaging
5.3.4 Ultrasound Imaging
5.3.5 Molecular Imaging
5.4 End User
5.4.1 Hospitals
5.4.2 Clinics
5.4.3 Research Laboratories & Diagnostic Centers
5.4.4 Other End Users
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Rest of the World

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Siemens Healthineers AG
6.1.2 GE Healthcare
6.1.3 IBM Watson Health
6.1.4 BenevolentAI
6.1.5 Philips Healthcare
6.1.6 Zebra Medical Vision Inc.
6.1.7 Samsung
6.1.8 Medtronic Plc
6.1.9 EchoNous
6.1.10 Enlitic Inc.
6.1.11 Nvidia Corporation
6.1.12 Oxipit

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

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  • Siemens Healthineers AG
  • GE Healthcare
  • IBM Watson Health
  • BenevolentAI
  • Philips Healthcare
  • Zebra Medical Vision Inc.
  • Samsung
  • Medtronic Plc
  • EchoNous
  • Enlitic Inc.
  • Nvidia Corporation
  • Oxipit
Note: Product cover images may vary from those shown

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