Artificial Intelligence in Medical Imaging Global Market Report 2024

The artificial intelligence in medical imaging market size has grown exponentially in recent years. It will grow from $2.6 billion in 2023 to $3.42 billion in 2024 at a compound annual growth rate (CAGR) of 31.7%. The growth observed during the historical period can be attributed to several factors, including the increasing demand for AI-powered computed tomography (CT), a rise in the prevalence of cancer, the growing adoption of cloud computing in medical imaging, the increasing geriatric population, and the implementation of favorable government initiatives supporting advancements in medical imaging technologies.

The artificial intelligence in medical imaging market size is expected to see exponential growth in the next few years. It will grow to $10.02 billion in 2028 at a compound annual growth rate (CAGR) of 30.8%. The anticipated growth in the forecast period can be attributed to increasing efforts to alleviate the workload of radiologists, the continuing growth of the geriatric population, rising investments in medical imaging technologies, a growing demand for handling large and complex datasets, and an increasing demand for AI-powered computed tomography (CT). Major trends expected in the forecast period encompass the utilization of computer vision techniques enabling AI algorithms to analyze medical images, advancements in deep learning technology, innovations in products such as nuclear medicine, and advancements in technologies such as ultrasound systems and magnetic resonance imaging.

The increasing prevalence of imaging modalities is set to drive the growth of AI in the medical imaging market in the foreseeable future. Imaging modalities encompass various medical imaging techniques employed for diagnostic and therapeutic purposes to visualize the body. AI algorithms play a crucial role in medical modalities, contributing to image reconstruction, noise reduction, and artifact correction. These advancements lead to clearer and more accurate CT images. As reported by the National Health Service in July 2022, England witnessed 43.3 million imaging tests in the 12 months from April 2021 to March 2022, with approximately 3.67 million imaging tests reported in March 2022. Consequently, the escalating adoption of imaging modalities is steering the growth of AI in the medical imaging market.

Prominent companies in the AI in the medical imaging market are at the forefront of developing innovative products, exemplified by AI-enabled MRI systems, aimed at enhancing patient care. An AI-enabled MRI system refers to a traditional Magnetic Resonance Imaging (MRI) machine equipped with artificial intelligence (AI) technology. In December 2023, GE Healthcare, a U.S.-based medical technology company, introduced SIGNA Champion, an AI-enabled MRI system. This system is tailored to provide several AI-enabled workflow features such as AIR Recon DL and Sonic DL, supporting efficiency and ensuring excellence in image quality for users across different experience levels. SIGNA Champion's distinctive features include generous patient clearance inside the bore and short scan times.

In October 2022, Exo, a U.S.-based health information and medical devices company, completed the acquisition of Medo AI for an undisclosed amount. The integration of Exo's robust hardware and workflow technologies with Medo's AI is anticipated to significantly address challenges that have historically impeded the widespread adoption of point-of-care ultrasound. Medo AI, based in Canada, stands as a key player in providing artificial intelligence (AI) solutions in medical imaging.

Major companies operating in the artificial intelligence in medical imaging market report are Google LLC, Microsoft Corporation, IBM Watson Health, Intel Corporation, NVIDIA Corporation, Siemens Healthineers, Koninklijke Philips N.V, GE Healthcare, Agfa-Gevaert Group/Agfa HealthCare, Aidoc Medical, Arterys Inc., Lunit Inc., Butterfly Network Inc., Digital Diagnostics Inc., Caption Health Inc., EchoNous Inc., Covera Health Inc., Nanox Imaging LTD., AZmed, InformAI LLC, Avicenna AI, ImageBiopsy Lab, Nucleai, Icometrix NV., Gleamer.

North America was the largest region in the AI in medical imaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in medical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the AI in medical imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The AI in medical imaging market consists of revenues earned by entities by providing services such as image segmentation, computer-aided detection (CAD), image reconstruction, disease classification and diagnosis, predictive analytics, and workflow optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in medical imaging market also includes sales of AI-integrated imaging equipment, AI-based image analysis tools, and AI-powered diagnostic support systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Artificial intelligence (AI) in medical imaging involves the application of AI algorithms to analyze medical images, providing quantitative assessments of radiographic characteristics. AI plays a crucial role in automatically identifying and categorizing pulmonary nodules as benign or malignant, contributing to potentially life-saving interventions. Additionally, AI aids in diagnostic predictions for brain tumors and automates radiation treatment planning.

The primary modalities of artificial intelligence in medical imaging include computed tomography (CT) scans, magnetic resonance imaging (MRI), x-rays, ultrasound, and nuclear imaging. AI algorithms contribute to improving image quality by reducing noise, enhancing contrast, and optimizing image reconstruction techniques. This results in clearer and more detailed images, facilitating accurate diagnoses. Various technologies, including deep learning, natural language processing (NLP), and others, find applications in neurology, respiratory and pulmonary imaging, cardiology, breast screening, orthopedics, and are utilized by hospitals, diagnostic imaging centers, and other end-users.

The AI in medical imaging market research report is one of a series of new reports that provides AI in medical imaging market statistics, including AI in medical imaging industry global market size, regional shares, competitors with an AI in medical imaging market share, detailed AI in medical imaging market segments, market trends and opportunities, and any further data you may need to thrive in the AI in medical imaging industry. This AI in medical imaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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