AI in Medical Imaging Market Assessment, By Modality [MRI, X-rays, CT scan, Nuclear Imaging, Ultrasound Imaging], By AI Technology [Natural Language Processing, Deep Learning], By Application [Oncology, Respiratory, Neurology, Breast Screening, Orthopedic

AI in Medical Imaging Market Assessment, By Modality [MRI, X-rays, CT scan, Nuclear Imaging, Ultrasound Imaging], By AI Technology [Natural Language Processing, Deep Learning], By Application [Oncology, Respiratory, Neurology, Breast Screening, Orthopedics, Digital Pathology, Cardiology, Others], By End-user [Hospitals, Clinics, Research Laboratories and Diagnostic Centers and Others], By Region, Opportunities and Forecast, 2017-2031F

Global AI in the medical imaging market is projected to witness a CAGR of 30.15% during the forecast period 2024-2031F, growing from USD 1.66 billion in 2023 to USD 13.63 billion in 2031F. The global AI in the medical imaging market is shaped by a combination of key factors, including advancements in technology, growing demand for early and accurate diagnosis, increase in healthcare data, increased investments, and integration with existing healthcare solutions.

The global AI in the medical imaging market is expanding rapidly due to several factors, such as the rapid advancement of technology. Artificial intelligence algorithms and processing capacity improvements enable more sophisticated medical imaging analysis. These developments are critical to meet the increasing demand for early and precise diagnosis, improving patient outcomes and allowing for more individualized healthcare solutions in the global AI in medical imaging market.

The amount of healthcare data, especially medical images, is dramatically increasing at the same time, necessitating the use of advanced tools for efficient management and analysis. Artificial intelligence emerges as a premier solution for this surge, providing diagnostic insights and analysis with unparalleled speed and precision, propelling the growth of global AI in medical imaging market.

A rise in investments and strategic alliances help the global AI in medical imaging market by promoting innovation and expanding the application of AI technology in this field. The easy integration of AI with present healthcare IT infrastructures, such as Picture Archiving and Communication Systems (PACS) and Electronic Health Records (EHRs), further enhances the capital inflow. By facilitating such kind of integration, healthcare providers may easily embrace AI technologies and use its benefits without changing their current systems. It makes the global AI in medical imaging market more crucial to developing healthcare diagnostics.

For example, in February 2023, Agfa and Lunit collaborated to integrate the Lunit INSIGHT CXR software into the MUSICA Workstation, giving clinicians access to a new important discoveries notification protocol. When life-threatening conditions like pneumothorax, pleural effusion, or atelectasis are seen on chest X-rays, radiologists are alerted instantly.

Increased Investments is Driving the Market

One of the main factors propelling the global AI in medical imaging market is the inflow of funding. Innovation in the field is sparked by funding from government agencies, healthcare organizations, and venture capitalists. The funding is essential for research and development activities that result in the creation of advanced AI algorithms that can accurately analyze complex medical images. Additionally, the funding helps established and new companies form strategic alliances, which speeds up the development and application of AI technology in healthcare settings. This investment wave is advancing technology and opening up access and expanding the use of AI in medical imaging, signaling significant improvements in diagnostic accuracy and patient care.

For instance, at the Radiological Society of North America's (RSNA) annual meeting in November 2023, Aidoc announced a USD 30 million investment to develop the first-ever full clinical AI foundation model. The goal of clinical AI pioneer is to develop new and more extensive AI models that are powered by imaging data and improve diagnostic accuracy and the early identification of serious illnesses.

Technological Advancements Fueling the Market

Technological developments are a major factor in expanding the global AI in the medical imaging market since they encourage the development and application of increasingly sophisticated AI algorithms. These technological advancements include improvements in machine learning techniques, higher processing power, and better data handling capabilities. These advancements enable AI systems to interpret medical imaging more quickly and accurately. As technology advances, artificial intelligence (AI) programmes gain the ability to recognize minute characteristics in photos that human eyes can overlook, leading to earlier and more precise disease diagnosis. It improves patient care by enabling timely and accurate treatment regimens and increases healthcare efficiency by streamlining diagnostic operations. Consequently, the relentless advancement of technology is critical for the continued expansion and utility of AI in medical imaging, cementing its role as a vital component of contemporary healthcare solutions.

For instance, on 26th January 2024, InkSpace Imaging announced that the FDA has approved its next-generation Small Body Array for the Siemens Healthineers Magnetom Skyra and Vida series 3T MRI scanners. The huggable, lightweight, and flexible Small Body Array is a technological marvel. It ensures unmatched image quality by encircling patients like a blanket. The signal-to-noise ratio is maximized by the body contouring design, which is important for identifying minute anomalies that are frequently overlooked by rigid, traditional coils.

Increasing use of AI in Ultrasound Imaging

One of the main factors driving the growth of global AI in medical imaging market is the increasing integration of AI with ultrasound imaging. There is a noticeable improvement in diagnosis accuracy, real-time imaging processing capability, and the ability to identify issues that human practitioners would miss when AI is combined with ultrasound technology. AI improves productivity and shortens the time needed for diagnostic processes by streamlining the workflows of medical professionals by automating routine operations and analysis. Additionally, the early detection and treatment of illnesses brought by using AI in ultrasound imaging improves patient outcomes. AI is positioned to grow further in ultrasound imaging due to continued breakthroughs, which will encourage innovation and expansion in global AI in medical imaging market. The development is part of a larger shift towards precision medicine, emphasizing the importance of tailored care through cutting-edge diagnostic capabilities.

Butterfly Network, Inc. announced in April 2023 that it had received 510(k) clearance for a novel AI-enabled Auto B-line Counter. The device is expected to ease the assessment of adults who may have diminished lung function and may speed up the process of making well-informed treatment decisions at the point of care.

Increasing Usage of AI in Cancer Diagnosis

The global AI in medical imaging market is growing at a substantial rate due to the growing use of AI in cancer diagnosis. AI is revolutionizing cancer diagnosis with faster, more accurate, and less intrusive diagnostic approaches through complex algorithms and deep learning techniques. AI's capacity is expected to carefully examine medical images to identify malignant cells in the early stages of the disease, which significantly increases the likelihood that therapy will be successful. Its ability to identify minute details and anomalies that a human inspection could miss enhances diagnosis precision and reduces mistake rates. The number of cancer cases worldwide is increasing, and it is driving the demand for accurate and dependable diagnostic tools, which is promoting AI integration in medical imaging. The increased reliance on AI emphasizes its critical role in evolving cancer diagnostics and stimulates significant growth in the medical imaging sector, as medical facilities increasingly adopt these cutting-edge technologies for improved patient care.

For instance, Microsoft and Paige, a healthcare technology firm, announced a collaboration in September 2023 to develop the largest image-based artificial intelligence (AI) models for digital pathology and oncology globally. The project seeks to revolutionize cancer diagnosis and patient treatment by expanding on the advances both firms have made in the sector.

North America Dominates the Market

North America is at the forefront of the global AI medical imaging market due to several elements that work together to provide the best conditions for innovation and technical growth. The area gains from a robust healthcare system and substantial healthcare investment, which creates the foundation for the widespread use and integration of AI technology. Furthermore, North America is home to many leading technology companies and AI research organizations, which are essential to advancing the creation and advancement of AI for medical imaging. The government and regulatory agencies in the region provide strong support for healthcare technology, offering a range of incentives to encourage digital health initiatives. The rising prevalence of chronic illnesses makes advanced diagnostic tools more necessary, accelerating the use of AI in the healthcare sector. North America maintains its top position in artificial intelligence for medical diagnostics because of these elements and a culture that is very open to new ideas.

At the RSNA 2023, medical imaging conference in Chicago, the United States, Royal Philips unveiled new AI-enabled solutions for healthcare providers in November 2023. EPIQ Elite 10.0 and Philips Affiniti ultrasound equipment, the BlueSeal MR Mobile system, and the Philips HealthSuite Imaging PACS package are among the new offerings.

Future Market Scenario (2024 – 2031F)

It is anticipated that as AI technologies develop, more diagnostic fields, including radiology, cardiology, and pathology, will use them. The growing recognition of AI's ability to enhance patient care outcomes, increase diagnostic precision, and optimize imaging operations serving as the foundation for the expansion of global AI in medical imaging market.

Better AI and machine learning will accelerate the development of medical imaging systems in the global AI in medical imaging market. It is expected that future AI versions would provide improved picture analysis, anomaly detection, and predictive insights, opening the door to early disease detection and customized treatment plans.

As the global AI in medical imaging market develops, creating comprehensive ethical and regulatory standards for AI use in medical imaging will become more important.

Increased cooperation between tech companies, healthcare organizations, and academic institutions is anticipated in the industry, which will promote innovation and quick incorporation of AI in medical imaging.

Key Players Landscape and Outlook

The global AI in medical imaging market is growing due to increased cooperation between major players in the global industry. These partnerships between established medical imaging enterprises and growing AI startups, as well as alliances between technology companies and healthcare institutions, are essential for pooling resources, insights, and expertise. Such joint efforts accelerate the development and launch of state-of-the-art AI-powered medical imaging products, enhancing the accuracy, speed, and results of diagnosis. These alliances are crucial for getting over regulatory obstacles, expanding the global AI in medical imaging market, and encouraging the application of AI technologies in various medical contexts. By uniting their strengths, participants are spearheading technological progress, maximizing the impact of AI in medical imaging, and ensuring wider accessibility and adoption. The collaborative dynamics accelerates innovation and intensifies competition in the global AI in medical imaging market, stimulating more investment and advancements in the sector.

For example, in November 2023, Nvidia and Microsoft announced a collaboration on the Flywheel AI development platform to perform medical imaging research and AI model development. For it, Flywheel introduced a new SaaS data management solution on Microsoft Azure for this purpose.