Artificial Intelligence (AI) in Medical Imaging Market size By Modality (X-ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Molecular Imaging), By End-use (Hospitals, Clinics, Diagnostic Centers), Industry Analysis Repo

Artificial Intelligence (AI) in Medical Imaging Market size By Modality (X-ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Molecular Imaging), By End-use (Hospitals, Clinics, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2030

The global artificial intelligence in medical imaging market is poised to register tremendous growth between the forecast period of 2022-2030. Artificial intelligence (AI) has gained popularity in the healthcare sector in recent years. The technology has rapidly proliferated across different medical applications for early diagnosis of cancer, automated image diagnosis, and the development of new medicines. It is also used for robot-assisted targeted treatments, virtual health assistance, and customer service chatbots.

Increasing investments in R&D to explore the potential of AI will enable manufacturers to develop novel medical imaging products and solutions. Some of the leading industry players have recently launched advanced AI-powered medical imaging solutions. For instance, in August 2022, GE Healthcare unveiled the next-generation Definium 656 HD, which is touted to be the most advanced X-ray system. The new product features AI-driven image processing software that reduces variability and offers optimal image quality.

Earlier in April 2022, Arterys Inc. received its eighth FDA clearance and introduced new modules to its Cardio AI application. The next-generation application uses AI and deep learning protocols to offer fast, automated, and extremely accurate analysis of cardiac images.

The AI in medical imaging market is classified into modality, end-use, and region.

Based on modality, the industry is divided into ultrasound imaging, X-ray, computed tomography (CT), molecular imaging, and magnetic resonance imaging (MRI). Among these, the computed tomography (CT) segment held more than 18% revenue share of the AI in medical imaging industry in 2021. CT imaging or CT scans are widely used as a mainstream method to determine various clinical indications.

Employing AI in every step of a CT examination allows medical experts to derive high-quality images, ensure smooth and efficient workflow and reduce the dosage of radiation. AI-powered CT images facilitate immediate diagnosis and prevent treatment delays.

In terms of end-use, the market landscape is fragmented into diagnostic centers, hospitals, clinics, and others. In 2021, the hospital segment accounted for over USD 600 million. AI-based medical imaging systems are increasingly deployed across hospital setups.

High patient preference for hospitals as their primary source of healthcare services will support segment growth over the projected timeframe. Additionally, hospitals also offer favorable payment options for patients, refund policies, and insurance tie-ups.

Middle East & Africa AI in medical imaging market size was worth more than USD 80 million in 2021. The region is expected to emerge as a promising revenue pocket due to increasing healthcare expenditure, rising adoption of AI in healthcare, and the availability of favorable government healthcare schemes.

Over recent years, the Kingdom of Saudi Arabia (KSA) invested about USD 3 billion in the vaccines and vital medicines sector and around USD 66 billion investment in healthcare infrastructure. The country plans to infuse an additional USD 36 billion into healthcare and social development.