Global AI-Enabled Imaging Modalities Market 2023-2030

Global AI-Enabled Imaging Modalities Market 2023-2030

Global AI-Enabled Imaging Modalities Market Size, Share & Trends Analysis Report by Product Type (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), X-Ray, Ultrasound, Positron Emission Tomography (PET), Single-Photon Emission Computed Tomography (SPECT), and Others, by End-User (Hospitals, Diagnostic Centers, and Research Institutions), and by Application (Cardiology, Oncology, Neurology, Orthopedics, and Gastroenterology) Forecast Period (2023-2030)

The global AI-enabled imaging modalities market is anticipated to grow at a CAGR of 35.0% during the forecast period. The growth of the market is attributed to factors such as technological advancements in AI and imaging modalities, rising demand for improved diagnostic accuracy, and increasing prevalence of chronic diseases. Further, the integration of AI into imaging modalities is expected to enhance efficiency, streamline workflows, and enable better patient outcomes. For instance, in May 2023, Philips launched a new AI-powered CT system, the Philips CT 3500, designed to accelerate routine radiology and high-volume screening programs. The CT 3500 includes a range of image-reconstruction and workflow-enhancing features that help to deliver consistency, speed, and first-time-right image quality needed for confident diagnoses by clinicians and increased return on investment in demanding, high-volume care settings.

Segmental Outlook

The global AI-enabled imaging modalities market is segmented based on its product types, end-users, and applications. By product type, the market includes Computed Tomography (CT), Magnetic Resonance Imaging (MRI), X-Ray, Ultrasound, Positron Emission Tomography (PET), Single-Photon Emission Computed Tomography (SPECT), and Others (Hybrid Imaging Modalities, Optical Coherence Tomography (OCT)). By end-user, the market is categorized into Hospitals, Diagnostic Centers, and Research Institutions. Regarding applications, the market is segmented into Cardiology, Oncology, Neurology, Orthopedics, and Gastroenterology. Among product type, MRI is expected to witness significant growth due to its widespread use in various medical fields and its ability to provide detailed anatomical information.

Hospitals are Expected to Witness Significant Growth Over The Forecast Period

Among end-user, hospitals are expected to witness significant growth over the forecast period. The growing number of hospitals equipped with advanced imaging modalities and the increasing focus on early and accurate diagnosis are likely to drive the demand in the hospital segment. For instance, in December 2022, University Hospitals launched an Advanced Gynecologic Imaging Unit to provide advanced imaging services specifically tailored to gynecologic conditions. The launch of this unit is part of University Hospitals' ongoing commitment to innovation and improving patient care in the field of Obstetrics and Gynecology. The investment in advanced imaging technology aims to improve the accuracy and efficiency of diagnosing and treating gynecologic conditions.

The rising incidence of cardiovascular diseases, cancer, and neurological disorders in hospitals are further driving the growth of the market. According to the Pan American Health Organization, the burden of deaths and disability caused by neurological disorders is increasingly being recognized as a global public health challenge, and its burden is set to rise during the next few decades as a result of the population aging. For instance, in 2019 A study published in the Global Burden of Disease, neurological disorders accounted for nearly 10 million deaths and 349 million (disability-Adjusted Life Years) DALYs globally.

Regional Outlook

The global AI-enabled imaging modalities market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). Among region, the Europe market is anticipated to hold a prominent share and experience significant growth over the forecast period. The increasing adoption of AI in healthcare and advancements in medical imaging technologies are major factors contributing to the market growth in this region. However, the Asia-Pacific region is projected to witness considerable growth due to improving healthcare infrastructure, rising healthcare spending, and the presence of a large patient population.

The North American Region, is Expected to Hold A Significant Share in the Global AI-Enabled Imaging Modalities Market

The North American region, specifically the US is expected to hold a significant share in the global AI-enabled imaging modalities market during the forecast period. The growth in this region is primarily driven by factors such as the presence of well-established healthcare facilities, early adoption of advanced medical technologies, and favorable reimbursement policies. For instance, in May 2023, the American Hospital Association's annual survey of hospitals in the US reports a total of 6,129 hospitals in the country, with 5,157 of them being community hospitals.

Market Players Outok

The major companies serving the global AI-enabled imaging modalities market include GE HealthCare Technologies Inc., Siemens Healthineers, Philips, Canon Medical Systems Corp., and Hitachi Ltd. Among others. These market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market and cater to the growing demand for AI-enabled imaging modalities. For instance, in March 2022, Siemens Healthineers launched its latest innovations in medical imaging at the 74th National Conference, IRIA 2022, held in Bengaluru, India. One of the latest innovations is myExam Companion, which leverages digitalization and AI to break down the barriers of complex MRI technologies. Siemens Healthineers also presented functionalities powered by Artificial Intelligence (AI) that accelerate and improve Magnetic Resonance Imaging (MRI).

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global AI-enabled imaging modalities market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.