Artificial Intelligence in Radiology Market: Current Analysis and Forecast (2022-2028)

Artificial Intelligence in Radiology Market: Current Analysis and Forecast (2022-2028)

Artificial intelligence, often known as machine intelligence, is an area of computer science concerned with the development of intelligent devices. The application of artificial intelligence in medicine, particularly radiology, has been rapidly progressing. In radiology, it is used to detect the start of illnesses at an early stage, allowing for long-term treatment planning with the maximum level of precision. AI is employed in the medical profession for assistance with clinical decisions and data management (for both physicians and patients), and it has the potential to change radiological practice in areas such as detection and prioritizing, monitoring and registration, image collection, and reporting.

The rise in collaboration and partnership between the companies is driving the market growth globally. For instance, in May 2021, Vunu Ink a South Korean artificial intelligence (AI) developer announced a partnership with Samsung Electronics a medical device company, to incorporate an AI-powered chest X-ray diagnostic solution. Additionally, the increased funding for AI-based startup companies by private players is also fueling market growth globally.

The global artificial intelligence in radiology is projected to expand significantly with a CAGR of ~35 during the forecast period.

• Based on radiology type, the market is segmented into chest imaging, colonoscopy, mammography, head imaging, and others. Amongst this, the brain imaging segment is expected to witness a higher CAGR during the forecast period. This is attributed to the use of AI due to its higher efficacy and accuracy in the detection of brain tumors. Additionally, the device can detect brain cancers on MRI images. These approaches can be highly useful in generating accurate diagnoses as well as tracking the success of tumor therapy in a reproducible and unbiased manner. Furthermore, AI is employed in neurosurgery, the diagnosis of neurovascular diseases, neuro-oncology, and the detection of traumatic brain injuries. These elements are anticipated to accelerate the growth of this segment.
• Based on techniques, the market is segmented into X-rays, magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), ultrasound, and others. Amongst these, the X-ray segment dominates the market growth during the forecast period. The adoption of interventional X-ray systems, such as the C-arm and others, for image-guided operations, is thought to be a contributing factor in this market segment's rise. The need for X-rays has increased as a result of the development of mini-c-arms for digital radiography and flat panel detectors.
• Based on application, the market is segmented into computer-aided-diagnostic, computer-aided-detection, quantitative analysis tool and clinical detection support. Amongst this computer-aided –diagnostics dominates the market. The computer aided-diagnostic is an established technology, optimized for specific applications, and cost-effective, and they received regulatory approval also. For instance, in Europe, the European Medical Agency (EMA) is the regulatory body. Further, EMA approved the Mamoscreen System a computer-aided-diagnostic device, incorporated by artificial intelligence designed for the diagnosis of mammograms for the sign of breast cancer.
• For a better understanding of the market adoption of artificial intelligence in radiology, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (UK, Germany, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. The Asia Pacific artificial intelligence in radiology market is expected to grow with a higher CAGR rate in 2021. This is attributed to the emerging startup companies, increase in investments in research & development, and ongoing collaborations between the companies. For instance, in May 2021, the system corporation collaborated with Thinkcyte, an AI-based medical imaging company to improve diagnostics accuracy and enhance treatment. Additionally, as per the above-mentioned sources, both companies are working together to develop innovative diagnostics technologies. These factors are driving the market growth in this region.
• Some of the major players operating in the market include GE HealthCare., Enlitic, Inc., Medtronic, Gleamer Ltd., IBM Corporation, EnvoyAI, VUNO Inc., Koninklijke Philips N.V, Siemens Healthcare GmbH, Rad AI