PUBLISHER: The Business Research Company | PRODUCT CODE: 1668731
PUBLISHER: The Business Research Company | PRODUCT CODE: 1668731
AI in medical imaging refers to the utilization of disruptive technology that employs computer algorithms for image analysis. This application of artificial intelligence is designed to support healthcare professionals in the diagnosis of a diverse range of medical conditions. It plays a crucial role in enhancing the accuracy, efficiency, and speed of image interpretation, providing valuable assistance to radiologists and healthcare practitioners in making accurate diagnoses.
The primary types of technologies employed in AI in medical imaging include deep learning, natural language processing (NLP), and other related technologies. Deep learning, a subfield of artificial intelligence and machine learning, focuses on training deep neural networks to learn and make predictions or decisions based on extensive datasets. AI in medical imaging encompasses a range of modalities, including computed tomography (CT) scans, magnetic resonance imaging (MRI), X-rays, ultrasound, and nuclear imaging. The applications of AI in medical imaging span various medical fields such as digital pathology, oncology, cardiovascular, neurology, lung (respiratory system), breast (mammography), liver (GI), oral diagnostics, and more. The primary end-users of AI in medical imaging are hospitals, diagnostic imaging centers, and other healthcare facilities.
The AI in medical imaging market research report is one of a series of new reports from The Business Research Company that provides AI in medical imaging market statistics, including AI in medical imaging industry global market size, regional shares, competitors with 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 AI in medical imaging market size has grown exponentially in recent years. It will grow from $2.8 billion in 2024 to $3.81 billion in 2025 at a compound annual growth rate (CAGR) of 36.0%. The growth in the historic period can be attributed to increased volume of medical imaging data, increased demand for improved diagnostic accuracy, growing burden of chronic diseases, enhanced workflow efficiency, increased healthcare expenditure
The AI in medical imaging market size is expected to see exponential growth in the next few years. It will grow to $14.64 billion in 2029 at a compound annual growth rate (CAGR) of 40.0%. The growth in the forecast period can be attributed to integration with electronic health records (EHR), growing application in image-guided interventions, emergence of ai-powered personalized medicine, increased focus on preventive healthcare, global expansion of telemedicine. Major trends in the forecast period include enhanced imaging modalities with ai, interoperability and data sharing, regulatory framework development, increased industry collaboration, growing emphasis on explainable AI.
The increasing integration of AI in radiology is anticipated to boost the AI in medical imaging market in the future. Radiology is the medical specialty dedicated to diagnosing and treating diseases and injuries through medical imaging techniques. In this field, AI is extensively utilized to enhance the interpretation of medical images and improve the efficiency and accuracy of radiological workflows, including automated image analysis, computer-aided detection, and image reconstruction and enhancement. For example, in October 2023, the Radiological Society of North America, a US-based non-profit organization, reported that AI tools for radiologists are becoming commonplace in today's healthcare market, with 75% of over 500 FDA-cleared AI algorithms focused on radiology, an increase from 70% in 2021. Additionally, in November 2022, Itransition, a US-based software development firm, found that 30 percent of radiologists were using AI in their clinical practices in 2022, while 20 percent of practices planned to acquire AI tools in the near future. Therefore, the growing adoption of AI in radiology is set to drive the AI in medical imaging market.
The escalating prevalence of chronic diseases stands as a significant catalyst driving the growth trajectory of the AI in medical imaging market. Chronic diseases, persistent medical conditions lasting three months or longer, are increasingly utilizing AI within medical imaging for improved diagnostics, timely interventions, and tailored treatment plans. The integration of advanced image analysis algorithms facilitated by AI aids in early detection, precise characterization, and efficient management of chronic conditions, ultimately aiming for enhanced patient outcomes. For instance, statistics from the World Health Organization (WHO) in September 2023 underscore the global impact of chronic diseases, contributing to 41 million annual deaths, constituting 74% of all fatalities. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, the rising incidence of chronic diseases serves as a significant impetus driving the expansion of the AI in medical imaging market.
Advancements in technology stand as pivotal trends making strides within the AI in medical imaging market. Prominent entities in this market segment are actively pioneering innovative technologies to fortify their standing. A notable example is the launch, in November 2022, by Viz.AI Inc., a US-based medical imaging firm, of its AI-powered radiology suite. This cutting-edge technology seamlessly integrates into healthcare organizations' Picture Archiving and Communication Systems (PACS), enabling secure access to imaging data across departments, thereby streamlining patient diagnoses. It boasts distinctive features, including AI-driven alerts that instantaneously notify radiologists of suspected diseases, prioritized worklists aiding radiologists in focusing on urgent cases, and real-time communication tools facilitating collaboration among care team members. This advancement yields improvements in patient outcomes, cost reduction, and enhanced operational efficiency.
Significant players within the AI in medical imaging market are embracing strategic partnerships as a vehicle to expedite the development of AI-powered medical imaging solutions, aiming to bolster image quality and offer real-time clinical decision-making support. Strategic partnerships embody a collaborative process wherein companies leverage each other's strengths and resources, culminating in mutual benefits and success. For instance, in November 2023, L&T Technology Services (LTTS), an India-based engineering services company, forged a partnership with Nvidia Corporation, a US-based technology giant. Their joint objective is to engineer software-defined architectures tailored for endoscopy-oriented medical devices, with a focus on augmenting medical imaging using Generation AI (Gen AI). This collaboration aims to harness the potential of advanced AI to significantly enhance medical imaging capabilities.
In January 2023, Bayer AG, a German pharmaceutical and biotechnology company, successfully acquired Blackford Analysis Ltd. for an undisclosed amount. This strategic acquisition was driven by Bayer AG's objective to advance the development of new AI-powered solutions for medical imaging, with the aim of accelerating the adoption of AI and gaining a competitive edge in the healthcare industry. Blackford Analysis Ltd., based in the UK, is a software company specializing in providing technological solutions for AI in medical imaging.
Major companies operating in the AI in medical imaging market include Alphabet Inc, Microsoft Corporation, The International Business Machines Corporation, Sanofi, Oracle Corporation, Merative, Medtronic plc, Nvidia Corporation, Siemens Healthineers AG, Koninklijke Philips NV, Stryker, GE HealthCare Technologies Inc., Lunit Inc., DeepMind, Viz.AI inc., Aidoc, AZmed, Digital Diagnostics Inc., Butterfly Network Inc., Cleerly, Behold.ai, Butterfly Network, Enlitic, Nano-X Imaging Ltd., Arterys, Caption Health, EchoNous Inc., Gleamer, CloudMedX, CellmatiQ GmbH, Mediwhale, dentalXrai GmbH
North America was the largest region in the AI In medical imaging market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai 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 the medical imaging market consists of revenues earned by entities by providing computer-aided diagnosis (CAD), image segmentation and annotation, image reconstruction and enhancement, and quantitative image analysis services. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in the medical imaging market also includes sales of PET scan machines, angiography devices, echocardiogram devices, clinical decision support systems, and imaging modalities which are used in providing AI in medical imaging services. 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).
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.
AI In Medical Imaging Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ai in medical imaging market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ai in medical imaging ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ai in medical imaging market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.