ResearchAndMarkets.com recent report on AI in medical imaging is just one predicting continued growth.
“The global AI in medical imaging market size is expected to reach $8.18 billion by 2030. The market is expected to expand at a CAGR of 34.7% from 2022 to 2030,” according to the report.
The report continues, “Moreover, developed countries have been investing in offering people access to inexpensive and advanced health care systems in response to this demographic challenge, ultimately boosting the market growth.”
Additionally, X-ray imaging technology is utilized to identify a variety of disorders, including fractures, infections, various malignancies, and arthritis. As a result, the rise in the incidence rate of these diseases is expected to have a positive impact on the market growth.
COVID-19 had a positive impact on the market as the majority of medical professionals chose imaging as one of the most popular COVID-19 screening modalities as it provided critical diagnostic in a short time. The entire set of imaging data has been used to research the virus and its effect on people of various demographics.
Many hospitals have resorted to medical imaging and image analytics techniques to improve the identification and control of the virus as nearly every healthcare organization is working to manage COVID-19 better and limit its spread. For instance, in June 2020, a hospital in Florida, the Tampa General Hospital employed AI-driven technology to check people for COVID-19 before they interacted with staff members and other patients.
The rising awareness regarding the benefits offered by Artificial Intelligence (AI) technologies and their application in the medical field has led to increased adoption of AI-based solutions, products, and services in the health care market.
Moreover, to develop advanced AI-based applications for the health care industry, several leading health care companies are adopting different strategies such as collaborations, mergers and acquisitions, and partnerships with top AI technology vendors to provide cutting-edge solutions to their clients and strengthen their position in this competitive market environment.
Some highlights of the report include:
Based on technology, the deep learning segment held the largest share in 2021 owing to the usage of radiological applications such as object detection, image generation, image transformation, and image segmentation
The NLP segment is anticipated to expand at the fastest CAGR of 35.7% during the forecast period as it comprehends and presents data in the form of current human language, images, and text
Based on application, the neurology segment dominated the market with a revenue share of over 35.0% in 2021 owing to the increased use of AI in neurology as it enables higher accuracy, better patient care, and high efficiency
The breast screening segment is anticipated to expand at the fastest CAGR of 41.5% during the forecast period owing to the rising demand for breast screening procedures due to the growing incidence rate of breast cancer in women
Based on modality, the CT scanning segment dominated the market with a revenue share of over 35.0% in 2021. A wide variety of AI-based medical imaging solutions are being offered by both major and minor suppliers for use in the CT scan modality
The X-rays segment is anticipated to grow at the fastest rate during the forecast period. The increased adoption of interventional x-ray equipment, such as C-arms, for image-guided surgeries is the key factor driving the segment
In 2021, North America dominated the market due to its highly developed healthcare systems and high levels of disposable income. The demand for artificial intelligence in medical imaging has also been driven by the existence of important players and supportive governmental regulations
Mordor Intelligence’s report states, “The AI Market in medical imaging is expected to register a CAGR of 30.4% over the forecast period from 2022-2027.”
Grand View Research adds, “The global AI in medical imaging market size was valued at $753.9 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 34.8% from 2023 to 2030. The rising demand for the influx of large and complex datasets, government initiatives to promote the use of AI-based technologies, increasing attention to lessen radiologists’ workload, Artificial Intelligence (AI) tools in the medical industry, increased funding for AI-based start-ups by private players, and an increase in cross-industry collaborations and partnerships are some of the factors driving this market.”
