According to a market intelligence report by BIS Research, titled “Global AI-Enabled Medical Imaging Solutions Market – Analysis and Forecast, 2019-2029,” the global AI-enabled medical imaging solutions market was valued at $404.0 million in 2018 and is anticipated to reach $9.61 billion by 2029. The global market is expected to grow at a compound annual growth rate (CAGR) of 30.95% during the forecast period from 2019 to 2029. This growth of the market is aided primarily by the expected launch of novel artificial intelligence (AI) algorithms for use in medical imaging.
The plenitude of medical imaging modalities available at present has increased the complexities of clinical decision-making. As a result, the integration of AI in medical imaging has become a crucial requirement. AI has the potential to transfigure the medical imaging industry in terms of accuracy and productivity. In the field of medical imaging, the AI-based solutions are used for various applications including image analysis, detection, diagnosis and decision support, image acquisition, reporting and communication, triage, equipment maintenance, and predictive analysis and risk assessment, among others.
Moreover, the novel deep learning algorithms have paved the way for the expansion of the scope of AI application in medical imaging. Owing to these advancements, numerous manufacturers in the market are developing and offering innovative solutions for use in medical imaging. Hence, the market is expected to witness exponential growth over the coming 10 years.
According to Manu Kaushik, lead analyst at BIS Research, “North America is the leading contributor in the global AI-enabled medical imaging solutions market and contributed approximately 53.81% to the global market value in 2018. This region is anticipated to grow at a double digit CAGR during the forecast period 2019-2029 and is expected to dominate the global market in 2029 as well.
However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period 2019-2029. The Europe region also contributed a significant share of 26.63% to the global market.”
The specialty imaging segment is expected to witness a robust CAGR during the forecast period 2019-2029. Moreover, the oncology sub-segment under specialty imaging is also expected to witness an impressive growth during the forecast period 2019-2028.
The autonomous software providers are currently the largest shareholders in the global AI-enabled medical imaging solutions market. This market dominance is attributed to the presence of numerous established as well as emerging players.
Transparency Market Research (TMR) also predicts market growth.
“Artificial intelligence is expected to revolutionize medical imaging in the upcoming years and is increasingly being used in cardiology, pathology, ophthalmology, etc. It is projected that artificial intelligence-based systems will eventually replace physicians in certain medical specializations in the forthcoming years,” according to TMR. “The AI in medical imaging market is expected to grow at a staggering pace during the forecast period, due to a range of factors, including improvement in computing power, learning algorithms, and availability of huge data sets, which are sourced from wearable health monitors and medical devices. Due to these factors, the global AI in medical imaging market is expected to reach a value of $7.4 billion by the end of 2027.”