AI in Medical Imaging Market

Enhanced Convenience, Precise Results Using AI Fuel Global Market for Medical Imaging

The application of artificial intelligence (AI) in medical imaging is one of the most promising areas of health and medical innovation. Certainly, AI finds various applications in medical imaging such as image acquisition, processing to aided reporting, follow-up planning, data storage, data mining, and others. In recent years, AI has shown remarkable precision and sensitivity in the classification of imaging abnormalities and ensures to improve tissue-based detection and characterization.  Machine learning (ML), a subfield of AI, incorporates computational models and algorithms that reflect the architecture of the biological neural networks in the brain. Neural network architecture is structured in layers made of interconnected nodes. Each node of the network performs a weighted sum of the input data that are consequently transferred to an activation function. The inclusion of AI in healthcare and medical imaging changed the mode of diagnostics, which contributed to the growth of the global AI in medical imaging market.

Artificial intelligence helps physicians in the execution of the image capturing procedure and grants support to diagnose these images for the diagnosis and individualized treatment of every patient. Researchers have applied AI to automatically recognize complicated patterns in imaging data and provide quantitative evaluations of radiographic characteristics. In radiation oncology, AI has been applied to several distinct image modalities that are used at various stages of the treatment. Radiomics, the extraction of a considerable number of image characteristics from radiation images with a high-throughput method, is one of the most popular research topics today in medical imaging research. Moreover, AI is an essential boosting power of processing a massive number of medical images and therefore, uncovers disease symptoms that fail to be recognized normally. Thus, the AI in medical imaging market is expected to grow during the forecast period.

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Increased Use of AI for COVID-19 Related Imaging Issues Drives AI in Medical Imaging Market

The outbreak of the COVID-19 virus has widely spread all over the world since the beginning of 2020. Artificial intelligence using the deep learning technology has earned great success in the medical imaging domain due to its high ability of feature extraction. Mainly, deep learning was applied to identify and differentiate bacterial and viral pneumonia on pediatric chest radiographs. Attempts have also been made to identify various imaging features of chest CT, resulting in increased popularity for AI in medical imaging market amid the pandemic. However, with COVID-19 cases on the rise across the world, emerging AI technologies are developed to support hospitals in scaling treatment in the second wave. The COVID-19 pandemic has boosted the demand for enterprise imaging and telehealth by providing remote access to images and reports. It also highlights the significance of expanding the use of AI and machine learning in imaging, with the dual goals of improving diagnoses and improving clinician well-being and job security.

Scientists have made important additions to the campaign of fighting against COVID-19; there are increasing research findings, with each passing day, such as analysis reports and publications reported by both industrial and academic researchers. The use of Artificial Intelligence (AI) in the field of medical imaging research in disease detection and prediction has been gaining popularity. As compared to traditional image processing approaches, AI-based image analysis algorithms provide more reliable, efficient, fast, stable, and reproducible disease information. Hence, image analysis, image segmentation of infected lung areas, and analyses for clinical evaluation are the foundations of AI-based COVID-19 diagnosis procedures. These AI-based approaches have demonstrated significant commercialization potential for AI in medical imaging market during the forecast period.

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Growing Inclination of Doctors toward AI-based Assistance

The increasing recognition of the advantages offered by AI techniques and their wide utilization areas have led to the adoption of AI in the healthcare and medical imaging sectors. Several key players in the AI in medical imaging market are beginning to merge or collaborate with leading AI technology providers to innovate AI-based solutions for applications in healthcare. Such approaches allow these market players to offer advanced solutions to their consumers and establish their position in this dynamic market space. Due to the expanding demand for AI-based techniques, achieving advancements are encouraging companies to gain momentum in terms of developing advanced products and tools. However, there are several areas wherein the AI technology is expected to witness a great impact. This includes enhanced diagnosis and incidental findings of images, predictive image analysis, and workflow efficiency with data analysis, report generation, and prioritization of key findings. This is likely to generate new opportunities for the players in the AI in medical imaging market.

Practitioners and radiologists consider that skills such as empathy and persuasion are humanistic skills, and thus, technologies cannot entirely rule out the presence of a specialist. Besides, there is a concern that patients may show an undue preference toward these technologies and may abandon necessary in-person methods, which might also challenge long-term doctor-patient relationships. However, presently, many healthcare experts have suspicions about the abilities of AI solutions in terms of precisely diagnosing patient conditions. Thus, it is challenging to persuade providers that AI-based solutions are cost-effective, practical, and safe solutions that offer assistance to doctors and better care for patients. Nevertheless, there is a possibility in the upcoming years that medical experts and radiologists might show more inclination toward AI-based technologies in healthcare. This is likely to prove propitious for the global AI in medical imaging market during the forecast period.

Emerging Economies Exhibit Heavy Potential to Increase on Market Share

Developing nations are focusing on aggregating their stakes in AI that will help organizations to integrate AI with medical imaging to enhance their revenue share. For instance, China aims to be the global leader in AI by the year 2030. The plan involves large government funding and investments to upsurge the adoption of AI solutions in companies. Moreover, the rising patient population in countries such as India, China, and Brazil is anticipated to offer meaningful growth opportunities for players operating in the AI in medical imaging market. The global AI in medical imaging market is projected to reach the value of US$ 20.11 Bn by 2031, expanding at a CAGR of 36.1% during the forecast period.

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Analysts' Viewpoint

Advanced AI algorithm solutions are likely to distinguish themselves by helping in notable time saving in the formation of radiology reports as well as highlighting key findings. They can also conduct predictive analysis and processed tissue analysis of medical imaging scans that can be difficult with the naked eye. In addition, AI-based technologies provide specialists with several tools that help them to treat patients effectively. However, the AI in medical imaging market is in the nascent stage and thus, there might be some obstacles to overcome before AI becomes conventional in medical imaging.