AI in Medical Imaging Market
AI in Medical Imaging Market (Solution: Software Tools/Platform and Services; AI Technology: Deep Learning, Computer Vision, and Others; Image Acquisition Technology: X-ray, Computed Tomography [CT], Magnetic Resonance Imaging, Ultrasound Imaging, and Molecular Imaging; Clinical Application: Cardiovascular, Neurology, Lung [Respiratory System], Breast [Mammography], Oncology, Pathology, Liver [GI], Oral Diagnostics, and Rest of Body; and End User: Hospitals, R&D Centers, and Laboratories & Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
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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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.
AI in Medical Imaging Market: Overview
- The latest research report published by Transparency Market Research pertains to the global AI in medical imaging market for the historical period 2018 & 2019 and the forecast period from 2021–2031
- Emerging nations are focusing on aggregating their investments in AI that will help companies to integrate artificial intelligence with medical imaging to significantly enhance their revenue share. For instance, in July 2017, China published its next generation AI development plan. The country’s focus is to be the global leader in AI by the year 2030. The plan includes extensive government funding and investments in order to upsurge the adoption of AI solutions among organizations. This is likely to drive the AI in medical imaging market during the forecasted period.
- In terms of revenue, 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
Increase in Imaging Volumes: Key Driver of AI in Medical Imaging Market
- Artificial intelligence is finding its way into numerous routine applications, ranging from driver assistance systems in cars and speech recognition to smart chatbots for help desks. Extraordinary results are achieved when artificial intelligence is utilized to rightly classify images.
- Medical imaging is a significant part of healthcare and provides accurate disease diagnosis and treatment. Digital data and technology have transformed the imaging field. Therefore, the use of AI-based solutions in the healthcare sector has increased in the past few years. These factors are anticipated to drive the AI in medical imaging market in the upcoming years.
- Earlier, few diagnostic methods were available in imaging such as palpation, while currently, numerous methods such as x-ray, CT, MRI, and (3D) ultrasound are available. Use of AI in medical imaging analysis improves accuracy, accelerates interpretation, and reduces repetition for radiologists that supports the AI in medical imaging market.
Surge in Investments in Healthcare Ecosystem to Transform AI in Medical Imaging Market
- Increase in awareness about the benefits offered by AI technologies, and their extensive applications in the healthcare sector have led to a rise in the adoption of AI technologies for medical purposes, thus supporting AI in medical imaging market
- Several healthcare agencies and hospitals have embraced artificial intelligence as a more desirable solution for clinical use. Leading companies in the AI in medical imaging market are extensively investing in AI technology solutions. Companies and researchers are collaborating to create effective AI-based platforms.
- Developed countries have been facing demographic challenges, and investing in advanced and affordable healthcare systems for their people, thus driving the use of AI in medical imaging market. Such strategies prompt market players to invest in the healthcare sector and offer advanced solutions to customers, thereby strengthening their position in the AI in medical imaging market space.
- More than US$ 2.6 Bn capital investment has been made in companies engaged in the development of AI in medical imaging from 2014 to 2021. This is expected to create opportunities in the AI in medical imaging market.
AI in Medical Imaging Market: Competition Landscape
- Detailed profiles of providers of AI in medical imaging have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global AI in medical imaging market are
- Agfa Healthcare
- Ada Health GmbH
- Bay Labs, Inc. (Caption Health Inc.)
- Butterfly Network, Inc.
- EchoNous, Inc.
- Enlitic, Inc.
- Gauss Surgical
- GE Healthcare
- IBM Corporation
- Lunit Inc.
- Microsoft Corporation
- NVIDIA Corporation
- Philips Healthcare
- Siemens Healthineers AG
- Zebra Medical Vision
AI in Medical Imaging Market: Key Developments
- Key providers of AI in medical imaging, such as Microsoft Corporation, NVIDIA Corporation, Philips Healthcare, GE Healthcare, and IBM Corporation are engaged in th integration of AI with enhancement in product offerings that helps to expand their geographic presence. Additionally, players active in providing AI in medical imaging are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisition with technology partners to improve their offerings and market reach.
- Some of the key developments in the global AI in medical imaging market are highlighted below:
- In June 2021, Avicenna.AI announced FDA approval to its application for CINA-LVO, CINA-ICH, and neurovascular emergencies that are accessible on the Nuance AI marketplace. This is the largest and first portal in the U.S. with one-stop access to an extensive array of AI diagnostic models within the radiology reporting platform.
- In June 2021, Perimeter Medical Imaging AI announced complete successful technology transfer of the manufacturing process with Minnetronix Medical that will work for the development of optical coherence tomography (OCT) imaging systems
- In June 2021, VUNO Inc., a South Korean AI organization announced a strategic partnership with Samsung Electronics for the integration of VUNO Med-Chest X-ray that is powered with AI into the GM85, a mobile digital X-ray system by Samsung. This alliance is expected to bring VUNO closer to expansion of market-ready AI applications with its accessibility to the global market.
- In June 2020, AccentCare, a healthcare company located in the U.S. announced a partnership with Swift Medical to provide technology to thousands of healthcare providers. This will enable the officials to make quick decisions for treatments.
- In June 2020, Visage Imaging, a subsidiary of Pro Medicus Limited, an Australian company, announced plans to sign a multi-year strategic agreement with Mayo Clinic to engage in research and develop artificial intelligence in the healthcare sector.
- In the global AI in medical imaging market report, we have discussed individual strategies followed by company profiles of providers of AI in medical imaging. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global AI in medical imaging market.
AI in Medical Imaging Market – Scope of Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global AI in medical imaging market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the AI in medical imaging market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the AI in medical imaging market will progress during the forecast period 2021 - 2031.
The report offers intricate dynamics about the different aspects of the AI in medical imaging market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the AI in medical imaging market during the forecast period. It also includes impact analysis of COVID-19 on the AI in medical imaging market. The global AI in medical imaging market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the AI in medical imaging market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the AI in medical imaging market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on AI in Medical Imaging Market
The report provides detailed information about the AI in medical imaging market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the AI in medical imaging market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of AI in medical imaging?
- What will be the Y-o-Y growth of the AI in medical imaging market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the AI in medical imaging market?
- What are the major drivers and restraints of the market?
- What will be the size of the AI in medical imaging market from 2021 to 2031?
- Which will be the fastest growing segment in the AI in medical imaging market?
- Which are the leading companies in the AI in medical imaging market?
- What are the strategies of companies operating in the market?
Research Methodology – AI in Medical Imaging Market
The research methodology adopted by analysts to compile the AI in medical imaging market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the AI in medical imaging market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the AI in medical imaging market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the AI in medical imaging market.
AI in Medical Imaging Market – Segmentation
TMR’s research study assesses the AI in medical imaging market on the basis of solution, AI technology, image acquisition technology, clinical application, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the AI in medical imaging market.
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