The global AI in Medical Imaging Market was valued at USD 1.7 Billion in 2022 and is projected to reach USD 20.9 Billion by 2030, growing at a CAGR of 36.87% from 2023 to 2030.

AI in Medical Imaging Market Overview:

Medical imaging is a diagnostic process that involves making visual aids and pictures of the human body, as well as keeping an eye on how the body's organs work and how well they are doing their jobs. With the use of artificial intelligence (AI) in health care and medical imaging, the way diagnoses are made and the whole process is done is different. The AI helps the surgeons take pictures and figure out what's wrong with the pictures so that they can come to a conclusion and give each patient a personalised treatment plan. Robots and machine learning make up most of artificial intelligence. Machine learning is the process of figuring out and using algorithms in computer systems to make images. On the other hand, robots are used to help patients, doctors, and operators with visualisation and diagnosis.

Growth Factor

The use of artificial intelligence (AI) in medical imaging is one of the most promising ways to improve health and medicine. AI is used in many different ways in medical imaging, such as to capture images, process them for assisted reporting, plan for follow-up visits, store data, mine data, and more. In the past few years, AI has shown a lot of sensitivity and accuracy when it comes to classifying imaging abnormalities, and it is sure to improve tissue-based detection and characterization. Machine learning (ML) is a branch of AI that uses computer models and algorithms that look like the structure of the brain's natural neural networks. Neural networks are made up of layers of nodes that are linked to each other. Before sending the data to the activation function, each network node weights and sums up the data that came in.
The use of AI in healthcare and medical imaging has changed how diagnoses are made. This has helped the global market for AI in medical imaging grow. AI helps doctors take pictures and analyse them so they can make a diagnosis and give each patient personalised care. Researchers have used AI to objectively evaluate the properties of x-rays and automatically find hard patterns in imaging data. In radiation oncology, AI has been used to improve many different image modalities that are used at different points in the treatment. Radiation omics is one of the most popular areas of study in medical imaging right now. It is the process of quickly extracting a large number of picture attributes from radiation images.

Market Drivers

AI-based diagnostic imaging makes healthcare models better.

The introduction of cutting-edge AI tools and technology is likely to have a big impact on how radiology and healthcare change in the near future. With more use of AI in the medical field, especially in radiology, the current market for AI in medical imaging is expected to offer many business opportunities.

A big thing that will probably speed up the use of AI in medical imaging is the widening gap between the growing number of radiologists and the number of scans that can interpret data.

Due to more work and pressure to speed up the process of data interpretation, there were a lot more mistakes. This, in turn, gives players in the AI-enabled diagnostic imaging market chances to grow their market share.

Opportunities

Emerging economies display significant potential

Developing countries are putting most of their efforts into combining their investments in AI. This will allow businesses to use AI with medical imaging to make more money. For example, by 2030, China wants to be the leader in artificial intelligence. For businesses to use AI technologies more quickly, the strategy calls for a lot of money and investments from the government. Also, it is thought that the growing number of patients in countries like India, China, and Brazil would be good for companies that use AI in medical imaging. By 2031, the market for AI in medical imaging is expected to be worth $20 billion, growing at a compound annual growth rate (CAGR) of 36%..

Market Challenges

The reluctance of medical professionals to use AI-based technology

Due to the rapid growth of digital health, doctors and nurses can now help patients with cutting-edge treatment methods. With the help of AI technology, doctors can better figure out what's wrong with a patient and treat them. But it has been said that doctors don't like to use new technologies. For example, doctors think, wrongly, that AI will eventually replace them in the field of medicine. Doctors and radiologists think that technology can't completely get rid of the need for a doctor because empathy and the ability to persuade are considered to be human traits. Another worry is that patients may turn down important in-person treatments because they use these technologies too much. This could put a strain on long-term relationships between doctors and patients. Many doctors aren't sure how well AI can figure out what's wrong with their patients. It is hard to convince providers that AI-based solutions are affordable, safe, and effective ways for doctors to save time and give better care to their patients. However, healthcare providers are more open to the possible benefits of AI-based solutions and the many fields in which they can be used. So, it's possible that in the coming years, doctors and radiologists will become more open to AI-based healthcare technology.

AI in Medical Imaging Market Segmentation Analysis

End Use Insights

The healthcare industry is the biggest player in the market. This is because hospitals are spread out and easy to get to and because many people like hospitals. Positive reimbursement rules are also expected to help the market for AI in medical imaging. During the expected time, the number of people going to diagnostic centers is expected to rise. This may be because patients are becoming more aware of their health and want diagnostic procedures and tests, both of which are driving the market's growth. The ambulatory category is expected to grow at a faster CAGR during the projection period. This is because it is easy to provide high-quality medical services in remote areas, especially rural ones. The hospital market is growing because there are enough qualified surgeons and enough of the right kinds of equipment. During the period of the forecast, government help in developing countries is likely to improve hospital infrastructure and technology. This is expected to lead to growth in the hospital segment.

Product Insights

Compared to CT scans, magnetic resonance imaging can make pictures that don't have any flaws. The MRI is often seen as a better alternative to X-rays because it is better at getting details and better-quality pictures of soft tissues. Optical coherence tomography lets doctors see how the retina and membranes interact in three dimensions. This helps them control diseases of the retina and vitreous.

Application Insights

Digital pathology is the most important part of the market, which can be linked to the fact that pathologists are becoming more productive. Digital pathology helps pathologists process more slides in less time by giving them a way to check the accuracy of image analytics. This makes it easier to find a disease early and start treatment faster. AI and digital pathology also help doctors make decisions that are best for the patient. As more people learn about cancer and how common it is becoming, the oncology market is also likely to become more popular. Artificial intelligence algorithms that can find and understand the nature of cancers are what make personalized therapy possible. In the second part, we talk about how AI can be used to help diagnose problems with the heart, brain, breasts, and mouth.

Regional Insights:

During the Forecast period, North America and Europe are anticipated to be the largest market by region.

In 2022, North America had 45% of the market's revenue. This was because it had the most advanced infrastructure and the highest income per person. The market for AI in medical imaging is also being driven by the fact that there are a lot of market players and supportive government regulations in the area. In June 2021, the FDA approved CINA-LVO, CINA-ICH, and neurovascular emergency apps from Avicenna. These apps are now available on the Nuance AI marketplace. It gives the radiology platform a specific point of entry to a wide range of AI diagnostic models.

Asia-Pacific is expected to have the fastest growth rate over the next few years because of how many people are using new technologies, how well networks are connected, and how many government programmes are being added. The number of startups using artificial intelligence (AI) is also growing, especially in China and India. Investment is also growing quickly, and AI has a huge potential to close the gap in the region's healthcare infrastructure by making images better. In May 2021, an AI-based medical imaging company called ThinkCyte and a company called Sysmex Corporation worked together to improve the accuracy of diagnoses and make treatment better. Both companies are also working on making new technologies for testing and diagnosing. These technologies are very useful in medicine. AI-powered medical image processing and testing with the help of robots are two examples of how digitalization is speeding up the healthcare field.

Scope Analysis

Recent Development

• In June 2021,AI announced FDA approval for neurovascular emergencies accessible on the CINA-LVO, CINA-ICH and Nuance AI marketplaces. It is the first and largest portal in the United States to provide one-stop access to a wide range of AI diagnostic models within a radiation reporting platform.
• In June 2021, Perimeter Medical Imaging AI announced that it had successfully completed a complete technology transfer of the manufacturing process with Minnetronix Medical to develop an optical coherence tomography (OCT) imaging system.
• In June 2021, South Korean AI organization VUNO Inc. announced a strategic partnership with Samsung Electronics to integrate the AI-powered VUNO Med-Chest X-ray into Samsung's mobile digital X-ray system, the GM85. Through this partnership, VUNO is expected to take one step closer to expanding market-ready AI applications with access to global markets.
• In June 2020, US-based healthcare company AccentCare announced a partnership with Swift Medical to bring the technology to thousands of healthcare providers. This allows officials to make quick decisions about treatment.
• In June 2020, Visage Imaging, a subsidiary of Australian company Pro Medicus Limited, announced plans to enter into a multi-year strategic agreement with the Mayo Clinic to engage in artificial intelligence research and development in healthcare.

The Global AI in Medical Imaging Market has been segmented into:

By Product

• Ultrasound Scanners
• CT Scanners
• MRI Systems
• Optical Coherence Tomography Devices
• Others

By End Use

• Hospital and healthcare providers
• Patients
• Pharmaceuticals and Biotechnology companies
• Healthcare payers
• Others

By Application

• Digital Pathology
• Oncology
• Cardiovascular
• Neurology
• Lung (Respiratory System)
• Breast (Mammography)
• Liver (GI)
• Oral Diagnostics
• Other

By AI Technology

• Deep Learning
• Computer Vision

Others

By Companies

• Agfa Healthcare
• Ada Health GmbH
• Arterys
• Bay Labs, Inc. (Caption Health Inc.)
• Babylon
• BenevolentAI
• Butterfly Network, Inc.
• EchoNous, Inc.
• Enlitic, Inc.
• Gauss Surgical
• GE Healthcare
• IBM Corporation
• Lunit Inc.
• Microsoft Corporation
• NVIDIA Corporation
• Philips Healthcare
• OrCam
• ai
• Siemens Healthineers AG
• Zebra Medical Vision