Artificial Intelligence in Medical Imaging Market Size & Share 2023 to 2032
Market Size by Technology (Deep Learning, Machine Learning, Computer Vision), Clinical Application (Neurology, Digital Pathology), Modalities (X-ray, CT, MRI, Ultrasound), End User (Hospitals, Clinics).
Report ID: GMI5378
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Published Date: July 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
AI in Medical Imaging Market Size
AI in Medical Imaging Market was worth over USD 1.38 billion in 2022. Driven by the high R&D investment in medical imaging by market players, the industry could grow at over 30.5% CAGR from 2023 to 2032. Global medical imaging industry is expected to witness over 5.1% CAGR in the forecast period due to incremental innovations and advancements in medical imaging technology.
Artificial Intelligence in Medical Imaging Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
With the growing penetration of AI in the medical imaging and healthcare sector, many industry players are heavily investing in R&D activities to develop and manufacture new technologies in the space. For instance, in October 2022, Google Cloud unveiled Medical Imaging Suite, a new solution that makes healthcare imaging data more interoperable and accessible. Many healthcare institutions are also focusing on encouraging the use of AI in healthcare, which will shape the industry landscape.
COVID-19 Impact
The COVID-19 pandemic had a positive impact on AI in medical imaging market on account of rising awareness and adoption of AI in radiology for disease diagnosis and treatment. In fact, many research institutes also invested huge amounts into analyzing the effectiveness of AI for COVID-19 detection. For instance, in August 2021, researchers at Terasaki Institute for Biomedical Innovation (TIBI) developed an image-based COVID-19 detection model equipped with AI. Growing government investment in AI will further pave the way for industry growth in the post-COVID-19 era as well.
AI in medical imaging Market Trends
Surging advancements in AI will generate lucrative opportunities in the field of medical imaging. Generative adversarial networks (GANs) and other deep learning techniques are now being used to reconstruct high-resolution images from low-resolution or noisy inputs. This helps reduce radiation exposure in several cases and can improve image quality in suboptimal imaging conditions. Additionally, deep learning models are being developed to detect and classify abnormalities in X-rays, mammograms, CT scans, and MRIs, assisting radiologists in the interpretation process and improving accuracy.
AI in Medical Imaging Market Analysis
Based on modality, the X-ray segment amassed around 31.5% of the AI in medical imaging market share in 2022. High accuracy of AI has increased its demand in X-ray modalities. AR and VR technologies are now being integrated with X-ray imaging to provide immersive and interactive experiences for radiologists. This allows healthcare professionals to visualize X-ray images in 3D, overlay anatomical information, or simulate procedures for pre-operative planning. These technologies can enhance spatial understanding and facilitate more precise interpretations, streamlining segment progression.
Based on end-use, the hospitals segment registered over 42.5% of the AI in medical imaging market share in 2022. High availability of advanced AI-based medical cameras in hospitals will contribute to segment growth. Moreover, favorable reimbursement policies, in line with the high availability of skilled healthcare professionals, have increased patient visits in these facilities, further leading to segment expansion. Besides, rising investments in expanding the existing healthcare infrastructure will further work in favor of segment progress.
From the regional standpoint, North America AI in medical imaging market held more than 35.5% share in 2022. Flourishing healthcare infrastructure and the robust presence of key industry players is contributing to regional growth. Many healthcare institutions and research agencies in the region are heavily investing in AI in the healthcare sector. For instance, in September 2022, the National Institutes of Health announced that it would invest USD 130 million over four years to accelerate the use of AI by biomedical and behavioral research authorities.
AI in Medical Imaging Market Share
AI in Medical Imaging Market News:
This AI in medical imaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2018 to 2032 for the following segments:
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Market Size, By Modality
Market Size, By Application
Market Size, By End-use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
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2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
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Verified data sources
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GMI archive
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Parameters studied & evaluated
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