Artificial Intelligence (AI) in Medical Imaging Market size By Modality (X-ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Molecular Imaging), By End-use (Hospitals, Clinics, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2030

Industry Drivers

AI in Medical Imaging Market size surpassed USD 1.5 billion in 2021 and is anticipated to witness over 30% CAGR between 2022 and 2030.
 

Artificial intelligence (AI) technology can be used in the healthcare sector across applications like the diagnosis and treatment of complex diseases. Studies have demonstrated the efficacy of pairing medical imaging technologies with AI for helping medical experts reach precise diagnoses. The advent of robotics and AI is enabling radiologists to streamline image reading, facilitate better clinical decision-making, and improve diagnostic capabilities.
 

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Research institutes, medical facilities, and manufacturers of medical devices are tapping into next-generation medical imaging. For instance, a study conducted by Stanford University used an AI algorithm called CheXNeXt to assess chest X-rays for 14 different pathologies. Such technological advancements along with research & development initiatives are further enabling AI to advance the accuracy of medical images. This technology is considered to showcase promising effects in risk assessment, screening, and precision medicine.
 

Healthcare products rely on regulatory approval for commercialization, which is expected to hinder the AI in medical imaging market growth. The process of gaining regulatory clearance is slow, especially for machine learning and AI-based medical imaging products. The Food and Drug Administration (FDA) strictly regulates the licensing processes of these devices. This is due to a lack of understanding of machine learning-enabled medical diagnosis and associated risks.
 

AI-based medical equipment manufacturers face difficulties when launching new products on account of rigorous regulatory trials and applications. This leads to lesser product availability in the market. For example, to legally introduce a medical device in the U.S., the companies making AI software for medical applications must follow FDA compliance which involves three levels of clearance including 510(k)14, premarket approval, and the de novo pathway.
 

Impact of COVID-19 pandemic on the AI in medical imaging market trends

The COVID-19 pandemic has had a slightly positive impact on AI in medical imaging market. There was an increase in awareness regarding the benefits of AI in radiology for the diagnosis and treatment of diseases. Technological advancements in the field of healthcare in the wake of the pandemic have resulted in the development of advanced diagnostic solutions to address disease transmission.
 

High rate of perinatal mortality to drive the use of AI-based ultrasound imaging system

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The ultrasound imaging modality segment in the AI in medical imaging market is projected to record more than 25% CAGR during 2022-2030. Ultrasound technology is widely used in the screening and diagnosis of breast cancer along with thyroid screening, pregnancy monitoring, and blood flow evaluation. It is also used to detect multiple parameters of fetal health such as cyst detection, and fetal anomalies through biometric planes and scans.
 

Growing concerns associated with high prevalence of perinatal mortality, and stillbirths will accelerate the demand for AI-based ultrasound imaging systems. According to the World Health Organization (WHO), nearly 2 million stillbirths are reported each year.
 

New investments to be observed towards AI-based imaging systems by diagnostic centers

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With regards to end-users in the AI in medical imaging market, the diagnostic centers segment is estimated to register 30% growth rate during the forecast period. Diagnostic centers are using advanced solutions to offer better care services to patients. Awareness regarding the benefits of AI-enabled imaging systems will encourage patients to opt for routine diagnostic procedures for screening of cancer and other chronic diseases.
 

Diagnostic laboratories are also investing heavily in AI solutions for advanced patient care. For instance, in August 2022, OSF HealthCare’s investment arm participated in the USD 75 million financing round to support Iowa-based Digital Diagnostics in strengthening its pipeline for digital tools. The company’s suite consists of two autonomous AI products including the first-ever AI diagnostic platform with FDA and De Novo clearance, and the IDx-DR platform.
 

Development of advanced healthcare infrastructure to foster North America industry growth

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North America AI in medical imaging market revenue was more than USD 530 million in 2021. The region has a robust footprint of medical device manufacturers, healthcare providers and diagnostic centers. Rising number of patient suffering from complex diseases has encouraged healthcare firms to focus on developing AI-based imaging systems. Substantial investments in the healthcare infrastructure, favorable reimbursement scenario and surging demand for advanced diagnostic screening using AI medical imaging will strengthen regional industry outlook.
 

New product approvals to strengthen the AI in medical imaging market development

Some of the leading companies specializing in AI-based medical imaging solutions are Arterys Inc., DIGITAL DIAGNOSTICS INC., GE Healthcare, IBM, InformAI, LLC, Intel Corporation, Koninklijke Philips N.V., Lunit Inc., Nanox Imaging LTD., and Siemens Healthcare GmbH.
 

These companies are focusing on product commercialization and securing clearance from regulatory agencies. For instance, in July 2022, Siemens Healthineers, a subsidiary of Siemens, secured clearance from the FDA for its MR scanner, MAGNETOM Free.Star. The product helps users to effectively perform patient examinations with the help of myExam Companion AI.
 

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 2030 for the following segments:

Market, By Modality

• X-ray
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Ultrasound Imaging
• Molecular Imaging

Market, By End-use

• Hospitals
• Clinics
• Diagnostic Centers
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia