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AI in Medical Imaging Market size to exceed $16.5 billion by 2030

  • Published Date: October 18, 2022

Artificial Intelligence in Medical Imaging Market size is expected to surpass USD 16.5 billion by 2030, according to a new research report by Global Market Insights Inc.

Growing concerns associated with the shortage of radiologists will boost the adoption of advanced technologies such as artificial intelligence, machine learning, and robotics in healthcare. According to the Royal College of Radiologists in the UK, the radiologist’s department of the National Health Service reported a 33% shortage in staff with a requirement for an additional 1,939 consultants. The data showcased a radiologist shortage of 1,104, which is estimated to reach 1,867 by 2023. The lack of radiologists can cause an increase in turnaround times for study results which negatively affects patient outcomes. AI has therefore emerged as a promising tool for enhancing medical imaging capabilities.

Need for high-speed anomaly detection to boost demand for AI-based X-ray imaging

AI in medical imaging market from the X-ray modality segment was more than USD 450 million in 2021. X-ray is the most common medical imaging technology used to diagnose different anomalies such as fractures. The integration of AI enhances X-ray capabilities by increasing the speed of anomaly detection with a faster assessment of images as compared to a manual analysis done by a radiologist. AI is likely to replace the labor-intensive manual examination of X-ray images which can sometimes result in incorrect diagnosis and decision fatigue.

Browse key industry insights spread across 130 pages with 118 market data tables & 14 figures & charts from the report, “Artificial Intelligence (AI) in Medical Imaging Market Analysis By Modality (X-ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Molecular Imaging), End-use (Hospitals, Clinics, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

Rapid adoption of AI-enabled medical imaging systems across hospitals

AI in medical imaging market from the hospital segment was more than USD 620 million in 2021. Rising patient visits, hospitalization rates, and inpatient & outpatient care will accelerate the adoption of AI-based imaging systems across hospitals.

These healthcare facilities are mostly preferred by patients as they offer easy access to advanced diagnostic and treatment options. Favorable reimbursement policies and rising prevalence of chronic diseases will fuel the demand for AI-based medical imaging technology across hospitals. Besides, the developing nations across APAC have witnessed significant development in healthcare infrastructure and medtech adoption, indicating strong prospects for providers of AI solutions.

High prevalence of cancer to foster Europe AI in medical imaging industry development

Europe AI in medical imaging market is projected to expand at over 30% CAGR from 2022-2030. The region has a high prevalence of chronic diseases such as cancer. It has led to substantial investments in the development of oncology domain and enabled the deployment of advanced diagnostic imaging solutions. The development of innovative medical imaging modalities for early diagnosis will complement regional industry trends. Additionally, increasing investments to strengthen healthcare infrastructure and growing disposable income will favor the application of AI-based medical imaging systems across Europe.

Product commercialization efforts to augment AI in medical imaging market trends

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 are some of the leading AI in medical imaging industry players. These companies are developing next-generation product portfolios and working towards attaining FDA approval.

Authors: Sumant Ugalmugle, Rupali Swain