AI in Medical Imaging Market Trends, Size, Share & Forecast
AI in Medical Imaging Market Trends, Size, Share & Forecast
Blog Article
Medical imaging plays a vital role in diagnosis and treatment of various diseases. AI techniques are being extensively used in medical imaging to enhance image quality, automate diagnosis, and improve treatment planning. AI helps physicians analyze complex medical images faster and more accurately. It assists in segmenting tumors, detecting anomalies, monitoring disease progression and facilitating precision surgery with 3D modeling and virtual consultations. AI powered medical imaging is also improving access to quality healthcare in remote areas by enabling online consultations and diagnosis.
The Global AI in Medical Imaging Market is estimated to be valued at US$ 3.2 Billion in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2024 to 2031.
Key Takeaways
Google, Microsoft, IBM, NVIDIA and Siemens are the top players operating in the AI in Medical Imaging market.
Rising prevalence of chronic diseases and growing geriatric population demanding improved healthcare services is fueling the demand for AI in medical imaging solutions. The technology helps physicians effectively diagnose and monitor diseases.
Advancements in AI in Medical Imaging Market Demand techniques have improved image quality and automated diagnosis. AI powered image analysis is able to detect subtle features and abnormalities in medical images that human eyes can miss. This is promoting adoption of AI in medical imaging across hospitals and diagnostic centers.
Market Trends
- Integration of AI with medical imaging modalities: Key players are focusing on developing fully integrated AI platforms that can be used with medical imaging devices like CT, MRI, X-rays for improved workflow and automated analysis.
- Cloud-based medical imaging solutions: Transition to cloud based delivery models allows easy data sharing between hospitals and enables remote diagnosis over telehealth consultations. This trend is being leveraged by AI companies.
- Virtual assistants for radiology: AI assistants are being developed to handle basic image analysis tasks and interact with radiologists to provide information. This aids in prioritizing urgent cases and improving department productivity.
Market Opportunities
- Personalized healthcare with AI: Integration of patient medical records with imaging data enables deep learning models to deliver personalized diagnosis and treatment plans tailored to individual conditions.
- Early disease detection: AI has strong potential to analyze routine scans for early detection of diseases like cancer when treatment outcomes are most favorable. This can reduce healthcare costs over the long term.
Impact of COVID-19 on AI in Medical Imaging Market Growth:
The COVID-19 pandemic has significantly impacted the AI in Medical Imaging The lockdowns enforced globally led to the cancellation or postponement of several non-emergency medical imaging procedures like X-rays, CT scans, MRIs etc. This led to a decline in the demand for AI solutions in medical imaging initially. However, as the pandemic intensified the need for better screening, detection and monitoring rose dramatically. AI tools helped in automated analysis of CT scans of lungs to detect infections. They assisted in prioritizing cases and optimizing care. Telemedicine also picked up and AI aided in remote diagnosis, analysis of scans and sharing of medical images. With rising cases, AI based solutions helped handle the massive data and workload of clinicians. In the post COVID era, investment in AI for medical imaging is expected to further rise with growing focus on preventive healthcare, remote diagnostic capabilities and pandemic preparedness. AI can help overcome future resource constraints and help provide quality care for all.
Geographical Regions:
North America currently holds the largest share of the AI in medical imaging market in terms of value. This is owing to factors like advanced healthcare infrastructure, higher technology adoption, massive investments in AI by tech giants and hospitals, and conducive regulatory environment supporting innovation. The United States alone contributes to over 60% of the market value. Major AI companies are based in the US and actively work with hospitals on developing solutions. Asia Pacific is also emerging as a lucrative region attributed to rising healthcare expenditure, growing medical tourism, presence of diagnostic centers and increasing government initiatives supporting AI. Countries like China and India are witnessing fast adoption of AI tools. With initiatives like Digital India emphasizing technological solutions, India is estimated to be the fastest growing regional market over the forecast period.
Fastest Growing Region for AI in Medical Imaging Market:
Asia Pacific region is poised to witness the fastest growth in the AI in medical imaging market driven by factors like rapidly developing healthcare infrastructure, growing medical tourism industry in countries like India, China and Singapore. This has led to increased number of medical imaging procedures being conducted in the region. Also, there is rising prevalence of chronic diseases due to changing lifestyle and growing geriatric population which is propelling diagnostic procedures. Governments across APAC are actively supporting the adoption of advanced technologies like AI and have initiated favorable reforms and investments. For example, the Chinese government's 'Internet Plus' Action Plan focuses on integrating emerging technologies in the healthcare sector. Also, countries like India have started promoting Make in India initiatives for AI and medical devices. The presence of leading AI companies and their R&D centers in the region is further expected to accelerate technology transfer and innovation. With high unmet medical needs and investments in the sector, APAC offers huge market potential for AI in medical imaging.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)