The global artificial intelligence in the medical imaging market is expected to witness growth from 2020 to 2027 owing to the digital transformation and technological advancements in the healthcare sector. The increasing prevalence of diseases has led to the rise in the number of diagnostic procedures carried out which has fueled the demand for the market. Furthermore, AI-driven medical imaging provides early detection, improved diagnosis, and personalized treatment for the patients. Such factors are driving the market growth.
On the basis of application, the market is segmented into digital pathology, oncology, others. The digital pathology segment holds a dominant share for artificial intelligence (AI) in the medical imaging market which is attributed to the increasing efficiency of pathologists. Digital pathology provides a validation tool for image analytics that assists the pathologists to process more slides in a shorter span. This helps in early detection of the disease thereby faster initiation of the treatment. Moreover, digital pathology and AI help physicians in patient-centric and informed decision making. The oncology segment is also projected to gain popularity because of an increase in the prevalence of cancer among the population and awareness among the people. Artificial intelligence algorithms diagnose and understand the nature of the tumors thereby provide personalized treatment. The other segment consists of AI-driven medical imaging in cardiovascular, neurology, breast (mammography), and oral diagnostics.
On the basis of end-use, the AI in the medical imaging market is segmented into hospitals and diagnostic centers. The hospital segment holds a dominant share in the market. This is because hospitals are omnipresent and easily accessible hence several patients prefer hospitals. Furthermore, favorable reimbursement policies are expected to fuel the demand for AI in the medical imaging market. The diagnostic centers are expected to gain popularity during the forecast period. This can be attributed to factors like an increasing awareness among patients and demand for diagnostic procedures and tests which is propelling the market growth.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. The AI in the medical imaging market is dominant in North America and the European countries due to the technologically advanced healthcare infrastructure and high disposable income. Moreover, the presence of key players and the favorable government regulations have fueled the demand for artificial intelligence in medical imaging. The Asia Pacific is expected to grow at a lucrative rate during the forecast period. The growth can be attributed to the prevalence of diseases and the increasing population. Furthermore, rapidly evolving healthcare infrastructure in Asian countries such as China, Indonesia, and India is boosting the market growth.
The major market players include 3Scan, Agfa Healthcare, Arterys, Butterfly Network, Inc., EchoNous, Inc., Enlitic, Inc., IBM Corporation, NVIDIA Corporation, GE Healthcare, Siemens. These players are involved in strategic collaborations, regional expansion, and new product launch. For instance, in April 2020, Siemen Healthineers enhanced its PET/CT Portfolio as it received FDA approval for its AIDAN Artificial Intelligence Suite. In December 2019, GE Healthcare launched the Edison Developer Program that provides easy access to healthcare providers to integrate market-ready applications and algorithms into existing workflows.
b. The global artificial intelligence in medical imaging market is expected to register a substantial growth owing to increasing prevalence of diseases and technological advancements in the healthcare sector.
b. The global artificial intelligence in medical imaging market is expected to register a substantial growth rate in the next five years. The increasing awareness among patients and demand for diagnostic procedures and tests is expected to augment the market growth.
b. North America dominated the artificial intelligence in medical imaging market with the highest share in 2019. This is attributable to rising healthcare awareness coupled with technologically advanced healthcare infrastructure and high disposable income.
b. Some key players operating in the artificial intelligence in medical imaging market include 3Scan, Agfa Healthcare, Arterys, Butterfly Network, Inc., EchoNous, Inc., Enlitic, Inc., IBM Corporation, NVIDIA Corporation, GE Healthcare, Siemens.
b. Key factors driving the artificial intelligence in medical imaging market growth include rapidly evolving healthcare infrastructure, rise in the number of diagnostic procedures coupled with increased awareness among the people, favorable government initiatives.
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