AI In Medical Imaging Market Size, Share & Trends Analysis Report By Technology (Deep Learning, NLP), By Application (Neurology, Respiratory & Pulmonary, Cardiology), By Modality, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global AI in medical imaging market size was valued at USD 753.9 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 34.8% from 2023 to 2030. The rising demand for the influx of large and complex datasets, government initiatives to promote the use of AI-based technologies, increasing attention to lessen radiologists' workload, Artificial Intelligence (AI) tools in the medical industry, increased funding for AI-based start-ups by private players, and an increase in cross-industry collaborations and partnerships are some of the factors driving this market.

For instance, in June 2021, VUNO Inc., an artificial intelligence (AI) developer based in South Korea, announced a partnership with Samsung Electronics to integrate VUNO's AI-powered chest X-ray diagnostic solution into Samsung's high-end mobile digital X-ray system, the GM85. This is one of the most recent developments in VUNO's mission to fully utilize AI to better manage clinical operations by enabling healthcare providers to provide patient-centered care. The COVID-19 pandemic had a positive impact on the market. Investments in machinery, additionally manpower, supplies, and other resources were increased during the COVID-19 pandemic to ensure complete readiness for hospital safety and, if necessary, patient care.

The COVID-19 pandemic has accelerated the development of AI technologies by presenting chances to use these tools to benefit healthcare. The presence of the infection has been identified using AI and radionics, which were being used with X-rays and CT scans as enhanced imaging tools in the identification and follow-up of COVID-19. For instance, Zhongnan Hospital in China employed AI to decipher CT scans and recognize COVID-19 symptoms when a human radiologist was not accessible.

Diseases are becoming more common, which has increased the number of diagnostic procedures performed, which has increased the market demand. Additionally, AI-driven medical imaging offers patients earlier detection, better diagnosis, and individualized care. AI-based medical imaging systems have seen numerous technological improvements and are becoming more and more popular in high-income nations. The creation of integrated rtiI software, which can easily be integrated into imaging devices (such as MRI or CT scanners), is one of the advancements that make it possible to automate medical image processing. In addition, other developments include the incorporation of smartphone technology and Artificial Intelligence in medical imaging, allowing front-line healthcare professionals to use a smartphone to do non-invasive condition screenings.

Technology Insights

The deep learning segment held the largest share of 58.6% in 2022 as it is used in radiological applications such as object detection, image generation, image transformation, and image segmentation. By technology, the market is divided into deep learning, NLP, and others.

The NLP segment is anticipated to grow at the fastest rate during the forecast period. NLP technology uses a computer program that comprehends and presents data in the form of current human language, images, and text. The growth is attributed to the increased use of NLP in the popular fields of machine learning (ML) and artificial intelligence (AI). New trends and developments in the discipline have emerged due to NLP's quick growth. It helps in everything from diagnosis to the discovery of new drugs. Healthcare also strongly relies on various forms of photos and scans. Computer vision in NLP healthcare emerges. These images are frequently blurry and difficult to recognize or identified precise patterns. In these kinds of picture processing, NLP can help and frequently outperform humans. Medical professionals and providers can benefit from using computer vision in healthcare to obtain quicker, more precise findings from examinations, scans, and screenings.

Application Insights

The neurology segment held the largest share of 38.3% in 2022 owing to the increased use of AI in neurology as it enables higher accuracy, better patient care, and high efficiency. Additionally, AI is used in neuro-oncology, neuro-vascular disease detection, neurosurgery, and traumatic brain injury detection. By application, the market is segmented into neurology, respiratory and pulmonary, cardiology, breast screening, orthopedics, and others.

The breast screening segment is anticipated to grow at the fastest rate during the forecast period. The rise in breast cancer cases and patient desire for early-stage diagnosis, which helps in getting the precise treatment at the earliest, are factors driving the demand for breast screening. Some other key drivers anticipated to fuel market growth include supportive government initiatives to assist clinical interpretation and increased access to breast cancer screening technologies. In October 2021, the government of Goa initiated a program for 1 lakh women offering free breast cancer screenings. As part of this initiative, breast cancer screening is done at the 35 health centers in Goa.

Modality Insights

In 2021, the CT scan segment held the largest revenue share of over 35.0% due to the higher standard method of imaging for many clinical results. A wide variety of AI-based medical imaging solutions are being offered by both major and minor suppliers for use in the CT scan modality. The CT scan collects more thorough data as compared to other methods.  In addition, it has not been demonstrated that the little amounts of radiation used in CT scans are harmful over the long term. Based on modality, the market is segmented into CT scan, MRI, X-ray, ultrasound, and nuclear imaging.

The X-ray segment is anticipated to expand at the fastest CAGR during the forecast period. The increased usage of interventional x-ray equipment, such as C-arms and others, for image-guided surgeries, is the main factor driving the segment. The development of C-arms, notably tiny C-arms with flat panel detectors and digital radiography, has significantly increased the need for X-rays worldwide. In July 2019, based on X-ray technology, a mobile C-arm a flexible medical imaging tool has been developed that can be utilized in different operating rooms (ORs) throughout a clinic.

End-use Insights

The hospital segment dominated the market with a revenue share of 52.2% in 2022 and is expected to expand at the fastest CAGR during the forecast period. The growth is anticipated as hospitals are preferred by patients for the treatment process in the context of convenience and a variety of product offerings in one place. Moreover, hospitals are omnipresent and easily accessible.

Based on end-use, the market is segmented into hospitals, diagnostic imaging centers, and others. The hospitals segment is also anticipated to benefit from favorable reimbursement regulations. For instance, as per the American Hospital Association’s 2020 annual survey, AI-based imaging technology was used more in hospitals as compared to diagnostic centers.

Regional Insights

North America dominated the market with a revenue share of 44.0% in 2022 owing to the technologically advanced infrastructure and high per capita income. In addition, the presence of a large number of market players and supporting government regulations in the region are driving the market for AI in medical imaging. In June 2021, Avicenna received FDA approval for CINA-LVO, CINA-ICH, and neurovascular emergency apps and is available on the Nuance AI marketplace. It provides a specific point of access to a wide range of AI diagnostic models within the radiology platform offering.

Asia Pacific is expected to register the fastest growth rate over the forecast period owing to the significant adoption of advanced technologies, enhanced network connectivity, and increased government programs. In addition, the rising number of startups using artificial intelligence (AI), particularly in China and India, the rapidly increasing investment, and the enormous potential of AI to close the region's healthcare infrastructure gap by improving image quality are driving factors. In May 2021, ThinkCyte, an AI-based medical imaging company, and Sysmex Corporation collaborated to improve the accuracy of diagnoses and enhance treatment. In addition, both companies are working to develop novel testing and diagnostic technologies. These technologies have high clinical value. Meanwhile, digitalization is accelerating in areas of healthcare including AI-powered medical image processing and robotically assisted testing.

Key Companies & Market Share Insights

Key players operating in the market are focused on strategic partnerships with technology providers and product innovation. Furthermore, they are adopting strategies such as mergers and acquisitions, product and service launches, agreements, joint ventures, collaborations, and expansions to strengthen their position in the market.

In July 2022, the FDA has given Philips SmartSpeed AI-based software its 510(k) approval, enabling it to offer ground-breaking high-speed, high-resolution MR imaging. Its wide compatibility enables quicker and higher-quality scans for almost all patients with a variety of illnesses, including those with implants (97% of clinical protocols). In addition, the intelligent MR acceleration software offers 3 times quicker scans, which increases MR department efficiency with high-quality picture resolution. Some prominent players in the global AI in medical imaging market include:

• Siemens Healthineers

• General Electric

• Koninklijke Philips

• IBM

• Agfa-Gevaert Group/Agfa Health Care

• Arterys

• AZmed

• Caption Health

• Gleamer

• Butterfly Network

AI In Medical Imaging Market Report Scope

Global AI In Medical Imaging Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global AI in medical imaging market report based on technology, application, modality, end-use, and region:

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Deep Learning

  • Natural Language Processing (NLP)

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Neurology

  • Respiratory and Pulmonary

  • Cardiology

  • Breast Screening

  • Orthopedics

  • Others

• Modality Outlook (Revenue, USD Million, 2018 - 2030)

  • CT Scan

  • MRI

  • X-rays

  • Ultrasound

  • Nuclear Imaging

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Imaging Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE