AI In Medical Imaging Market Valued At US$ 1.063 Billion In 2021, Witnessing Significant Growth

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The AI in medical imaging market was estimated at US$1.063 billion in 2021.

The AI in medical imaging market was estimated at US$1.063 billion in 2021.” - Knowledge Sourcing IntelligenceNOIDA, UTTAR PRADESH, INDIA, November 2, 2023 /EINPresswire / -- According to a new report published by Knowledge Sourcing Intelligence, forecasted between 2021 and 2028, AI in Medical Imaging Market was valued at US$1.063 billion in 2021 and is anticipated to propel significantly over the coming years.

The AI in the medical imaging market is expected to experience substantial growth, primarily driven by the increased need for handling extensive and intricate datasets, government programs aimed at endorsing AI technologies, a keen focus on reducing the workload of radiologists, a substantial surge in the adoption of AI-driven Computed Tomography (CT), and the utilization of Artificial Intelligence (AI) tools in the medical sector. Additionally, there has been a notable increase in funding from private entities for AI-focused startups, and the market is benefiting from increased levels of collaboration and partnerships spanning multiple industries.

Medical imaging is a diagnostic procedure that involves creating visual representations of the human body and monitoring organ performance. The introduction of artificial intelligence (AI) in the medical field has enabled surgeons to receive assistance in image capture and diagnosis, facilitating personalized treatment plans for individual patients. This integration of AI in healthcare and medical imaging streamlines the image capture process, aiding in the diagnosis and enabling tailored treatment approaches for each patient's unique needs.

The AI in Medical Imaging Market is experiencing positive growth due to the increasing adoption of AI in Radiology for tasks such as image quantification and detection expedites radiologists' scan analysis, reducing assessment time and enhancing efficiency. A notable example is the collaboration between Google's Deepmind and Moorfields Eye Hospital, which involves using an optical CT scanner to monitor all eye scans, ensuring early detection of age-related macular degeneration. This collaborative effort significantly contributes to market expansion. Furthermore, the growing demand for precise and timely disease detection has highlighted AI algorithms' high sensitivity and specificity, resulting in earlier treatments and improved patient outcomes. This factor serves as another substantial driver for the development of AI in the medical imaging market. Additionally, the market benefits from increasing product approvals, as demonstrated by the FDA's 510(k) approval of Philips' SmartSpeed AI-based software in 2022. This approval enables the provision of groundbreaking high-speed, high-resolution MR imaging. Moreover, rising investments and funding in artificial intelligence for clinical imaging research and development are paving the way for more accurate diagnoses, enhanced patient outcomes, and improved healthcare delivery. These investments not only foster innovation but also drive advancements in the field.

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Based on the offering, the AI in Medical Imaging Market is bifurcated into software and service. The software segment held the most significant portion. This dominance is primarily due to the fact that software solutions provide healthcare providers with a competitive advantage, enabling them to overcome challenges such as understaffing and the growing volume of imaging scans.

Based on the technology, AI in the medical imaging market is segmented into machine learning, deep learning , and computer vision. The deep learning segment has been the dominant segment in the market. Deep learning technology has made a significant impact on medical imaging by enhancing diagnostic accuracy, automating image processing, and aiding in the early detection of diseases. Its applications span various medical domains, including radiology, pathology, ophthalmology, cardiology, and neurology, among others.

Based on the application, AI in the medical imaging market is categorized as oncology , neurology, cardiology, pulmonary, orthopedics, and others. The neurology segment holds a dominant position in the market, primarily due to the heightened adoption of AI in neurology. AI in neurology provides enhanced accuracy, improved patient care, and increased efficiency, which contribute to its prominence in this segment.

Based on the end-user, the AI in the medical imaging market is segmented into hospitals & clinics, diagnostic imaging centers, research institutions, and others. The hospital & clinics segment represented the largest share of the global AI in the medical diagnostics market. This can be attributed to factors such as the increasing trend among hospitals to automate and digitize radiology patient workflows, as well as the growing adoption of minimally invasive procedures in hospitals and healthcare facilities to enhance the quality of patient care and prioritize patient-centric approaches.

Based on Geography, the AI in the medical imaging market is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region leads the global medical imaging AI market with a substantial market share. This leadership can be attributed to the region's modern healthcare infrastructure, substantial healthcare expenditures, and the presence of significant healthcare enterprises and research institutions. Additionally, favorable government initiatives and regulations promoting the use of AI in healthcare further contribute to this dominance.

As a part of the report, the major players operating in the AI in medical imaging market, that have been covered are General Electric Company, IBM Corporation, Koninklijke Philips N.V., NVIDIA Corporation, Siemens Healthineers AG, Canon Medical Systems Corporation (formerly Toshiba Medical Systems Corporation), Hologic, Inc., Agfa-Gevaert Group, Aidoc Medical Ltd., Zebra Medical Vision Ltd.

The market analytics report segments the AI in medical imaging market on the following basis:

.By Offering

oSoftware
oServices

.By Technology

oMachine Learning
oDeep Learning
oComputer Vision

.By Application

oOncology
oNeurology
oCardiology
oPulmonary
oOrthopedics
oOthers

.By End-User

oHospitals & Clinics
oDiagnostics Image Centers
oResearch Institutes
oOthers

.By Geography

oNorth America

.United States
.Canada
.Mexico

oSouth America

.Brazil
.Argentina
.Others

oEurope

.United Kingdom
.Germany
.France
.Italy
.Spain
.Others

oMiddle East and Africa

.Saudi Arabia
.UAE
.Others

oAsia Pacific

.Japan
.China
.India
.South Korea
.Indonesia
.Taiwan
.Others

Companies Profiled:

.General Electric Company
.IBM Corporation
.Koninklijke Philips N.V.
.NVIDIA Corporation
.Siemens Healthineers AG
.Canon Medical Systems Corporation (formerly Toshiba Medical Systems Corporation)
.Hologic, Inc.
.Agfa-Gevaert Group
.Aidoc Medical Ltd.
.Zebra Medical Vision Ltd.

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Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698

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