by AI in medical imaging refers to the integration of artificial intelligence technologies with medical imaging equipment to improve diagnostic capabilities. Medical imaging technologies such as MRI, CT, X-ray, ultrasound and mammography generate large volumes of images that can be analyzed using AI algorithms trained on large annotated datasets to identify diseases and abnormalities. AI tools assist radiologists in prioritizing important scans, triaging emergencies, monitoring quality control, and optimizing workflows to reduce reading time per scan.
The Global AI in Medical Imaging Market is estimated to be valued at US$ 1.21 Bn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period 2024 to 2031.
Key players operating in the AI in Medical Imaging market are GE Healthcare, Siemens Healthineers, Canon Medical Systems, Philips, Aidoc, Fujifilm Holdings Corporation, Imagia Cybernetics, Lunit, Enlitic, iCAD Inc., ContextVision, Subtle Medical, CancerCenter.ai, Viz.ai, Zebra Medical Vision, Qure.ai, Zebra Medical Vision, PathAI, Tempus, and Dascena. AI tools have demonstrated efficacy in automating routine task and detecting subtle focal lesions that human readers can miss. This is expected to drive increasing adoption across hospitals and diagnostic centers to enhance accuracy of diagnoses and reduce workload pressures.
The AI in Medical Imaging Market Demand and increasing healthcare expenditures are emphasizing the need for accurate, timely and cost-effective diagnostic solutions. AI is well-positioned to help address these challenges by analyzing more scans in less time at lower costs than manual reading alone. Several startups are also collaborating with hospitals, diagnostic labs and imaging device manufacturers to deploy AI solutions and develop applications for new disease areas. For instance, Fujifilm launched an AI initiative in 2018 to develop technologies for diseases like lung cancer and cardiac abnormalities.
Recent technological advancements have enabled the development of deep learning algorithms that can learn complex pattern recognition directly from vast amounts of medical imaging data without explicit programming. This self-learning ability of AI models is finding new applications in areas like cancer detection, orthopedic injuries analysis, and lung disease screening. As the volume and variety of medical imaging scans continue to grow rapidly worldwide, increased adoption of AI-powered diagnostic tools is expected across both developed and emerging markets.
The AI In Medical Imaging Market Size And Trends and commercialization by both startups as well as imaging industry giants. Companies are focusing on expanding the capabilities of their AI-based solutions for new clinical applications and diseases. Partnerships between AI vendors and imaging equipment manufacturers also aim to create integrated, end-to-end solutions for improved clinical workflows. This will further fuel the AI in medical imaging market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements and need for technological expertise poses barriers for new companies to enter this market.
Bargaining power of buyers: Individual customers have low bargaining power due to fragmented demand. However, large hospitals and diagnostic centers can negotiate on price and demand additional services.
Bargaining power of suppliers: A few major companies dominate the supply of advanced medical imaging systems and equipment. This gives them significant influence on pricing.
Threat of new substitutes: Alternatives like advanced microscopy and endoscopy have limited applications. Medical imaging remains indispensable for diagnosis, thus threat is low.
Competitive rivalry: The market is highly competitive with major global players offering comprehensive solutions. Companies compete on technology, pricing, services and strategic partnerships.
Geographical Regions
North America accounts for the largest share of the global AI in medical imaging market currently, both in terms of value and volume. This is attributed to presence of major players, large healthcare expenditure, rapid technology adoption and stringent regulatory guidelines supporting innovation.
Asia Pacific is poised to be the fastest growing regional market during the forecast period. Significant unmet medical needs, growing disposable incomes, increasing public-private investments in healthcare infrastructure development are driving increased integration of AI across medical specialties in countries like China and India.
Geographical Regions
The United States holds the largest share of the global AI in medical imaging market currently. This can be attributed to presence of major players, large healthcare expenditure, rapid technology adoption and favourable regulatory environment for new AI technologies.
China is expected to register the highest CAGR during the forecast period due to ongoing government initiatives to modernise healthcare sector through digitisation, rising medical tourism, growing middle class population and investments by international players to tap into its huge market potential.
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*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
