AI in Medical Imaging Market (By Modality: Ultrasound Scanners, CT Scanners, MRI Systems, Optical Coherence Tomography Devices, Others; By End Use: Hospital and healthcare providers, Patients, Pharmaceuticals and Biotechnology companies, Healthcare payers, Others; By Application: Digital Pathology, Oncology, Cardiovascular, Neurology, Lung, Breast, Liver, Oral Diagnostics, Other; By AI Technology) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global AI in Medical Imaging market size was exhibited at USD 1.19 billion in 2022 and is projected to hit around USD 29.55 billion by 2032, growing at a CAGR of 37.88% during the forecast period 2023 to 2032.

Key Pointers:

• By Technology, the U.S. AI in medical imaging market was valued at USD 480 million in 2022 and expected to witness growth at a CAGR of 33.9% from 2023 to 2032.
• The deep learning segment held the largest share of 58.11% in 2022 
• The neurology segment held the largest share of 38.9% in 2022 
• The CT scan segment held the largest revenue share of over 36.8% in 2022
• The hospital segment dominated the market with a revenue share of 52.9% in 2022 
• North America dominated the market with a revenue share of 44.7% in 2022 
• Asia Pacific is poised to grow at a fastest CAGR between 2023 to 2032.

AI in Medical Imaging Market Report Scope

Artificial intelligence (AI) is the imitation of human intelligence progressions by machines, mainly computer systems. Artificial intelligence has extensive applications in the healthcare sector; healthcare artificial intelligence solutions assist healthcare providers in several aspects of patient care and administrative processes.

The incorporation of artificial intelligence (AI) in healthcare and computer-aided diagnostics brought about a change in the mode of diagnostics. AI diagnostic imaging assists physicians in the image capturing procedure and provides support to diagnose these images for interpretation and individualized treatment for every patient.

Rise in Volume of Imaging Data Fueling Global AI (Artificial Intelligence) in Medical Imaging Market Dynamics

Medical imaging refers to the use of various imaging modalities such as X-rays, CT scans, MRI scans, and ultrasound to produce images of the internal structures of the body. Healthcare professionals use these images for various purposes, such as diagnosis, treatment planning, and monitoring disease progression. For example, medical image analysis AI algorithms can be used to detect and track changes in brain tissue that are characteristic of neurological disorders such as Alzheimer's disease.

However, medical imaging generates a large amount of data that needs to be analyzed and interpreted to extract meaningful information. This is a time-consuming and labor-intensive process, especially for complex images such as MRI scans, and leads to in delays in diagnosis and treatment. The images may contain a large number of slices and requires careful inspection by a radiologist to detect abnormalities and make an accurate diagnosis.

AI algorithms analyze medical images much faster and more accurately than humans. These algorithms use advanced techniques such as deep learning to analyze and interpret images. They quickly detect abnormalities and classify them according to their severity, making it easier for radiologists to identify and diagnose diseases. Additionally, AI algorithms work continuously, without making mistakes, which leads to more consistent and reliable results. Medical professionals identify the most effective treatment options for patients with the use of AI, which leads to better outcomes and fewer complications.

According to Diagnostic Imaging Dataset Annual Statistical Release 2021/22, NHS England (National Health Service), performed 21.8 million X-rays in the year 2022/21, which is 30% more than from the previous year. In addition, ultrasound, CT scans, and MRI scans increased by 23%, 21%, and 28% respectively compared with 2020/21.

The rise in volume of imaging data has increased the use of AI in medical imaging by helping to analyze and interpret images more efficiently and accurately. The use of artificial intelligence in medical imaging applications is expected to continue to grow in the next few years, as more advanced algorithms are developed and more healthcare organizations adopt these technologies.

Surge in Adoption of Telemedicine Drives Demand for AI (Artificial Intelligence) in Medical Imaging

Telemedicine is rapidly becoming one of the critical tools in the healthcare industry, providing patients with access to medical care from the comfort of their homes. Healthcare professionals are finding new ways to use technology to diagnose, treat, and prevent medical conditions.

The growth in need to improve access to healthcare services is accelerating the adoption of telemedicine solutions. Patients who live in remote or underserved areas may not have access to healthcare services that are available in more urban areas. Telemedicine can help to bridge this gap by enabling patients to access healthcare services remotely.

The COVID-19 pandemic accelerated the adoption of telemedicine. Telemedicine enabled patients to receive medical care without the need to visit a healthcare facility while adhering to social distancing measures. It has become an important tool for providing healthcare services while minimizing the risk of transmission of the virus.

The ability to remotely provide patients with access to medical imaging services is a significant advantage of telemedicine. This results in an upsurge in demand for medical imaging services, necessitating more efficient and precise analysis of medical images. AI algorithms can be used to analyze medical images much faster and more accurately, saving time and reducing errors. With the surge in demand for medical imaging services, the use of AI algorithms can help to improve the efficiency of healthcare delivery, enabling healthcare professionals to see more patients in a shorter amount of time. These factors are leading to significant AI (artificial intelligence) in medical imaging market opportunities.

The surge in telemedicine is driving AI in medical imaging market demand, enabling healthcare professionals to provide faster and more accurate diagnosis and treatment recommendations. As telemedicine continues to grow in popularity, the use of AI algorithms in medical imaging is likely to become increasingly important, improving patient outcomes, reducing the cost of healthcare delivery, and positively impacting market development.

Technology Insights

The deep learning segment held the largest share of 58.11% 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 38.9% 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 2022, the CT scan segment held the largest revenue share of over 36.8% 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 52.9% 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

According to the latest AI (artificial intelligence) in medical imaging market forecast, North America is anticipated to hold largest share of the global industry during the forecast period. The region dominated the market in 2022 as per artificial intelligence in medical imaging market analysis. North American healthcare providers are often early adopters of new technologies, including AI-powered medical imaging tools. A highly developed healthcare system with strong emphasis on innovation and technology is boosting AI (artificial intelligence) in medical imaging market growth in the region.

The AI in medical imaging business growth in Asia Pacific is expected to record the fastest CAGR during the forecast period. Asia Pacific has a high prevalence of chronic diseases, such as diabetes and cancer, which require advanced imaging technologies for diagnosis and treatment. AI in medical imaging provides more accurate and faster diagnoses of these diseases, which is driving the adoption of these technologies in the region and fueling market expansion.

Key Developments

• In February 2023, Bayer AG acquired Blackford Analysis Ltd., a medical imaging AI platform and solutions provider. The acquisition of Blackford helps Bayer to foster innovation in radiology, which involves the integration and utilization of AI technology within the clinical workflow.
• In February 2023, Qure.ai Technologies Private Limited, a medical artificial intelligence (AI) imaging company, entered into a partnership with Therapixel SA, an AI applied to medical imaging provider. The partnership enables Qure.ai to distribute Therapixel's MammoScreen globally. MammoScreen is an AI-driven decision support tool for breast cancer screening.

Some of the prominent players in the AI in Medical Imaging Market include:

• Agfa-Gevaert Group/Agfa HealthCare
• Arterys
• AI
• AZmed
• Butterfly Network
• Caption Health
• CellmatiQ
• dentalXrai
• Digital Diagnostics
• EchoNous
• GLEAMER
• HeartVista
• iCAD
• Lunit
• Mediaire
• MEDO
• Nanox Imaging
• Paige AI
• Perimeter Medical Imaging AI
• Predible Health
• 1QB Information Technology
• Qure.ai
• Quantib
• QLARITY IMAGING
• Quibim
• Renalytix
• Therapixel
• Ultromics
• Viz.ai
• VUNO

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global AI in Medical Imaging market.

By AI Technology

• Deep Learning
• Natural Language Processing (NLP)
• Others

By Solution

• Software Tools/ Platform
• Services
• Integration
• Deployment

By Modality

• CT Scan
• MRI
• X-rays
• Ultrasound Imaging
• Nuclear Imaging

By Application

• Digital Pathology
• Oncology
• Cardiovascular
• Neurology
• Lung (Respiratory System)
• Breast (Mammography)
• Liver (GI)
• Oral Diagnostics
• Other

By End Use

• Hospital and Healthcare Providers
• Patients
• Pharmaceuticals and Biotechnology Companies
• Healthcare Payers
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)