Ottawa, June 24, 2024 (GLOBE NEWSWIRE) -- The global Artificial Intelligence (AI) in medical imaging market size is predicted to increase from USD 0.98 billion in 2023 to reach around USD 11.76 billion by 2033. The industry is expected to expand at a remarkable compound annual growth rate of 28.19% between 2024 and 2033, According to Precedence Research. The AI in medical imaging market is driven by increasing warehouses and increasing research in robotics and advanced technology.
The AI in medical imaging market encompasses the healthcare and technology industries, which are focused on the integration of artificial intelligence (AI) technologies to enhance the capabilities of medical imaging. The combination of medical imaging and artificial intelligence (AI) has transformed healthcare by enabling early disease detection, precise diagnosis, tailored therapy planning, and better patient outcomes. Medical imaging systems such as CT, MRI, and PET create large volumes of data that must be efficiently analyzed and interpreted.
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AI, particularly deep learning algorithms, has proven to have an impressive ability to extract significant insights from medical images and recognize complex patterns and features that may be difficult to detect with the human eye. AI improves illness diagnosis accuracy and efficiency by helping healthcare workers discover irregularities, identify specific structures, and forecast disease consequences. AI systems can evaluate medical images quickly and precisely, aiding in early-stage disease detection, resulting in timely interventions and potentially saving lives.
AI in Medical Imaging Market Key Insights:
- North America dominated the market with the largest revenue share of 38.60% in 2023.
- Asia Pacific is projected to grow at the fastest CAGR of 28.03% between 2023 and 2032.
- By application, the neurology segment has contributed more than 20.95% of revenue share in 2023.
- By image acquisition technology, the computed tomography segment has generated the highest revenue share of 31.15% in 2023.
- By end-use, the hospitals and clinics segment accounted for the largest revenue share of 64.46% in 2023.
- By offering, the software/platforms segment has held a major revenue share of 58.55% in 2023.
Scope of the AI in Medical Imaging Market
| Report Attribute | Key Statistics |
| AI in Medical Imaging Market Size by 2033 | USD 11.76 Billion |
| Market Size in 2024 | USD 1.27 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 28.19% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | AI Technology, Solution, Modality, Application, End Use and Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
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AI in Medical Imaging Market Leaders
- Agfa-Gevaert Group
- Ada Health
- Enlitic Inc
- Cellmatiq Gmbh
- General Electric Company
- IBM
- Nvidia Corporation
- Microsoft
- Koninklijke Philips N.V.
- Siemens
Recent Developments:
- In June 2024, Doncaster and Bassetlaw Teaching Hospitals (DBTH) Trust teamed up with Annalise.ai, an AI healthcare solution provider, to improve radiology services. The collaboration intends to increase efficiency by implementing AI-powered decision assistance systems for chest X-rays and non-contrast CT brain scans. The solutions will help clinicians flag, highlight, and prioritize situations based on urgency. The adjustable worklist priority categories will assist clinicians in triaging patients. Sara Elliott, DBHT's head of medical imaging, believes the integration will reduce turnaround times for important situations and result in considerable cost savings.
- In April 2024, researchers created MONET, an AI model that can annotate medical images with medically relevant concepts. The model was trained on 105,550 dermatology image-text pairs from PubMed articles and medical textbooks, as well as 105,550 dermatology-related pictures and natural language data from a medical literature collection. MONET rates images for each idea based on how well they represent the concept. This contrastive-type learning approach allows for the direct application of plain language descriptions to visuals.
U.S. AI in Medical Imaging Market Size and Forecast
The U.S. AI in medical imaging market size accounted for USD 223.80 million in 2024 and is projected to surpass around USD 2,203.90 million by 2033, growing at a solid CAGR of 29.16% from 2024 to 2033.
North America dominated AI in medical imaging market in 2023. North America, particularly the United States, is a center of technical innovation in medical imaging, with advances in machine learning techniques, AI algorithms, and deep learning models allowing for more accurate diagnosis, faster image analysis, and better patient outcomes. This transition is being pushed by genomic research, targeted medicines, and the demand for personalized medicine. AI-powered medical imaging enables healthcare practitioners to detect diseases sooner, track disease progression, and assess treatment efficacy, resulting in better patient outcomes and lower healthcare expenditures.
Asia-Pacific is expected to grow at the fastest rate during the forecast period. The rising prevalence of chronic diseases and an aging population are increasing demand for medical equipment powered by AI and machine learning. These technologies increase diagnostic accuracy, treatment planning, and patient care, increasing healthcare efficiency. APAC countries are investing in infrastructure and research, creating an enabling environment for AI/ML medical devices. Collaborations between technology businesses and healthcare practitioners are growing, resulting in better device development and patient outcomes.
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AI in Medical Imaging Report Highlights
AI in Medical Imaging Market Revenue (USD Million), By Application, 2020-2023
| Application | 2020 | 2021 | 2022 | 2023 |
| Digital Pathology | 61.26 | 76.04 | 96.04 | 123.27 |
| Oncology | 53.68 | 67.08 | 85.29 | 110.15 |
| Cardiovascular | 52.88 | 65.56 | 82.69 | 106.22 |
| Neurology | 100.56 | 125.35 | 158.98 | 205.79 |
| Lungs (Respiratory System) | 40.42 | 50.51 | 64.23 | 83.12 |
| Breast (Mammography) | 88.15 | 109.88 | 139.37 | 180.94 |
| Liver (GI) | 35.43 | 43.70 | 54.85 | 70.36 |
| Oral Diagnostics | 20.24 | 25.13 | 31.73 | 40.44 |
| Others (Pediatric ailments, Orthopedics, etc.) | 31.62 | 39.29 | 49.66 | 61.88 |
The neurology segment dominated AI in medical imaging market in 2023. Artificial intelligence (AI) can transform neurology by enhancing the diagnosis and treatment of brain disorders. AI can process enormous amounts of data, detect biomarkers, and enhance accuracy. Machine learning algorithms can process large amounts of data and patient information, resulting in accurate models for diagnosis and therapy.
AI may detect distinct patterns in data, perhaps revealing novel biomarkers or intervention strategies. This speedier and more efficient system can also aid in the development of new treatments for neurological disorders like Parkinson's and Alzheimer's by generating individualized treatment regimens based on individual neurological profiles.
Image Acquisition Technology Insight
The computed tomography segment dominated the AI in medical imaging market in 2023. AI-based machine learning technologies are being used in CT imaging to manage dose and picture quality and efficiency, influencing the quality and cost of imaging services. Low-dose CT techniques generate image noise, which can reduce the efficiency, quality, and cost of imaging services.
AI-based DLR and post-processing approaches can reduce image noise over a broader range of dosages and exam kinds than IR. This eliminates the trade-off between dose and quality, resulting in clinical, operational, and budgetary benefits. These technologies are vendor-neutral, which allows image quality to remain consistent across all CT scanners. This enables radiologists to analyze pictures more rapidly and confidently, lowering image quality variability while enhancing reading productivity.
AI in Medical Imaging Market Revenue (USD Million), By End User, 2020-2023
| End User | 2020 | 2021 | 2022 | 2023 |
| Hospitals and Clinics | 310.17 | 386.15 | 489.13 | 633.10 |
| Research Laboratories and Diagnostic Centres | 108.79 | 135.29 | 171.18 | 219.75 |
| Others | 65.27 | 81.10 | 102.53 | 129.31 |
The hospitals and clinics segment dominated AI in medical imaging market in 2023. Hospitals are rapidly investing in AI-powered medical imaging because of their extensive services. As public awareness of preventive healthcare grows, diagnostic centers equipped with AI capabilities are projected to expand. Telemedicine trends are expected to grow, particularly in distant places without high-quality medical facilities. The post-pandemic scenario has restored AI’s significance in the healthcare sector. Patients of all ages are increasingly turning to medical imaging technology to diagnose chronic ailments.
Browse More Insights:
- Magnetic Resonance Imaging Market: The global magnetic resonance imaging market size was estimated at USD 7.55 billion in 2022 and it is expected to hit around USD 11.07 billion by 2032 with a registered CAGR of 3.91%% during the forecast period 2023 to 2032.
- Artificial Intelligence in MRI Market: The global artificial intelligence in magnetic resonance imaging (MRI) market size was estimated at USD 5.6 billion in 2022 and is expected to hit around USD 9.89 billion by 2032 with a registered CAGR of 5.9% from 2023 to 2032.
- Medical Imaging Outsourcing Market: The global medical imaging outsourcing market size was valued at USD 8.26 Billion in 2022 and is expected to reach USD 11.92 Billion by 2032, with a compound annual growth rate (CAGR) of 4% during the forecast period 2023 to 2032.
- Diagnostic Imaging Services Market: The global diagnostic imaging services market size was valued at USD 500 billion in 2022 and is expected to hit over USD 841.98 billion by 2032 and is poised to grow at a CAGR of 5.40% over the forecast period 2023 to 2032.
- Preclinical Imaging Market: The global preclinical imaging market size was exhibited at USD 2 billion in 2022 and is expected to surpass around USD 3.03 billion by 2032, growing at a CAGR of 4.3% during the forecast period 2023 to 2032.
- Brain Imaging and Neuroimaging Market: The global brain imaging and neuroimaging market size was estimated at USD 13.5 billion in 2022 and it is projected to be worth around USD 22.99 billion by 2032, growing at a CAGR of 5.47% from 2023 to 2032.
- Medical Imaging Reagents Market: The global medical imaging reagents market size was exhibited at USD 16 billion in 2022 and is expected to hit around USD 30.17 billion by 2032, poised to grow at a projected CAGR of 6.6% during the forecast period 2023 to 2032.
- Artificial Intelligence (AI) in Ultrasound Imaging Market: The global artificial intelligence (ai) in ultrasound imaging market size was estimated at USD 881.2 million in 2022 and is projected to hit around USD 2,001.51 million by 2032, growing at a CAGR of 8.6% during the forecast period from 2023 to 2032.
- Molecular Diagnostics Market: The global molecular diagnostics market size was valued at USD 42.26 billion in 2023 and it is expected to hit around USD 61.29 billion by 2033 with a registered CAGR of 3.8% from 2024 to 2033.
- U.S. Oncology Molecular Diagnostics Market: The U.S. oncology molecular diagnostics market size was valued at USD 0.70 billion in 2023 and is anticipated to reach around USD 2.25 billion by the end of 2033, representing an impressive CAGR of 12.40% from 2024 to 2033.
Market Dynamics
Driver: Advancement in technology
AI advances in machine learning and deep learning have considerably enhanced AI systems’ capabilities in medical imaging, allowing for more accurate and efficient processing of complicated medical images such as X-rays, MRIs, and CT scans. These technologies can detect minute anomalies, leading to faster diagnoses and better patient outcomes. The combination of AI and sophisticated imaging modalities improves productivity in healthcare settings.
Restraint: Generalization into clinical practice
Data privacy rules differ around the world, providing issues for deep learning researchers and healthcare providers. The lack of generalization in training inhibits AI’s translation into clinical practice. AI-powered clinical practice necessitates a linked network of patient data sets to enable robustness and generalizability across varied patient demographics, diseases, and locales.
Rare diseases may limit the accuracy of deep learning algorithms due to limited data, whereas genetic prediction systems may lack generalizability due to limited studies in specific populations. Normal anatomical variances, which might disguise diseased diseases, also increase the risk of generalizability. Machines may struggle to understand normal variants, especially in small databases, and may dismiss them as normal rather than sick, particularly if they are uncommon.
Opportunity: Democratizing the data
Medical AI products must be accessible to people, as even the best products are useless if they are inaccessible. Lily Peng, product manager at Google Brain AI Research Group, emphasized the significance of offering great products to consumers. Stanford researcher Pranav Rajpurkar pointed out that algorithms trained on proprietary or incomplete datasets are prone to failure outside of those comfortable bounds since they do not generalize. He stated that including tuberculosis photographs in American training datasets might aid in the generalization of valuable AI to other parts of the world. Gilberto Szarf, a thoracic radiologist, addressed how democratization in Brazil involves employing artificial intelligence to offer or speed up care in areas where specialists and resources are few, such as melanoma, tuberculosis, and Zika.
Market Segmentation
By Solution
- Software Tools/ Platform
- Services
- Integration
- Deployment
By Image Acquisition Technology
- X-Ray
- Computed Tomography
- Magnetic Resonance Imaging
- Ultrasound Imaging
- Molecular Imaging
By Application
- Digital Pathology
- Oncology
- Cardiovascular
- Neurology
- Lung (Respiratory System)
- Breast (Mammography)
- Liver (GI)
- Oral Diagnostics
- Other
By End Use
- Hospitals and Clinics
- Research Laboratories and Diagnostic Centers
- Others (Ambulatory Surgical Centres, Intensive care at home, etc.)
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Key Points of Table of Content
Chapter 1. Introduction
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Market Variables and Scope
Chapter 5. COVID 19 Impact on AI in Medical Imaging Market
Chapter 6. Market Dynamics Analysis and Trends
Chapter 7. Competitive Landscape
Chapter 8. Global AI in Medical Imaging Market, By AI Technology
Chapter 9. Global AI in Medical Imaging Market, By Solution
Chapter 10. Global AI in Medical Imaging Market, By Modality
Chapter 11. Global AI in Medical Imaging Market, By Application
Chapter 12. Global AI in Medical Imaging Market, By End Use
Chapter 13. Global AI in Medical Imaging Market, Regional Estimates and Trend Forecast
Chapter 14. Company Profiles
Chapter 15. Research Methodology
Chapter 16. Appendix
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Chapter 2. Research Methodology
