Dublin, Sept. 16, 2024 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) Radiology Tool Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The artificial intelligence (AI) radiology tool market size has grown rapidly in recent years. It will grow from $1.26 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The artificial intelligence (AI) radiology tool market size is expected to see rapid growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
The growth during the historic period can be attributed to several factors, governmental support, the integration of AI into radiology tools to enhance accuracy and reduce errors, an increasing shift towards personalized and precision medicine, the application of AI to medical imaging, and improvements in diagnostic accuracy and efficiency.
The growth in the forecast period can be attributed to several factors, increasing demand for efficient diagnostic solutions, growing demand for accurate and precise diagnostic results, expansion of technological infrastructure, increasing imaging volumes, and the rising adoption of artificial intelligence (AI) technology. Major trends during this period include advancements in AI technology, expanded AI integration in healthcare systems, the rising adoption of telemedicine and remote imaging, a proactive medical approach, and the increasing demand for efficient diagnostic solutions.
The growing emphasis on personalized medicine is expected to drive the growth of the artificial intelligence (AI) radiology tool market in the future. Personalized medicine, also known as precision medicine, is an innovative approach that customizes treatment and healthcare strategies based on the individual characteristics of each patient.
This shift toward personalized medicine is fueled by significant advancements in genomics and molecular biology. AI radiology tools enhance personalized medicine by offering precise diagnostics, predictive analytics, real-time treatment response monitoring, integration with genomic data, and improved patient stratification. These tools enable individualized and effective healthcare interventions. For example, in February 2024, the Personalized Medicine Coalition, a US-based non-profit organization, reported that the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the increasing shift toward personalized medicine is driving the AI radiology tool market.
Major companies in the AI radiology tool market are focusing on developing advanced solutions, such as AI platforms, to enhance radiologists' diagnostic capabilities. These advanced AI platforms integrate algorithms to analyze medical imaging data, providing radiologists with enhanced insights and aiding in the accurate detection and diagnosis of various medical conditions.
For instance, in November 2023, Radiology Partners (RP), a US-based radiology practice company, launched RPX AI, a cloud-based advanced AI platform for rapidly deploying AI medical imaging tools at scale using Amazon Web Services (AWS) HealthImaging. This platform aims to simplify the integration and implementation process for medical imaging AI models, making them more accessible and efficient for hospitals and health systems.
In April 2024, GE HealthCare, a US-based medical technology company, acquired MIM Software for an undisclosed amount. This acquisition strengthens GE HealthCare's position in the medical imaging market by providing advanced AI-powered imaging analysis and workflow solutions, enhancing its ability to deliver precision care and improve patient outcomes. MIM Software Inc. is a US-based software company that provides AI-driven medical imaging solutions for radiology and radiation oncology.
North America was the largest region in the artificial intelligence (AI) radiology tool market in 2023. The countries covered in the artificial intelligence (AI) radiology tool market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Artificial Intelligence (AI) Radiology Tool Market Competitive Landscape And Company Profiles
- Artificial Intelligence (AI) Radiology Tool Market Competitive Landscape
- Artificial Intelligence (AI) Radiology Tool Market Company Profiles: Overview, Products and Services, Strategy, Financial Performance
- Google LLC
- Samsung Electronics Co. Ltd
- Microsoft Corporation
- Intel Corporation
- International Business Machines Corp.
Artificial Intelligence (AI) Radiology Tool Market Other Major And Innovative Companies
- NVIDIA Corporation
- Siemens Healthcare Private Limited
- Koninklijke Philips N.V.
- GE HealthCare
- Nuance Communications Inc.
- Aidoc Medical
- OXOS Medical
- Subtle Medical Inc.
- Enlitic Inc.
- Arterys Inc.
- Aidence.com
- Oxipit.ai
- Zebra Medical Vision
- CellmatiQ GmbH
- Azmed
Key Topics Covered:
1. Executive Summary
2. Artificial Intelligence (AI) Radiology Tool Market Characteristics
3. Artificial Intelligence (AI) Radiology Tool Market Trends And Strategies
4. Artificial Intelligence (AI) Radiology Tool Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Artificial Intelligence (AI) Radiology Tool Market Size and Growth
5.1. Global Artificial Intelligence (AI) Radiology Tool Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Artificial Intelligence (AI) Radiology Tool Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Artificial Intelligence (AI) Radiology Tool Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Artificial Intelligence (AI) Radiology Tool Market Segmentation
6.1. Global Artificial Intelligence (AI) Radiology Tool Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Diagnostic Radiology
- Interventional Radiology
6.2. Global Artificial Intelligence (AI) Radiology Tool Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Eye Care
- Oncology
- Radiology
- Cardiovascular
- Pathology
- Other Applications
6.3. Global Artificial Intelligence (AI) Radiology Tool Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Clinics
- Hospitals
- Diagnostic Centers
- Other End-Users
7. Artificial Intelligence (AI) Radiology Tool Market Regional And Country Analysis
7.1. Global Artificial Intelligence (AI) Radiology Tool Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Artificial Intelligence (AI) Radiology Tool Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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