Deep Learning and Machine Learning Technologies
Artificial intelligence (AI) in medical imaging refers to the use of deep learning and machine learning algorithms to analyze medical images and potentially assistance in diagnosing and treating diseases. Medical imaging plays a vital role in modern healthcare by enabling non-invasive visualization of the internal human anatomy and physiological processes. However, the volume of medical images generated each year has grown exponentially, making it challenging for radiologists to manually analyze every scan. AI tools assist radiologists in prioritizing scans, detecting abnormalities, monitoring disease progression, and enabling precision diagnosis and treatment planning. Some key advantages of AI in medical imaging include improved accuracy, reduced diagnostic errors, standardized reports, and timely diagnosis. The growing need for reducing diagnostic errors, improving clinical efficiency and expanding access to quality healthcare especially in remote areas is driving the adoption of AI-powered medical imaging solutions.
Global AI in medical imaging market is estimated to be valued at USD 1.21 Bn in 2024 and is expected to reach USD 9.60 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 34.4% from 2024 to 2031.
Key Takeaways
Key players operating in the AI in Medical Imaging are NVIDIA Corporation, Intel Corporation, IBM, Google, Microsoft, AWS, General Electric, Siemens, Medtronic.
The rising investments in medical AI in Medical Imaging Market Demand startups and increasing collaborations between technology and healthcare companies present significant growth opportunities in the market. Over 250 AI medical imaging startups have come up in recent years to address the unmet needs of healthcare through technological innovations.
North America currently dominates the global AI in medical imaging market supported by rapid technological advancements, presence of leading players, and rising healthcare expenditure. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to growing medical tourism, increasing healthcare budgets and expansions of global players in the region.
Market drivers
The increasing usage of deep learning and machine learning technologies to derive meaningful insights from large and complex medical imaging data for improving diagnostic accuracy and assisting clinicians is a major driver propelling the AI in medical imaging market. Deep learning algorithms can learn directly from images, pick up on thousands of nuances that humans may miss, and deliver highly accurate results. This is reducing diagnostic errors and variability.
PEST Analysis
Political: The government policies regarding healthcare reforms and initiatives to support adoption of advanced medical technologies will influence the AI in Medical Imaging Market. Regulations regarding data privacy and security will also impact growth.
Economic: Increasing healthcare expenditure, rise in disposable income, and growing need to reduce healthcare costs are driving the demand for AI-based medical imaging solutions globally. Higher adoption of medical imaging modalities for diagnosis and treatment supports market expansion.
Social: Growing geriatric population, rising cases of chronic diseases, increasing awareness about early diagnosis are fueling the integration of AI into medical imaging. However, lack of skilled workforce and resistance to change may hinder the market to a limited extent.
Technological: Advancements in areas such as machine learning, deep learning, neural networks are allowing development of intelligent imaging systems capable of automatic abnormality detection, disease classification, volumetric analysis etc. Cloud-based delivery model and integration of AI into PACS are opening new opportunities.
The AI in Medical Imaging Market in terms of value is concentrated majorly in North America and Europe regions due to availability of advanced healthcare infrastructure and early technology adoption in countries like US, Canada, Germany, UK and France. The Asia Pacific region excluding Japan is projected to be the fastest growing market during the forecast period attributed to increasing healthcare spending, large patient population, growing medical tourism and rising awareness.
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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. (https://www.linkedin.com/in/money-singh-590844163)
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