Global AI in Medical Imaging Market By Modality (CT Scan, MRI, X-rays, Ultrasound, and Nuclear Imaging), By Application (Neurology, Respiratory and Pulmonary, Cardiology, and Other Applications), By Technology (Deep Learning, Natural Language Processing (NLP), and Other Technologies), By End-Use (Hospitals, Diagnostic Imaging Centers, and Other End-Users), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

According to a recent report by Market.us, the Global AI In Medical Imaging Market size is expected to be worth around USD 14826.8 Million by 2032 from USD 754 Million in 2022, growing at a CAGR of 34.7% during the forecast period from 2023 to 2032.

Artificial Intelligence in the medical imaging market uses technologies like artificial Intelligence in medical imaging systems like C T scans, X-rays, MRIs, and ultrasound. AI technology has the potential to improve the accuracy & efficiency of medical imaging by automating routine tasks, identifying anomalies & patterns that human operators may miss, and assisting with diagnosis & treatment planning.

The AI in the medical imaging market is expected to grow steadily in upcoming years due to factors like the rising demand for more efficient & accurate medical imaging solutions, the development of advanced AI technologies, and the growing investment in AI in healthcare. Key players in the AI in the medical imaging market include IBM Watson Health, GE Healthcare, Siemens Healthiness, and Philips Healthcare, among others.

*Actual Numbers Might Vary In The Final Report

Key Takeaways

• Market Growth: The global AI in the medical imaging market is set to grow from USD 754 Million in 2022 to USD 14.8 Million by 2032, with a remarkable CAGR of 34.7% during 2023-2032.
• Role of AI: AI technologies are applied to medical imaging systems like CT scans, X-rays, MRIs, and ultrasounds, offering enhanced accuracy, efficiency, and automation for tasks, anomaly detection, and treatment planning.
• Major Players: Key players in the AI in the medical imaging market include IBM Watson Health, GE Healthcare, Siemens Healthineers, and Philips Healthcare.
• Drivers: Growing demand for precise medical imaging, advances in AI technology, investment in healthcare AI, and integration with electronic health records are key drivers of market growth.
• Restraints: Limited high-quality data, high development costs, lack of standardization, data privacy concerns, and evolving regulations pose challenges to market growth.
• COVID-19 Impact: The pandemic increased demand for medical imaging, accelerated AI adoption, and highlighted the importance of telemedicine and remote diagnostics.
• Modality Analysis: CT scans dominate the market (37.4%), with X-rays experiencing rapid growth (37.1%).
• Application Analysis: Neurology leads (39.8%), while breast screening is the fastest-growing segment (36.4%).
• Technology Analysis: Deep learning dominates (58.8%), and Natural Language Processing (NLP) is the fastest-growing (37.6%).
• End-Use Analysis: Hospitals are dominant (53.7%), with diagnostic imaging centers growing rapidly (35.6%).
• Growth Opportunity: Opportunities lie in rising demand, development of deep learning algorithms, integration with healthcare systems, portable medical imaging devices, and personalized medicine.
• Latest Trends: Trends include deep learning algorithms, integration with healthcare systems, portable devices, and personalized medicine.
• Regional Analysis: North America leads (45.2%) due to R&D infrastructure, while Asia-Pacific is the fastest-growing region (35.7%) with a large population and healthcare investments.
• Market Share & Key Players: Key players include General Electric, Siemens Healthineers, Philips, IBM, and others focused on strategic partnerships, product innovation, and mergers & acquisitions.

Driving Factors

Growing Demand for More Accurate and Effective Imaging Solutions is Expected to Drive the Market Growth

The AI in the medical imaging market is being driven by several factors that are expected to contribute to its growth & development. There is growing demand for more effective & accurate medical imaging solutions which can give faster diagnoses, minimize the requirement for invasive procedures, and improve patient outcomes.

The development of advanced AI technologies like deep learning algorithms has allowed the creation of more accurate & reliable medical imaging models. Thirdly, the combination of AI with medical imaging technology is expected to improve the efficiency of healthcare delivery by automating routine tasks & minimizing the workload of healthcare professionals.

The increasing adoption of electronic health records & digital healthcare systems is creating opportunities for the integration of AI in medical imaging technology. Additionally, the rising investment in artificial intelligence in medical imaging from the entities like governments, healthcare providers, and private investors is also expected to drive the change and push the development & adoption of AI-based medical imaging solutions. These drivers are expected to contribute to the growth & development of the AI in medical imaging market in the coming years.

Restraining Factors

High Cost, Limited Availability of High-Quality Data, and Lak of Standardization

AI in the medical imaging market faces several restraints that may impact its growth and development. Firstly, the limited availability of high-quality data for training algorithms and the development of accurate models can hinder the development of AI in medical imaging. Secondly, the high cost of developing & implementing AI-based medical imaging solutions may be a barrier to entry for some companies & healthcare providers.

Thirdly, the lack of standardization in AI in the medical imaging market can create interoperability issues and hinder the seamless integration of AI technology with existing medical imaging systems. Fourthly, concerns around data privacy & security can also impact the adoption of AI in medical imaging, as patients & healthcare providers may be hesitant to share sensitive medical data.

Finally, the regulatory environment for AI in medical imaging is still evolving, and uncertainty around regulations and compliance can create barriers to market entry and growth. These restraints highlight the need for companies and healthcare providers to address these challenges and find solutions to promote the growth and development of AI in medical imaging.

By Modality Analysis

The CT Scan Segment Holds the Significant Share of the Product Segment in AI in the Medical Imaging Market.

Based on modality, AI in the medical imaging market is attributed to CT scans, MRI, X-rays, ultrasound, and nuclear imaging. Among these types, the CT scan segment dominates the global AI in the medical imaging market, with a market share of 37.4% & CAGR of 34.8%. Owing to the higher standard method of image for many clinical outcomes. Both major and minor suppliers offer a wide range of AI-based solutions for medical imaging that can be used in the CT scan modality. The CT scan provides more detailed data than other methods. The small amounts of radiation used for CT scans are not considered harmful in the long run. Therefore, the market is segmented by modality into CT scans, MRIs, X-rays, ultrasounds, and nuclear imaging.

X-ray Segment is Expected to Fastest Grow in AI in Medical Imaging Market in Forecasted Period.

X-ray experiencing rapid growth in recent years with a CAGR of 37.1% because The key driver of the segment is the increased use of interventional X-ray equipment like C-arms for image-guided surgery. The development of C arms, particularly tiny C-arms equipped with flat panel detectors & utilizing digital radiography, has led to a significant increase in the demand for X-rays around the world. In July 2019, a mobile medical imaging device based on X-ray technology was developed, which can be used in different operating rooms throughout a clinic.

By Application Analysis

The Neurology Segment Accounted for the Largest Revenue Share in the Application Segment of The AI in Medical Imaging Market.

Based on application, the market is divided into neurology, respiratory & pulmonary, cardiology, breast screening, orthopedics, and other applications. Among these types, the neurology segment is expected to be dominant in the global AI in the medical imaging market, with a market share of 39.8% & projected CAGR of 34.7% during the forecast period due to the exceptional demand for early & accurate diagnosis of diseases and neurological disorders like Alzheimer, Parkinson’s, and Multiple Sclerosis. AI-powered medical imaging tools enable healthcare professionals to detect subtle changes in brain structure & function which may not be visible on traditional imaging techniques.

The Breast Screening Segment is Expected to be the Fastest Growing Technology Segment.

The breast screening segment is expected to be the fastest-growing application segment in the forecasted period, with a CAGR of 36.4%. Owing to the increasing number of breast cancer cases & the desire of patients to receive an early diagnosis which will allow them to receive the best possible treatment. Other key drivers that are expected to drive the market growth include government initiatives for supporting clinical interpretation & increased accessibility to breast cancer screening technology.

By Technology Analysis

The Web-Based Segment Holds the Significant Share of the Delivery Mode Segment in AI in the Medical Imaging Market.

Based on technology, the market for AI in medical imaging is divided into deep learning, natural language processing, and other technologies. Among these types, the deep learning segment is expected to be dominant in the global AI in the medical imaging market, with a market share of 58.8% and a CAGR of 34.4%. Owing to in the deep learning segment has emerged as the dominant force in the AI medical imaging market due to its ability to analyze large & complex datasets with high accuracy and speed. Deep learning algorithms can automatically learn & extract features from medical images, which enables them to identify subtle changes & abnormalities that may be missed by human observers or traditional machine learning techniques.

Natural Language Processing Segment is Expected to Fastest Grow in AI in Medical Imaging Market in Forecasted Period.

NPL has been experiencing rapid growth in recent years, with a CAGR of 37.6%, because of its ability to extract valuable information from unstructured clinical notes, radiology reports, and other medical documents. NLP techniques can analyze large volumes of text data & extract critical information like patient demographics, clinical history, and radiology findings which enables healthcare providers to make more informed & accurate diagnoses and treatment plans.

By End-Use Analysis

The Hospitals Accounted for the Largest Revenue Share in End-Use Segment in the Market.

Based on end-use, the market for AI in medical imaging is segmented into hospitals, diagnostic imaging centers, and others. Among these, the hospital segment is dominant in the market, with a share of 53.7% and a CAGR of 34.6%. Owing to hospitals are the primary healthcare providers & have access to a large number of medical imaging data, which makes them ideal for developing & testing AI solutions. Additionally, hospitals have the necessary infrastructure & resources to implement and integrate AI-powered medical imaging tools into their existing workflows, enabling them to provide more efficient & accurate diagnoses and treatment plans.

The Diagnostic Imaging Centers is Expected to be Fastest Growing in Projected Period.

The diagnostic imaging centers are expected to grow faster in the forecasted period, with a CAGR of 35.6%. Owing to diagnostic imaging centers are specialized facilities that offer a range of imaging services which include MRI, CT, and X-ray. These centers generate a significant volume of medical imaging data, making them ideal for developing & testing AI solutions. Additionally, the use of AI-powered medical imaging tools in diagnostic imaging centers has enabled faster & more accurate diagnoses which lead to improved patient outcomes & increased patient satisfaction.

Key Market Segments

Based on Modality

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

Based on Application

• Neurology
• Respiratory and Pulmonary
• Cardiology
• Breast Screening
• Orthopedics
• Other Applications

Based on Technology

• Deep Learning
• Natural Language Processing (NLP)
• Other Technologies

Based on End-Use

• Hospitals
• Diagnostic Imaging Centers
• Other End-Users

Growth Opportunity

The development of Deep Learning Algorithms and Advanced AI Technologies Creates Opportunities in the market

The AI in medical imaging market presents several opportunities for companies and investors. There is rising demand for medical imaging technologies because of the rising prevalence of chronic diseases, the aging population, and increasing healthcare expenditure. This demand is expected to drive the growth of the AI in medical imaging market. The development of deep learning algorithms & other advanced AI technologies has created opportunities for companies for creating innovative products & services in the domain of medical imaging.

Also, the integration of AI in medical imaging technology with other healthcare systems like electronic health records & clinical decision support systems presents opportunities for companies to develop integrated solutions which can improve patient outcomes. Additionally, there is a growing demand for portable & handheld medical imaging devices which use AI algorithms for faster & more accurate diagnosis of medical conditions which presents opportunities for companies to develop innovative products in this area.

Finally, the use of AI in medical imaging for personalized medicine presents opportunities for companies to develop customized treatment plans for individual patients. These opportunities are expected to drive growth and innovation in the AI medical imaging market in the coming years.

Latest Trends

Rising Trend Towards Deep Learning Algorithms and Increasing Focus on the Integration of AI is Trending in the Market

AI in the medical imaging market is witnessing several latest trends which are shaping the industry. Firstly, there is a rising trend towards the development of deep learning algorithms. These algorithms are capable of analyzing large amounts of data & identifying patterns & anomalies in medical images which can aid in diagnosis & treatment. Secondly, there is an increasing focus on the integration of AI in medical imaging technology with other healthcare systems like electronic health records & clinical decision support systems.

This integration can help in the seamless sharing of patient data and improve the accuracy of medical diagnoses. Thirdly, there is a trend towards the development of portable & handheld medical imaging devices which use AI algorithms for faster & more accurate diagnosis of medical conditions. Finally, there is a growing focus on the use of AI in medical imaging for personalized medicine, where medical images are analyzed for providing customized treatment plans for individual patients. These latest trends are expected to drive innovation & growth in the AI in medical imaging market in the coming years.

Regional Analysis

North America Accounted for the Largest Revenue Share in AI in Medical Imaging Market in 2022.

North America is the dominant region in the global AI medical imaging market. It is expected that North America will have the highest revenue share, 45.2%. North America should also register a CAGR of 34.9% over the forecast period. Owing to North America has strong research & development infrastructure, especially in the field of medical imaging. Many of the world’s major research institutions & universities are situated in North America. North America has a large healthcare industry, which provides a large market for medical imaging technology. The region also has a high level of healthcare expenditure, which allows healthcare providers to invest in advanced medical imaging technologies.

Asia-Pacific is Expected as Fastest Growing Region in Projected Period in AI in Medical Imaging Market.

APAC is expected to be as fastest growing region in the forecast period in the AI in Medical Imaging market with a CAGR of 35.7%. AI in medical imaging is anticipated to be in high demand due to the region has large population & growing middle class, which has led to increased demand for high-quality healthcare services. Many countries in the region are investing heavily in healthcare infrastructure & technology, which includes AI in medical imaging. Additionally, the region has a huge number of skilled workforces in the field of artificial intelligence  & medical imaging, which has contributed to the growth of new and innovative technologies in the market.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

The key players in the market have focused on strategic partnerships & product innovation. They are also adopting strategies like mergers & acquisitions as well as product & service launches.

Market Key Players

• General Electric Co.
• Siemens Healthineers Co.
• Koninklijke Philips Corporation
• IBM Corporation
• Agfa-Gevaert Group/Agfa Health Care
• Arterys Inc.
• Azmed Co.
• Caption Health
• Gleamer
• Butterfly Network Inc.
• Other Key Players

Recent Developments

• In July 2022, The Food & Drug Administration (FDA) approved Philips SmartSpeed AI software & allowing it to offer high-speed & high-resolution MR images. Its range of compatibility allows faster & higher quality scans to be conducted on almost all patients, which includes those who are with implanted devices.
• In June 2021, Perimeter Medical Imaging AI announced that they had completed a technology transfer of a manufacturing process with Minnetronix Medical in order to evolve an optical-coherence tomography imaging system (OCT).
• In June 2021, the AI organization of South Korean VUNO Inc. announced a strategic alliance with Samsung Electronics. This partnership will combine Samsung’s mobile digital X-ray device, the GM85, which is the AI-powered VUNO med-chest X-ray. VUNO expects to move closer to the global market with this partnership with Samsung.

Report Scope