Press Release

A USD 3.23 Billion Global Artificial Intelligence (AI) Enabled Medical Imaging Market to Grow at a CAGR of Around 25.9% During 2024-30

The Global Artificial Intelligence (AI) Enabled Medical Imaging Market size was valued at around USD 3.23 billion in 2023 & is projected to reach around USD 16.20 billion by 2030. Additionally, the market is estimated to grow at a CAGR of around 25.9% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors. The adoption is due to the shortage of healthcare professionals with expertise in medical imaging where AI helps them to provide patients with faster and more accurate diagnostic services. Various chronic diseases and abnormalities require a precise and efficient diagnosis for better treatment outcomes and survival rates, accelerating the demand for Artificial Intelligence (AI) enabled Medical Imaging. Further, the growing old-age population has also contributed to the growth & expansion of the market, due to the increasing incidence of multiple chronic diseases.

Moreover, research studies encouraging the utilization of AI in medical imaging have led medical fraternities to incorporate the same in their facilities. In recent times, the popularity of precision medicine is believed to provide patients with therapies that are most suitable for them and is continuously increasing across the world. This is expected to contribute to the adoption of Artificial Intelligence (AI) Enabled Medical Imaging as AI in medical imaging could easily and precisely distinguish between grades or stages of diseases like lung or breast cancer, which allows doctors to start by providing patients with appropriate therapy or medication for better results.

AI has huge potential to revolutionize how diseases are detected and treated. However, the high cost of AI-enabled medical imaging negatively affects the market by creating barriers to entry, limiting accessibility, and thereby slowing down its widespread utilization & adoption. The high cost results in limited integration of AI-enabled medical devices in smaller medical facilities or institutions. Hence, the high costs of AI integration into various medical devices are anticipated to hinder market growth & expansion during the forecast period.

Furthermore, the awareness programs by both government and non-government have highlighted the importance of early disease diagnosis for better survival rates. In line with that, many people particularly those following a sedentary lifestyle like smoking or alcohol consumption have started to visit hospitals & other medical facilities to get the most accurate diagnostic test results with the application of Artificial Intelligence (AI) Enabled Medical Imaging, thus fueling the market growth, further states the research report, “Global Artificial Intelligence (AI) Enabled Medical Imaging Market Analysis, 2024.”

Segmentation Analysis

Computed Tomography Modality Holds a Major Market Share

Based on the modality, the market is categorized into computed tomography, magnetic resonance, ultrasound, X-ray, mammography, multimodality imaging systems, and others. Of them all, the computed tomography (CT) segment holds a significant market share, owing to the occurrence of multiple chronic diseases that have increased across the world. Further, AI-enabled CT scanners reduce the workload for radiologists and tend to bridge the gap between remote communities and state-of-the-art medical centers. This fact has attracted investments and funding from the government and various private healthcare organizations to accelerate the adoption of AI-enabled CT in various medical facilities.

North America Leads the Global AI-Enabled Medical Imaging Market

Geographically, the largest market share was held by North America. This is due to the presence of a large number of elderly individuals at risk for numerous chronic diseases. The high healthcare cost in North American countries like the US has positively supported the acceptance of AI-enabled medical imaging. This is because AI when used in medical imaging offers accurate and precise diagnosis of diseases and reduces the need for repeated scans. Moreover, the highly sophisticated healthcare ecosystem of North America and the increasing government investments in AI have further supported regional market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Aidoc, Arterys Inc., Beijing Infervision Technology Co., Ltd., Blackford Analysis Limited, ContextVision AB, EnvoyAI, Fujifilm Holdings Corporation, General Electric Company, iCAD, Inc., Koninklijke Philips N.V., Mirada Medical Limited, NVIDIA Corporation, Nuance Communications, Inc., Resonance Health Ltd., Samsung Electronics Co., Ltd., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
2. What are the market trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?