Global Artificial Intelligence (AI) Enabled Medical Imaging Market Research Report: Forecast (2024-2030)

Market Insights & Analysis: Global Artificial Intelligence (AI) Enabled Medical Imaging Market (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. Along with this, the market is estimated to grow at a CAGR of around 25.9% during the forecast period, i.e., 2024-30. The burden of cancer, neurological disorders, and many other diseases has been significantly increasing these days. These diseases require early detection, and if they are not diagnosed or detected accurately at early stages, they can cause lower survival rates, contributing to unavoidable deaths.

As, the current diagnostic modalities are not efficient or precise in providing accurate disease diagnosis or detection, therefore leading to misleading detections most of the time. Thus, to resolve this, many of the medical sectors across the globe are adopting artificial intelligence (AI) enabled medical imaging to enhance the accuracy and precision of disease detection. The occurrence of fractures and musculoskeletal injuries, especially among elderly patients has supported the adoption of artificial intelligence (AI) enabled medical imaging to locate hard-to-detect fractures or dislocations and provide the best possible care to the patients. Moreover, government investments and funding have also promoted the adoption the AI in medical imaging. For instance:

• In 2024, it was announced by the Department for Health and Social Care (DHSC) that every radiotherapy department in England would receive AI technology through around USD 168 million worth of government funding.

Also, not only the government but certain private companies and venture capitalists have been investing in AI and medical imaging-based startups, which tends to boost market growth. For instance, in 2024, a healthcare AI company revolutionizing MRI imaging and early cancer detection, Ezra secured funding of nearly USD 21 million from various investors, including Allianz Life Ventures.

Furthermore, countries across the region have high healthcare costs, and the fact that the application of AI in medical imaging could reduce the same by minimizing the need for repeated scans and enhancing the accuracy of diagnostic results, thus making it one of the most preferred medical devices and eventually augmenting the size & volume of the Global AI-Enabled Medical Imaging Market share during the forecast period.

Global Artificial Intelligence (AI) Enabled Medical Imaging Market Driver:

Shortage of Radiologists Necessitating AI Adoption – The market revenue growth has been primarily credited to the shortage of radiologists to cater to the growing global patient population pool. This, thereby affects the quality and efficiency of diagnostic services and fosters the acceptance and utilization of artificial intelligence (AI) enabled medical imaging. Hence, its applications in radiology would augment the competencies of radiologists leading to faster and more accurate diagnoses.

Furthermore, because imaging biomarkers are crucial for the early diagnosis, monitoring, and detection of diseases, their use in clinical settings is increasing. However, the enormous volumes of data produced by imaging biomarkers would need the implementation of advanced technology for analysis and interpretation, requiring additional manual work. As a result, there is an increasing dependence on artificial intelligence (AI) in medical imaging due to the rising integration of imaging biomarkers and the severe radiologists shortage. Because of this, there will be a continued increase in demand in the future years for AI-enabled imaging solutions. So, if such a shortage of skilled radiologists continues, the AI-enabled medical imaging market is anticipated to grow & flourish in the coming years at a steady growth rate.

Global Artificial Intelligence (AI) Enabled Medical Imaging Market Opportunity:

Growing Preference for Precision Medicine – With the growing prevalence of several diseases worldwide and the lack of efficacy of current treatment options, where selected treatment might work on one patient and not on another, the preference for precision medicine has increased. This has presented itself as an opportunity for growth of the Artificial Intelligence (AI) Enabled Medical Imaging Market. When incorporated into medical imaging, AI technology improves the accuracy of precision medicine, thus making it one of the most efficient technologies. For instance, the application of AI in medical imaging allows one to appropriately and specifically differentiate between different types of breast or lung cancer.

As a result, healthcare professionals would not only be able to prescribe the most appropriate therapy but the overall health outcome for the patient would improve post-treatment. Further, in the coming years, the successful incorporation of AI in medical imaging would revolutionize the area of precision medicine & contribute to the overall growth of the Artificial Intelligence (AI) Enabled Medical Imaging Market.

Global Artificial Intelligence (AI) Enabled Medical Imaging Market Challenge:

High Procurement Costs Limiting AI Adoption – AI has huge potential to revolutionize how diseases are detected and treated worldwide. However, the high cost of AI-enabled medical imaging significantly impacts the market by creating barriers to entry, limiting accessibility, and thereby slowing down its widespread utilization & adoption. The high cost would result in no or very minimal integration of AI-enabled medical devices in smaller medical facilities or institutions. Hence, this would create or worsen healthcare disparities, particularly in developing regions like India, Indonesia, etc., where due to lack of funds, medical facilities are not able to afford AI-enabled imaging modalities.

Therefore, despite the potential for improved diagnostic accuracy and potential, the high cost hinders the widespread adoption and access to AI-driven medical imaging tools, hindering market growth & expansion.

Global Artificial Intelligence (AI) Enabled Medical Imaging Market Trend:

Integration of AI with Imaging Modalities Gaining Traction – To enhance diagnostic performance and accuracy, artificial intelligence (AI) technologies are being integrated into numerous imaging modalities, along with MRIs, CT scans, X-rays, and ultrasounds. In the AI-enabled medical imaging industry, this integration is an emerging trend. This integration makes it possible to research complex imaging statistics that may be hard for human radiologists to recognize, facilitating accurate disease diagnosis and characterization. Artificial intelligence (AI) systems can exactly hit upon patterns, abnormalities, and minute modifications in pictures, which can assist with early prognosis and better-affected person outcomes.

Furthermore, by automating recurring tasks like image segmentation, quantification, and file creation, AI-powered imaging solutions simplify workflows, decreasing the load on radiologists and speeding up the diagnostic process. This trend improves operational efficiency in healthcare settings and improves the standard of treatment. Therefore, the integration of AI with imaging modalities is changing market dynamics and presenting sufficient space for the market players to expand their market size & volume.

Global Artificial Intelligence (AI) Enabled Medical Imaging Market (2024-30): Segmentation Analysis

The Global Artificial Intelligence (AI) Enabled Medical Imaging Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on the Modality:

• Computed Tomography
• Magnetic Resonance
• Ultrasound
• X-Ray
• Mammography
• Multimodality Imaging Systems
• Others

Computed Tomography (CT) segment held the largest share of the Global Artificial Intelligence (AI) Enabled Medical Imaging Market. The market growth owes to the prevalence of cardiovascular diseases driven by old age, obesity, hypertension, etc., which if not diagnosed appropriately and accurately would lead to poor outcomes for the patients, including death. For instance:

• The British Heart Foundation revealed in 2024 that, worldwide about 620 million people are living with heart and circulatory diseases.

AI-enabled Computed Tomography (CT) for example Philips CT 5300 system not only provides more accurate and reliable imaging results but also shows the prospect of better managing the increase in complex cardiac cases. Further, the rise in several clinical studies or research advocating the advantages of AI-enabled Computed Tomography (CT) in cases of cardiovascular and other diseases, has increased its adoption in various hospitals across nations.

Government and non-government programs and initiatives such as Colours to Save Hearts, World Heart Day, and others have highlighted the need for early disease diagnosis for better survival. This has further led people to visit hospitals and other medical facilities with advanced diagnostic technologies such as AI-enabled Computed Tomography (CT) for appropriate diagnosis.

Based on End Users:

• Hospitals
• Clinics
• Diagnostic Centers
• Others

Because there are more patients suffering from a wider spectrum of illnesses and disorders, the hospitals segment has had the biggest market share during the historical period. The medical sector has been rapidly changing due to the need for efficient healthcare delivery systems, rising patient expectations, and technology improvements. Subsequently, governments globally have been funding the establishment of more modern medical facilities furnished with cutting-edge medical technology, such as AI-powered medical imaging modalities. Also, the newer hospitals would cater to a large group of the population, generating an opportunistic demand for Artificial Intelligence (AI) Enabled Medical Imaging.

Global Artificial Intelligence (AI) Enabled Medical Imaging Market (2024-30): Regional Projections

Geographically, the Global Artificial Intelligence (AI) Enabled Medical Imaging Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Global Artificial Intelligence (AI) Enabled Medical Imaging Market is dominated by North America with a major market share. Because of the growing number of elderly residents in the region, there are more cases of neurological disorders, most types of cancer, and several other ailments. For instance,

• The US is expected to see almost 2 million new cases of cancer in 2024, up from 1.9 million in 2022, according to an estimate by the National Cancer Institute.

This has aided in the use of AI-powered medical imaging to provide more accurate and timely diagnoses. The lack of radiologists at many scientific institutions in this region is another factor supporting the deployment of AI-enabled medical imaging. Additionally, radiologists should be able to analyze data more quickly and accurately with the aid of AI.

Additionally, rising government spending to support the use of AI in healthcare further fuels the growth and expansion of the Artificial Intelligence (AI) Enabled Medical Imaging Market in North America. The North American AI-enabled medical imaging industry is expected to grow & expand as a result of regulatory authorities progressively authorizing AI-enabled medical imaging technologies.

Global Artificial Intelligence (AI) Enabled Medical Imaging Industry Recent Development:

• 2024: GE HealthCare announced an agreement to acquire MIM Software Inc., a Cleveland-based provider of AI imaging-analysis software.
• 2023: Philips introduced new AI-enabled solutions, including EPIQ Elite 10.0 and Philips Affiniti ultrasound systems, BlueSeal MR Mobile system, and the Philips HealthSuite Imaging PACS solution in the US.
• 2023: Research and product development initiatives were jointly carried out by GE HealthCare (US) and Mayo Clinic (US) to better prepare doctors and aid in the diagnosis and treatment of medical disorders.
• 2022: Nuance Communications, Inc. and NVIDIA announced a cooperation aimed at providing better patient care at lower costs. This agreement puts AI-based diagnostic tools in the hands of radiologists and other clinicians at scale for the first time.

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