AI in Medical Imaging Market Growing at 32.1% CAGR | Reach USD 29.8 Billion by 2032 Globally
AI in Medical Imaging Market
The global AI in medical imaging market was valued at USD 1.9 billion in 2022 and is projected to reach USD 29.8 billion by 2032, growing at a CAGR of 32.1% from 2023 to 2032.
The most prominent factors that drive AI in medical imaging market growth are increase in use of AI in radiology, and increasing demand for AI-powered CT. However, the rise in costs of AI in medical imaging hampers the market growth to some extent. Nevertheless, the high amounts of funding from AI companies and gain in product approvals is anticipated to provide lucrative opportunities for the AI in medical imaging market growth during the forecast period.
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AI-powered technologies assist radiologists in detecting subtle abnormalities and patterns, reducing the risk of errors and enhancing diagnostic accuracy. Moreover, these tools expedite processes, allowing radiologists to concentrate on complex cases requiring human expertise. However, as AI continues to advance in the medical imaging sector, issues like data privacy, regulatory compliance, and interoperability remain crucial considerations. Striking the right balance between harnessing AI's potential and adhering to ethical and regulatory standards will be pivotal in realizing the market's full potential.
Competitive Analysis:
Competitive analysis and profiles of the major players in AI in medical imaging industry that have been provided in the report include Siemens, NVIDIA Corporation, IBM Corporation, GE Healthcare, Koninklijke Philips N.V., Aidoc, Butterfly Network, Inc., Zebra Technologies Corp., Arterys Inc., and ICAD Inc. These key players have adopted several strategies such as new product launches and development, acquisition, partnership, and collaboration and business expansion to increase their market share in the global AI in medical imaging market forecast.
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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global AI in medical imaging market revenue and is expected to maintain its dominant status throughout the forecast timeframe. This is because the region is in the mature stage of adopting the technology. However, the Asia-Pacific region is expected to witness the fastest CAGR of 34.6% from 2023 to 2032, owing to advancing technology and increasing healthcare needs.
Based on technology, the deep learning segment generated major share in 2022 accounting for nearly half of the global AI in medical imaging market revenue and is projected to retain its dominance during the forecast period. Deep learning in AI has had an immense effect on the medical imaging sector owing to its ability to improve the precision of diagnostics, automate image processing, and assist the early diagnosis of disease. In the context of the medical imaging industry, "computer vision" refers to the use of sophisticated image processing and analysis methods supported by AI. However, the computer vision segment is projected to manifest the highest CAGR of 36.9% from 2023 to 2032, as these AI-driven solutions improve image interpretation's effectiveness and precision, allowing healthcare workers to take more informed decisions and identify problems early.
On the basis of application, the breast imaging segment garnered the major share in 2022 accounting for nearly one-third of the global AI in medical imaging market revenue. Breast imaging applications in AI within the medical imaging market encompass a range of technologies and techniques that utilize artificial intelligence to assist in the analysis, interpretation, and management of breast-related medical images. On the other hand, artificial intelligence (AI) technologies are utilized in the medical imaging industry's orthopedic application to evaluate and comprehend medical images associated with musculoskeletal problems. The orthopedics segment is projected to manifest the highest CAGR of 35% from 2023 to 2032, as artificial intelligence aids in the precise diagnosis and planning of treatments for problems such as spinal diseases.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ : https://www.alliedmarketresearch.com/ai-in-medical-imaging-market/purchase-options
Key Developments/Strategies:
In Jane 2023, GE Healthcare announced that its new deep learning (DL) technology would reduce the time required for an MRI. cutting-edge picture acquisition accelerator, known as Sonic DL, may cut scan times by as much as 83% and even catch the motion of a single cardiac contraction in real-time.
In November 2022, In order to offer better patient care at reduced costs, Nuance Communications, Inc. and NVIDIA announced a partnership that for the first time places AI-based diagnostic tools in the hands of radiologists and other clinicians at scale.
Covid-19 Scenario
The Covid-19 pandemic served as a spur for improvements in the market for AI in medical imaging. It promoted partnerships between AI developers, medical researchers, and healthcare organizations, speeding up research and development activities.
The market for AI in medical imaging was significantly impacted by the COVID-19 epidemic. The crisis accelerated the use of artificial intelligence (AI) in medical imaging processes and sparked innovation, paving the path for better and more efficient healthcare solutions in the post-pandemic period.
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