The AI in medical imaging market size is estimated to be USD 595.12 million in 2022 and is expected to witness a CAGR of 35.87% during the forecast period 2023-2033. Increase in diagnostic procedures, government initiatives to support the adoption of AI-based technologies, growing focus on reducing the workload of radiologists are some of the factors contributing to the market growth. Additionally, surge in funding for AI-based start-ups by private players, technological advancements, and rise in cross-industry partnerships and collaborations are other factors supporting the market growth. However, high costs and reluctance to adopt these systems and lack of integration and practical implementation of artificial intelligence is expected to hinder the growth.

Rise in cross-industry partnerships and collaborations is expected to propel the market growth during the forecast period. For instance, in June 2021, VUNO Inc., a South Korean developer of artificial intelligence (AI), announced a collaboration with Samsung Electronics to include VUNO’s AI-powered chest X-ray diagnostic solution into Samsung’s premium mobile digital X-ray system, the GM85. This represents one of the most recent advancements in VUNO’s objective to completely use AI to manage clinical operations more effectively by empowering healthcare providers to deliver patient-centred care.

Technological advancements are predicted to fuel the market growth during the projected period. Various technological advancements have been made to AI-based medical imaging systems, which are rising in popularity in high-income countries. One of the advancements that makes it possible to automate medical image processing is the development of integrated rtiI software, which can be easily integrated into imaging devices. The integration of smartphone technology and artificial intelligence in medical imaging is another advancement that enables front-line healthcare workers to conduct non-invasive condition screenings using a smartphone.

Segmentation

By Technology

The market is categorized into natural language processing, deep learning, and others. In the global market, the deep learning segment accounted for the largest revenue share in 2022 owing to its usage in radiological applications including object identification, image creation, image transformation, and image segmentation. Additionally, it is also expected grow due to the fact that it has many potential applications and numerous companies are using it to create cutting-edge AI-based medical imaging products. NLP segment is predicted to expand at the fastest rate over the projection period. NLP technology allows the use of a computer programme that can understand and display data in the form of verbal, visual, and written current human language. NLP’s expanded use in the popular fields of machine learning (ML) and artificial intelligence is credited with the growth (AI). Recent trends and advancements in the field have developed due to NLP’s rapid progress. Furthermore, the use of images and scans in various formats is important in healthcare.

 By Modality

The market is divided into MRI, CT scan, ultrasound, X-rays, and nuclear imaging. In 2022, the CT scan segment accounted for the highest revenue share due to higher standard imaging modality used for various clinical outcomes. Both major and minor manufacturers are offering a broad range of AI-based medical imaging products for use with the CT scan modality. In comparison to other approaches, the CT scan collects more detailed information. Furthermore, there is no proof that the small amounts of radiation used in CT scans would cause long-term harm. The X-ray segment is expected to grow at the fastest CAGR during the projection period. The primary factor propelling the segment is the rising use of interventional x-ray equipment including C-arms and other models for image-guided procedures. The need for X-rays has substantially increased due to the development of C-arms, especially small C-arms with flat panel detectors and digital radiography. A movable C-arm, a flexible medical imaging instrument that can be used in several operating rooms (ORs) around a clinic, was created in July 2019 based on X-ray technology.

 By Application

The market is segregated into respiratory and pulmonary, orthopedics, pathology, neurology, breast screening, oncology, cardiology, oral diagnostics, and others. In the global market, the neurology segment accounted for the largest revenue share in 2022 owing to the rising usage of artificial intelligence (AI) in neurology, which allows for higher precision, improved patient care, and high efficiency. AI is also employed in neurosurgery, the diagnosis of neurovascular diseases, neuro-oncology, and the identification of traumatic brain injuries. The breast screening segment is expected to expand at the fastest rate during the projected period. The demand for breast screening is being driven by the increase in breast cancer cases and patient demand for an early diagnosis, which aids in receiving the proper treatment at the earliest.   Other important factors that are projected to propel market expansion include increasing availability to breast cancer screening technologies and encouraging government programmes to aid clinical interpretation. The Goa government launched a programme in October 2021 that offers free breast cancer screenings to 1 lakh women. The 35 health clinics in Goa conduct breast cancer screenings as part of this initiative.

By End Use

The market is segmented into diagnostic imaging centres, hospitals, R&D centres, others. In 2022, the hospitals segment accounted for the largest revenue share owing to the fact that hospitals are preferred by patients for the healing process in the context of convenience and a diversity of product offers in one location. In addition, hospitals are widely dispersed and accessible. For instance, hospitals used AI-based imaging technologies more frequently than diagnostic clinics, according to the American Hospital Association’s 2020 annual study. It is also anticipated that the hospital segment will profit from more favorable reimbursement rules. Radiologists have been obliged to use AI-based medical imaging solutions due to the increasing workload demands of chronic diseases and the consequent spike in imaging activities.

Regional Markets

In 2022, North America region accounted for the highest revenue in the AI in medical imaging market and is expected to maintain its dominance during the forecast period. This is attributed to the its technologically developed infrastructure and high per capita income. In addition, the market for AI in medical imaging is being driven by the presence of several industry competitors and favourable government laws in the region. The CINA-LVO, CINA-ICH, and neurovascular emergency apps developed by Avicenna, which is available on the Nuance AI marketplace, obtained FDA approval in June 2021. Within the radiology platform’s offering, it offers a particular point of access to a broad range of AI diagnostic models. Asia Pacific is predicted to expand at the fastest rate due to the widespread adoption of cutting-edge technology, improved network connectivity, and increasing government initiatives. The exponential growth in investment, rise in artificial intelligence (AI)-using startups, notably in China and India, and great potential for AI to reduce the region’s healthcare infrastructure gap by enhancing image quality are further driving factors. To increase the precision of diagnoses and advance treatment, ThinkCyte, an AI-based medical imaging company, and Sysmex Corporation partnered together in May 2021.

Competitor Insights

Some of the key players operating in the AI in medical imaging market are General Electric, IBM, Arterys, Caption Health, Agfa-Gevaert Group/Agfa Health Care, Siemens Healthineers, AZmed, Gleamer, Koninklije Philips, and Butterfly Network.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, The FDA approved Philips SmartSpeed AI-based software in July 2022, allowing it to provide industry-first high-speed, high-resolution MR imaging. For nearly all patients suffering from a variety of medical conditions, including those with implants (97% of clinical protocols), its broad compatibility enables speedier and higher-quality scans.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including technology, modality, application, and end use from 2023 to 2033.

Report Scope:

Segmentation: AI In Medical Imaging Market Report 2022 – 2033

Technology (Revenue, USD Million), 2022 – 2033

• Natural Language Processing
• Deep Learning
• Others

Modality (Revenue, USD Million), 2022 – 2033

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

Application (Revenue, USD Million), 2022 – 2033

• Respiratory and Pulmonary
• Orthopedics
• Pathology
• Neurology
• Breast Screening
• Oncology
• Cardiology
• Oral Diagnostics
• Others

End use (Revenue, USD Million), 2022 – 2033

• Diagnostic Imaging Centres
• Hospitals
• R&D Centres
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA