AI In Medical Imaging Market Worth $8.18 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, Nov. 14, 2022 /PRNewswire/ -- The global AI in medical imaging market size is expected to reach USD 8.18 billion by 2030, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 34.7% from 2022 to 2030 owing to the growing aging population and increased investment in the healthcare ecosystem by government and private players. Moreover, developed countries have been investing in offering people access to inexpensive and advanced healthcare systems in response to this demographic challenge, ultimately boosting the market growth. Additionally, X-ray imaging technology is utilized to identify a variety of disorders, including fractures, infections, various malignancies, and arthritis. As a result, the rise in the incidence rate of these diseases is expected to have a positive impact on the market growth.

Key Industry Insights & Findings from the report:

• Based on technology, the deep learning segment held the largest share in 2021 owing to the usage of radiological applications such as object detection, image generation, image transformation, and image segmentation.
• The NLP segment is anticipated to expand at the fastest CAGR of 35.7% during the forecast period as it comprehends and presents data in the form of current human language, images, and text.
• Based on application, the neurology segment dominated the market with a revenue share of over 35.0% in 2021 owing to the increased use of AI in neurology as it enables higher accuracy, better patient care, and high efficiency.
• The breast screening segment is anticipated to expand at the fastest CAGR of 41.5% during the forecast period owing to the rising demand for breast screening procedures due to the growing incidence rate of breast cancer in women.
• Based on modality, the CT scanning segment dominated the market with a revenue share of over 35.0% in 2021. A wide variety of AI-based medical imaging solutions are being offered by both major and minor suppliers for use in the CT scan modality.
• The X-rays segment is anticipated to grow at the fastest rate during the forecast period. The increased adoption of interventional x-ray equipment, such as C-arms, for image-guided surgeries is the key factor driving the segment.
• In 2021, North America dominated the market due to its highly developed healthcare systems and high levels of disposable income.  The demand for artificial intelligence in medical imaging has also been driven by the existence of important players and supportive governmental regulations.
• Asia Pacific is anticipated to grow at the fastest rate of 37.2% during the forecast period. The incidence of diseases and the growing population can be attributed to regional market growth. Furthermore, rapidly evolving healthcare infrastructure in Asian countries such as China, Indonesia, and India is boosting market growth.

Read full market research report, "AI In Medical Imaging Market Size, Share & Trends Analysis Report By Technology (Deep Learning, NLP), By Application (Neurology, Respiratory & Pulmonary, Cardiology), By Modality, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

AI In Medical Imaging Market Growth & Trends

COVID-19 had a positive impact on the market as the majority of medical professionals chose imaging as one of the most popular COVID-19 screening modalities as it provided critical diagnostic in a short time. The entire set of imaging data has been used to research the virus and its effect on people of various demographics. Many hospitals have resorted to medical imaging and image analytics techniques to improve the identification and control of the virus as nearly every healthcare organization is working to manage COVID-19 better and limit its spread. For instance, in June 2020, a hospital in Florida, the Tampa General Hospital employed AI-driven technology to check people for COVID-19 before they interacted with staff members and other patients.

The rising awareness regarding the benefits offered by Artificial Intelligence (AI) technologies and their application in the medical field has led to increased adoption of AI-based solutions, products, and services in the healthcare market. Moreover, to develop advanced AI-based applications for the healthcare industry, several leading healthcare companies are adopting different strategies such as collaborations, mergers & acquisitions, and partnerships with top AI technology vendors to provide cutting-edge solutions to their clients and strengthen their position in this competitive market environment. For instance, in June 2020, Intel announced its partnership with Maricopa County Community College District to introduce the first artificial intelligence associate degree in the North American region. The initiative will also be supported by a USD 100,000 workforce grant from the Arizona Commerce Authority. A number of students are expected to benefit from this partnership as it enables students to pursue employment in the automotive, technology, healthcare, and aerospace industries.

AI In Medical Imaging Market Segmentation

Grand View Research has segmented the global AI in medical imaging market based on technology, application, modality, end-use, and region:

AI In Medical Imaging Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Deep Learning
• Natural Language Processing (NLP)
• Others

AI In Medical Imaging Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Neurology
• Respiratory and Pulmonary
• Cardiology
• Breast Screening
• Orthopedics
• Others

AI In Medical Imaging Market - Modality Outlook (Revenue, USD Million, 2017 - 2030)

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

AI In Medical Imaging Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Hospitals
• Diagnostic Imaging Centers
• Others

AI In Medical Imaging Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Singapore
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of AI In Medical Imaging Market

• Siemens Healthineers
• General Electric
• Koninklije Philips
• IBM
• Agfa-Gevaert Group/Agfa Health Care
• Arterys
• AZmed
• Caption Health
• Gleamer
• Butterfly Network

Check out more related studies published by Grand View Research:

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• AI In Oncology Market - The global AI in oncology market size is expected to reach USD 9.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 35.6 % from 2022 - 2030. The use of Artificial intelligence (AI) technologies helps clinicians in the early detection of cancer and plan treatment procedures according to the condition of the patient. The growth of the market is attributed to the rising number of patients diagnosed with cancer. According to data published by the American Cancer Society as of 2021, more than 1.9 million people are estimated to be diagnosed with cancer in the U.S.
• Wearable AI Market - The global wearable AI market size is expected to reach USD 166.47 billion by 2030, based on a new report by Grand View Research, Inc., expanding at a CAGR of 29.3% from 2022 to 2030. The continuous research and development by key players are driving the market in industry verticals, such as healthcare, automotive, media and entertainment, military and defense, and consumer electronics. For instance, in June 2020, Fitbit announced Fitbit Flow, in response to the lack of ventilators in hospitals and medical facilities around the world that are required to treat critically ill patients. The equipment is intended to serve as an alternative to more expensive traditional ventilators when they are not available.

Browse through Grand View Research's  Healthcare IT Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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