Transparency Market Research delivers key insights on the global AI in medical imaging market. In terms of revenue, the global AI in the medical imaging market is estimated to expand at a CAGR of 36.1% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global AI in medical imaging market.
Artificial intelligence (AI) is the imitation of human intelligence progressions by machines, mainly computer systems. Artificial intelligence has extensive applications in the healthcare sector. AI solutions assist healthcare providers in several aspects of patient care and administrative processes. Medical imaging can be defined as the diagnostic procedure that encompasses the formation of visual assistance and image representations of the human body and includes the monitoring of the execution and working of the organs of the human body.
Artificial intelligence primarily consists of two types, machine learning and robots. Machine learning comprises the recognition and application of the algorithm in computer systems for the interpretation of images, whereas robots assist doctors, patients, and operators in diagnostic procedures.
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AI in Medical Imaging Market: Dynamics
The health industry is full of key innovators. Key market players operating in the AI in medical imaging market are closely working with healthcare startups and professionals to develop cost-effective and technologically advanced medical treatments. There is a rise in cross-industry partnerships and collaborations, which is aiding AI in medical imaging market. Firms working in the AI in medical imaging market are extensively investigating the potential benefits of AI in medical imaging and creating advanced solutions. Thus, several market players are engaged in signing partnerships to provide better healthcare solutions. For instance, Radiology Partners (RP), a leading U.S. company, formed a strategic alliance with Aidoc, the leading supplier of AI-based solutions for medical imaging, to provide best AI capabilities to health systems and hospitals and accelerate the implementation of AI as the standard of care in radiology.
Furthermore, innovative health start-ups are participating in rounds of funding and raising investments from top companies. Some companies are adopting the practice of merging. For instance, Babylon merged with Alkuri Global Acquisition Corp. to go public. Players operating in the AI in medical imaging market are resorting to partnerships and collaborations to provide better healthcare solutions.
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Growing Inclination of Doctors toward AI-based Assistance
The increasing recognition of the advantages offered by AI techniques and their wide utilization areas have led to the adoption of AI in the healthcare and medical imaging sectors. Several key players in the AI in medical imaging market are beginning to merge or collaborate with leading AI technology providers to innovate AI-based solutions for applications in healthcare. Such approaches allow these market players to offer advanced solutions to their consumers and establish their position in this dynamic market space. Due to the expanding demand for AI-based techniques, achieving advancements are encouraging companies to gain momentum in terms of developing advanced products and tools. However, there are several areas wherein the AI technology is expected to witness a great impact. This includes enhanced diagnosis and incidental findings of images, predictive image analysis, and workflow efficiency with data analysis, report generation, and prioritization of key findings. This is likely to generate new opportunities for the players in the AI in medical imaging market.
Practitioners and radiologists consider that skills such as empathy and persuasion are humanistic skills, and thus, technologies cannot entirely rule out the presence of a specialist. Besides, there is a concern that patients may show an undue preference toward these technologies and may abandon necessary in-person methods, which might also challenge long-term doctor-patient relationships. However, presently, many healthcare experts have suspicions about the abilities of AI solutions in terms of precisely diagnosing patient conditions. Thus, it is challenging to persuade providers that AI-based solutions are cost-effective, practical, and safe solutions that offer assistance to doctors and better care for patients. Nevertheless, there is a possibility in the upcoming years that medical experts and radiologists might show more inclination toward AI-based technologies in healthcare. This is likely to prove propitious for the global AI in medical imaging market during the forecast period.
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AI in Medical Imaging Market: Prominent Regions
In terms of region, North America is anticipated to dominate the global AI in medical imaging market, owing to strategic investment of companies in the technology sector. The intent of these collaborations is to generate new sources of revenue through new customers. The North America AI in medical imaging market is expected to expand at a speedy pace in the upcoming years. Technological advancements and high rate of adoption of artificial intelligence technologies are key drivers of the market in the region. Furthermore, the presence of key players and an increase in investment in the healthcare ecosystem have fueled the demand for artificial intelligence in medical imaging in North America.
The AI in medical imaging market in Asia Pacific is estimated to expand at a robust pace during the forecast period. In Asia Pacific, the adoption of artificial intelligence in healthcare is expected to increase significantly during the forecast period. The expansion of the market in the region can be attributed to an increase in R&D expenditure and developments in the biotechnology and pharmaceutical sectors. Moreover, spending in the healthcare sector has increased, and countries of the region are steadily focusing on the development of a robust healthcare infrastructure for patient treatment and diagnoses. According to Invest India, the hospital sector in India is witnessing substantial investor interest from both domestic and global investors that will subsequently support the AI in medical imaging market.
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AI in Medical Imaging Market: Key Players
Key players operating in the global AI in medical imaging market are Agfa Healthcare, Ada Health GmbH , Arterys, Bay Labs, Inc. (Caption Health Inc.), Babylon, BenevolentAI, Butterfly Network, Inc., EchoNous, Inc., Enlitic, Inc., Gauss Surgical, GE Healthcare, IBM Corporation, Lunit Inc., Microsoft Corporation, NVIDIA Corporation, Philips Healthcare, OrCam, Qure.ai, Siemens Healthineers AG, and Zebra Medical Vision.
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