AI in Radiology Market Overview
AI in Radiology Market Size was valued at USD XX Billion in 2022. The AI in Radiology market industry is projected to grow from USD XX Billion in 2023 to USD XX Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.50% during the forecast period (2024 - 2032). Growing investments in AI firms and increasing usage of AI in radiological are the key market drivers boosting the expansion of the market.
Figure 1: AI in Radiology Market Size, 2024-2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
AI in Radiology Market Trends
Growing usage of AI in radiological is driving the market growth
Market CAGR is being driven by the increased usage of AI in radiological. The market for artificial intelligence in radiology has been growing quickly due to the growing demand for prompt and accurate medical imaging analysis. Numerous research and publications predict that throughout the next several years, the market will continue to rise at a strong rate. AI is being used in radiology for a number of purposes, such as diagnosis, workflow optimization, image interpretation, and decision assistance. These uses include helping radiologists diagnose patients and choose the best course of treatment, as well as identifying anomalies in medical imaging.
Additionally, technological developments in imaging, machine learning, and computing have propelled the application and development of AI in radiology. AI applications in radiology are anticipated to advance in sophistication and efficacy as these technologies continue to develop. The increasing use of AI for picture recognition and quantification processes is also anticipated to propel market expansion. For example, in order to guarantee early identification of age-related macular degeneration, Moor fields Eye Hospital and Google's AI platform, Deep mind, worked together to observe all eye scans conducted using an optical CT scanner. Furthermore, radiologists can now evaluate images more quickly, with less analysis time and efficacy thanks to the introduction of 3D MRI and CT scans. This element promotes market expansion.
One of the best diagnostic instruments, CT systems is widely employed in many hospitals and research facilities, driving the market's expansion. The market is expanding due to rising demand for Point of Care (POC) CT devices, as well as increased development of high-precision CT scanners with the addition of AI & ML and sophisticated visualization systems. This element promotes market expansion. The majority of developing nations' efforts are concentrated on implementing their investments in AI. This will help the businesses leverage AI in medical imaging to achieve significant financial growth. China, for example, is predicted to lead the world in artificial intelligence by 2030. Major government investments and finance are required for the approach in order for businesses to adopt AI technologies more quickly. As a result, this element promotes market expansion. For instance, the American Cancer Society estimates that there will be 236,740 new cases of lung and bronchus cancer in the US this year. A CT scan can also be beneficial in accurately displaying the size, form, and location of any lung tumor. It can also be helpful in situations where a person has a chance of acquiring lung cancer even in the absence of any symptoms or signs of the illness. Thus, result in driving the AI in Radiology market revenue.
AI in Radiology Market Segment Insights
AI in Radiology Modality Insights
The AI in Radiology market segmentation, based on Modality includes X-ray, Computed tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound imaging, Molecular imaging, and Others. The computed tomography (CT) segment dominated the market. This is because many clinical outcomes require a higher standard imaging approach. For use in the CT scan modality, major and minor suppliers are providing a wide range of AI-based medical imaging solutions. Comparing the CT scan to other techniques, it obtains more comprehensive data.
AI in Radiology Application Insights
The AI in Radiology market segmentation, based on application, includes Breast imaging, Lung imaging, Neurology, Cardiovascular applications, Liver imaging, and other applications. Neurology generated the most income. This is due to the growing application of AI in neurology, which provides improved patient care, enhanced efficiency, and higher accuracy. Artificial intelligence is also utilized in neurosurgery, neuron-oncology, neurovascular disease diagnosis, and traumatic brain injury detection. The market is divided into submarkets based on applications, including neurology, orthopedics, cardiology, respiratory and pulmonary, breast screening, and others.
AI in Radiology End-user Insights
The AI in Radiology market segmentation, based on End-user, includes Hospitals, Clinics, Diagnostic Centers, Other end users. The hospitals generated the most income. Patients prefer hospitals because of the convenience and a large selection of goods in one place for the duration of the treatment. In addition, hospitals are widely distributed and easily accessible.
Figure 2: AI in Radiology Market, by End-user, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
AI in Radiology Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American AI in Radiology market area will dominate this market, owing to its highly developed healthcare infrastructure, disposable affluence, and superior technological capabilities will boost market growth in this region.
Further, the major countries examined in the market report are the US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, and Japan.
Figure 2: Ai In Radiology Market Share By Region 2023 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe AI in Radiology market has the second-largest portion of the market because of the healthcare professionals' attempts to enhance patient care and streamline procedures. Further, the German AI in Radiology market had the biggest market share, and the UK AI in Radiology market was the fastest growing market in the European region
The Asia-Pacific AI in Radiology Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is due to the growing number of artificial intelligence-based startups. Moreover, China’s AI in Radiology market had the biggest market share, and the Indian AI in Radiology market was the fastest growing market in the Asia-Pacific region.
AI in Radiology Key Market Players & Competitive Insights
Leading market players are putting a lot of money on R&D to expand their product lines, which will help the market for weight reduction products grow. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure an increasingly cutthroat and dynamic market, AI in Radiology industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the AI in Radiology industry to help customers and expand the market segment. In recent years, the AI in Radiology industry has provided some of the biggest benefits to medicine. Major players in the AI in Radiology market, including Medline Industries GE Healthcare, InformAI LLC, Koninklijke Philips N.V, Nanox Imaging LTD., IBM Watson Health, Intel Corporation, are engaging in research and development activities in an effort to boost market demand.
A branch of IBM, IBM Watson Health is dedicated to using data analytics and artificial intelligence (AI) to improve patient care, streamline operations, and improve healthcare outcomes. IBM Watson Health uses artificial intelligence (AI), data analytics, and cognitive computing to revolutionize healthcare. Its goal is to enhance patient outcomes and advance medical research by providing insights from massive amounts of healthcare data to academics, policymakers, and healthcare practitioners. In September 2022, a well-known American provider of digital product engineering services, Dialexa, was to be acquired by IBM. Through this acquisition, the business will be able to provide clients with end-to-end digital transformation services while also bolstering its experience in product engineering.
Founded in 1994, GE Healthcare is a branch of General Electric (GE). Since then, it has expanded to become one of the biggest healthcare technology businesses in the world, operating in more than 100 nations. Product Portfolio: A wide range of goods and services are available from GE Healthcare. GE Healthcare is well-known for its cutting-edge CT (Computed Tomography), MRI (Magnetic Resonance Imaging), ultrasound, X-ray, and molecular imaging technologies. Numerous medical professions employ these imaging technologies for diagnostic purposes. In August 2022, Healthcare announced DefiniumTM 656 HD, a cutting-edge X-ray system that is part of its line of fixed X-ray solutions. With flash pad detectors, Al-driven Helix sophisticated image processing software, and an intelligent workflow suite, this solution provides in-room workflows and motorization.
Key Companies in the AI in Radiology Market Include
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GE Healthcare
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InformAI LLC
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Koninklijke Philips N.V
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Nanox Imaging LTD.
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IBM Watson Health
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Intel Corporation
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Lunit Inc.
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Arterys
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AZmed
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Caption Health
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Gleamer
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Butterfly Network
AI in Radiology Industry Developments
June 2021: A strategic cooperation has been announced between VUNO Inc., a South Korean AI company, and Samsung Electronics to implement the AI-powered mobile digital X-ray system VUNO Med-Chest X-ray within the GM85. It is anticipated that this collaboration will advance VUNO's efforts to create AI applications.
July 2022: with the FDA's 510(k) certification, Philips Smart Speed AI-based software can now provide revolutionary high-speed, high-resolution MR imaging. For nearly all patients with a range of conditions, including those with implants, its broad compatibility allows for faster and higher-quality scans (97% of clinical protocols).
AI in Radiology Market Segmentation
AI in Radiology Modality Outlook
AI in Radiology Application Outlook
AI in Radiology End-user Outlook
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Hospitals
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Clinics
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Diagnostic Centers
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Other end users
AI in Radiology Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
|
Market Size 2023
|
NA (USD Billion)
|
|
Market Size 2024
|
NA (USD Billion)
|
|
Market Size 2032
|
NA (USD Billion)
|
|
Compound Annual Growth Rate (CAGR)
|
31.5 % (2024 - 2032)
|
|
Report Coverage
|
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Base Year
|
2023
|
|
Market Forecast Period
|
2024 - 2032
|
|
Historical Data
|
2019 - 2023
|
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Modality, Application, End-user, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan |
| Key Companies Profiled |
GE Healthcare, InformAI LLC, Koninklijke Philips N.V, Nanox Imaging LTD., IBM Watson Health, Intel Corporation |
| Key Market Opportunities |
Growing AI Adoption in Radiology |
| Key Market Dynamics |
Raising Investments in AI Companies |
Frequently Asked Questions (FAQ) :
The size of the worldwide market for AI in Radiology was estimated at USD XX billion in 2023
The market is expected to grow at a CAGR of 31.50% during the forecast period, 2024-2032.
In the market, North America accounted for the greatest share.
The leading companies in the industry include GE Healthcare, InformAI LLC, Koninklijke Philips
Neurology dominated the market in 2023.
In the market, hospitals held the most share.
