AI In Diagnostic Imaging Market

AI in Diagnostic Imaging Market Outlook (2022 - 2032)

The global AI in diagnostics imaging is USD 0.92 Billion in 2022. The market is further expected to reach a value of USD 20.11 Billion by end of 2032. The growth rate of AI in the diagnostics market in the forecast duration is 36.1%.

Implementation of artificial intelligence in diagnostic imaging will improve the efficiency of radiologists, pathologists, and other image-based diagnosticians. AI in diagnostic imaging will transform the healthcare industry with increased diagnostic accuracy, enhanced productivity, and improved clinical outcomes. Artificial intelligence in diagnostic imaging is anticipated to gain popularity in rapid growth in the forecast period.

AI is capable of supporting the operations of the pathologist as they are effective in precisely performing medical imaging. AI in diagnostic imaging is expected to grow at a double-digit growth rate over the forecast period. AI in diagnostic imaging is achieving strong growth as the capability to detect cancer at an early stage and track tumor development. AI in diagnostic imaging will create significant time-saving in analyzing radiology reports.

A large number of multi-national radiology and diagnostic imaging sector companies such as Philips Healthcare, GE Healthcare, and Siemens are developing their own Artificial intelligence diagnostic imaging solution.

Report Attributes	Details
AI in Diagnosis Imaging Market size (2022 A)	USD 0.92 Billion
Base Year for Estimation	2022
Forecast duration for this research	2022-2032
Forecasted Market value (2032 F)	USD 20.11 Billion
Global Market Growth rate (2022-2032 E)	CAGR of 36.1%.
Key Companies Profiled	Canon Inc., GE Healthcare, Siemens Healthineers, DeepMind Technologies, Subtle Medical Inc., Samsung Healthcare, Butterfly Network Inc., Koninklijke Philips N.V.

The impulse behind the growth of AI in the Diagnosis Imaging Market

The growing aging population and increasing incidence of chronic illness and morbidity create high demand for advanced imaging technologies. The government initiative to build up a strong healthcare infrastructure and provide healthcare solution is expected favors the growth of AI in the diagnostic imaging market.

With the use of AI in diagnostic imaging, it becomes easy for physicians to rectify conditions quickly and allows early intervention if required. As per Tulane University’s findings, AI can precisely rectify colorectal cancer by scanning tissues more effectively than that of a pathologist. Medical field researchers have tested AI in recognition of complex patterns and its ability to provide quantitative evaluations out of diagnosis.

Favourable government initiatives and growing awareness are likely to accelerate the penetration rate of artificial intelligence technology. The demand for advanced technology for early diagnostic and imaging procedures is a major driving factor of AI in the diagnostic imaging market. The growing adoption of artificial intelligence to effectively manage healthcare imaging data is expected to propel the growth of AI in the diagnostic imaging market.

Artificial intelligence is one of the revolutionary technology, which gaining higher demand in the healthcare market. AI in diagnostic imaging is reduced the radiologist’s efforts to maintain the record. Artificial intelligence will play a key role in the diagnostic imaging market. Manufacturers are gearing up to make their imaging machines intelligent by integrating with AI scanners.

What are the Deterrents to the usage of AI in Diagnosis Imaging?

The field of medical imaging is revolutionized by the use of artificial intelligence in healthcare. However, deficiency of clinical inputs, data privacy, and security. The healthcare setups need continuous monitoring of performance tools to enhance effective care delivery. AI solutions are often built without the input of clinicians and may result in more harm than that benefits. The patient’s reluctance is another challenge in the use of AI in the health sector, as patients are not comfortable with online and machine-led treatments.

The determination of the right set of data is challenging in AI algorithms. There is a concern about the safety and privacy of patient information which makes patients reluctant the usage of technology to get treated. The infrastructure required for the implementation of AI in radiology is expensive, which makes it a deterrent to the acceptance of AI in healthcare diagnostics.

Segment wise analysis

AI in MRI to increase preciseness of diagnosis

Based on the type of imaging, the AI in diagnostic imaging can be categorized into ultrasound, CT scans, and MRI. Magnetic resonance imaging is capable of producing unblemished images when compared with CT scans. The MRI is considerably treated as a better option than X-rays due to its effectiveness in capturing details and better quality images of soft tissues. Optical Coherence Tomography is used to identify vitreoretinal disease management enabling three-dimensional relationships between the retina and membranes.

Hospitals to remain the preferred destination of diagnostic imaging

Based on the end-user segments AI in the diagnosis market is operative in Hospitals, Ambulatory and surgical centers. The hospital segment is dominated owing to the rise in healthcare infrastructure in hospitals. Considering the ease of performing diagnosis imaging immediately after consultation with doctors is the prime reason why people prefer to visit hospitals to get radiology tests done.

The Ambulatory segment is likely to grow with a faster CAGR in the forecast period owing to its convenience in the delivery of quality medical facilities in remote regions, especially rural areas. The presence of skilled surgeons and the abundance of the needed equipment are attributing to growth in the hospital segment. Government support in developing countries is expected to increase infrastructure and technologies with hospitals in the forecast period, which is anticipated to notice an upward trajectory for the hospital segment.

Region-wise Insights

The North American region is expected to become the largest market for AI in diagnostic imaging. Countries like the USA have raised their healthcare spending by 9.7% in 2020, which is now reaching $ 12530 per person. This expenditure by the country is likely to open the scope for AI in the diagnostic imaging market. Canadian companies are also embedding AI in operations leading to the improvisation of private and public sector healthcare. Canada is also improving the data privacy concerns with optimal legislation in place, which is anticipated to make an attractive place market for AI in diagnosis imaging types of equipment.

Western European is expected to contribute the second largest revenue share in AI in the diagnostic imaging market owing to the higher adoption of advanced medical imaging technologies. Germany has a strong healthcare sector owing to its robust infrastructure and trained doctors. The healthcare sector is a major generator of financial footprint and jobs. This opens opportunities for the usage of technology in the healthcare sector in future years.

Asia Pacific region is expected to become a large market for health sector technologies. The countries like China are leading in terms of healthcare policies and investment with the expansion of health technology assessment. The integration of existing healthcare and improvising technological intervention are reasons why the Asia Pacific is likely to see progress in the healthcare technology domain.

Competitive landscape

AI in the diagnostic imaging market is growing at a faster growth rate as an increasing need for advanced technologies in diagnostic imaging. AI will not completely diagnose patients and replace doctors while it is augmenting their ability to find the key and relevant data needed to care for the patient. Increasing investments in the healthcare industry and growing interest in big players & start-up companies to develop artificial intelligence diagnostic imaging algorithms and tools will accelerate the growth of AI in the Diagnostic Imaging market.

• GE Healthcare intelligence developed the Edison platform to enable greater efficiency and outcomes of tests for patients. These applications on embedding with existing workflows can integrate data from disparate sources. These algorithms are able to generate clinical operational insights with the help of the cloud, health links, and smart devices. The companies focusing on the integration of technologies are likely to make competitive advantage in the forecast duration.
• In May 2022, Samsung introduced a novel mobile radiography device called GM85Fit which is a user-centric device that enables effective patient care. The technology recently got approval from the food and drug administration(FDA) of the USA. The company is innovating effective mobile imaging solutions intending to generate applications for AI in diagnostic imaging in the forecast period.

AI in Diagnostic Imaging Market: Segmentation

• By Product Type

  • Ultrasound Scanners
  • CT Scanners
  • MRI Systems
  • Optical Coherence Tomography Devices
  • Others

• By End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Centers

• By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Japan
  • Middle East and Africa