San Francisco, 23 January 2030: The Report AI In Medical Imaging Market Size, Share & Trends Analysis Report By Technology (Deep Learning, NLP), By Application (Neurology, Orthopedics), By End Use (Hospitals, Diagnostic Centers), By Modalities, By Region, And Segment Forecasts, 2024 - 2030
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 grow at a CAGR of 34.8% from 2024 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.
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.
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The rising demand for the influx of complex and large datasets, increasing attention to lessen radiologists' workload, increased funding for AI-based start-ups by private players, government initiatives to endorse the use and benefits of AI-based tools and technologies in the medical industry, and growing cross-industry collaborations and partnerships are some of the factors driving this market. For instance, in June 2021, VUNO Inc., an artificial intelligence (AI) developer based in South Korea, announced a partnership with Samsung Electronics to integrate VUNO's AI-powered chest X-ray diagnostic solution into Samsung's high-end mobile digital X-ray system, the GM85.
AI In Medical Imaging Market Report Highlights
• Based on technology, the deep learning segment held the largest share of 57.94% in 2023 owing to its superior ability to analyze complex medical images and provide accurate diagnostics. • Based on application, the neurology segment held the largest market share in 2023 owing to the increased use of AI in neurology, as it provides better patient care and enables higher accuracy and high efficiency. • The CT scan segment held the largest market share in 2023 due to their ability to provide detailed cross-sectional images of the body making them indispensable in medical diagnostics. • The hospitals segment dominated the market with the largest share in 2023 and is expected to grow at the fastest CAGR of over the forecast period. • The AI in medical imaging market in North America dominated the global industry in 2023 and accounted for the largest revenue share of over 43.00% in 2023.
The increasing demand for handling large medical datasets has accelerated the use of AI in medical imaging, owing to its ability to improve diagnostic precision, expedite image analysis, and enhance healthcare efficiency through advanced data management and interpretation. For instance, In November 2023, Koninklijke Philips N.V. expanded its enterprise imaging and introduced its HealthSuite Imaging AI solutions at RSNA23 on Amazon Web Services for faster adoption of new capabilities, improved operational efficiency, and enhanced patient care through secure cloud-based PACS, enabling high-speed remote access and AI-driven workflow orchestration.
AI-driven medical imaging tools use advanced algorithms and computing to provide rapid decision support to healthcare providers. Advancements in deep learning, convolutional neural networks, and generative adversarial networks have significantly improved the accuracy and effectiveness of medical image analysis. A Microsoft-IDC study published in March 2024, shows that 79% of healthcare organizations currently use AI technology, with a return on investment of USD 3.20 for every USD 1 invested. This is due to the increasing demand for accurate diagnoses and the complexity of medical imaging data.
AI In Medical Imaging Market Report Scope
Report Attribute Details The market size value in 2024 USD 1.36 billion The revenue forecast in 2030 USD 8.18 billion Growth rate CAGR of 34.8% from 2024 to 2030 Actual data 2018 - 2023 Forecast period 2024 - 2030
The market is also gaining significant financial backing from private players, fostering innovation and development in the sector. Cross-industry collaborations and partnerships are also increasing as diverse sectors collaborate to leverage AI technologies in medical imaging. This financial backing is expected to propel the market growth. For instance, in June 2023, Carta Healthcare, Inc. announced a Series B financing of USD 25 million supported by Memorial Hermann Health System and UnityPoint Health to enhance patient care through clinical data.
Governments worldwide have been investing in integrating AI in healthcare, particularly in medical imaging. This has improved diagnostic accuracy, streamlined workflows, and enhanced patient care. For instance, In September 2022, the National Institutes of Health (NIH) announced a USD 130 million investment to accelerate AI adoption in biomedical and behavioral research. Bridge2AI, an initiative under the NIH Common Fund, aims to create AI-specific tools and datasets for broader adoption. The FDA is also developing a regulatory framework for AI/ML-driven software modifications to ensure safety and effectiveness. The initiative aims to accelerate AI adoption in the medical imaging sector.
