Report Details:
15 Companies Covered
129 Pages
Market Research Future (MRFR) has published the “Global AI-Assisted Radiology Market” report, inclusive of the years 2019-2035.
For the AI-Assisted Radiology Market, the MRFR report estimates a CAGR of 32.96% for the 2025-2035 timeframe as suggested in the report.
MRFR identifies the following companies as the Global AI-Assisted Radiology Market key players: Koninklijke Philips N.V., Siemens Healthineers AG, GE Healthcare, FUJIFILM Corporation, and Lunit Inc.
Global AI-Assisted Radiology Market Highlights
AI-Assisted Radiology Market has an estimated CAGR of 32.96% in the forecast period and is projected to grow from USD 2.03 billion in 2024 to USD 46.61 billion in 2035.
The number of AI-powered imaging entrants, advancements in AI algorithms, and strategic partnerships in health tech are the primary market growth drivers. Along with these, increased demand for diagnostic imaging, higher AI regulatory adoption in healthcare, and growing healthcare expenditure fuel the market growth.
Costs to roll out new technologies and a lack of specialized skills can definitely be hurdles. Still, opportunities for AI healthcare technologies focused on AI and Healthcare tech in developed and emerging economies will be positive for new and existing players in the market.
Innovation as a Growth Engine
The pace of innovation in machine learning and deep learning technologies is transforming diagnostic imaging. AI technologies are acting as powerful aids in the detection of abnormalities in imaging studies. Radiologists can process and interpret studies such as X-rays, CTs, MRIs, and PET scans and provide diagnoses to patients faster and with greater accuracy than ever before.
For instance, the recent launch of the AI-enabled Philips CT 3500 in March 2023. Designed for high throughput and rapid image reconstruction, it is a cutting-edge computed tomography machine. To illustrate the growing global presence of AI-assisted radiology tools, we can consider Lunit Inc. and the 2024 extension of its Lunit INSIGHT solutions to East and Southeast Asia.
Growing Need for Imaging
AI-enabled diagnostic tools are being rapidly adopted in healthcare systems because of the need to manage chronic illness and an aging population. AI tools are being used in centers and hospitals to enhance workflow in imaging and diagnostic centers to improve efficiency and the accuracy of imaging studies. This has led to greater use of AI in imaging, across disciplines such as neurology, mammography, cardiology, and orthopedics.
Investment and Regulatory Support
Research on AI in healthcare is being funded by both the government and private sectors, which is speeding up the rate of innovation and commercialization. Also, regulators are expediting the approval processes for AI diagnostic tools, which increases healthcare provider confidence. These activities are likely to increase the market growth during the forecast period.
Segment Analysis
The Global AI-Assisted Radiology Market is analyzed by Technique, Application, End User, and Region.
By Technique: X-Rays, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET), and Others. In 2023, the CT segment held the most market share; however, the MRI segment is anticipated to have the highest growth during 2024-2032.
By Application: Neurology, Mammography, Cardiovascular, Respiratory & Pulmonary, Orthopedics, and Others. In 2023, the Neurology segment held the largest share; however, the Cardiovascular segment is projected to see the most growth between 2025-2035.
By End User: Hospitals, Diagnostic Imaging Centers, and Others.
In 2023, Hospitals held the most market share; however, Diagnostic Imaging Centers are expected to have the most growth during the period of 2024-2032.
Region Analysis
The market is segmented by region into North America, Europe, Asia-Pacific, and the Rest of the World.
North America dominates the market due to strong healthcare infrastructure, the widespread adoption of AI in diagnostics, and solid investments from the government and the private sector. Europe is in second, due to solid AI integration and healthcare systems, with Germany in the lead and France in the most rapid growth.
The Asia-Pacific will be the world's fastest-developing market from 2024 to 2032, due to growing healthcare spending, increasing the use of AI, and government support. China is the current leader in the region, while India is projected to grow the most.
Industry Developments
- Agfa HealthCare unveiled SmartXR for X-ray AI imaging in April 2024.
- In March 2024, Lunit Inc. expanded its AI medical imaging in East and Southeast Asia.
- NANO-X IMAGING LTD, in February 2024, received FDA clearance for the HealthFLD AI software for assessing liver fat in CT images.
Key Findings of the Study
- The Global AI-Assisted Radiology Market is predicted to attain $46.61 billion from 2025 to 2035, with the ACG of 32.96%.
- The Asia-Pacific region will be the fastest-growing.
- The Cardiovascular sector will have the most growth by Application.
- Hospitals will maintain the most market share, while Diagnostic Imaging Centers will expand the most.
- The key market players driving innovation and expansion include Koninklijke Philips N.V., Siemens Healthineers AG, GE Healthcare, FUJIFILM Corporation, and Lunit Inc.