ID: MRFR/HC/9967-HCR | 128 Pages | Author: Garvit Vyas | May 2023
The AI-Assisted radiology market size was valued at USD 7.73 billion in 2022 and is projected to grow from USD 8.26 billion in 2023 to USD 10.02 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 33.18% during the forecast period (2023 - 2030).
This market is being driven by a number of factors, including government initiatives to encourage the use of AI-based technologies, increasing focus on reducing the workload of radiologists, Artificial Intelligence (AI) tools in the medical industry, increased funding for AI-based start-ups by private players, and an increase in cross-industry collaborations and partnerships.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
AI-Assisted Radiology Trends
The prevalence of diseases has increased, leading to an increase in the number of diagnostic procedures performed and an increase in market demand. AI-driven radiology also gives patients personalized care, better diagnosis, and earlier detection. Furthermore, in high-income nations, AI-based radiology is growing in popularity to numerous technological advancements.
Moreover, one of the innovations that made it possible to automate radiology processing was the development of integrated rtiI software that is simple to integrate into imaging devices like MRI or CT scanners. The use of smartphones for non-invasive condition screening by front-line healthcare professionals and the incorporation of artificial intelligence (AI) into medical radiology are additional developments that are fueling the AI-assisted radiology market.
AI-Assisted Radiology Segment Insights
AI-Assisted Radiology Technique Insights
The AI-Assisted Radiology Market segmentation, based on technique, includes X-rays, magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), ultrasound, and others. The computed tomography segment held the majority share in the market in 2022 because the more common imaging method is used for many clinical results. Major and minor suppliers are offering a wide range of AI-based radiology solutions for the CT scan. When compared to other methods, the CT scan collects more comprehensive data. Additionally, it has not been demonstrated that CT scans' low radiation levels are harmful in the long run.
AI-Assisted Radiology Application Insights
The AI-Assisted Radiology Market segmentation, based on application, includes neurology, mammography, cardiovascular, respiratory & pulmonary, orthopedics, and others. The neurology segment dominated the market in 2022 due to the increased use of AI in neurology as it helps in higher accuracy, better patient care, and high efficiency. Furthermore, AI is used in neuro-vascular disease detection, neuro-oncology, neurosurgery, and traumatic brain injury detection.
Figure 2: AI-Assisted Radiology Market, by Application, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
AI-Assisted Radiology End User Insights
Based on end user, the global AI-assisted radiology industry has been segmented into the hospitals, diagnostic imaging centers, and others. The hospital's segment is held the largest market share in 2022, owing to favorable reimbursement regulations and is preferred by patients for the treatment process due to the convenience & a variety of product offerings in one place. For instance, AI-based imaging technology was employed more in hospitals than in diagnostic centers, according to the American Hospital Association's 2020 annual study.
AI-Assisted Radiology Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America AI-assisted radiology surgeries accounted for the largest market share in 2022, due to the highly superior infrastructure and high per capita income. Furthermore, the existence of a high number of market competitors in the area, as well as supportive government policies, are pushing the market for AI-assisted radiology market. For instance, in June 2021, Avicenna.AI (France), got FDA clearance for CINA-LVO, CINA-ICH, and neurovascular emergency applications and is accessible on the Nuance AI marketplace. It offers a single point of entry to a diverse set of AI diagnostic models within the radiology platform offering.
Further, the major countries will be study are: The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: AI-ASSISTED RADIOLOGY MARKET BY REGION 2022 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe AI-assisted radiology market accounted for the second-largest market share due to technology advancements, increasing healthcare expenditure, and increasing prevalence of neurological diseases and cardiovascular diseases. For instance, according to Eurostat, there were 38,900 bypass surgeries performed in Germany in 2020. Furthermore, the Germany m AI-assisted radiology attributed to hold the largest market share, and the France AI-assisted radiology is projected be the fastest growing market in the Europe region.
The Asia-Pacific AI-assisted radiology market is expected to be the fastest growing from 2023 to 2030 owing to the growing incidence of cancer and rising geriatric population in the region. Emerging economies, such as China, Japan, and India, have largest geriatric population. Moreover, China AI-assisted radiology accounted to hold the largest market share, and the India AI-assisted radiology is projected to be the fastest growing market in the Asia-Pacific region.
AI-assisted radiology Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the AI-assisted radiology market to grow. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the magnetic resonance imaging (MRI) robot-assisted surgeries industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.
GE Healthcare is part of the General Electric Company. The company's products are sold worldwide, primarily to hospitals, medical facilities, pharmaceutical and biotechnology companies, and the life science research industry. The company provides healthcare technologies in medical imaging, digital solutions, patient monitoring, diagnostics, drug discovery, biopharmaceutical manufacturing technologies, and performance enhancement solutions. General Electric Company has a strong presence in the global market in more than 170 countries.
Moreover, In September 2021, GE Healthcare launched its next-generation, cloud-based Picture Archive and Communication System (PACS) aimed to alleviate the critical scarcity of radiologists. The rising demand for imaging scans has put a burden on radiology departments. Edison True PACS is a game-changing technology that uses AI-enabled decision assistance to assist radiologists in adapting to increased workloads, increasing exam complexity, and improving diagnostic accuracy.
Key Companies in the AI-assisted radiology market includes
AI-Assisted Radiology Industry Developments
AI-Assisted Radiology Market Segmentation
AI-Assisted Radiology Technique Outlook
AI-Assisted Radiology Application Outlook
AI-Assisted Radiology End User Outlook
AI-Assisted Radiology Regional Outlook
The AI-Assisted Radiology Market is anticipated to reach 10.02 billion at a CAGR of 33.18% during the forecast period of 2023-2030.
The US is expected to hold a 78.14-84.28% share of the North America market for AI-assisted radiology in 2022.
The AI-assisted radiology market is expected to grow at a 33.18% CAGR during the forecast period from 2023 to 2030.
The North America region market accounted to hold the largest market share in AI-assisted radiology.
The key players include GE Healthcare (US), FUJIFILM Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Siemens (Germany), and Medtronic (Ireland).
The Computed Tomography (CT) technique segment led the AI-assisted radiology market.
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