AI in Medical Imaging Market to reach ~US$ 7.4 Bn by 2027

From speech recognition and driver assistance systems in cars to smart chat-bots for helpdesks, artificial intelligence is making its way into countless routine applications. Notably, impressive results have been achieved when AI is used to correctly classify images. Radiologists are engaging in generating a huge volume of images, making it increasingly challenging to meet productivity while maintaining diagnostic accuracy. In medical imaging, the expectation of obtaining accurate diagnosis from detailed anatomical and functional images encourages radiologists to use AI in medical imaging. This helps in better analysis of the study. In addition, use of AI in image analysis helps to accelerate interpretation, improve accuracy, and reduce repetition for radiologists and other specialties.

AI in Medical Imaging: Market Segmentation

The global AI in medical imaging market has been segmented in terms of solution, AI technology, image acquisition technology, clinical application, end user, and region. On the basis of solution, the market has been segmented into software tools/platforms and services. The services segment is further divided into integration and development. Based on AI technology, the market has been segmented into deep learning, computer vision, and other. Based on image acquisition technology, the market has been segmented into x-ray, computed tomography (CT), magnetic resonance imaging, ultrasound imaging, and molecular imaging.

In terms of end user, the market is divided into hospitals, R&D centers, and laboratories & diagnostic centers. On the basis of clinical application, the market has been segmented into cardiovascular, neurology, lung (respiratory system), breast (mammography), oncology, pathology, liver (GI), oral diagnostics, and rest of the body. The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis for market estimates supplementing the growth of the AI in medical imaging market during the forecast period.

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AI in Medical Imaging Market: Regional Outlook

In terms of region, the global AI in medical imaging market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the AI in medical imaging market during the forecast period. This trend can be attributed to the strong presence of AI in medical imaging solutions in the regional market. The U.S. is expected to lead the North America AI in medical imaging market due to a higher acceptance of the technology. Asia Pacific is expected to lead the global AI in medical imaging market over the forecast period.

This is due to the fact that economies are focusing on increasing investments in artificial intelligence which would help companies to integrate AI with medical imaging. For instance, in July 2017, China released its next gen AI development plan. The country aims to be the leader in AI by 2030. The AI development plan includes extensive government investment and funding in order to increase the adoption of AI solutions among companies. Hence, the market in China is projected to expand at the highest CAGR during the forecast period. China held a considerable share of the AI in medical imaging market in 2019 and is likely to have a considerable market share in the near future. The AI in medical imaging market in Middle East & Africa, Europe, and South America is projected to expand moderately over the forecast period.