AI in Medical Imaging Market is estimated to be valued at US$ 9.60 Bn in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the AI in medical imaging market. Coherent Market Insights’ analyst projected the AI in Medical Imaging Market is estimated to be valued at US$ 9.60 Bn in 2031. It is expected to exhibit a CAGR of 34.4% over the forecast period 2024-2031.

Rapid advancements in medical imaging technologies and increasing adoption of AI-based solutions drives market growth. AI algorithms are helping radiologists and clinicians to analyze medical images faster and more accurately. They can detect abnormalities, provide quantitative measurements, predict disease progression and identify patients who are at the highest risk of developing diseases.

Furthermore, growing investments by public and private organizations in AI technology development and increasing collaboration between academic institutions and market players are also fueling the market growth.

Key Market Trends:

Deep learning is a key trend driving market growth. Deep learning models are being integrated with imaging modalities like CT, MRI, X-rays for advanced applications like image segmentation, anomaly detection, image registration, and image reconstruction. They are also helping in reducing diagnostic errors, exam reading time and enhancing efficiency.

Development of multimodal AI solutions:  Another key trend in the market is development of multimodal AI solutions that can analyze data from multiple sources like images, lab reports, electronic health records for improved clinical outcomes. Vendors are focusing on developing such robust and comprehensive solutions to cater to diversified healthcare requirements.

AI in Medical Imaging Market Opportunities

Computed Tomography (CT) segment is expected to hold the largest market share. This is owing to its wide usage in diagnosis of various diseases. CT helps physicians examine bones, organs and soft tissues of the body with the help of X-rays from various angles.

The oncology segment is anticipated to witness the fastest growth during the forecast period. Integration of AI in medical imaging is helping radiologists and oncologists for early diagnosis of cancer, detecting tumors and monitoring cancer treatment. AI tools are being used for segmentation of tumor regions, classification of tumor types and predicting survival of cancer patients based on

Key Market Takeaways:

The global AI in medical imaging market is anticipated to witness a CAGR of 34.4% during the forecast period 2024-2031. This is due to growing applications of deep learning and machine learning technologies in medical image analysis.

On the basis of imaging modality, computed tomography segment is expected to hold a dominant position. This is owing to its wide usage in diagnosis.

On the basis of application, oncology segment is anticipated to witness the fastest growth over the forecast period. This is due to benefits of AI in early cancer detection and treatment monitoring.

North America is expected to hold a dominant position over the forecast period, due to presence of major players and higher adoption of AI technologies.

Competitor Insights

Key players operating in the AI in medical imaging market include

GE Healthcare
Siemens Healthineers
Canon Medical Systems
Philips
Aidoc
Fujifilm Holdings Corporation
Imagia Cybernetics
Lunit
Enlitic

Recent Developments

In January 2024, GE HealthCare agreed to buy MIM Software, a global provider of medical imaging analysis and AI solutions in disciplines such molecular radiotherapy, radiation oncology, urology, and diagnostic imaging. This acquisition seeks to combine MIM Software’s imaging analytics and digital workflow capabilities across several care areas, improving innovation and distinguishing GE HealthCare products to benefit patients and healthcare systems globally.

More information is available in full report