Artificial intelligence in ultrasound imaging market is estimated to be valued at USD 1,879.2 Million in 2031; 9.9% CAGR Projected- Coherent Market Insights

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the artificial intelligence in ultrasound imaging market.

Coherent Market Insights’ analyst projected the artificial intelligence in ultrasound imaging market to be valued at USD 1,879.2 Mn in 2031. It is expected to exhibit a CAGR of 9.9% over the forecast period 2024-2031.

Market Dynamics:

Increasing need for early disease detection and technological advancements in Ai drives market growth. Artificial intelligence allows the integration of deep learning algorithms in ultrasound devices.  It generates high-quality images and help radiologists in disease diagnosis.

Moreover, artificial intelligence helps reduce diagnostic errors by highlighting lesions, tumors, or abnormalities. AI-powered ultrasound devices can be used by less-specialized physicians and nurses. It enhances access to care in underserved areas.

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Market Trends:

Integration of cloud and mobile technology is a key trend driving market growth. Major players in the market are focusing on integrating cloud and mobile technologies with AI-powered ultrasound devices. It improves accessibility and facilitate real-time collaboration. Cloud storage and mobile apps allow ultrasonography scans and reports to be accessed remotely. This is helpful especially in telemedicine and teleradiology applications.

Adoption of robotic ultrasound systems is another trend gaining traction. Robotic systems provide enhanced ergonomics. It allows ultrasound to be performed in difficult to reach locations, and help standardize ultrasound exams.

Artificial Intelligence in Ultrasound Imaging Market Opportunities

The software segment accounts for the largest share in the market. This is due to the increasing adoption of AI-powered clinical decision support tools to improve diagnostic accuracy. AI software helps analyze ultrasound scans using deep learning techniques. It provides clinicians with diagnostic decision support. Various companies are focusing on developing AI-based software for applications like anatomy identification, lesion detection, automated measurements.

Within the technology segment, machine learning is expected to witness the fastest growth during the forecast period. This is owing to ongoing advancements in machine learning algorithms. Machine learning algorithms play a vital role in training AI models to recognize patterns in medical images.

The diagnostic imaging segment held the largest market share in 2021. Rising disease prevalence has increased the demand for diagnostic ultrasound procedures for disease screening and diagnosis. Large-scale national screening and awareness programs for diseases like cancer drive the adoption of diagnostic ultrasound devices integrated with AI capabilities.

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Key Market Takeaways:

The artificial intelligence in ultrasound imaging market is anticipated to witness a CAGR of 9.9% during the forecast period 2024-2031. This is due to growing adoption of AI-powered ultrasound devices.

On the basis of solution, software segment is expected to hold a dominant position. This is due to to the wide usage of AI-powered diagnostic software.

On the basis of technology, machine learning is expected to hold a dominant position over the forecast period. This is due to ongoing technological advancements.

On the basis of ultrasound type, the diagnostic imaging segment is expected to hold a dominant position. This is due to rising disease prevalence rates.

North America is expected to hold a dominant position over the forecast period. This is due to presence of major players and growing healthcare expenditure.

Competitor Insights

Key players operating in the artificial intelligence in ultrasound imaging market include

NVIDIA Corporation
Intel Corporation
IBM, EchoNous, Inc.
Microsoft
General Vision Inc.
GENERAL ELECTRIC COMPANY,
Johnson & Johnson Services, Inc.
Siemens Healthcare Private Limited
CloudMedx Inc.
Agfa-Gevaert Group
Butterfly Network, Inc.
Imagia Cybernetics Inc.
Enlitic, Inc.

Recent Developments: 

In February 2023, GE HealthCare acquired Caption Health, Inc. This acquisition will improve ultrasound tests with AI applications, making them easier and faster for healthcare providers to perform basic echocardiograms.

In February 2023 Clarius Mobile Health obtained 510(k) certification for its new MSK AI model. This model automatically detects and measures tendons in the foot, ankle, and knee using artificial intelligence. The high-frequency wireless handheld ultrasound scanners Clarius L7 HD3 and Clarius L15 HD3 will soon be compatible with this AI model.

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About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.