AI In Medical Imaging Market Scope
Medical Imaging is a technology that is used to create images of the human body to diagnose, monitor, and treat medical illness. AI can improve medical imaging processes like image analysis and help with patient diagnosis. With many applied AI solutions and many more AI applications showing promising scientific test results, the market for AI in medical imaging is forecast to grow exponentially over the next few years.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Largest Market | North America & Europe |
Unit | Value (USD Million) |
Key Companies Profiled | GE Healthcare (United States), IBM Corporation (United States), Philips Healthcare (United States), Samsung Electronics (South Korea), Medtronic (Ireland), Hitachi Medical Corporation (Japan), Toshiba Corporation (Japan), Echonous Inc (United States), Enlitic, Inc (United States), RapidAI (United States), oxipit (Lithuania), Siemens Healthineers AG (Germany), Intel Corporation (United States) and Nvidia Corporation (United States) |
CAGR | % |
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global AI In Medical Imaging market throughout the predicted period.
GE Healthcare (United States), IBM Corporation (United States), Philips Healthcare (United States), Samsung Electronics (South Korea), Medtronic (Ireland), Hitachi Medical Corporation (Japan), Toshiba Corporation (Japan), Echonous Inc (United States), Enlitic, Inc (United States), RapidAI (United States), oxipit (Lithuania), Siemens Healthineers AG (Germany), Intel Corporation (United States) and Nvidia Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (United States) and Shimadzu Corporation (Japan).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global AI In Medical Imaging market by Type , by Application (Digital Pathology, Orthopedics, Cardiology, Urology, Gastrology, Neurology and Others) and Region with country level break-up.
On the basis of application, Hospitals segment is dominating the market in the year 2022
On the basis of geography, the market of AI In Medical Imaging has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America & Europe region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In Aug 2020, The National Institutes of Health has launched the Medical Imaging and Data Resource Center (MIDRC), an ambitious effort that will harness the power of artificial intelligence and medical imaging to fight COVID-19. and In Jan 2020, Oxipit announced a partnership with Swiss medical distribution company Healthcare Konnect to bring ChestEye AI imaging suite to healthcare institutions in Nigeria. The partnership aims to introduce vanguard AI diagnostic capabilities and improve the detection of 75 pathologies, including tuberculosis, to one of the largest markets in Africa.
In Dec 2019, GE Healthcare launched more than 30 new, imaging intelligent applications and smart devices designed to drive efficiency in radiology departments, aiming to double productivity and cost savings for systems by 2025. and In Dec 2019, RAPID is now available and installed in Vietnam. The RAPID artificial intelligence framework helps to quantify brain lesions and extend the window of potential stroke intervention from six hours after onset to up to 24 hours, for patients with salvageable brain tissue.
"Devices used in medical imaging are considered medical devices under the Federal Food, Drug, and Cosmetic Act (FD&C Act) as amended by the Medical Device Amendments of 1976 and subsequent related amendments. Most existing medical imaging technologies are considered non-510(k)-exempt Class I and Class II medical devices by FDA, making them eligible for clearance under the 510(k) pathway. Under this pathway, new medical devices that are substantially equivalent to existing, legally marketed Class I and Class II devices in terms of intended use, indications for use, and technological characteristics may be cleared for the U.S. market. The legally marketed devices with which comparison is made are referred to as predicate devices."
Influencing Trend:
The Adoption of Augmented and Virtual Reality in Medical Imaging and Growing Inclination of Doctors toward AI-based Assistance
Market Growth Drivers:
Increasing Number of Patients All-Around the Globe Due to the Prevailing COVID-19 Worldwide and The Growing Number of Cancer Patients and Diagnostic Procedures
Challenges:
Stringent Government Laws Associated with Equipment and Machines used in Medical Imaging and Lack of Awareness about AI in Medical Imaging Advantages among People
Restraints:
The High Installation Cost Involved in Medical Imaging Instrument
Opportunities:
Investments in Technological Advancement in Healthcare Infrastructures and Growing Development of Healthcare Infrastructure
Key Target Audience
AI In Medical Imaging Provider, Technology Provider, Medical Imaging Manufacturers, Medical Imaging Distributors and Suppliers, Research and Development Institutes, Potential Investors, Industry Associations and Others