Medical imaging can be defined as the diagnostic procedure that involves the creation of visual aids and image representations of the human body. It consists of the monitoring of functions and performance of the human body organs. The integration of artificial intelligence (AI) in healthcare and medical imaging had a revolutionary change in the medical sector. The AI aids in assisting the surgeons in carrying out the image capturing process and diagnosing these images to determine the personalized treatment of an individual. Artificial intelligence primarily consists of two types, robots, and machine learning. Machine learning includes the recognition and application of algorithms in computer systems for the rendering of images. On the other hand, robots are employed in the assistance of patients, doctors, and operators in the visualization and diagnostic procedures. The global Medical Imaging Artificial Intelligence Market is expected to grow at a CAGR of 37.8% during the forecast period.

Top Driver: Advanced Technology and Growing Geriatric Population

The surging demand for advanced technology for early diagnostic and imaging procedures is a significant factor driving the AI In the diagnostic imaging market. The rapid adoption of artificial intelligence to efficiently manage healthcare imaging data anticipated to propel the growth for the AI in the diagnostic imaging market. Moreover, the favorable government initiative to improve healthcare infrastructure to provide better healthcare solutions and growing awareness has also accelerated the penetration rate of artificial intelligence technology in the medical sector. The presence of a large number of technology-based companies and the increasing number of joint ventures have boosted the market. Other factors, such as growing geriatric population and rising incidence of chronic diseases, are expected to create high demand for advanced imaging technologies.

Deep learning to Make Crucial Contribution to Growth of the Market

On the basis of technology, the market is segmented into Deep Learning, Computer Vision, NLP, Others. On the basis of application, the market is segmented into X-Ray, CT, MRI, Ultrasound, Molecular Imaging. The x-ray segment accounted for a larger market share. On the basis of end use the market is expected to Hospitals, Clinics, Research Laboratories, Others. The hospitals segment is surged towards growth in the forecast period.

Rising Investments in Innovations to Benefit North America Market

North American countries such as the US are predicted to maximize their spending on AI and other technologies related to medical imaging in future. This could prepare a strong foundation for the developed region to secure a leading position in the global market. North America and Europe are expected to hold significant market share during the forecast period due to increased advancements which would help the industry grow. The surge in the adoption of artificial intelligence technologies in the regions would propel the industry. Developing countries in Asia Pacific such as India and China are anticipated to present lucrative opportunities to the artificial intelligence in medical imaging market during the forecast period.

Players to Focus on Medical Imaging Artificial Intelligence Market

The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. IBM Corporation, 3Scan, Agfa Healthcare, Arterys, Butterfly Network, Inc., EchoNous, Inc., Enlitic, Inc., General Electric (GE) Company, Intel Corporation, Johnson & Johnson Services, Inc., Medtronic, Microsoft Corporation, NVIDIA Corporation, Samsung Group, and Siemens AG among others could be at the forefront of the competition in the global market.

IBM: In August 2015, IBM announced that Watson will gain the ability to “see” by bringing together Watson’s advanced image analytics and cognitive capabilities with data and images obtained from Merge Healthcare Incorporated’s medical imaging management platform.  IBM plans to acquire Merge, a leading provider of medical image handling and processing, interoperability and clinical systems designed to advance healthcare quality and efficiency, in an effort to unlock the value of medical images to help physicians make better patient care decisions

IBM: In April 2019, GE Healthcare announced Edison will integrate with ACR AI-LAB. The Edison platform helps accelerate the development and adoption of Artificial Intelligence (AI) technology and empower providers to deliver faster, more precise care. Edison serves as a “digital thread” for GE Healthcare’s existing AI partnerships and products, and by integrating with ACR AI-LAB, it will extend these services and allow ACR members and other radiology professionals to more easily develop and seamlessly deploy their algorithms across hospitals and research centers nationally.

Scope of the Report

By Technology

• Deep Learning
• Computer Vision
• NLP
• Others

By Application

• X-Ray
• CT
• MRI
• Ultrasound
• Molecular Imaging

By End-User

• Hospitals
• Clinics
• Research Laboratories
• Others

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.