Artificial intelligence (AI) is the capability of a digital computer to execute projects that are generally associated with intelligent beings. An AI solution is developed to mimic the intellectual character of a human, such as the capability to reason, uncover meaning, generalize, or learn from past patterns. Presently, with the availability of big data and advanced machine learning techniques, the field of artificial intelligence (AI) is growing rapidly. There has been a rapid increase in the areas of application for AI. AI has entered daily lives across numerous verticals, including agriculture, autonomous vehicles, personalized learning, finance, and healthcare. In the healthcare domain, AI has massive potential for applications starting from drug discovery to development to image-guided therapy.
According to a study published in October 2022 by the National Center for Biotechnology Information (NCBI), titled “Factors Governing the Adoption of Artificial Intelligence in Healthcare Providers,” several factors, such as the rising healthcare expenditures, lack of communication between physicians and patients, poor health conditions, lack of physicians and medical staff, and the increasing incidences of chronic health conditions have promoted the integration of AI in healthcare. Attributed to this, leading manufacturers in the market are developing AI-based tools and techniques that are used to mimic human cognitive behaviors and analyze the complex medical data present in healthcare settings. The following figure depicts different applications of AI in healthcare.
In the field of medical imaging, AI-based solutions are used for image analysis, detection, diagnosis and decision support, image acquisition, reporting and communication, triage, equipment maintenance, and predictive analysis and risk assessment, among others. The AI algorithms identify patterns in medical images after being trained using a vast number of examinations and images and thus aid in detecting abnormalities. Furthermore, deep learning algorithms are used for the high-throughput extraction of quantitative data and peculiar features from the images. Likewise, machine learning algorithms are used to provide valuable information for the prediction of treatment response and the differentiation of benign and malignant tumors.
AI provides several advantages in the medical imaging field, including:
Owing to these applications, AI is increasingly employed for improving patient care in the healthcare setting. Moreover, there has been an increased prevalence of chronic disorders that has increased the demand for advanced medical imaging solutions. Also, there has been a shortage of healthcare workforce, especially in developing countries, which has necessitated the use of automated radiology workflows, which is possible using AI. Hence, the integration of AI in the field of medical imaging is highly important since it has the potential to assist radiologists in carrying out the accurate diagnosis and disease detection. Hence, numerous established, as well as emerging companies, are venturing into the AI space in order to earn huge profits and to make maximum use of AI to inform important advances in the field of medical imaging.
The Road Ahead
There are several ongoing initiatives and research studies undertaken to advance the utilization of AI in medical imaging. With the increasing advancements in machine learning and deep learning algorithms, AI will have immense application and potential in the coming time.
Additionally, the manufacturers are significantly investing in research and development (R&D) and undertaking strategic activities to expand their respective product portfolios by developing AI-enabled medical imaging solutions to function in different workflows and for several different therapeutic applications. Moreover, there is a surge in the number of new companies entering the market with innovative products and disrupting the global AI-enabled medical imaging solutions market.
Global AI-Enabled Medical Imaging Solutions Market: Overall Size and Forecast
The global AI-enabled medical imaging solutions market was valued at $1,345.1 million in 2021 and is anticipated to reach $18,356.5 million by 2032, witnessing a CAGR of 25.76%during the forecast period 2022-2032. The following figure illustrates the market revenue of the global AI-enabled medical imaging solutions market from 2020-2032.
Promoting and Inhibiting Factors for the Market
The market is anticipated to grow at a CAGR of 25.76% during the forecast period 2022-2032, which can be attributed to the increasing awareness regarding the early detection of chronic disorders, facilitation of better clinical decision making and increased accuracy with artificial intelligence, expanding range of applications of AI, the increasing number of regulatory approvals, and the shortage of healthcare force leading to increased demand of AI solutions. Moreover, it is expected that the market will witness exponential growth with the emergence of novel deep-learning algorithms. The increasing number of cross-industry partnerships and collaborations is also expected to exert a positive impact on the market growth during the forecast period.
In addition to the driving factors, some restraints are limiting the market from growing at its full potential. For instance, the increasing security breaches are leading to privacy and security concerns for healthcare data. Additionally, there are legal implications for the adoption of AI, which are also restricting the market growth.
Impact Analysis
The use of AI enhances the accuracy and sensitivity for the detection of different diseases, thereby giving a better result, thus helping better clinical decisions making. Moreover, the integration of AI in the clinical workflow offers immense potential for synergy between AI systems and human intellect, as it reduces the risk of misdiagnosis and other related medical errors. This is the main factor driving the market. Therefore, the impact of the facilitation of better clinical decision-making and increased accuracy with artificial intelligence is expected to be high in the next 6-10 years. Moreover, the awareness regarding the early detection of diseases is increasing gradually; thereby, the impact of the aforementioned driver on the market will be medium-high in the next 6-10 years.
Additionally, the increasing security breaches leading to privacy and security concerns for healthcare data have been high in recent years, but over time with the increased implication of safety measures in healthcare data and the advancement in technology, the healthcare sector might be able to tackle this issue. Therefore, the impact of the aforementioned restraint will be medium-high in the next 6-10 years.
Computed Tomography (CT) to Dominate the Market (by Modality)
Based on modality, the global AI-enabled medical imaging solutions market is dominated by computed tomography (CT), with a market share of 44.02% in 2021 and an expected share of 42.00% in 2032. However, during the forecast period, mammography and multimodality imaging systems segments are expected to witness the fastest growth at a CAGR of 27.00% and 30.20%, respectively. The maximum share of the computed tomography (CT) segment can be attributed to the increasing partnerships for the advancement of CT using AI and the availability of efficient AI-based solutions for use in CT scans.
Software to Register the Highest Growth Rate in the Forecast Period
Based on product, the global AI-enabled medical imaging solutions market is segmented into hardware and software. The software segment dominated the market with a market share of 67.98% in 2021. The segment is also expected to witness remarkable growth at a CAGR of 25.93% during the forecast period 2022-2032. This growth can be attributed to the increasing number of software manufacturers venturing into the AI space.
Image Analysis Occupying the Largest Share in the Market
Based on workflow, the image analysis segment is presently dominating the global AI-enabled medical imaging solutions market. It dominated the market with a market share of 70.04% in 2021 and is expected to dominate the market by 2032 with a market share of 66.00%. However, during the forecast period, the detection segment is expected to grow at the fastest rate, i.e., at a CAGR of 28.47%.
Growing Importance of Specialty Imaging
Based on therapeutic application, the specialty imaging segment is expected to dominate the AI-enabled medical imaging solutions market, owing to the increasing incidences of chronic disorders such as cancer, cardiovascular diseases, and neurological disorders. The specialty imaging segment held a share of 58.14% in 2021 and is expected to grow at a CAGR of 26.32% during the forecast period 2022-2032.
Cloud- and Web-Based Solutions to Dominate the Market (by Deployment Model)
Based on deployment model, the market has been segmented into the cloud- and web-based solutions segment and the on-premises solutions segment. The cloud- and web-based solutions segment is leading the global AI-enabled medical imaging solutions market with a share of 36.55% in 2021 and an expected share of 41.00% by 2032. Further, the cloud- and web-based solutions segment is expected to grow at a CAGR of 27.08%. The dominance of the segment is attributed to the increased adoption of cloud- and web-based solutions, owing to several advantages, including cost-effectiveness, ease of customization, and vendor neutrality, among others.
Regional Analysis
Regions such as North America and Europe have technologically advanced industries and allocate considerable budgets to research and development (R&D) activities, due to which these regions hold the maximum share in the global AI-enabled medical imaging solutions market. Regions such as Asia-Pacific and Rest-of-the-World are anticipated to register significant growth during the forecast period 2022-2032 owing to factors such as the shortage of healthcare workforce leading to increased demand for automation by AI and the increasing prevalence of chronic disorders leading to awareness regarding early diagnosis.
Several companies, including Aidoc, Subtle Medical, Inc., Qure.ai, DiA Imaging Analysis, Ltd., Perspectum Diagnostics, Quantib B.V. (RadNet, Inc.), Volpara Health Limited, Koninklijke Philips N.V., Imbio LLC, Viz.ai, Inc., Avicenna.ai, Caption Health, Canon, Inc., VUNO lnc., and iCAD, Inc., among others, are operating in the global AI-enabled medical imaging solutions market. To sustain the competition in the market, the market players have undertaken several strategic activities from January 2019 to November 2022. partnerships, alliances, and business expansions accounted for the maximum number of key developments in the global AI-enabled medical imaging solutions market during the period, followed by regulatory and legal activities and new offerings. The following figure indicates the share of key developments that took place in the market from January 2019 to November 2022.
Conclusion
AI-based medical imaging solutions are a disruptive technology with great potential, and the market is anticipated to grow during the forecast period owing to increasing awareness regarding the early detection of chronic disorders, facilitation of better clinical decision-making, and increased accuracy with artificial intelligence. Shortage of the healthcare workforce leads to increased demand for AI-enabled solutions, increasing therapeutic applications of AI-enabled devices, and the technological advancements in AI-enabled products and the increasing regulatory approvals for them. The North America region is expected to witness the maximum growth during the forecast period, followed by Europe and Asia-Pacific. Furthermore, despite a few challenges, such as the increasing security breaches leading to privacy and security concerns for healthcare data and the legal implications of AI systems, the global AI-enabled medical imaging solutions market might continue to grow.
