Increasing List of Applications of AI-Enabled Medical Imaging Surging the Growth of the Market

07 Jan 2021

The field of artificial intelligence (AI) is significantly altering the medical imagining industry in the most fundamental way by leveraging several technologies. The use of AI-enabled medical imaging systems gives radiologists an edge by enhancing their capabilities in diagnosing and study of imaging. However, the profusion of medical imaging modalities that are presently available has increased the complexity of clinical decision-making by radiologists.

The shortage of the healthcare workforce, especially in developing countries, has necessitated the use of automated radiology workflows, which is further possible with the help of 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.

In January 2021, NanoX, an Israel-based company, announced a collaborative partnership with a teleradiology company USARAD to create a new artificial intelligence second opinion program. The aim of this collaboration is to deliver a high-quality healthcare imaging system with decreased cost to save lives at a mass level.

In addition, Image Analysis Group, a leading medical imaging company, is collaborating with WPD Pharmaceuticals Inc. to offer pertinent critical imaging services during the Berubicin phase 2 clinical trials that are expected to begin in February 2021.

Considering that AI systems are used for the enhancement of the reproducibility of technical protocols and improvement of image quality. The AI-based systems also help in reducing the MRI timings along wit the dosage of radiations.  Owing to these applications, AI is increasingly employed to improve patient care and reduce the costs incurred in medical imaging procedures. Hence, numerous established as well as emerging companies are venturing into the AI space in order to earn huge profits and to make the maximum use of AI to inform important advances in the field of medical imaging.

The recently published market intelligence report by BIS Research on global AI-enabled medical imaging solutions market highlights that the market was estimated at $636.1 million in 2019 and is projected to grow at a CAGR of 26.69% during the forecast period 2020-2030.

This growth is attributed to factors such as increasing complexities of clinical decision-making, expanding range of applications, shortage of healthcare workforce, and huge research and development investments.

The region of North America dominated the global AI-enabled medical imaging solutions market with the highest market share in 2019. Factors such as the presence of numerous established as well as emerging players, rising awareness, improved healthcare infrastructure, and rising demand for precision medicine account for the market dominance of North America in the global AI-enabled medical imaging solutions market.

 
 

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