AI-Enabled Medical Imaging Solutions Market Trends, growth opportunities and Forecast to 2032

The global AI-enabled medical imaging solutions market was valued at $1,854.5 million in 2022 and is anticipated to reach $18,356.5 million by 2032, witnessing a CAGR of 25.76% during the forecast period 2022-2032. The growth in the global AI-enabled medical imaging solutions market is expected to be driven by the increasing awareness regarding the early detection of chronic disorders, the facilitation of better clinical decisions and increased accuracy with artificial intelligence, the shortage of healthcare workforce, technological advancements in artificial intelligence (AI)-enabled products and the increasing regulatory approvals for them, and the increasing therapeutic applications of AI-enabled devices.

Market Lifecycle Stage

The AI-enabled medical imaging solutions market is in the developing phase. AI-enabled medical imaging solutions in emerging countries, technological advancements in imaging devices, and the adoption of artificial intelligence and deep learning in imaging systems are some of the major opportunities in the global AI-enabled medical imaging solutions market. Furthermore, some of the key trends going on in the market are a significant number of collaborations among market players, the adoption of machine learning and deep learning in medical imaging, various new product offerings, and the expansion of companies into the global AI-enabled medical imaging solutions market.

Impact of COVID-19

Immediately after the outbreak of COVID-19, the focus of the healthcare systems switched to managing the pandemic and related crises. This led to hospital budgets shrinking and thus resulted in the slow growth of AI.

However, AI is being deployed in radiology departments across the globe to help fight COVID-19, and AI-based tools are playing an important role in fighting the COVID-19 pandemic. The adoption of AI in clinical settings increased during the pandemic owing to its numerous advantages in tackling COVID-19. According to a study published in September 2021 by the Frontiers, titled “Artificial Intelligence for COVID-19: A Systematic Review,” AI assisted in achieving high execution in diagnosis, prognosis evaluation, pandemic prediction, and drug discovery for COVID-19.

Thus, there was an appositive impact of COVID-19 on the adoption of AI in clinical settings and clinical decision-making.

Market Segmentation:

Segmentation 1: by Modality
•    Computed Tomography (CT)
•    Magnetic Resonance (MR)
•    X-Ray
•    Ultrasound
•    Mammography
•    Multimodality Imaging Systems
•    Other Modalities

Based on modality, the global AI-enabled medical imaging solutions market is expected to be dominated by the computed tomography (CT) segment.

Segmentation 2: by Product
•    Software
•    Hardware

Based on product, the global AI-enabled medical imaging solutions market is dominated by the software segment.

Segmentation 3: by Deployment Model
•    Cloud- and Web-Based Solutions
•    On-Premises Solutions

Based on the deployment model, the global AI-enabled medical imaging solutions market is dominated by the cloud- and web-based solutions segment.

Segmentation 4: by Workflow
•    Image Acquisition
•    Image Analysis
•    Detection
•    Diagnosis and Treatment Decision Support
•    Predictive Analysis and Risk Assessment
•    Triage
•    Reporting and Communication

Based on workflow, the global AI-enabled medical imaging solutions market is dominated by the image analysis segment.

Segmentation 5: by Therapeutic Application
•    Specialty Imaging
•    General Imaging

Based on therapeutic application, the global AI-enabled medical imaging solutions market is dominated by the specialty imaging segment.

Segmentation 6: by Region
•    North America - U.S., Canada
•    Europe - Germany, France, U.K., Italy, Spain, Switzerland, Sweden, Netherlands, and Rest-of-Europe
•    Asia-Pacific - Japan, China, India, Australia and New Zealand, South Korea, Singapore, and Rest-of-Asia-Pacific
•    Rest-of-the-World - Israel, Brazil, Mexico, and Rest-of-Rest-of-the-World

Based on region, the global AI-enabled medical imaging solutions market is dominated by North America.

Recent Developments in the Global AI-Enabled Medical Imaging Solutions Market

•    In November 2022, Aidoc received U.S. FDA approval for its CT-based AI solution for the diagnosis of aortic dissection (AD) and all vessel occlusions (VOs).
•    In September 2022, Aidoc partnered with Sana Klinikum Lichtenberg, which is the largest German private hospital network of 55 facilities. Through this partnership, Aidoc’s AI solution for pulmonary embolism (PE) will be integrated into all the facilities of Sana Klinikum Lichtenberg.
•    In June 2022, Blackford Analysis Limited partnered with Us2.ai to bring advanced echocardiography analysis tools to the Blackford Platform.
•    In May 2022, Butterfly Network, Inc. partnered with the Medical University of South Carolina to work on transforming patient care, health education, and medical research.
•    In August 2021, Blackford Analysis Limited partnered with Qlarity Imaging to bring QuantX Diagnostic AI to Radiologists via the Blackford Platform.
•    In September 2021, Aidoc and Subtle Medical partnered to establish end-to-end AI solutions for medical imaging.
•    In December 2020, Agfa HealthCare, a subsidiary of Agfa-Gavaert Group, launched a new product called RUBEE for AI, which facilitates hospitals to entrench the best artificial intelligence (AI) in their imaging network.
•    In May 2020, Agfa HealthCare, a subsidiary of Agfa-Gavaert Group, partnered with Northwest Clinics to expand the imaging platform of clinics with the RUBEE for AI.
•    In November 2021, Butterfly Network, Inc. formed a distribution partnership with Abdul Latif Jameel Health for the distribution of its Butterfly iQ+ ultrasound device to people across the Middle East, North Africa, Turkey, and India.
•    In August 2021, Caption Health formed an exclusive partnership with Butterfly Network Inc. to facilitate earlier disease detection and management with AI-based guidance and diagnostics.

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How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of AI-enabled medical imaging solutions available for use in hospitals and diagnostic centers. Moreover, the study provides the reader with a detailed understanding of the different AI-enabled medical imaging solutions based on modality (computed tomography (CT), magnetic resonance (MR), X-ray, ultrasound, mammography, multimodality imaging systems, and other modalities), product (software and hardware), deployment model (cloud- and web-based solutions and on-premises solutions), workflow (image acquisition, image analysis, detection, diagnosis and treatment decision support, predictive analysis and risk assessment, triage, and reporting and communication), and therapeutic application (specialty imaging and general imaging).

Growth/Marketing Strategy: The global AI-enabled medical imaging solutions market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, product launches, and funding activities. Partnerships, alliances, and business expansions accounted for the maximum number of key developments, i.e., nearly half of the total developments in the global AI-enabled medical imaging solutions market, followed by regulatory and legal activities and new offerings.

Competitive Strategy: Key players in the global AI-enabled medical imaging solutions market analyzed and profiled in the study involve players that offer AI-enabled medical imaging solutions. Moreover, a detailed product benchmarking based on workflow, modality, and therapeutic application of the players operating in the global AI-enabled medical imaging solutions market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, collaborations, product launches and approvals, and funding scenarios will aid the reader in understanding the untapped revenue pockets in the market.

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