Product Code: BHD0750SC
“Global AI-Enabled Medical Imaging Solutions Market to Reach $18,356.5 Million by 2032.”
Industry Overview
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
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 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.
Demand - Drivers and Limitations
Following are the drivers for the global AI-enabled medical imaging solutions market:
- Increasing Awareness Regarding Early Detection of Chronic Disorders
- Facilitation of Better Clinical Decision-Making and Increased Accuracy with Artificial Intelligence
- Increasing Therapeutic Applications of AI-Enabled Devices
- Technologically Advancements in AI-Enabled Products and the Increasing Regulatory Approvals for them
The market is expected to face some limitations as well due to the following restraints:
- Legal Implications of AI Systems
- Increasing Security Breaches Leading to Privacy and Security Concerns for Healthcare Data
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.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, and market penetration.
Key Companies Profiled
- Agfa-Gevaert Group
- Aidoc
- Blackford Analysis Limited
- Butterfly Network, Inc.
- Canon Inc.
- Caption Health
- Carestream Health Inc.
- FUJIFILM Holdings Corporation
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- General Electric Company
- Hologic, Inc.
- iCAD, Inc.
- Koninklijke Philips N.V.
- NVIDIA Corporation
- Siemens Healthineers AG
- VUNO, Inc.
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Table of Contents
1 Markets
- 1.1 Global Market Outlook
- 1.1.1 Product Definition
- 1.1.2 Inclusion and Exclusion Criteria
- 1.1.3 Key Findings
- 1.1.4 Assumptions and Limitations
- 1.1.5 Market Scenario
- 1.1.5.1 Realistic Growth Scenario
- 1.1.5.2 Optimistic Growth Scenario
- 1.1.5.3 Pessimistic/Conservative Growth Scenario
- 1.2 Industry Outlook
- 1.2.1 Industry Ecosystem
- 1.2.2 Key Trends
- 1.2.2.1 Significant Number of Collaborations among Market Players
- 1.2.2.2 Adoption of Machine Learning and Deep Learning in Medical Imaging
- 1.2.2.3 Shift of AI Technology from On-Premises Solutions to Cloud- and Web-Based Platform Approach
- 1.2.2.4 Rising Number of Start-Ups in the Market
- 1.2.3 Opportunity Assessment
- 1.2.4 Regulatory Framework
- 1.2.4.1 Consortiums, Associations, and Regulatory Bodies
- 1.2.4.2 Regulatory Framework for Artificial Intelligence-Based FDA-Approved Medical Devices and Algorithms
- 1.2.4.3 Regulatory Framework in the U.S.
- 1.2.4.4 Regulatory Framework in Europe
- 1.2.4.5 Regulatory Framework in Japan
- 1.2.4.6 Regulatory Framework in China
- 1.2.4.7 Regulatory Framework in the Other Countries
- 1.2.5 Patent Analysis
- 1.2.5.1 Awaited Technological Developments
- 1.2.5.2 Patent Filing Trend (by Country)
- 1.2.5.3 Patent Filing Trend (by Year)
- 1.2.6 Funding Scenario
- 1.2.7 Case Studies
- 1.2.7.1 Case Study 1: Aidoc
- 1.2.7.2 Case Study 2: iCAD, Inc.
- 1.2.7.3 Case Study 3: Qure.ai
- 1.2.8 Challenges for Implementation of AI-enabled Solutions in Medical Imaging
- 1.3 Impact of COVID-19 on the Global AI-Enabled Medical Imaging Solutions
- 1.3.1 Pre-COVID-19 Phase
- 1.3.2 During COVID
- 1.3.2.1 Impact of COVID-19 on Clinical Settings and Clinical Decision-Making
- 1.3.2.2 Impact on AI-Based Medical Imaging Solution Manufacturers
- 1.3.3 Post-COVID-19 Phase
- 1.4 Real World Evidence
- 1.4.1 Overview
- 1.4.2 iCAD, Inc.
- 1.4.2.1 Role of iCAD, Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 1.4.2.2 Recent Clinical Study Results
- 1.4.2.3 Clinical and Business Challenges Solved by ProFound AI
- 1.4.3 Nanox Imaging LTD.
- 1.4.3.1 Role of Nanox Imaging LTD. in the Global AI-Enabled Medical Imaging Solutions Market
- 1.4.4 MIRADA MEDICAL LIMITED
- 1.4.4.1 Role of MIRADA MEDICAL LIMITED in the Global AI-Enabled Medical Imaging Solutions Market
- 1.4.5 Subtle Medical, Inc.
- 1.4.5.1 Role of Subtle Medical, Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 1.4.6 Riverain Technologies, LLC
- 1.4.6.1 Role of Riverain Technologies, LLC in the Global AI-Enabled Medical Imaging Solutions Market
- 1.4.6.2 Clinical Study Evidence
- 1.5 Business Dynamics
- 1.5.1 Impact Analysis
- 1.5.2 Business Drivers
- 1.5.2.1 Increasing Awareness Regarding Early Detection of Chronic Disorders
- 1.5.2.2 Facilitation of Better Clinical Decision-Making and Increased Accuracy with Artificial Intelligence
- 1.5.2.3 Increasing Therapeutic Applications of AI-Enabled Devices
- 1.5.2.4 Technologically Advancements in AI-Enabled Products and the Increasing Regulatory Approvals for them
- 1.5.3 Business Restraints
- 1.5.3.1 Legal Implications of AI Systems
- 1.5.3.2 Increasing Security Breaches Leading to Privacy and Security Concerns for Healthcare Data
- 1.5.4 Business Opportunities
- 1.5.4.1 Increasing Opportunities for AI Imaging in Emerging Economies
- 1.5.4.2 Shortage of the Healthcare Workforce Leading to Increased Demand for AI-Enabled Solutions
- 1.5.4.3 Increasing Synergy Between Manufacturers and Hospitals
2 Global AI-Enabled Medical Imaging Solutions Market (by Modality)
- 2.1 Key Findings and Opportunity Assessment
- 2.2 Growth-Share Matrix
- 2.3 Product Benchmarking
- 2.4 Computed Tomography (CT)
- 2.5 Magnetic Resonance (MR)
- 2.6 Ultrasound
- 2.7 X-Ray
- 2.8 Mammography
- 2.9 Multimodality Imaging Systems
- 2.1 Other Modalities
3 Global AI-Enabled Medical Imaging Solutions Market (by Product)
- 3.1 Key Findings and Opportunity Assessment
- 3.2 Growth-Share Matrix
- 3.3 Software
- 3.4 Hardware
4 Global AI-Enabled Medical Imaging Solutions Market(by Deployment Model)
- 4.1 Key Findings and Opportunity Assessment
- 4.2 Growth-Share Matrix
- 4.3 Cloud- and Web-Based Solutions
- 4.4 On-Premises Solutions
5 Global AI-Enabled Medical Imaging Solutions Market (by Workflow)
- 5.1 Key Findings and Opportunity Assessment
- 5.2 Growth-Share Matrix
- 5.3 Product Benchmarking
- 5.4 Image Acquisition
- 5.5 Image Analysis
- 5.6 Detection
- 5.7 Diagnosis and Treatment Decision Support
- 5.8 Predictive Analysis and Risk Assessment
- 5.9 Triage
- 5.1 Reporting and Communication
6 Global AI-Enabled Medical Imaging Solutions Market(by Therapeutic Application)
- 6.1 Key Findings and Opportunity Assessment
- 6.2 Growth-Share Matrix
- 6.3 Product Benchmarking
- 6.4 Specialty Imaging
- 6.4.1 Cardiology
- 6.4.1.1 Major Ongoing Clinical Trials for AI in Cardiology
- 6.4.1.2 Market Sizing and Forecast
- 6.4.2 Oncology
- 6.4.2.1 Major Ongoing Clinical Trials for AI in Oncology
- 6.4.2.2 Market Sizing and Forecast
- 6.4.2.2.1 By Type
- 6.4.2.2.1.1 Lung Cancer
- 6.4.2.2.1.2 Breast Cancer
- 6.4.2.2.1.3 Other Cancer Types
- 6.4.3 Neurology
- 6.4.3.1 Major Ongoing Clinical Trials for AI in Neurology
- 6.4.3.2 Market Sizing and Forecast
- 6.4.4 Respiratory
- 6.4.4.1 Major Ongoing Clinical Trials for AI in Respiratory Diseases
- 6.4.4.2 Market Sizing and Forecast
- 6.4.5 Orthopedics
- 6.4.5.1 Major Ongoing Clinical Trials for AI in Orthopedics
- 6.4.5.2 Market Sizing and Forecast
- 6.4.6 Others
- 6.5 General Imaging
7 Region
- 7.1 North America AI-Enabled Medical Imaging Solutions Market
- 7.1.1 Key Findings and Opportunity Assessment
- 7.1.2 Market Dynamics
- 7.1.3 Market Sizing and Forecast
- 7.1.3.1 North America AI-Enabled Medical Imaging Solutions Market (by Country)
- 7.1.3.1.1 U.S.
- 7.1.3.1.2 Canada
- 7.2 Europe AI-Enabled Medical Imaging Solutions Market
- 7.2.1 Key Findings and Opportunity Assessment
- 7.2.2 Market Dynamics
- 7.2.3 Market Sizing and Forecast
- 7.2.3.1 Europe AI-Enabled Medical Imaging Solutions Market (by Country)
- 7.2.3.1.1 Germany
- 7.2.3.1.2 U.K.
- 7.2.3.1.3 France
- 7.2.3.1.4 Italy
- 7.2.3.1.5 Spain
- 7.2.3.1.6 Switzerland
- 7.2.3.1.7 Sweden
- 7.2.3.1.8 Netherlands
- 7.2.3.1.9 Rest-of-Europe
- 7.3 Asia-Pacific AI-Enabled Medical Imaging Solutions Market
- 7.3.1 Key Findings and Opportunity Assessment
- 7.3.2 Market Dynamics
- 7.3.3 Market Sizing and Forecast
- 7.3.3.1 Asia-Pacific AI-Enabled Medical Imaging Solutions Market (by Country)
- 7.3.3.1.1 China
- 7.3.3.1.2 Japan
- 7.3.3.1.3 Australia and New Zealand
- 7.3.3.1.4 India
- 7.3.3.1.5 South Korea
- 7.3.3.1.6 Singapore
- 7.3.3.1.7 Rest-of-Asia-Pacific
- 7.4 Rest-of-the-World AI-Enabled Medical Imaging Solutions Market
- 7.4.1 Key Findings and Opportunity Assessment
- 7.4.2 Market Dynamics
- 7.4.3 Market Sizing and Forecast
- 7.4.3.1 Rest-of-the-World AI-Enabled Medical Imaging Solutions Market (by Country)
- 7.4.3.1.1 Israel
- 7.4.3.1.2 Brazil
- 7.4.3.1.3 Mexico
- 7.4.3.1.4 Rest-of-Rest-of-the-World
8 Markets - Competitive Benchmarking & Company Profiles
- 8.1 Competitive Landscape
- 8.1.1 Key Strategies and Developments
- 8.1.1.1 Partnerships, Alliances, and Business Expansions
- 8.1.1.2 Regulatory and Legal Activities
- 8.1.1.3 New Offerings
- 8.1.1.4 Funding Activities
- 8.1.1.5 Mergers and Acquisitions
- 8.1.2 Key Development Analysis (Heat Map)
- 8.2 Company Profiles
- 8.2.1 Agfa-Gevaert Group
- 8.2.1.1 Company Overview
- 8.2.1.2 Role of Agfa-Gevaert Group in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.1.3 Product Portfolio
- 8.2.1.4 Financials
- 8.2.1.5 Analyst Perception
- 8.2.2 Aidoc
- 8.2.2.1 Company Overview
- 8.2.2.2 Role of Aidoc in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.2.3 Product Portfolio
- 8.2.2.4 Recent Developments
- 8.2.2.5 Analyst Perspective
- 8.2.3 Blackford Analysis Limited
- 8.2.3.1 Company Overview
- 8.2.3.2 Role of Blackford Analysis Limited in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.3.3 Product Portfolio
- 8.2.3.4 Recent Developments
- 8.2.3.5 Analyst Perspective
- 8.2.4 Butterfly Network, Inc.
- 8.2.4.1 Company Overview
- 8.2.4.2 Role of Butterfly Network, Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.4.3 Product Portfolio
- 8.2.4.4 Financials
- 8.2.4.5 Recent Developments
- 8.2.4.6 Analyst Perspective
- 8.2.5 Canon Inc.
- 8.2.5.1 Company Overview
- 8.2.5.2 Role of Canon Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.5.3 Product Portfolio
- 8.2.5.4 Financials
- 8.2.5.5 Recent Developments
- 8.2.5.6 Analyst Perception
- 8.2.6 Caption Health
- 8.2.6.1 Company Overview
- 8.2.6.2 Role of Caption Health in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.6.3 Product Portfolio
- 8.2.6.4 Recent Developments
- 8.2.6.5 Analyst Perspective
- 8.2.7 Carestream Health Inc.
- 8.2.7.1 Company Overview
- 8.2.7.2 Role of Carestream Health Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.7.3 Product Portfolio
- 8.2.7.4 Analyst Perspective
- 8.2.8 FUJIFILM Holdings Corporation
- 8.2.8.1 Company Overview
- 8.2.8.2 Role of FUJIFILM Holdings Corporation in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.8.3 Product Portfolio
- 8.2.8.4 Financials
- 8.2.8.5 Recent Developments
- 8.2.8.6 Analyst Perspective
- 8.2.9 General Electric Company
- 8.2.9.1 Company Overview
- 8.2.9.2 Role of General Electric Company in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.9.3 Product Portfolio
- 8.2.9.4 Financials
- 8.2.9.5 Recent Developments
- 8.2.9.6 Analyst Perspective
- 8.2.10 Hologic, Inc.
- 8.2.10.1 Company Overview
- 8.2.10.2 Role of Hologic, Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.10.3 Product Portfolio
- 8.2.10.4 Financials
- 8.2.10.5 Recent Developments
- 8.2.10.6 Analyst Perspective
- 8.2.11 iCAD, Inc.
- 8.2.11.1 Company Overview
- 8.2.11.2 Role of iCAD, Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.11.3 Product Portfolio
- 8.2.11.4 Financials
- 8.2.11.5 Recent Developments
- 8.2.11.6 Analyst Perspective
- 8.2.12 Koninklijke Philips N.V.
- 8.2.12.1 Company Overview
- 8.2.12.2 Role of Koninklijke Philips N.V. in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.12.3 Product Portfolio
- 8.2.12.4 Financials
- 8.2.12.5 Recent Developments
- 8.2.12.6 Analyst Perception
- 8.2.13 NVIDIA Corporation
- 8.2.13.1 Company Overview
- 8.2.13.2 Role of NVIDIA Corporation in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.13.3 Product Portfolio
- 8.2.13.4 Financials
- 8.2.13.5 Recent Developments
- 8.2.13.6 Analyst Perspective
- 8.2.14 Siemens Healthineers AG
- 8.2.14.1 Company Overview
- 8.2.14.2 Role of Siemens Healthineers AG in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.14.3 Product Portfolio
- 8.2.14.4 Financials
- 8.2.14.5 Recent Developments
- 8.2.14.6 Analyst Perspective
- 8.2.15 VUNO, Inc.
- 8.2.15.1 Company Overview
- 8.2.15.2 Role of VUNO, Inc. in the Global AI-Enabled Medical Imaging Solutions Market
- 8.2.15.3 Product Portfolio
- 8.2.15.4 Recent Developments
- 8.2.15.5 Analyst Perspective