The medical imaging industry faces significant challenges, such as radiologists’ increasing workload, the complexity of tasks, and the global shortage of staff, including radiologists. The number of imaging exams being conducted globally is increasing due to advancements in medical imaging and the growing complexity of medical cases, which burdens radiologists with a massive workload. Hospitals and healthcare systems also face rising costs associated with advanced imaging techniques and the need to balance these expenses against the value provided, without leading to overdiagnosis or overtreatment.
Interest in automation and AI integration is on the rise for the technologies’ potential to reduce the burden on radiologists and free them to focus on the most critical tasks. Use of AI tools in radiology can improve workflow management and the current standard of care by reducing the overall scanning time while increasing accuracy. AI tools also have the potential to streamline administrative processes through improved patient information systems, making healthcare systems more efficient and patient-focused.
This study focuses on the growing adoption of AI solutions in medical imaging that are used in multiple clinical application areas and across different modalities. The following clinical application segments are analyzed in the report: cardiology, neurology, pulmonology, breast, musculoskeletal (MSK), abdomen and pelvis, and others.
The study period is 2022 to 2028, with 2023 as the base year and 2024 to 2028 as the forecast period. The study offers an overview of the global AI-enabled medical imaging market, focusing on current scenarios, drivers and restraints, the latest technologies, and notable participants. Frost & Sullivan offers stakeholders insights into the AI-enabled medical imaging market to help them monetize opportunities arising from this dynamic landscape during the next few years.
Author: Anantharaman Viswanathan
Revenue Forecast
The revenue estimate for the base year 2023 is $1,143.0 million, with a compound annual growth rate (CAGR) of 20.3% projected for the study period from 2024 to 2028.
The Impact of the Top 3 Strategic Imperatives on the AI-enabled Medical Imaging Industry
Competitive Intensity
WHY
- Traditional manufacturers of medical imaging equipment, such as MRI, CT, and ultrasound face competition from AI solution providers that offer tools with AI support for image enhancement, triage, detection, diagnosis, and quantification.
- Competition among AI solution providers is intense, with about 500 AI solutions with US Food and Drug Administration (FDA) approval for various clinical applications and imaging modalities, with minimal differentiation.
FROST PERSPECTIVE
- An opportunity exists for original equipment manufacturers (OEMs) to expand vendor AI marketplaces so that third-party developers can directly integrate their algorithms into OEM applications and platforms to simplify and improve AI application usability for healthcare providers.
- Companies such as Nuance Communications and Bayer (with its acquisition of Blackford Analysis) offer flexible platforms for AI imaging applications utilization through agile cloud platforms.
Disruptive Technologies
WHY
- Access to medical imaging and radiologists in remote regions in developing and developed markets is a challenge for healthcare systems.
- The global COVID-19 pandemic triggered the need for telehealth and remote diagnosis and treatment of patients. Technology saw rapid adoption to provide new methods of care delivery. Radiologists required remote access to patient imaging files, resulting in the rapid deployment of remote scanning and AI solutions in imaging exams for COVID-19 diagnosis.
FROST PERSPECTIVE
- Remote scanning enables experienced technologists to scan from a central center or home.
- Software-as-a-Service (SaaS) cloud-based teleradiology solutions, such as zero-footprint software, allow remote work with devices ranging from PCs, laptops, tablets, and smartphones. These solutions also have benefits for underserved areas where medical professionals lack imaging resources and information through web browser and mobile healthcare delivery models like hybrid models.
Transformative Megatrend
WHY
- Radiologists are in short supply globally. The United States only has about 30 radiologists per million people. Europe and the United Kingdom experience a similar shortage, with Europe having 13 radiologists per 100,000 people, while the United Kingdom has only 8.5. The situation is similar in Asia-Pacific (APAC) and other regions.
- With the global increase in the aging population, the healthcare workforce is not keeping pace, and many countries face radiologist shortages.
FROST PERSPECTIVE
- AI solutions for various indications in radiology, across modalities such as X-ray, CT scans, and ultrasound, address the radiologist shortage by augmenting and improving the standard of care and reducing overall scanning time while increasing accuracy. AI supports breast lung cancer detection and can help identify, prioritize, and characterize cardiac disease decisions-making for better patient outcomes. This ultimately provides radiologists with better workflow support.
Scope of Analysis
- The research offers an overview of AI-enabled solutions for the medical imaging market.
- It covers trends, opportunities, market sizes, forecasts, and growth rates for AI solutions for medical imaging across various clinical application areas.
- Regional coverage includes North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW), including Latin America (LATAM) and the Middle East and Africa (MEA).
- The study offers a detailed analysis of market trends and emerging business models of AI solutions that will dominate the market and discusses AI solutions for X-ray, CT, mammography, MRI, ultrasound, and molecular imaging (MI) modalities.
- It considers revenues from sales to healthcare institutions, such as clinics, hospitals, and imaging centers, but does not account for clinical trial revenues for revenue estimation.
- The research will discuss adopted deployment models, such as stand-alone and bundled AI tools, as part of the imaging modalities.
- It covers the competitive landscape, market challenges, market drivers, trends, and growth opportunities.
Competitive Environment
| Number of Competitors | 164 with revenue greater than $0.5 million |
| Competitive Factors | Cost, performance, support, technology, reliability |
| Key End-user Industry Verticals | Hospitals, imaging centers |
| Leading Competitors | Aidoc, Circle Cardiovascular Imaging Inc., Cleerly, Inc., HeartFlow, Inc., Elucid, Lunit, Inc., Qure.ai Technologies Private Limited, iSchemaView, Inc. (Rapid AI), Siemens Healthineers AG, Viz.ai, Inc. |
| Revenue Share of Top 10 Competitors (2023) | 32.5% |
| Other Notable Competitors | Annalise-AI Pty Ltd. AI, Avenda Health, cortechs.ai, Gleamer, Huiying Medical Technology Co., Ltd., iCAD, icometrix, Infervision, JLK Inc., Koios Medical, Inc., Optellum, Inc., Perspectum, Riverain Technologies, Lunit, Inc., Vuno, Inc. |
| Distribution Structure | OEMs, AI marketplaces, retail sales, direct sales |
| Notable Acquisitions and Mergers | Lunit, Inc. acquired Volpara Health; Tempus acquired Arterys; GE HealthCare acquired Caption Care (Caption Health) |
Key Competitors
North America
- Avenda Health
- Bot Image, Inc.
- Circle Cardiovascular Imaging Inc.
- Cortechs.ai
- DeepLook Medical
- Dyad Medical, Inc
- Enlitic
- Ezra
- Imaging Biometrics, LLC
- Imeka
- Limbus AI Inc.
- NeoSoft, Inc.
- Neosoma Inc.
- Radformation, Inc.
- iSchemaView, Inc. (Rapid AI)
- Subtle Medical, Inc.
- Tempus
- HeartVista, Inc. (Vista.ai)
Europe
- AI4MedImaging
- AIRMed GmbH
- Brainminer Ltd
- Brainomix Limited
- Braineraed A/S
- Cercare Medical A/S
- Cerebriu A/S
- icometrix
- Lucida Medical Ltd
- mediaire GmbH
- Motilent
- MRIguidance
- MVision AI
- Olea Medical
- Perspectum
- Koninklijke Philips N.V.
- Pixyl SAS
- Qubittech Health Intelligence
- Quibim
- Siemens Healthineers AG
- SyntheticMR AB
APAC
- AIRS Medical Inc.
- Annalise-AI Pty Ltd.
- DeepTek.ai, Inc
- Huiying Medical Technology Co., Ltd.
- InferVision
- JLK Inc.
- Lunit Inc.
- MEDICAL IP Co., Ltd.
- NEUROPHET Inc.
- Qure.ai Technologies Private limited
- Resonance Health Limited and Resonance Health Analysis Services Pty Limited
- VinBrain
- VUNO Inc.
LATAM & MEA
- Medic Vision - Imaging Solutions Ltd.
- Aidoc
- IMedis AI Ltd.
- NANO-X IMAGING LTD.
Segmentation: AI-enabled Solutions by Clinical Application
AI-enabled Solutions for the Medical Imaging Market
| Clinical Application | Description |
|---|---|
| Pulmonology | AI-based imaging solutions for various pulmonology conditions, including tuberculosis (TB) and lung cancer, from companies such as Aidoc, Annalise-AI Pty Ltd., and Avicenna.ai |
| Neurology | Solutions for various brain and neurology conditions, including Alzheimer’s disease, stroke, and intracranial hemorrhaging, from companies such as Cortechs.ai, icometrix, and Viz.ai, Inc. |
| Cardiology | Solutions for diagnosis of various cardiac conditions and rapid reporting of non-invasive CCTA from companies such as Cleerly, Inc., Tempus, and Circle Cardiovascular Imaging Inc. |
| Breast | Solutions for breast cancer detection and diagnosis from companies such as iCad, Inversion, Lunit, Inc., Denstisas Inc., Koios Medical, Inc., and Transpara LLC |
| MSK | AI for MSK imaging for various disorders, such as trauma, osteoarthritis, bone and soft-tissue tumors, and other pathologies, from companies such as Gleamer, NANO-X IMAGING LTD., and Vuno, Inc. |
| Abdomen & Pelvis | Solutions for various abdomen and pelvic conditions, including detecting abnormal lesions in the liver and prostate cancer, from companies such as Perspectum and Imaging Biometrics, LLC. |
| Others | AI for general purposes, such as image enhancement and other clinical applications, from companies such as Blackford Analysis, DeepLook Medical, and OEMs |
Segmentation by Geography
AI-enabled Medical Imaging
- North America
North America includes the United States and Canada. - Europe
The AI-enabled medical imaging market in Europe includes the United Kingdom, Germany, Italy, France, Spain, Benelux (Belgium, the Netherlands, and Luxembourg), and Scandinavia (Denmark, Norway, Sweden, and Finland). - APAC
APAC includes China, the Philippines, Indonesia, India, Malaysia, Singapore, Japan, Vietnam, South Korea, Taiwan, Australia, and Thailand. - RoW
This encompasses countries not in the other 3 regions and those in LATAM and MEA.
Revenue Forecast
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the AI-enabled Medical Imaging Industry
Scope of Analysis
Definitions: AI-enabled olutions by Modality
Segmentation: AI-enabled olutions by Clinical Application
Segmentation by Geography
Competitive Environment
Key Competitors
Key Competitors by Clinical Application
Key Competitors by Application (continued)
Summary
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Considerations
Revenue Forecast
Revenue Forecast by Clinical Application
Revenue Forecast by Region
Revenue Forecast Analysis
Pricing Trends and Forecast Analysis
Revenue Share
Revenue Share Analysis
Revenue Share by Clinical Application
Percent Share of AI Solutions by Clinical Application
Percent Share of AI Solutions by Modality
US FDA and EU CE Approval for AI Solutions
Key AI Solutions with Reimbursement in the US
Key AI Solutions with Reimbursement in the US (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Percent Share of AI Products by Functionality
Forecast Analysis
Competitive Landscape
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Percent Share of AI Products by Functionality
Forecast Analysis
Competitive Landscape
Competitive Landscape (continued)
Competitive Landscape (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Percent Share of AI Products by Functionality
Forecast Analysis
Competitive Landscape
Competitive Landscape (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Percent Share of AI Product by Functionality
Forecast Analysis
Competitive Landscape
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Percent Share of AI Products by Functionality
Forecast Analysis
Competitive Landscape
Competitive Landscape (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Percent Share of AI Products by Functionality
Forecast Analysis
Competitive Landscape
Competitive Landscape (continued)
Growth Metrics
Revenue Forecast
Revenue Forecast by Region
Percent Share of AI Products by Functionality
Forecast Analysis
Competitive Landscape
Growth Opportunity 1: AI-enabled Medical Imaging in Population-based Screening
Growth Opportunity 1: AI-enabled Medical Imaging in Population-based Screening (continued)
Growth Opportunity 2: AI Solutions for ARIA Monitoring in AD Patients on Amyloid-beta Antibody Therapies
Growth Opportunity 2: AI Solutions for ARIA Monitoring in AD Patients on Amyloid-beta Antibody Therapies (continued)
Growth Opportunity 3: Use of AI-enabled Medical Imaging Solutions in Clinical Trials
Growth Opportunity 3: Use of AI-enabled Medical Imaging Solutions in Clinical Trials (continued)
Growth Opportunity 4: Building Gen AI Solutions for Medical Imaging Analysis
Growth Opportunity 4: Building Gen AI Solutions for Medical Imaging Analysis (continued)
Best Practice Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
Legal Disclaimer
List of Figures- AI-enabled Medical Imaging: Growth Metrics, Global, 2023
- AI-enabled Medical Imaging: Growth Drivers, Global, 2024–2028
- AI-enabled Medical Imaging: Growth Restraints, Global, 2024–2028
- AI-enabled Medical Imaging: Revenue Forecast, Global, 2021–2028
- AI-enabled Medical Imaging: Revenue Forecast by Clinical Application, Global, 2021–2028
- AI-enabled Medical Imaging: Revenue Forecast by Region, Global, 2021–2028
- AI-enabled Medical Imaging: Revenue Share of Top Participants, Global, 2023
- AI-enabled Medical Imaging: Revenue Share by Clinical Application, Global, 2023
- AI-enabled Medical Imaging: Percent Share of AI Solutions by Clinical Application, Global, 2023
- AI-enabled Medical Imaging: Percent Share of AI Solutions by Modality*, Global, 2023
- US FDA and EU CE Mark Approval – AI Solutions*, Global, 2023
- AI-enabled Cardiology Solutions: Growth Metrics, Global, 2023
- AI-enabled Cardiology Solutions: Revenue Forecast, Global, 2021–2028
- AI-enabled Cardiology Solutions: Revenue Forecast by Region, Global, 2021–2028
- AI-enabled Cardiology Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023
- AI-enabled Neurology Solutions: Growth Metrics, Global, 2023
- AI-enabled Neurology Solutions: Revenue Forecast, Global, 2021–2028
- AI-enabled Neurology Solutions: Revenue Forecast by Region, Global, 2021–2028
- AI-enabled Neurology Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023
- AI-enabled Pulmonology Solutions: Growth Metrics, Global, 2023
- AI-enabled Pulmonology Solutions: Revenue Forecast, Global, 2021–2028
- AI-enabled Pulmonology Solutions: Revenue Forecast by Region, Global, 2021–2028
- AI-enabled Pulmonology Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023
- AI-enabled Breast Solutions: Growth Metrics, Global, 2023
- AI-enabled Breast Solutions: Revenue Forecast, Global, 2021–2028
- AI-enabled Breast Solutions: Revenue Forecast by Region, Global, 2021–2028
- AI-enabled Breast Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023
- AI-enabled MSK Solutions: Growth Metrics, Global, 2023
- AI-enabled MSK Solutions: Revenue Forecast, Global, 2021–2028
- AI-enabled MSK Solutions: Revenue Forecast by Region, Global, 2021–2028
- AI-enabled MSK Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023
- AI-enabled Abdomen & Pelvis Solutions: Growth Metrics, Global, 2023
- AI-enabled Abdomen & Pelvis Solutions: Revenue Forecast, Global, 2021–2028
- AI-enabled Abdomen & Pelvis Solutions: Revenue Forecast by Region, Global, 2021–2028
- AI-enabled Abdomen & Pelvis Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023
- Other AI-enabled Solutions: Growth Metrics, Global, 2023
- Other AI-enabled Solutions: Revenue Forecast, Global, 2021–2028
- Other AI-enabled Solutions: Revenue Forecast by Region, Global, 2021–2028
- Other AI-enabled Solutions: Percent Share of Key Functionalities Performed, Global, 2023
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The medical imaging industry faces significant challenges, such as radiologists increasing workload, the complexity of tasks, and the global shortage of staff, including radiologists. The number of imaging exams being conducted globally is increasing due to advancements in medical imaging and the growing complexity of medical cases, which burdens radiologists with a massive workload. Hospitals and healthcare systems also face rising costs associated with advanced imaging techniques and the need to balance these expenses against the value provided, without leading to overdiagnosis or overtreatment.
Interest in automation and AI integration is on the rise for the technologies potential to reduce the burden on radiologists and free them to focus on the most critical tasks. Use of AI tools in radiology can improve workflow management and the current standard of care by reducing the overall scanning time while increasing accuracy. AI tools also have the potential to streamline administrative processes through improved patient information systems, making healthcare systems more efficient and patient-focused.
This study focuses on the growing adoption of AI solutions in medical imaging that are used in multiple clinical application areas and across different modalities. The following clinical application segments are analyzed in the report: cardiology, neurology, pulmonology, breast, musculoskeletal (MSK), abdomen and pelvis, and others.
The study period is 2022 to 2028, with 2023 as the base year and 2024 to 2028 as the forecast period. The study offers an overview of the global AI-enabled medical imaging market, focusing on current scenarios, drivers and restraints, the latest technologies, and notable participants. Frost & Sullivan offers stakeholders insights into the AI-enabled medical imaging market to help them monetize opportunities arising from this dynamic landscape during the next few years.
Author: Anantharaman Viswanathan
| Deliverable Type | Market Research |
|---|---|
| Author | Anantharaman Viswanathan |
| Industries | Healthcare |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | AI Medical Imaging |
| Keyword 2 | AI Healthcare Market |
| Keyword 3 | Medical Imaging Technologies |
| List of Charts and Figures | AI-enabled Medical Imaging: Growth Metrics, Global, 2023~ AI-enabled Medical Imaging: Growth Drivers, Global, 2024–2028~ AI-enabled Medical Imaging: Growth Restraints, Global, 2024–2028~ AI-enabled Medical Imaging: Revenue Forecast, Global, 2021–2028~ AI-enabled Medical Imaging: Revenue Forecast by Clinical Application, Global, 2021–2028~ AI-enabled Medical Imaging: Revenue Forecast by Region, Global, 2021–2028~ AI-enabled Medical Imaging: Revenue Share of Top Participants, Global, 2023~ AI-enabled Medical Imaging: Revenue Share by Clinical Application, Global, 2023~ AI-enabled Medical Imaging: Percent Share of AI Solutions by Clinical Application, Global, 2023~ AI-enabled Medical Imaging: Percent Share of AI Solutions by Modality*, Global, 2023~ US FDA and EU CE Mark Approval – AI Solutions*, Global, 2023~ AI-enabled Cardiology Solutions: Growth Metrics, Global, 2023~ AI-enabled Cardiology Solutions: Revenue Forecast, Global, 2021–2028~ AI-enabled Cardiology Solutions: Revenue Forecast by Region, Global, 2021–2028~ AI-enabled Cardiology Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023~ AI-enabled Neurology Solutions: Growth Metrics, Global, 2023~ AI-enabled Neurology Solutions: Revenue Forecast, Global, 2021–2028~ AI-enabled Neurology Solutions: Revenue Forecast by Region, Global, 2021–2028~ AI-enabled Neurology Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023~ AI-enabled Pulmonology Solutions: Growth Metrics, Global, 2023~ AI-enabled Pulmonology Solutions: Revenue Forecast, Global, 2021–2028~ AI-enabled Pulmonology Solutions: Revenue Forecast by Region, Global, 2021–2028~ AI-enabled Pulmonology Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023~ AI-enabled Breast Solutions: Growth Metrics, Global, 2023~ AI-enabled Breast Solutions: Revenue Forecast, Global, 2021–2028~ AI-enabled Breast Solutions: Revenue Forecast by Region, Global, 2021–2028~ AI-enabled Breast Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023~ AI-enabled MSK Solutions: Growth Metrics, Global, 2023~ AI-enabled MSK Solutions: Revenue Forecast, Global, 2021–2028~ AI-enabled MSK Solutions: Revenue Forecast by Region, Global, 2021–2028~ AI-enabled MSK Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023~ AI-enabled Abdomen & Pelvis Solutions: Growth Metrics, Global, 2023~ AI-enabled Abdomen & Pelvis Solutions: Revenue Forecast, Global, 2021–2028~ AI-enabled Abdomen & Pelvis Solutions: Revenue Forecast by Region, Global, 2021–2028~ AI-enabled Abdomen & Pelvis Solutions: Percent Share* of Key Functionalities Performed by AI Solutions, Global, 2023~ Other AI-enabled Solutions: Growth Metrics, Global, 2023~ Other AI-enabled Solutions: Revenue Forecast, Global, 2021–2028~ Other AI-enabled Solutions: Revenue Forecast by Region, Global, 2021–2028~ Other AI-enabled Solutions: Percent Share of Key Functionalities Performed, Global, 2023~ |
| Podcast | No |
| WIP Number | PFIF-01-00-00-00 |
AI-enabled Medical Imaging Market, Global, 2024 2028
AI-enabled Medical Imaging Market, Global, 2024 2028
AI Tools for Imaging in Cardiology and Neurology Are Driving Transformational Growth
RELEASE DATE
26-Aug-2024
26-Aug-2024
REGION
Global
Global
Deliverable Type
Market Research
Market Research
Research Code: PFIF-01-00-00-00
SKU: HC_2024_942
$4,950.00
In stock
SKU
HC_2024_942