AI in Medical Imaging Market size was over USD 170 million in 2023 and is expected to cross USD 3.6 billion by the end of 2036, growing at more than 29% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of AI in medical imaging is estimated at USD 219.3 million.
The growth of AI in medical imaging market is driven by the rising prevalence of different types of chronic disorders across the globe. According to a report published by the World Health Organization (WHO) in May 2023, the prevalence of chronic diseases such as cardiovascular diseases, neurological disorders, cancer, diabetes, and respiratory illnesses is estimated to account for 86% of the 90 million each year. This has resulted in growing need for advanced diagnostic and imaging tools to detect these diseases.
The integration of Artificial Intelligence (AI) into medical imaging has been a critical transformation in the healthcare industry. The sector is steadily investing in AI-based imaging tools and equipment for enhanced accuracy, fewer errors, and automation. Companies in healthcare and pharmaceutical sector are also emphasizing on developing and launching novel and effective imaging tools and software powered by AI.
Growth Drivers:
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
29% |
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Base Year Market Size (2023) |
USD 170 million |
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Forecast Year Market Size (2036) |
USD 3.6 billion |
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Regional Scope |
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Image Acquisition Technology (X-ray, Computed Tomography, Magnetic Resonance Imaging, Ultrasonic Imaging and Molecular Imaging)
The computed tomography segment in AI in medical imaging market is expected to register a staggering revenue growth between 2024 and 2036. Computed tomography (CT) with AI offers greater accuracy and speed than other imaging tools and detailed cross-sectional areas and is used for different applications in orthopedics, neurology, oncology, emergency medicine, and cardiology. AI helps in providing improved image quality, automated detection, and analysis.
Many healthcare centers are adopting advanced AI-CT tools for quick and accurate diagnosis, workflow optimization, and cost-effectiveness. Leading companies are investing in R&D activities to launch advanced CT tools. For instance, In May 2024, Elekta announced the launch of Evo, a CT-Linac equipped with AI-enhanced imaging. It is a highly versatile radiation therapy technique, capable of delivering online and offline adaptive radiation therapy along with enhanced image-guided radiation therapy treatments.
Application (Digital Pathology, Oncology, Cardiovascular, Neurology, Lungs, Breast, Liver, Oral Diagnostics, Others)
The neurology segment in AI in medical imaging market is projected to hold robust revenue share during the forecast period owing to rising prevalence of neurological diseases such as Alzheimer’s, Parkinson’s, epilepsy, and brain tumor across the globe. A report released in 2021 by the Lancet Neurology stated that more than 3 billion people suffered from a neurological condition. Contributing to this, the WHO in its 2024 publications stated that over 1 in 3 individuals are affected by neurological disorders which is a leading cause of disability and illness globally.
To cater to the rising burden of neurological diseases, manufacturers are launching novel and highly effective AI-powered imaging tools for detecting and diagnosis of neurological disorders. For instance, in February 2024, Royal Philips partnered with Synthetic MR to launch Smart Quant Neuro 3D to support diagnosis and therapy assessment of several brain disorders. Smart Quant Neuro 3D is a combination of AI-based SmartSpeeed image reconstruction technology and 3D SyntAc clinical application by Philips and MR’s SyMRI NEURO 3D quantitative tissue assessment software.
End use (Hospitals and Clinics, Research Laboratories and Diagnostic Centers, Others (Ambulatory Surgical Centers, Intensive Care at Home)
Hospitals and clinics segment is anticipated to dominate over 42% AI in medical imaging market share by 2036, due to large patient admissions for screening and diagnosis. According to data published by the National Institutes of Health (NIH), the number of hospital admissions for screening and diagnostics has drastically increased post-COVID-19 pandemic. Many hospitals and healthcare centers across the globe are focused on expanding their existing healthcare infrastructure and are adopting AI-based imaging and diagnostic equipment for accurate and quick analysis.
Different types of AI-based tools for CT, MRI, and PET scans help radiologists and healthcare professionals to identify abnormalities and diseases like brain tumors, types of cancers, and neurological conditions with higher precision and speed. Moreover, AI-powered tools help in automating routine tasks like image analysis, reducing the overall workload on radiologists and other healthcare professionals. Other factors such as availability of skilled professionals in many medium-to-large scale hospitals and clinics and favorable reimbursement policies are expected to drive segment revenue growth during the forecast period.
Our in-depth analysis of the global market includes the following segments:
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By Solution |
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By Image Acquisition Technology |
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By Application |
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By End use |
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North America Market Analysis
North America AI in medical imaging market is expected to hold over 35.1% revenue share by the end of 2036, due to rising investments in AI in healthcare industry. According to a report published by Silicon Valley Bank (SVB), so far in 2024, USD 2.8 billion has been invested in AI healthcare companies, the highest investment since 2021. Hospitals, clinics, and other healthcare centers across the region are focused on adopting novel and advanced AI technology for effective diagnosis and smooth functioning. The AI in medical imaging market in North America is driven by rapid advancements in AI and healthcare and presence of skilled radiologists and healthcare professionals. As per a 2023 report, the number of employed radiologists in the United States ranged from 40 to 3,300 by state.
The government in the United States is encouraging the adoption of AI in healthcare and has announced voluntary commitments from leading healthcare and pharmaceutical companies to deploy AI solutions and services and also manage the potential risks associated with AI. The companies are committed to developing AI solutions for optimizing overall healthcare delivery, making healthcare reachable and affordable. Moreover, many companies are investing and acquiring other companies to enhance their product base. For instance, GE HealthCare acquired MIM Software to leverage MIM’s imaging analytics and digital workflow capabilities and explore its potential to enhance patient care and overall healthcare system.
Asia Pacific Market Analysis
Asia Pacific AI in medical imaging market is expected to be the fastest growing segment during the forecast period owing to high focus on improving existing healthcare infrastructure. This is primarily due to increasing elderly population in the region, rising burden of various diseases and health conditions, and growing need for advanced healthcare systems and diagnostic tools and services.
Governments in countries like China, India, Singapore, Japan, and South Korea are encouraging the use of AI tools in the healthcare sector. For instance, during the second edition of the AI Health Summit 2023, the Senior Minister of the Ministry of Health of Singapore delivered a speech highlighting the importance of adopting AI in the healthcare sector for early detection and better diagnosis of diseases. Companies and start-ups in Asia Pacific are developing new tools and techniques to improve overall healthcare infrastructure. In 2024, Indian medical imaging AI company, InMed AI developed and launched Neuroshield CT TBI, an AI enabled tool that automatically screens all head CTs.
The global AI in medical imaging market is quite competitive, comprising key players operating at global and regional levels. The rise in global burden of diseases has resulted in increasing demand for effective and accurate diagnostic tools and solutions. Companies are focused on expanding their product base and strengthening their positing in the market by adopting several strategies such as collaborations, joint ventures, partnerships, and product launches. Some of the key players in the market include:
Author Credits: Radhika Pawar
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