Overview on the Global AI-Enabled Imaging Modalities Market
Global AI-enabled imaging modalities market is currently witnessing a significant change in the market landscape. There is rising investment in development of healthcare infrastructure, increasing evidences for efficient and promising results in treatment and diagnosis assistance. Thus, this is leading to potential growth opportunities for the AI-enabled imaging modalities market. Moreover, there is an extensive entry of emerging players developing AI powered imaging systems, and software companies into the healthcare space. All these predominant factors have led to a significant rise in sales of AI-based imaging modality systems across the globe.
Global AI-Enabled Imaging Modalities Market Forecast, 2020-2030
The global AI-enabled imaging modalities market was valued at $214.4 million in 2019 and is anticipated to reach $2,649.6 million by 2030, growing at a CAGR of 23.32%, during the forecast period 2020-2030. The increasing complexities in clinical decision making, rising radiologist workload, and huge R&D investments are the major factors fueling the market growth. In addition to these factors, there are significant challenges and restraints, which are restricting the market growth. These challenges include the physicians’ reluctance toward the adoption of advanced technologies such as AI and the privacy and security concerns related to healthcare data. Hence, it is anticipated that these trends will have a significant impact on healthcare service robots market in the next five years, and the market will grow multifold.
The global AI-enabled imaging modalities market consists of numerous large-scale as well as small-scale manufacturers and vendors. Presently, with the increasing adoption of AI in healthcare, the manufacturers in the market have ample number of opportunities to expand their offerings and to establish a strong foothold in the market.
During February 2016-July 2020, the market witnessed approximately 40 new offerings, 32 partnerships, alliances & business expansions, 27 regulatory & legal approvals, 13 funding activities, six mergers & acquisition, and one procurement & sales.
Most of the manufacturers in the market are incorporating collaborations and partnerships with not only other companies but also the university and research institutions as the key strategies to develop novel AI-embedded medical imaging systems and attain a strong financial position in the market.
The key players contributing to the global AI-enabled Imaging modalities market are Koninklijke Philips N.V., Siemens Healthineers AG., General Electric Company, Canon, Inc., Butterfly Network, Inc., Hyperfine, United Imaging Healthcare, Exo, Yorlabs, Agfa-Gevaert Group, Hologic, Inc, Fujifilm, Konica Minolta, Inc., Nanox, and Tissue Differentiation Imaging (TDI), among others.
Market Report Coverage - Global AI-Enabled Imaging Modalities
- Therapeutic Application – Cardiology, Oncology (Breast, Lung, Other Cancer Types), Neurology, Pulmonology, and Others
- Modality- Computed Tomography (CT), MRI, X-Ray, Ultrasound, Positron Emission Tomography (PET), Other Modalities
- Workflow- Image Acquisition, Image Analysis, Detection, Diagnosis, and Treatment Decision Support, Predictive Analysis & Risk Assessment, Triage, Reporting and Communication
- North America- U.S. and Canada
- Europe- Germany, U.K, Italy, Spain, France, and Rest-of-Europe
- Asia-Pacific- Japan, China, South Korea, Australia and New Zealand, Singapore and Rest-of-Asia-Pacific
- Need for Personalized and Standardized Patient-centric Care
- Accurate and Speed Diagnosis
- Increasing Radiologist Workload
- Evolving Hardware Technologies and Data Quality Acquired
- Legal Implications of AI systems
- Stringent Regulatory Requirements
- Rise in Medical Imaging Expenses
- Data Security and Privacy Issues
- Standardization of Radiology Practice
- Voluminous Medical Imaging Data
- Decline in Imaging Reimbursement
- Increasing Participation
Key Companies Profiled
Koninklijke Philips N.V., Siemens Healthineers AG., General Electric Company, Canon, Inc., Agfa, Hologic, Fujifilm, and Konica Minolta, Inc., United Health Imaging, Exo, Yorlabs, Nanox, TDI, Butterfly Network, Inc., and Hyperfine
Key questions answered in this report:
- What are the various AI-enabled imaging modalities and systems available in the market?
- What is the current market size and future potential of these products?
- What are the major market drivers, challenges, and opportunities in the global AI-enabled imaging modalities market?
- What are the guidelines implemented by different government bodies to regulate the approval of AI-enabled imaging modalities?
- What are the key technological developments on which the current industry leaders are spending a major share of their research and development (R&D) investments?
- Who are the leading players holding dominating shares in the global AI-enabled imaging modalities market, currently?
- What are the key strategies incorporated by the players of global AI-enabled imaging modalities market, to sustain the competition and retain their supremacy?
- What is the current revenue contribution of different modality types and how are these contributions expected to evolve in the forecast period?
- What is the current revenue contribution of different therapeutic applications and how are these contributions expected to be evolved in the forecast period?
- What is the current demand contributions of different workflow types and how are these contributions expected to evolve in the forecast period?
- Which countries contribute to the major share of current demand and which countries hold significant scope for expansion for business activities, by players of the global AI-enabled imaging modalities market?