Overview on the Global AI-Enabled Medical Imaging Solutions 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 Medical Imaging Solutions Market Forecast, 2020-2030
The global AI-enabled medical imaging solutions market was valued at $636.1 million in 2019 and is anticipated to reach $10,145.1 million by 2030, growing at a CAGR of 26.69%, 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 AI-enabled medical imaging solutions market in the next five years, and the market will grow multifold.
The global AI-enabled medical imaging solutions 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 January 2015- November 2020, the market witnessed approximately 134 joint ventures, collaborations, and partnerships, 102 funding and investments, 101 product approvals, 54 product launches and enhancements, and six mergers and acquisitions in the past five years (2015-2020). Joint ventures, collaborations, and partnerships were among the most frequently followed strategies which were incorporated by numerous players to establish a strong foothold in the market.
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.
Moreover, the leading imaging modality providers in the global AI-enabled medical imaging solutions market include Koninklijke Philips N.V., EchoNous, Inc., 4Dx Limited, Samsung Group, and Butterfly Network, Inc.
The leading platform providers, IT, and computing vendors in the global AI-enabled medical imaging solutions market include Intel Corporation, Blackford Analysis Limited, Synopsys, Inc., edgecase.ai, NTT Data Corporation, and EnvoyAI, among others.
Market Report Coverage - AI-Enabled Medical Imaging Solutions
- Therapeutic Application – Cardiology, Oncology (Breast, Lung, Other Cancer Types), Neurology, Respiratory, Orthopedic, and Others
- Modality- CT, MRI, X-Ray, Ultrasound, PET, Other Modalities
- Workflow- Image Acquisition, Image Analysis, Detection, Diagnosis, and Treatment Decision Support, Predictive Analysis & Risk Assessment, Triage, Reporting and Communication, and Equipment Maintenance
- North America- U.S. and Canada
- Europe- Germany, U.K, Italy, Spain, France, Switzerland, Sweden, Netherlands, and Rest-of-Europe
- Asia-Pacific- Japan, China, South Korea, Australia and New Zealand, Singapore, and Rest-of-Asia-Pacific
- Increasing Complexities of Clinical Decision-Making
- Expanding Range of Applications
- Shortage of Healthcare Workforce
- Huge R&D investment
- Privacy and Security Concerns Related to Healthcare Data
- Regulatory Challenges
- Barriers to Physician’s Adoption of AI
- Lag in Regulatory Approvals
- Legal Implications of AI Systems
- Rise in Medical Imaging Expenses
- Data Security and Privacy Issues
- Lack of Trained Staff
- Rapidly Evolving Deep Learning Techniques
- Increasing Number of Cross-Industry Partnerships
Key Companies Profiled
Siemens Healthineers AG., General Electric Company, Agfa- Gevart Group, Hologic, Inc., Fujifilm Holdings Corporation, General Electric Company, iCAD, Inc., Koninklijke Philips N.V., Nuance Communications, Inc., Synopsys Inc., NVIDIA Corporation, Nanox, Butterfly Network, Inc., Hyperfine. Aidoc, Arterys Inc, Beijing Infervision Technology Co., Ltd., Blackford Analysis Limited, Envoy AI, MIRADA MEDICAL LIMITED, VUNO Inc., and Zebra Medical Vision, Inc.
Key questions answered in this report:
- What are the various AI-enabled medical imaging solutions 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 medical imaging solutions market?
- What are the guidelines implemented by different government bodies to regulate the approval of AI-enabled medical imaging solutions?
- 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 medical imaging solutions market, currently?
- What are the key strategies incorporated by the players of global AI-enabled medical imaging solutions market, to sustain the competition and retain their supremacy?
- What is the current revenue contribution of different therapeutic applications, workflow, and modality, and how would it evolve in the forecast period?
- What is the current demand contribution of different product types and how would it evolve in the forecast period?
- What is the current demand contribution of different deployment models and how would it 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 medical imaging solutions market?