Global Artificial Intelligence (AI) in Radiology Diagnostics Market Size (2023 – 2030)

The Global Artificial Intelligence in Radiology Diagnostics Market was estimated to be worth USD 0.8 Billion in 2022 and is projected to reach a value of USD 4.65 Billion by 2030, growing at a fast CAGR of 24.60% during the forecast period 2023-2030.

The desire for automated, cutting-edge processes is being driven by healthcare institutions that are overworked and trying to deal with the fast-increasing global prevalence of chronic diseases. Also, the lack of healthcare professionals is fuelling an increase in the demand for AI-driven solutions. Due to various factors like increasing government initiatives to promote the use of AI-based technologies, increasing adoption of AI solutions by radiologists to ease work pressure, the influx of big data, the availability of funding for AI-based start-ups, and the rise in cross-industry partnerships and collaborations, the use of AI in medical diagnostics is expanding quickly. But factors that are anticipated to impede market growth include a lack of skilled AI workers, murky regulations, and a reluctance among medical professionals to adopt these solutions.

Global Artificial Intelligence in Radiology Diagnostics Market Drivers:

Advancements in Imaging Techniques and Increasing Incidence of Chronic Diseases Drive Demand for AI-powered Radiology Diagnostics:

• Globally, the prevalence of chronic diseases like cancer, heart disease, and neurological problems is rising. The application of AI-powered radiological diagnostics can help with the accurate and prompt diagnosis of certain disorders. With the development of imaging technologies like MRI, CT scans, and PET scans, there is a greater need for radiological diagnoses that are more precise and effective.

Drivers of the Growing Adoption of AI-Powered Radiology Diagnostics in the Healthcare Industry will boost market growth:

• The desire for personalized healthcare is rising, and radiological diagnostics powered by AI can offer individualized diagnoses and treatment strategies based on distinct patient features. AI-powered radiology diagnostics are among the healthcare sector's increasingly popular healthcare IT solutions. Due to a global shortage of radiologists, AI-powered radiology diagnostics are becoming more popular as a way to improve the skills of practicing radiologists.

Global Artificial Intelligence in Radiology Diagnostics Market Challenges:

The main problem the healthcare companies are facing is overcoming financial limitations, particularly in emerging economies where it is usually difficult to secure resources for IT over medical equipment. The main obstacles limiting market growth, particularly in nations where the reimbursement environment is unfavourable, are the high cost of imaging equipment and the implementation and licensing expenses of AI software. Due to high installation and maintenance costs, the majority of healthcare facilities in developing nations cannot afford AI technologies. This factor is preventing the widespread use of novel or cutting-edge systems. End users bear a significant financial burden in the form of implementation and license fees. Small healthcare facilities are unable to afford these solutions because of these financial restrictions. The market for medical diagnostics is anticipated to suffer as a result.

COVID-19 Impact on Global Artificial Intelligence in Radiology Diagnostics Market:

The COVID-19 pandemic exposed the flaws in the current healthcare system and sped up the use of digital technology, such as AI in diagnostics, to precisely evaluate complicated information and lessen the administrative and operational strain on physicians. The expansion of the market was helped by the creation of start-ups and increased recognition in the form of funding & investments. Healthcare firms adopted AI-powered technologies quickly, and they were rewarded with money from venture capitalists and favorable government support.

Global Artificial Intelligence in Radiology Diagnostics Market Recent Developments:

• In March 2022, Compressed SENSE, a piece of AI-powered software, got FDA approval, according to Philips Healthcare. In order to speed up MRI scans and shorten the time needed for image acquisition, the software employs deep learning techniques.
• In August 2021, in a statement, Zebra Medical Vision stated that the FDA had approved their AI-driven system for identifying vertebral fractures. The algorithm analyzes X-ray pictures and finds spine compression fractures using machine learning.

ARTIFICIAL INTELLIGENCE IN RADIOLOGY DIAGNOSTICS  MARKET REPORT COVERAGE:

Global Artificial Intelligence in Radiology Diagnostics Market Segmentation:

Global Artificial Intelligence in Radiology Diagnostics Market Segmentation: By Component

• Hardware
• Software
• Services

A prominent item in this industry is radiology diagnostic software powered by AI. These software programs scan medical photos and offer diagnostic information using machine learning and deep learning techniques. The industry also includes significant amounts of consulting, implementation, and training services. These services support the implementation and improvement of radiology diagnostic tools powered by AI. Thus, AI-powered radiological diagnostics may also require hardware such as specialized computers, servers, and storage options. Cloud-based solutions are also becoming increasingly popular in the market since they offer scalability, flexibility, and cost-effective solutions.

Global Artificial Intelligence in Radiology Diagnostics Market Segmentation: By Application

• Neurology
• Oncology
• Cardiology
• Musculoskeletal
• Chest and respiratory
• Others

The diagnosis of various neurological conditions, such as stroke, brain tumors, and dementia, can be done using AI-powered radiology diagnostics. The application of AI in neurology can help increase diagnostic accuracy and reduce the time necessary for diagnosis. AI-powered radiology diagnostics can be used for the detection and diagnosis of various types of cancer, including lung, breast, and prostate cancer. AI can assist radiologists in spotting worrisome spots on imaging examinations, which can subsequently be further assessed utilizing other testing methods. AI-powered radiological diagnostics can be used for the diagnosis of numerous cardiac disorders, such as coronary artery disease and congestive heart failure. AI can help identify abnormalities in cardiac imaging studies, such as echocardiograms and cardiac MRI scans.

Global Artificial Intelligence in Radiology Diagnostics Market Segmentation: By End-User

• Hospitals
• Diagnostic Centers
•  Research and Academic Institutes
•  Others

Hospitals are the largest end-users of AI-powered radiology diagnostics. This is owing to the enormous volume of patients that they treat and the requirement for accurate and rapid detection of numerous ailments. Diagnostic centers are another key end-user of AI-powered radiology diagnostics. These centers specialize in the diagnosis of various diseases and conditions, and the use of AI-powered radiology diagnostics can help improve the accuracy and efficiency of their services. To examine various illnesses and ailments, research and academic institutions are also adopting AI-powered radiological diagnostics. These organizations employ technology to examine medical images in order to spot patterns and trends that may aid in the creation of new treatments and therapies.

Global Artificial Intelligence in Radiology Diagnostics Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

North America is the largest market for artificial intelligence in radiology diagnostics. This can be attributed to the fact that numerous important players—including IBM Corporation, GE Healthcare, and Philips Healthcare—are present in the area and that regional healthcare providers are increasingly utilizing AI-powered radiology diagnostics. Europe is the second-largest market for artificial intelligence in radiology diagnostics. The rising incidence of chronic diseases and the region's expanding use of healthcare IT solutions are what are fuelling the market's expansion.  The Asia Pacific region is predicted to increase at the highest rate during the projection period. This is due to the region's growing investments in healthcare infrastructure.

Global Artificial Intelligence in Radiology Diagnostics Market Key Players:

1. Siemens Healthineers
2. Zebra Medical Vision, Inc.
3. Riverain Technologies
4. Vuno, Inc.
5. Aidoc
6. Neural Analytics
7. Imagen Technologies
8. Digital Diagnostics, Inc.
9. GE Healthcare
10. AliveCor Inc.