Artificial Intelligence in Radiology Market: Current Analysis and Forecast (2022-2028)
Emphasis on Radiology Type (Chest imaging, Colonoscopy, Mammography, and Head imaging) by Technique (X-rays, Magnetic Resonance Imaging, (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), Ultrasound, and Others) by Application (Computer Aided-Diagnostic, Computer Aided-Detection, Quantitative Analysis Tools, and Clinic Detection Support) and Region/Country
Artificial intelligence in the radiology market was valued at ~ USD 1 billion in 2021 & is expected to grow at a CAGR of ~35% from 2022-2028. The rising prevalence of chronic disease has led to an increasing awareness among people for early diagnosis. This has led to an increase in the workload burden on the radiologist. AI–based radiology delivers timely results with high accuracy and efficacy. Additionally, rising government funding to accelerate research in AI healthcare technology is also driving the market. For instance, according to the Department of Health and Social Care U.K., 2023 report, around £123 million has been invested in 86 AI solutions over three rounds of awards, assisting over 300,000 patients and enhancing their treatment and care for chronic diseases. Thus with rising prevalence of chronic diseases and increasing demand for early diagnostics are anticipated to fuel the growth of the market during the forecasting period.
Some of the major players operating in the market include GE HealthCare., Enlitic, Inc., Medtronic, Gleamer Ltd., IBM Corporation, EnvoyAI, VUNO Inc., Koninklijke Philips N.V, Siemens Healthcare GmbH, Rad AI
Insights Presented in the Report
“Amongst radiology type, the mammography segment is expected to grow with significant CAGR during the forecasting period”
By radiology type, the market is segmented into chest imaging, colonoscopy, mammography, head imaging and others. The mammography segment is expected to grow during the forecast period. This is attributed to the rising prevalence of breast cancer cases and rising awareness amongst females for early diagnostics globally. For instance, according to FDA, the no. of monographs performed each year is 40 million. Furthermore, AI uses computer-assisted detection technique that identify the changes in mammograms and can find abnormalities year before cancer is diagnosed. These elements are anticipated to accelerate the growth of this segment
“Amongst technique types, the computed tomography held the majority share of the market in 2021”
By technique type, the market is segmented into X-rays, magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), ultrasound, and others. Amongst these, the computed tomography (CT) segment held the majority share during the forecasting period. A.I. has the potential to significantly reduce patient radiation dosage in computed tomography (C.T.) by automating and optimizing data acquisition procedures such as patient placement and acquisition parameter settings. Market participants are making innovations to meet the growing demand for CT scans in the research industry. For instance, In August 2022, Xoran Techechnolgies announced FDA 510(k) approval for For TRON, a full-body fluoroscopy computed tomography system designed to provide safe, ultra-high resolution, low-dose imaging in traditional settings such as ICU rooms.
“Amongst applications, the computer-aided- diagnostics dominates the market in 2021”
By application, the market is segmented into computer-aided-diagnostic, computer-aided-detection, quantitative analysis tool and clinical detection support. Amongst this computer-aided –diagnostics dominates the market. Owing to the integration of artificial intelligence and rapid advancement in healthcare technology such as advance bio-electronics, biomechanics etc. Additionally, AI-induced system delivers rapid results with high accuracy and precision.
“North America dominated the artificial intelligence in radiology market in 2021”
North America dominate the region this is due to the region’s well-established healthcare infrastructure, which enables the deployment of innovative technologies. Additionally, companies in AI are attracting the greatest investment attention, and the sector in North America is expected to develop rapidly. For instance, in 2022, Vara, an AI breast cancer screening startup, berlin scored €4.5 million in an extension to its Series a funding. This round raises the total Series an investment to €11 million. Thus, the above-mentioned factor is anticipated to fuel the market growth during the forecasting period.
Artificial Intelligence in Radiology Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global artificial intelligence in the radiology market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Artificial Intelligence in Radiology Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global artificial intelligence in radiology market were the three major steps undertaken to create and analyze the adoption of artificial intelligence in radiology in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of global artificial intelligence in the radiology market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of artificial intelligence in the radiology market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of artificial intelligence in the radiology market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as radiology type, technique and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of artificial intelligence in the radiology market. Further, we conducted factor analysis using dependent and independent variables such as radiology type, technique and application of artificial intelligence in the radiology market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in artificial intelligence in the radiology market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global artificial intelligence in radiology market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of artificial intelligence in the radiology market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global artificial intelligence in radiology market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global artificial intelligence in the radiology market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global artificial intelligence in the radiology market.
The main objective of the Global Artificial Intelligence in Radiology Market Study
The current & future market trends of global artificial intelligence in the radiology market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of artificial intelligence in the radiology market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the radiology type, technique and application
- Define and analysis of the regulatory framework for artificial intelligence in the radiology industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviours of the industry
- Analyze the current and forecast market size of artificial intelligence in radiology the market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the artificial intelligence in the radiology market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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