AI in Medical Imaging Market to Explode: Revenue to Grow from $2.80 Billion to $29.28 Billion by 2029 - Arizton

According to Arizton’s latest research report, the AI in medical imaging market is growing at a CAGR of 47.84% during 2023-2029. 

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Report Scope: 

Market Size (2029): $29.28 Billion 

Market Size (2023): $2.80 Billion 

CAGR (2023-2029): 47.84% 

Historic Year:  2020-2022 

Base Year: 2023 

Forecast Year: 2024-2029 

Market Segmentation: Technology, Application, Modalities, End-User and Geography 

Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa 

The AI-driven transformation of diagnostic imaging centers is accelerating, enhancing the accuracy, efficiency, and reliability of diagnostic processes through technologies like deep learning and natural language processing. Outpatient diagnostic centers, equipped with advanced imaging systems and staffed by credentialed technologists and board-certified radiologists, are benefiting from AI integration, offering cost-effective imaging services—2 to 6 times more affordable than hospital-owned centers—without compromising care quality. These centers also benefit from high utilization rates of imaging machines, helping to lower operational costs. 

However, the market faces challenges such as declining reimbursements and rising demand for services. In response, the industry is witnessing consolidation, with large players like Affidea in Europe and Radnet in the US emerging as key operators. As these companies expand, they aim to enhance operational efficiency and meet the growing demand for imaging services. The ongoing integration of AI is expected to drive the continued growth of the medical imaging market, offering substantial improvements in diagnostic capabilities and patient care.  

Revolutionizing Healthcare: The Role of Virtual and Augmented Reality in Medical Imaging 

Virtual and augmented reality (VR/AR) technologies are transforming the healthcare industry, particularly in medical imaging. By integrating VR/AR with 3D imaging data, healthcare professionals gain powerful tools for visualization and procedural planning. Augmented reality, in particular, overlays digital information onto the real-world environment, enhancing a clinician’s ability to see and interpret medical data in relation to a patient’s anatomy. 

For example, during surgeries, AR can project 3D medical images directly onto the patient’s body, providing real-time guidance and improving surgical precision. This allows surgeons to navigate obstacles like tissues or organs and perform operations with greater accuracy, reducing risks. AR also enables the overlay of critical patient information, such as diagnostic data and real-time physiological parameters, directly into the surgeon’s view, supporting better decision-making during complex procedures. As VR/AR technologies advance, their integration with medical imaging holds the potential to revolutionize healthcare, improving patient outcomes and redefining care standards across medical specialties.  

The United States Dominating the AI in Medical Imaging Market 

In 2023, the US accounted for a dominant 95.47% share of the North American AI in medical imaging market, contributing $1.2 billion in revenue globally. The growing preference for AI-based medical imaging software among radiologists and hospitals, along with the US's advanced healthcare system, has significantly driven this market's expansion. AI is increasingly adopted across the healthcare sector, automating workflows, improving accuracy, and enhancing patient outcomes. 

Favorable reimbursement policies, such as those introduced by the Centers for Medicare & Medicaid Services (CMS), have further incentivized AI adoption. New procedural codes for AI tools like IDx-DR and Viz.ai have streamlined payment systems, boosting AI integration. As AI continues to reduce treatment costs and improve efficiency, its role in medical imaging is set to expand further in the US.  

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Key vendors 

• General Electric 
• Siemens Healthineers 
• Koninklijke Philips 
• IBM Watson Health 
• Fujifilm 
• Agfa-Gevaert 
• Avicenna.AI 
• AZmed 
• Butterfly Network 
• CellmatiQ 
• dentalXrai 
• Digital Diagnostics 
• EchoNous 
• Gleamer 
• iCAD 
• Lunit 
• Mediaire 
• Microsoft 
• NVIDIA 
• Intel 
• Nanox Imaging 
• Paige AI 
• Perimeter Medical Imaging AI 
• Autodesk 
• Aidence 
• ContextVision 
• Exo 
• Predible Health 
• Paragon Biosciences 
• 1QB Information Technologies 
• Qure.ai 
• Quantib 
• Quibim 
• Vista.ai 
• Renalytix 
• Tempus 
• Therapixel 
• Ultromics 
• Viz.ai 
• VUNO 
• Merative 
• Google Cloud 
• InformAI 
• HeartFlow 
• Enlitic 
• Brainomix         

Segmentation & Forecast 

• Technology 
• Deep Learning 
• Virtual AI & Context-Aware Computing 
• Natural Language Processing 
• Application 
• Neurology 
• Respiratory & Pulmonary 
• Cardiology 
• Breast Cancer 
• Orthopedic 
• Others 
• Modalities 
• CT Scan 
• Magnetic Resonance Imaging 
• X-Ray 
• Ultrasound 
• Nuclear Imaging 
• End-User 
• Hospitals 
• Diagnostic Imaging Centers 
• Others 

Geography 

• North America 
• The U.S. 
• Canada 
• Europe 
• Germany 
• The U.K. 
• France 
• Italy 
• Spain 
• APAC 
• Japan 
• China 
• India 
• Australia 
• South Korea 
• Latin America 
• Brazil 
• Mexico 
• Argentina 
• Middle East & Africa 
• Turkey 
• South Africa 
• Saudi Arabia  

The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the AI in medical imaging market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/artificial-intelligence-in-medical-imaging-market  

What Key Findings Our Research Analysis Reveals? 

How big is the global AI in medical imaging market? 

What are the key drivers of global AI in medical imaging market? 

Who are the major players in the global AI in medical imaging market? 

What is the growth rate of the global AI in medical imaging market? 

Which region dominates the global AI in medical imaging market?  

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