The global AI-based medical imaging market is projected to generate $11,921.4 million revenue in 2030, advancing at a CAGR of 30.4% during the forecast period. The significant growth of the market can be attributed to the high investment in the healthcare sector by different governments and industry giants, the advancements in imaging technologies, and the rise in incidences of chronic diseases across the world.
The diagnostic imaging centers category is projected to record the fastest growth during the forecast period, advancing at a CAGR of around 32%. This can be ascribed to the factors such as advanced imaging tools used at these centers for the diagnosis of chronic diseases, a surge in awareness among patients about these facilities, and cost-effective procedures offered by imaging centers than hospitals.
Based on the application, the respiratory & pulmonary category is the second-largest revenue contributor to the market. This is attributed to the high prevalence of lung diseases such as asthma, emphysema, and lung cancer, and the increase in the number of vendors developing AI-based medical imaging solutions specifically for respiratory diseases.
MRI is the fastest-growing category among all modalities. This is due to the growing use of MRI with AI-enabled technologies to measure the structure and function of the heart and provide suggestions for patient care and medication to cardiologists. Additionally, a number of market players are developing AI-based MRI imaging devices in collaboration with numerous academic and research organizations, and the adoption of MRI solutions in hospitals and imaging centers is increasing. Thus, these factors are further fueling the market expansion in this category.
Geographically, Europe is the second-largest market for AI-based medical imaging solutions. The presence of prominent players and high healthcare spending are the primary factors for the significant market share in the region. In addition, Germany is the major contributor to the regional market, owing to the expanding R&D with extensive funding from the government and start-ups and the surging burden of chronic illnesses in the country.
Whereas, the APAC market is projected to witness the fastest growth during the forecast period. This can be attributed to the high adoption rate of advanced AI technologies in the medical imaging sector, the rise in partnerships and collaborations among companies, research institutions, and universities, and the upsurge in investments by governments and private players in this field in the region.
Collaborations, partnerships, acquisitions, and product launches are the major strategic developments observed in the AI-based medical imaging market. For instance, in April 2022, General Electric Company (GE Healthcare) and Unilabs AB partnered to provide cutting-edge imaging equipment and digital technology in Portugal. This partnership covers MRI and CT scanning technologies, ultrasound devices, mammography solutions, and X-ray machines, as well as innovative imaging fleet services.
Similarly, in November 2021, Siemens Healthineers launched a cost-effective whole-body scanner, MAGNETOM Free.Star, which is intended to permit better access to MRI across the globe. It offers outstanding image quality through the amalgamation of the new field strength of 0.55 Tesla and AI-based reconstruction algorithms on the unique High-V MRI platform.
Some of the major players in the market are Agfa Gevaert N.V., Siemens Healthineers, EchoNous Inc., Enlitic Inc., and General Electric Company.