AI in Imaging and Diagnostics Market is projected to reach a value of $16.73 billion by 2030

According to the report published by Virtue Market Research, the Global AI in Imaging and Diagnostics Market was valued at $2.6 billion in 2022 and is projected to reach a market capitalization of $16.73 billion by 2030. Over the forecast period of 2023-2030, the market is anticipated to grow at a CAGR of 26.2% owing to a rise in AI technology.

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Individual patient variances in genes, environment, and lifestyle are taken into consideration in personalized treatment. By analyzing vast volumes of data, including patient histories and medical pictures, to find trends and make precise diagnoses, artificial intelligence in imaging and diagnostics can assist in offering tailored care. AI can also support disease progression and treatment response predictions, enabling patients to get individualized care. The rise of AI in imaging and diagnostics is significantly fuelled by the desire for customized treatment.

Several countries of the world are experiencing a scarcity of trained radiologists, which is anticipated to intensify in the future years. Artificial intelligence in imaging and diagnostics can assist in bridging this gap by giving accurate and rapid diagnoses, lowering radiologists' burden, and allowing them to focus on more difficult situations. AI can also assist reduce diagnostic mistakes and variability, resulting in better patient outcomes. The scarcity of experienced radiologists is a major motivator for the use of AI in imaging and diagnosis. An important market trend in AI in imaging and diagnostics is the growing use of machine learning algorithms in medical image analysis. A subset of artificial intelligence known as machine learning algorithms uses statistical methods to enable computers to learn from data and form inferences or conclusions without being explicitly programmed. This technique has the potential to transform medical imaging analysis by offering more precise and efficient diagnoses, increasing patient outcomes, and lowering healthcare costs. We should anticipate seeing ever more advanced uses of machine learning algorithms in medical imaging analysis as technology advances and more data becomes available, leading to better patient outcomes and more efficient healthcare delivery. One key market opportunity for AI in imaging and diagnostics is the ability to improve the accuracy and speed of diagnoses, leading to better patient outcomes and reduced healthcare costs. AI algorithms can analyze large amounts of medical data, including medical images, and identify patterns and anomalies that may be missed by human experts. This can help clinicians make more accurate and timely diagnoses, leading to better treatment outcomes and reduced healthcare costs associated with misdiagnosis or delayed diagnosis. As healthcare practitioners looking for cutting-edge ways to identify and treat COVID-19 while lowering the danger of exposure, the COVID-19 pandemic has pushed the use of AI in imaging and diagnostics. In order to quickly and properly diagnose COVID-19, the pandemic has boosted the demand for AI-powered imaging and diagnostic techniques, such as CT scans and X-rays.

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Segmentation Analysis:
The Global AI in Imaging and Diagnostics Market segmentation includes:

By Component:
• Software
• Hardware
• Services

The largest growth is anticipated in the software sector. The gear needed to execute AI algorithms for medical image processing comprises hardware elements including CPUs, GPUs, and storage devices. Since that hardware serves as the backbone for AI algorithms, it is anticipated to account for a sizeable portion of the market for AI in imaging and diagnostics as a whole. Software solutions that let AI algorithms interpret and evaluate medical pictures are included in the software component. The software division consists of tools for data analytics, machine learning, and image processing. The services component includes consulting, implementation, and maintenance services required to run AI-based medical imaging analysis. The services segment is likely to have a significant share in the AI imaging and diagnostics market, as healthcare providers require support in the implementation and maintenance of AI-based solutions.

By Technology:
• NLP
• Machine Learning
• Computer Vision
• Context-Aware Computing

The market for AI in imaging and diagnostics is anticipated to expand globally. Developing algorithms so they can learn from data and make predictions or judgments without being explicitly programmed is known as machine learning, a subset of artificial intelligence. In order to find patterns and abnormalities in medical pictures, machine learning techniques are frequently utilised in this study. NLP is a subset of AI that involves teaching machines to understand and interpret human language. NLP technology is used in medical imaging analysis to extract information from medical reports and patient records. Context-aware computing is a subset of AI that involves developing systems that can adapt to changing contexts or environments. In medical imaging analysis, context-aware computing can be used to integrate patient data from various sources, such as electronic health records and medical images, to provide a more comprehensive view of the patient's health status.

By Diagnosis Type:
• Oncology
• Radiology
• Chest & lungs
• Pathology
• Neurology & Cardiology
• Others

Oncology is anticipated to grow the most. Radiology is the most widely used application of AI in medical imaging analysis. Radiology involves the use of medical imaging techniques such as X-rays, CT scans, and MRI scans to diagnose and treat diseases. Oncology involves the diagnosis and treatment of cancer. AI-based medical imaging analysis in oncology can help healthcare providers identify tumors and analyze their characteristics, leading to faster and more accurate diagnoses and treatment plans. Neurology and cardiology involve the diagnosis and treatment of diseases related to the brain and heart, respectively. The others category includes other medical imaging applications that do not fall under the categories mentioned above, such as gastroenterology and dermatology.

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Regional Analysis:
The largest market for AI in imaging and diagnostics is anticipated to remain in North America over the projected period. The rising acceptance of AI in the healthcare industry, high healthcare spending, and supportive government measures to promote the use of AI in healthcare are all factors contributing to the growth of the North American market. The second-largest market for AI in imaging and diagnostics is in Europe. The rise in chronic illness prevalence can be linked to the expansion of the European market. Throughout the anticipated period, the Asia-Pacific market is anticipated to see considerable expansion. The market's expansion may be ascribed to increased healthcare sector investments, an aging population, and an increase in the incidence of chronic illnesses. Throughout the anticipated term, considerable growth is anticipated in the rest of the world's markets.

Latest Industry Developments:
• In December 2021, Paige, a leading provider of AI-based digital diagnostics, received FDA clearance for its Paige Prostate diagnostic tool, which uses AI algorithms to analyze digital pathology images and assist pathologists in detecting prostate cancer.
• In January 2022, NVIDIA launched the Clara AGX Medical platform, which combines hardware and software to provide advanced medical imaging capabilities powered by AI.
• In February 2022, the companies announced a strategic partnership to develop and commercialize AI-powered solutions for medical imaging and diagnostics.

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This release was published on openPR.