Artificial Intelligence In Radiology Market Size, Share, Growth Factors, Key Drivers Report 2024 To 2033

The artificial intelligence in radiology market size has grown exponentially in recent years. It will grow from $1.68 billion in 2023 to $2.2 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to increasing volume of medical imaging data, rise of deep learning algorithms, demand for improved diagnostic accuracy, regulatory approvals and standards, focus on cost-efficiency and workflow improvement.

The artificial intelligence in radiology market size is expected to see exponential growth in the next few years. It will grow to $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%. The growth in the forecast period can be attributed to continued advancements in ai algorithms, integration with electronic health records (ehrs), expansion of ai applications beyond diagnosis, ai-powered image enhancement, enhanced interoperability and data sharing. Major trends in the forecast period include telemedicine and remote healthcare, collaboration between healthcare and tech companies, advancements in imaging technologies, quantitative imaging analytics, automated report generation.

Market Overview -
Artificial intelligence (AI) in radiology refers to the application of artificial intelligence technologies, such as machine learning and image analysis algorithms, to enhance diagnostic accuracy and efficiency in medical imaging interpretation. AI techniques provide quantitative measurements and analysis of imaging data, offering more precise and objective information about the characteristics of tissues and structures.

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Application Of AI In Healthcare Propels Market Expansion
The growing application of artificial intelligence (AI) in healthcare is expected to propel the growth of artificial intelligence (AI) in the radiology market, going forward. AI-powered algorithms demonstrate a remarkable capability to analyze and interpret medical images with precision, aiding radiologists in detecting subtle abnormalities and improving overall diagnostic outcomes. The efficiency and speed offered by AI technologies not only streamline radiological workflows but also contribute to faster and more accurate diagnoses. For instance, in March 2023, according to the Department for Science, Innovation & Technology (DSIT), a UK-based government agency, the Department of Health and Social Care channeled $39.4 million (£36 million) into thirty-eight AI projects, focusing on advancing patient care and expediting diagnoses in 2021. Therefore, the growing application of AI in healthcare is driving the growth of artificial intelligence (AI) in the radiology market.

Competitive Landscape -
Major companies operating in the artificial intelligence in radiology market report are Microsoft Corporation, IBM Corporation, NVIDIA Corporation, Siemens Healthineers AG, Koninklijke Philips N.V, GE Healthcare Technologies Inc., Canon Medical Systems Corporation, HeartFlow Inc., Viz.ai Inc., Aidoc Medical Ltd., EnvoyAI, Butterfly Network Inc., Digital Diagnostics Inc., Caption Health, Day Zero Diagnostics Inc., Enlitic Inc., Arterys, Nano X Imaging Ltd., Subtle Medical Inc., CureMetrix Inc., AliveCor Inc., DiA Imaging Analysis Ltd., Freenome Holdings Inc., Imagen Technologies, Gleamer Ltd., Quibim, Behold.ai, Gauss Surgical Inc., 3D Systems, InformAI LLC, Intel Corporation

Focus On Introduction Of New AI Solutions For Swift And Precise Diagnoses
Major companies operating in the artificial intelligence (AI) in radiology market are launching new products, such as suites, to increase their profitability in the market. An AI-powered radiology suite is an integrated system leveraging artificial intelligence to enhance diagnostic capabilities and streamline processes in medical imaging, improving accuracy and efficiency. For instance, in November 2022, Viz.ai Inc., a US-based healthcare software service provider, launched Viz radiology suite. The suite is a cutting-edge solution that integrates advanced FDA-approved algorithms to swiftly analyze diverse medical imaging data such as CT scans, EKGs and echocardiograms. This comprehensive AI-powered care coordination solution not only provides real-time insights but also automates assessments, expediting the diagnosis and treatment process. Ultimately, this innovative solution contributes to improved patient outcomes by accelerating the diagnostic and treatment workflow.

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Key Segments -

The artificial intelligence in radiology market covered in this report is segmented -

1) By Solution Type: AI Software, AI Hardware
2) By Modality: Computed Tomography (CT), Magnetic Resonance (MR), X-Ray, Mammography, Ultrasound (US), Other Modalities
3) By Application: Neurology, Chest And Lung, Musculoskeletal, Abdomen, Cardiology, Other Applications
4) By End-User: Hospitals, Diagnostic Imaging Centers, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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