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Artificial Intelligence (AI) Radiology Tool Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033
Artificial Intelligence (AI) Radiology Tool Market
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According to The Business Research Company's, The artificial intelligence (AI) radiology tool market size has grown rapidly in recent years. It will grow from $1.26 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to governmental support, AI is integrated into radiology tools to increase accuracy and reduce error percentage, increasing shift toward personalized and precision medicine, application of artificial intelligence (AI) to medical imaging, and improvement in diagnostic accuracy and efficiency.
The artificial intelligence (AI) radiology tool market size is expected to see rapid growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to increasing demand for efficient diagnostic solutions, growing demand for accurate and precise diagnostics results, growth of the technological infrastructure, increasing imaging volumes, and increasing adoption of artificial intelligence (AI) technology. Major trends in the forecast period include technological advancements in artificial intelligence, expansion of ai integration in healthcare systems, rising adoption of telemedicine and remote imaging, proactive medical approach, and increasing demand for efficient diagnostic solutions.
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Market Drivers and Trends:
The increasing shift toward personalized medicine is expected to propel the growth of the artificial intelligence (AI) radiology tool market going forward. Personalized medicine, also known as precision medicine, is an innovative medical approach that tailors treatment and healthcare strategies to the individual characteristics of each patient. The increasing shift toward personalized medicine is driven by a combination of crucial elements, such as progress in genomics and molecular biology. AI radiology tools enhance personalized medicine by providing precise diagnostics, predictive analytics, real-time treatment response monitoring, integration with genomic data, and improved patient stratification, enabling individualized and effective healthcare interventions. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the increasing shift toward personalized medicine drives the artificial intelligence (AI)radiology tool market.
Major companies operating in the artificial intelligence (AI) radiology tool market are developing advanced solutions, such as artificial intelligence platforms, to enhance the diagnostic capabilities of radiologists. Advanced artificial intelligence platform integrates AI algorithms to analyze medical imaging data, providing radiologists with augmented insights and aiding in the accurate detection and diagnosis of various medical conditions. For instance, in November 2023, Radiology Partners (RP), a US-based radiology practice company, launched RPX AI, a cloud-based advanced artificial intelligence platform for rapidly deploying AI medical imaging tools at scale, utilizing Amazon Web Services (AWS) HealthImaging. This platform aims to simplify the integration and implementation process for medical imaging AI models, making them more accessible and efficient for hospitals and health systems.
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Major Key Players of the Market:
Google LLC, Samsung Electronics Co. Ltd, Microsoft Corporation, Intel Corporation, International Business Machines Corp., NVIDIA Corporation, Siemens Healthcare Private Limited, Koninklijke Philips N.V., GE HealthCare, Nuance Communications Inc., Aidoc Medical, OXOS Medical, Subtle Medical Inc., Enlitic Inc., Arterys Inc., Aidence.com, Oxipit.ai, Zebra Medical Vision, CellmatiQ GmbH, Azmed
Artificial Intelligence (AI) Radiology Tool Market 2024 Key Insights:
• The artificial intelligence (AI) radiology tool market size is expected to see rapid growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
• Personalized Medicine Drives Growth In AI Radiology Tool Market
• Radiology Partners Launches RPX AI To Revolutionize Diagnostic Capabilities With Advanced AI Platform
• North America was the largest region in the artificial intelligence (AI) radiology tool market in 2023
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