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Artificial Intelligence In Radiology Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Artificial Intelligence In Radiology Global Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Artificial Intelligence In Radiology Market 2024 Key Insights:
• The artificial intelligence in radiology market is expected to grow to $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%.
• Application Of AI In Healthcare Propels Market Expansion
• Focus On Introduction Of New AI Solutions For Swift And Precise Diagnoses
• North America was the largest region in the artificial intelligence in radiology market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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