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Global Artificial Intelligence In Magnetic Resonance Imaging (MRI) Market to Reach $8.92 Billion by 2029, Growing at 9% CAGR
Artificial Intelligence In Magnetic Resonance Imaging (MRI) Market Size
The growth of the artificial intelligence in the magnetic resonance imaging (MRI) market is expected to be fuelled by a surge in diagnostic procedures. These procedures are various medical techniques or tests conducted to identify, diagnose, or confirm the existence of a disease or abnormality in a patient. AI technology is utilized in MRI diagnostics to enhance precision and efficiency, facilitating more timely and accurate diagnoses, thus improving patient outcomes. For example, the National Health Service (NHS), a publicly funded healthcare system in England, reported in March 2023 that approximately 1,628,300 patients were in queue for essential diagnostic tests, showing an increase of 59,400 patients from March 2022. Furthermore, in March 2023, a total of 2,302,400 diagnostic tests were conducted, indicating an increase of 223,100 from the previous year's corresponding period. As such, the rise in diagnostic procedures is propelling the expansion of the artificial intelligence in magnetic resonance imaging (MRI) market.
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What is the projected compound annual growth rate (CAGR) of the artificial intelligence in magnetic resonance imaging (mri) market from 2025 to 2034, and what factors influence it?
In recent times, the artificial intelligence in magnetic resonance imaging (MRI) market has witnessed significant growth. The market, valued at $5.98 billion in 2024, is projected to reach $6.41 billion in 2025, registering a compound annual growth rate (CAGR) of 7.1%. The historical period growth has been driven by factors such as an increase in data volume, greater clinical demand for precision, the advent of deep learning algorithms, investments in research and development, and breakthroughs in diagnostic imaging.
Forecasted robust expansion is on the horizon for the artificial intelligence in magnetic resonance imaging (MRI) market. By 2029, it's anticipated to reach $8.92 billion with an annual compound growth rate (CAGR) of 8.6%. This anticipated surge within the forecasted timeframe can be credited to multiple contributing factors such as AI-aided image reconstruction, customised MRI imaging, the application of AI in lesion detection and classification, the rise in MRI automation, and the implementation of AI-guided MRI procedures. Upcoming trend forecasts display a strong emphasis on quantitative imaging through AI, the use of AI in functional MRI (fMRI), the application of explainable AI in diagnostic interpretations, real-time AI analysis as well as AI-driven image enhancements.
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How are the latest trends influencing the growth of the artificial intelligence in magnetic resonance imaging (mri) market?
The rise of technology development has become a predominant trend in the artificial intelligence in magnetic resonance imaging (MRI) market. Major industry players in the artificial intelligence in MRI market are concentrating on progressing AI technology to cater to specific customer needs and maintain their industry standing. For instance, in June 2023, GE HealthCare Technologies Inc., a manufacturing firm based in the United States, unveiled Sonic DL, an FDA-approved AI deep learning technology designed to expedite MRI processes. This advanced technology can procure superior-quality magnetic resonance images up to twelve times quicker than traditional procedures, making it possible to capture cardiac imaging within a solo heartbeat. It widens inclusivity for patients with arrhythmias and breath-holding issues, guaranteeing swift, consistent, and less complicated exams with a potential scan time reduction of up to 83%, leading to rapid and high-quality MRI scans.
What are the major segments of the artificial intelligence in magnetic resonance imaging (mri) market and their role in driving growth?
The artificial intelligence in magnetic resonance imaging (MRI) market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Technology: Deep Learning, Machine Learning, Computer Vision, NLP (Natural Language Processing), Speech Recognition, Querying Method, Other Technologies
3) By Deployment Type: On-Premise, Cloud
4) By Clinical Applications: Musculoskeletal, Colon, Prostate, Liver, Cardiovascular, Neurology, Lung, Breast, Other Clinical Applications
5) By End-User: Clinics, Research And Laboratories, Other End Users
Subsegments:
1) By Hardware: AI-Enabled MRI Scanners, Image Processing Units, Data Storage Devices
2) By Software: Image Analysis Software, Diagnostic Software, Workflow Optimization Tools
3) By Services: AI Integration Services, Maintenance And Support Services, Training And Consulting Services
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Which regions are key players in the growth of the artificial intelligence in magnetic resonance imaging (mri) market?
North America was the largest region in the artificial intelligence in magnetic resonance imaging (MRI) market in 2024. The regions covered in the artificial intelligence in magnetic resonance imaging (MRI) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the artificial intelligence in magnetic resonance imaging (mri) market?
Major companies operating in the artificial intelligence in magnetic resonance imaging (MRI) market include Intel Corporation, International Business Machines Corporation, Bayer AG, Toshiba Corporation, NVIDIA Corporation, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Nuance Communications Inc., Esaote SPA, Paige AI Inc., Orcam Inc., Aidoc Medical, Lunit Inc., Viz.ai Inc., Digital Diagnostics Inc., Owkin Inc., Aurora Imaging Technologies Inc., Quibim SL, Mirada Medical Ltd., Arterys Inc., Imbio LLC, QMENTA, Voxel Technology, Sanrad Medical Systems Pvt ltd, EchoNous Inc., Enlitic Inc., InformAI LLC, Nano X Imaging Ltd.
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What Is Covered In The Artificial Intelligence In Magnetic Resonance Imaging (MRI) Global Market Report?
• Market Size Forecast: Examine the artificial intelligence in magnetic resonance imaging (mri) market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence in magnetic resonance imaging (mri) market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence in magnetic resonance imaging (mri) market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence in magnetic resonance imaging (mri) market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence in magnetic resonance imaging (mri) market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence in magnetic resonance imaging (mri) market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence in magnetic resonance imaging (mri) market.
• Competitive Landscape: Review strategic developments in the artificial intelligence in magnetic resonance imaging (mri) market, including expansions, agreements, and new product launches.
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