AI in Medical Imaging Market Poised for 6X Expansion by 2031 - Persistence Market Research

Artificial Intelligence (AI) is profoundly transforming the field of medical imaging, offering unprecedented improvements in diagnostic accuracy, operational efficiency, and patient outcomes. The global AI in medical imaging market is poised for explosive growth, projected to rise from an estimated US$1.6 billion in 2024 to US$10.2 billion by 2031. This represents a remarkable compound annual growth rate (CAGR) of 30.3% over the forecast period. This upward trajectory is driven by a growing demand for advanced diagnostic tools, rising prevalence of chronic diseases, and an increasing reliance on AI to overcome human limitations in interpreting complex medical images.

The software tools/platforms segment continues to dominate the market, supported by advancements in machine learning and the integration of AI with imaging modalities such as MRI, CT, and ultrasound. Hospitals emerge as the leading end-user segment, demonstrating rapid adoption of AI-powered systems to streamline workflows and improve diagnostic throughput. Geographically, North America leads the market, thanks to its advanced healthcare infrastructure, robust R&D environment, and the presence of leading AI companies. Meanwhile, the Asia Pacific region is witnessing accelerating growth, driven by expanding healthcare access and strong governmental support for digital health transformation.

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Key Highlights from the Report

✦ The AI in medical imaging market is projected to reach US$10.2 billion by 2031, growing at a CAGR of 30.3%.
✦ Software tools and platforms remain the dominant product category, with a CAGR of 33.8%.
✦ Hospitals are the leading end users, growing at an impressive CAGR of 35.6%.
✦ North America continues to lead the global market, followed closely by Europe.
✦ Asia Pacific is projected to be the fastest-growing region due to rising healthcare investments.
✦ Technological advances like Sonic DL and real-time cardiac imaging are propelling innovation.

Market Segmentation

The global AI in medical imaging market is segmented based on solution type, application, imaging technology, and end-use. Among the solution types, software tools and platforms dominate, accounting for a major share due to their versatility and compatibility with multiple imaging systems. These tools facilitate image acquisition, enhancement, segmentation, and interpretation-functions critical for effective diagnosis and treatment planning.

When examined by end-user, hospitals represent the largest segment. Their significant investment in AI technology stems from the need to handle growing patient volumes, reduce diagnostic errors, and optimize workflow efficiency. Additionally, diagnostic imaging centers and academic research institutions are emerging as vital contributors to market expansion by adopting AI-powered platforms for education, research, and specialized diagnostics.

Regional Insights

North America: Leading the AI Revolution in Imaging

North America remains the most mature and innovative market for AI in medical imaging. The U.S. and Canada house several global tech giants and medical imaging firms that drive continuous product innovation. High healthcare spending, increasing acceptance of AI solutions by medical professionals, and favorable regulatory support from agencies like the FDA enhance market penetration. Furthermore, the region benefits from a robust digital infrastructure and a skilled workforce, enabling rapid deployment of AI-integrated diagnostic systems in hospitals and clinics.

Europe: Advancing with Public-Private Synergies

Europe is growing at a robust CAGR of 31.2%, driven by strong government initiatives supporting AI research in healthcare. Nations like Germany, the UK, and France are leading in the implementation of AI policies and funding programs. This has led to heightened adoption of AI solutions for imaging diagnostics across public healthcare systems. Additionally, partnerships between universities, research institutes, and private companies are fueling innovation and adoption in the region.

Asia Pacific: The Next Growth Powerhouse

Asia Pacific is emerging as the fastest-growing region due to its large and aging population, increasing burden of chronic diseases, and government-backed digital health initiatives. Countries such as China, India, and Indonesia are making significant strides in improving healthcare infrastructure. China, in particular, is heavily investing in AI as part of its national strategy to lead global AI development by 2031. This offers vast opportunities for market players to expand their footprint in this region.

Market Drivers

A major driving force in the AI in medical imaging market is the adoption of AI-based diagnostic imaging systems, which streamline and accelerate diagnostic processes. These systems automate routine image analysis, reducing radiologist workload and minimizing the risk of human error. AI algorithms also aid in triaging urgent cases, optimizing workflow efficiency, and improving the overall quality of care. The push towards personalized medicine is further encouraging healthcare providers to adopt AI tools that deliver tailored diagnostic insights based on individual patient profiles. Moreover, the increasing prevalence of complex and chronic conditions is boosting the demand for more accurate and rapid diagnostic methods, strengthening the case for AI adoption.

Market Restraints

Despite promising advancements, the market faces considerable resistance from medical practitioners hesitant to adopt AI-based diagnostics. Many clinicians are wary of the technology, fearing that overdependence on AI could compromise the human aspect of patient care. Concerns about AI's diagnostic accuracy, data privacy, and potential job displacement continue to hinder wider acceptance. Moreover, the lack of standardized guidelines and regulatory clarity around AI integration in clinical workflows poses another challenge. Training and familiarizing medical staff with these technologies also requires time and resources, slowing adoption in certain settings.

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Market Opportunities

The untapped potential in developing economies presents an immense opportunity for key players in the AI medical imaging market. Rapid digitalization and growing investments in healthcare infrastructure across Asia, Latin America, and Africa are paving the way for AI integration in medical imaging. Countries like Brazil, China, and India are not only investing in healthcare technologies but also fostering innovation through public-private partnerships and start-up incubators. Furthermore, the convergence of AI with emerging technologies such as augmented reality, blockchain, and telemedicine is expected to open up new avenues for product development and service delivery.

Reasons to Buy the Report

✔ Gain in-depth understanding of the market trends and dynamics shaping the future of AI in medical imaging.
✔ Identify high-growth segments and investment opportunities across product categories and regions.
✔ Analyze competitive intelligence, company share insights, and recent strategic initiatives of leading players.
✔ Stay ahead of technological advancements driving innovation in medical imaging diagnostics.
✔ Leverage actionable data and forecast models for strategic planning and market entry.

Company Insights

• Agfa-Gevaert Group
• Ada Health
• Enlitic Inc
• CellmatiQ GmbH
• General Electric Company
• IBM
• NVIDIA CORPORATION
• MICROSOFT
• Koninklijke Philips N.V.
• Siemens AG

Recent Developments

In June 2023, GE Healthcare announced its innovative Sonic DL technology, reducing MRI scan times by up to 83% and allowing real-time cardiac imaging.

In November 2022, NVIDIA and Nuance Communications, Inc. partnered to bring AI-based diagnostic tools to healthcare professionals at scale, improving care delivery while reducing costs.

Conclusion

The global AI in medical imaging market is on a transformational journey, reshaping how diseases are diagnosed and managed. As AI technologies mature and healthcare providers become more receptive, the market is set to expand at an exceptional pace. From real-time decision support systems to personalized diagnostics, AI is redefining the capabilities of radiology and medical imaging. While challenges around adoption, regulation, and trust remain, the long-term potential of AI in revolutionizing healthcare diagnostics is undeniable. Companies that innovate, adapt, and invest in strategic partnerships will be best positioned to lead in this rapidly evolving landscape.

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