January 29, 2021
According to the research report titled ‘Global Artificial Intelligence (AI) Enabled Medical Imaging Market Analysis, 2020’, available with Market Study Report LLC, global artificial intelligence (AI) enabled medical imaging market is expected to register 29% CAGR during 2021-2026.
Rising concerns regarding the complexities of datasets, mounting number of radiology and medical imaging startups and widespread adoption of AI technologies in healthcare sector are key factors driving the growth of global artificial intelligence enabled medical imaging market.
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For those unaware, AI-enabled medical imaging is the technique of using artificial intelligence technology in medical imaging applications to offer vast supply of healthcare data and subsequently train its algorithms to identify patterns in images. This allows doctors to better screen, assess and diagnose patients, further ensuring improved treatments and thereby, stimulating the overall industry outlook.
Additional factors such as shortage of radiologists and growing demand for AI technologies by several pharmaceutical companies are aiding towards the expansion of global artificial intelligence enabled medical imaging industry.
The advent of COVID-19 pandemic has impelled the use of AI-based medical imaging systems for detecting, diagnosing, and monitoring Coronavirus. Moreover, there has been an upsurge in demand for X-rays and CT scans for detecting and subsequently treating COVID-19, thereby favoring the overall market scenario.
Based on modality, the market is bifurcated into multimodality imaging system, mammography, X-ray, ultrasound, magnetic resonance, and computed tomography. The report states that the computed tomography segment is likely to develop as a key revenue generator for global artificial intelligence enabled medical imaging industry by the year 2026.
Improving cognizance regarding the risk of developing cancer from exposure to radiation has impelled the demand for CT scans. Medical imaging experts are focusing on technological developments that lower the radiation exposure during CT scans without compromising its diagnostic performance. In addition to this, increased pervasiveness of cancer is fueling the segmental share.
The key competitors operating in global artificial intelligence enabled medical imaging industry are Samsung Electronics Co. Ltd., Resonance Health Ltd., Nuance Communications Inc., NVIDIA Corporation, Mirada Medical Limited, Koninklijke Philips N.V., iCAD Inc., General Electric Company, Fujifilm Holdings Corporation, EnvoyAI, ContextVision AB, Blackford Analysis Limited, Beijing Infervision Technology Co. Ltd., Arterys Inc., and Aidoc among others.