AI in Medical Imaging – A Game Changer in Healthcare Sector
The healthcare industry is undergoing a major overhaul in terms of technology. From the entry of robots, advancements in diagnostic care, patient monitoring, and drug development, the healthcare sector is embracing new technologies and evolving at a considerable pace. Over the past few years, the adoption of artificial intelligence in healthcare sphere has gained a considerable amount of traction, particularly from the medical device sector. Experts within the industry are of the opinion that artificial imaging in medical imaging is the ‘next big thing’ in healthcare. Significant progress in counter processing techniques has enabled the development of artificial intelligence-based systems that are aimed to improve the efficiency and accuracy of diagnosis and medical treatments.
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Artificial intelligence in medical imaging, particularly for radiology is currently making headlines and is expected to gain worldwide popularity across healthcare ecosystems across the world. Artificial intelligence is expected to revolutionize medical imaging in the upcoming years and is increasingly being used in cardiology, pathology, ophthalmology, etc. It is projected that artificial intelligence-based systems will eventually replace physicians in certain medical specializations in the forthcoming years. The AI in medical imaging market is expected to grow at a staggering pace during the forecast period, due to a range of factors, including improvement in computing power, learning algorithms, and availability of huge data sets, which are sourced from wearable health monitors and medical devices. Due to these factors, the global AI in medical imaging market is expected to reach a value of ~US$ 7.4 Bn by the end of 2027.
AI-based Computer Vision in Healthcare to Improve Care Models
The introduction of advanced AI technology and tools is expected to play a key role in transforming the healthcare and radiology space in the coming years. The adoption of AI in the medical sphere, especially in radiology, is anticipated to present a plethora of opportunities for companies involved in the current market for AI in medical imaging. One of the key factors that will most likely improve the adoption of AI in medical imaging, such as radiology, is the widening gap between the soaring number of scans and the number of available radiologists that can read data. The mounting workload coupled with the pressure to fasten the process of data interpretation resulted in a considerable rise in the number of errors, thereby presenting participants in the AI in medical imaging market a window of opportunity to grow their market presence.
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Despite being at a relatively nascent stage, participants in the supply side of the value chain are increasingly focusing on the implementation of AI-based systems in the healthcare sector. In recent times, computer vision is projected to transform medical imaging and diagnosis of a range of diseases. The demand for accurate computer vision for a range of medical imaging applications, such as X-ray, ultrasound, CT scans, etc., is expected to move in the upward trajectory during the forecast period. In addition, in terms of the AI technology, computer vision is expected to witness the highest adoption rate in the AI in medical imaging market, followed by deep learning modules. The high adoption rate can be primarily attributed to significant improvements in medical imaging diagnosis in the detection of life-threatening diseases and minor abnormalities in patients. At present, although healthcare providers cannot completely rely on automated diagnosis and treatments, with continual advancements in technology, AI in medical imaging is expected to gain great amount of recognition.
Companies and Researchers Collaborate to Create Efficient AI-based Platforms
Key participants operating in the current AI in medical imaging market landscape are expected to closely work with educational institutes, healthcare providers, and other stakeholders to develop technologically advanced and cost-effective AI-based platforms for healthcare experts to develop diagnostic algorithms. For instance, in April 2019, Nvidia announced that the company would collaborate with the American College of Radiology (ACR) to develop an open architecture AI system to assist radiologists to develop advanced diagnostic algorithms. Companies in the AI in medical imaging market are aggressively exploring the potential benefits of AI in medical imaging by creating new deep learning models for improved image interpretation. For instance, researchers at the Google Health created deep learning models that improve X-ray interpretation.
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The global AI in medical imaging market is expected to grow at an astounding CAGR of ~45% during the forecast period. The market growth can be primarily attributed to a range of factors, including advancements in imaging technologies, strides taken by counter processing techniques, and increasing deployment of AI in radiology, cardiology, ophthalmology, and pathology. In addition, the AI in medical imaging market participants should aim to collaborate with researchers and healthcare providers to develop cutting-edge AI-based platforms for improved data management and enhance the efficiency of treatments. While current technologies are expected to focus on enhancing X-ray imaging interpretation, computed tomography, and ultrasound imaging will gain ground in the upcoming years.
AI in Medical Imaging Market: Overview
- The global AI in medical imaging market in terms of value is expected to register a CAGR of ~45% between 2019 and 2027. Artificial intelligence is anticipated to transform several aspects of healthcare, with imaging-enabled specialties such as radiology and pathology that are set to be early adopters of AI. In the coming years, medical imaging professionals are anticipated to have a rapidly expanding AI-enabled diagnostic toolkit, to support all aspects of image interpretation from classification, detection, and segmentation through the extraction of quantitative imaging features and biomarkers. Additionally, advanced technological capabilities are expected to lead to strategic collaborations and partnerships in the AI in medical imaging market. In this scenario, leading companies are entered into tie-ups with players to boost their technological competencies.
- The global AI in medical imaging market is expected to reach ~US$ 7.4 Bn by 2027 from US$ 384.7 Mn in 2019. Increasing demand for pattern recognition to optimize echocardiogram evaluation has facilitated the growth of the AI in medical imaging market.
- The AI in medical imaging market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for AI in medical imaging, with revenues in 2019 estimated at US$ 205.7 Mn.
- Asia Pacific is projected to lead the global AI in medical imaging market during the forecast period. In Asia Pacific, the market for AI in medical imaging is anticipated to expand at a fast rate throughout the forecast period, due to increasing foreign investments and improving economic conditions, which supports technological development. AI in medical imaging has huge potential in the emerging markets of Asia Pacific due to increasing implementation of AI in the healthcare industry.
AI in Medical Imaging Market: Definition
- The AI in medical imaging market report provides analysis of the global AI in medical imaging market for the period 2017–2027, wherein 2018 is the base year, 2019 is the estimated year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- Artificial intelligence will transform numerous aspects of healthcare delivery, with imaging-enabled specialties such as radiology and pathology set to be early adopters. In the coming years, medical imaging professionals are expected to have a rapidly expanding AI-enabled diagnostic toolkit at their disposal, to support all aspects of image interpretation, from detection, classification and segmentation, through to the extraction of quantitative imaging features and biomarkers.
- In this report, we analyze the challenges industries face in acquiring the right AI in medical imaging that can cope with the rapidly changing world. The report also highlights the total revenue generated through the sale of AI in medical imaging across various key regions worldwide.
North America AI in Medical Imaging Market – Snapshot
- Strong presence of AI in medical imaging vendors in this region is a crucial factor driving the AI in medical imaging market
- Increasing collaboration has been identified as one of the regional trends across North America. This can be attributed to strategic investments of companies in the technology sector. This trend is likely to fuel the demand for AI in medical imaging in the region during the forecast period.
Key Growth Drivers of AI in Medical Imaging Market
- Increasing imaging volumes – Radiologists are dealing with a large number of images in every study making it more and more challenging to meet productivity, while maintaining diagnostic accuracy. In medical imaging, the expectation of obtaining accurate diagnosis from detailed anatomical and functional images encourages radiologists to use AI in medical imaging. This helps in better analysis of the study, thus propelling the growth of the AI in medical imaging market across the globe.
- Increasing demand for pattern recognition to optimize echocardiogram evaluation – Advanced pattern recognition and machine learning algorithms can also be applied to identify borders and motion – ideal for evaluating the heart. Ultrasound imaging of the heart or echocardiography is the most widely used imaging technique for evaluation of cardiac heart function, which in turn is projected to propel the demand for AI in medical imaging during the forecast period.
Key Challenges Faced by AI in Medical Imaging Market Players
- While the market holds great promise, it is still in its early phase. Several barriers need to be overcome before AI becomes mainstream in medical imaging.
- The results from AI-based image analysis tools need to be fully integrated into radiologists’ workflows and presented at the time of the primary read. Algorithm developers need to partner with imaging IT vendors to ensure their solutions are tightly integrated. Thus, radiologists need to be experts in AI to efficiently operate the medical imaging process and also analyze the AI algorithm. Hence, limited number of AI experts across the globe is expected to hinder the market growth during the forecast period.
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AI in Medical Imaging Market – Competition Landscape
- In January 2019 , oxipit.ai, an AI radiology solutions provider company entered into a partnership with HealthCare Konnect to bring ChestEye AI imaging suite to healthcare institutions in Nigeria
- In October 2019, Zebra Medical Vision partnered with Emergent Connect, a provider of cloud-based PACS software to improve healthcare experience and bring the power of AI to Emergent Connect’s growing customer base
AI in Medical Imaging Market – Company Profile Snapshot
- IBM Corporation: Incorporated in 1911, IBM Corporation is based in New York, the U.S. IBM Corporation provides computer hardware, middleware, and software, along with hosting and life sciences products and solutions. The IBM Corporation also provides comprehensive solutions that span throughout the lifecycle of a drug-from speeding up discovery to transforming clinical improvement and from understanding market insights to effectively communicating real world clinical value.
- Siemens Healthineers AG: The Siemens Group is a technology company with core business activities in the field of automation, electrification, and digitization. The company operates in all countries of the world. Siemens Healthineers AG is a leader in medical imaging and laboratory diagnostics. It is also a leading global supplier of healthcare technology.
- Other major players operating in the global AI in medical imaging market and profiled in the report include
- Microsoft Corporation
- Samsung Electronics Co. Ltd.
- Gauss Surgical
- Enlitic Inc.
- Bay Labs, Inc.
- Lunit Inc.
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