According to a new report published by UnivDatos Markets Insights, Artificial intelligence in the radiology market was valued at ~ USD 1 billion in 2021 is expected to grow at a CAGR of ~35% from 2022-2028. The analysis has been segmented into Radiology Type (Chest imaging, Colonoscopy, Mammography, Head Imaging, and Others) by Technique (X-rays, Magnetic Resonance Imaging, (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), Ultrasound, and Others) by Application (Computer aided-diagnostic, Computer aided-detection, Quantitative analysis tools, and Clinic detection support) and Region/Country
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The artificial intelligence in radiology market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on artificial intelligence in the radiology market. The artificial intelligence in radiology market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates artificial intelligence the in radiology market at the global and regional levels.
Key Market Dynamics
The global demand for artificial intelligence in the radiology market is projected to expand significantly with a CAGR of ~35. This is due to the demand for AIbased radiology has increased, as these deliver timely results having high accuracy and efficacy. Additionally, rising government funding to accelerate research in AI healthcare technology is also driving market growth. For instance, according to the Department of Health and Social Care U.K., 2023 report, around 123 million has been invested in 86 AI solutions over three rounds of awards, assisting over 300,000 patients and enhancing their treatment and care for chronic diseases. Further, as per the above-mentioned source, Ibex has received over 1.5 million in funding to build an AI-driven system to screen for breast cancer. The system analyses photos of tissue samples, assisting pathologists in detecting cancer and completing diagnosis more swiftly.
FIG. 1 Global Artificial Intelligence in Radiology Market Revenue, by Region 2021 (% Share) |
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Source: UnivDatos Market Insights
The global artificial intelligence in radiology market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on radiology type, the market is segmented into chest imaging, colonoscopy, mammography and head imaging, and others. Amongst these, the brain-imaging segment is expected to witness significant growth during the forecast period.
Based on techniques, the market is segmented into X-rays, magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), ultrasound, and others. Amongst these, the X-ray segment dominates the market growth during the forecasting period.
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Artificial Intelligence in Radiology Market Geographical Segmentation Includes:
North America (U.S., Canada, and the Rest of North America)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
Rest of the World
The Asia Pacific artificial intelligence in radiology market is expected to grow with a higher CAGR rate in 2021. This is attributed to the emerging startup companies, increase in investments in research development, and ongoing collaborations between the companies. For instance, in May 2021, the system corporation collaborated with Thinkcyte, an AI-based medical imaging company to improve diagnostics accuracy and enhance treatment. Additionally, as per the above-mentioned sources, both companies are working together to develop innovative diagnostics technologies. These factors are driving the market growth in this region.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading company groups artificial intelligence in the radiology market. The major players have been analyzed using research methodologies such as Porters Five Forces Analysis to get insight views on global competition.
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Recent Developments:
In July 2022, Exo a pioneering health information and medical devices company acquired Medo AI, a Canadian developer of AI technology to make ultrasound imaging faster and simpler to use.
In August 2021, Paxera Health launched-, a new product paxexa ultima 8th generation an AI-based imaging platform at HIMSS21, Las Vegas. Paxexa Ultima 8th generation provides cutting-edge AI algorithms for chest X-rays, mammography, and brain CT and can detect 20 abnormalities.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in artificial intelligence in the radiology market?
Which factors are influencing artificial intelligence in the radiology market over the forecast period?
What are the global challenges, threats, and risks of artificial intelligence in the radiology market?
Which factors are propelling and restraining artificial intelligence in the radiology market?
What are the demanding global regions of artificial intelligence in the radiology market?
What will be the global market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by global companies?
What are the descriptive profiles of key companies along with their SWOT analysis?
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Artificial Intelligence Radiology Market Report Coverage
Report Attribute | Details |
Base year | 2021 |
Forecast period | 2022-2028 |
Growth momentum | Accelerate at a CAGR of 35% |
Market size 2021 | USD 1 billion |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | Asia-Pacific is expected to grow at the highest CAGR during the forecasted period |
Key countries covered | U.S., Canada, Germany, UK, France, Italy, Spain, China, Japan, India |
Companies profiled | Some of the major players operating in the market include GE HealthCare., Enlitic, Inc., Medtronic, Gleamer Ltd., IBM Corporation, EnvoyAI, VUNO Inc., Koninklijke Philips N.V, Siemens Healthcare GmbH, Rad AI |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Radiology Type; By Technique; By Application; By Region/Country |
Target Audience:
Market-related associations, organizations, forums, and alliances
Government bodies, such as regulating authorities and policymakers
Manufacturing and product/technology development institutes
Geriatric and disabled population
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using artificial intelligence in the radiology market and agile methodologies. We offer in-depth studies, detailed analyses, and customized reports that help shape winning business strategies for our clients.
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