NEW YORK, July 23, 2022 /PRNewswire/ — According to the latest market research report published by P&S Intelligence, in 2021 the AI-based medical imaging market billed $1,093.0 millionwhich is likely to be hit $11,921.4 million to 2030, with a tremendous growth rate of 30.4% from 2021 to 2030. The key aspects driving the market are the increasing cases of chronic diseases, the growing need for medical services for the elderly, and rapid investment in research and development in the healthcare industry.
Technological developments and digitization in the healthcare industry are also driving the growth of the market. Medical imaging, used to detect and treat diseases, is one of the most important cornerstones of the industry. Due to its sensitivity and accuracy in detecting anomalies, AI has a wide range of applications in the medical field.
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Key points of the AI-based Medical Imaging market report
· CT scans have the largest share of sales at almost 30% and the category would continue to lead the market for AI-based medical imaging in the near future. This is explained by the increase in the prevalence of cardiovascular diseases and cancer as well as the growing need for AI-integrated advanced medical imaging solutions.
The integration of AI into MRI is predicted to grow fastest of all modalities between 2021 and 2030. The use of AI to represent anatomy, which assists physicians in providing appropriate patient care, can be blamed for this growth.
Around 50% of the AI-based medical imaging market share is accounted for by deep learning technology, which is expected to be the market leader also during the forecast period. This is because it is commonly used to diagnose and differentiate between viral and bacterial pneumonia on pediatric chest X-rays and has excellent extraction capabilities.
The hospital category is expected to grow at a CAGR of 30% in the coming years. This is because hospitals are ubiquitous, easy to access, and preferred over alternative medical facilities.
The Neurology category will rise at the highest CAGR in the coming years. This is due to a significant number of vendors developing AI-based medical imaging systems and devices for neurological disorders, as well as the wealth of medical imaging data in the field.
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The North American market holds the largest share and this trend is forecast to continue in the future. This is due to the high adoption rate of cutting-edge technologies in the healthcare industry and the existence of significant players.
Furthermore, the AI-based medical imaging market in the APAC region is predicted to grow at a significant CAGR of over 30% in the coming years. The region’s aging population, rising healthcare costs, and increasing investment from public and private actors are all contributing to this exponential growth.
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SOURCE P&S Intelligence