In 2021, the size of the AI-based medical imaging market was around $1,093 million and will reach above $11,921 million by 2030 , propelling at a mammoth CAGR of above 30% in the years to come. The main factors pushing the industry are the increasing occurrence of chronic illnesses, snowballing requirements for medical services for the elderly population, and increasing RD expenditure in the healthcare industry.
Digitization and new technical expansions in the healthcare industry play a major role in increasing the sales of AI-based medical imaging equipment. The most prominent progression in the industry is AI-based technologies, like medical imaging, used for early recognition of ailments, better diagnosis, and patient-specific treatments. AI has numerous uses in medical imaging, as a result of its accuracy and sensitivity in finding abnormalities.
ICT had the largest demand of 30%, in 2021, and will continue to lead also in the years to come. This is because of the rising occurrence of many chronic diseases like cancer and CVD conditions, and the snowballing requirement for AI-integrated innovative imaging solutions.
Furthermore, the industry growth is also propelled by the momentous investment precisely for the expansion of AI-enabled solutions, the enormous population suffering from cancer and further chronic diseases, and numerous small, and large companies that offer a wide variety of AI-based CT imaging solutions.
Hospitals had the largest demand for these diagnostic solutions in 2021, and they will advance with a growth rate of 30% in the years to come. This is credited to the omnipresence, easy availability, and preference of hospitals compared to other medical facilities. Furthermore, reimbursement plans are among the main factors behind the industrial dominance of hospitals.
The growing awareness of the benefits of AI techniques and their broad application areas has resulted in the high implementation of AI in the medical diagnostic sector. Several companies are teaming up or collaborating to offer the most prominent technologies to consumers in healthcare. These AI-based medical technologies help medics in their decision-regarding analysis and treatment. Therefore, doctors adopt these lucrative, accurate, and safe solutions as compared to the traditional ones, which, in line, help the industry to grow.
North America AI-based medical imaging market had the largest revenue, and it will maintain this trend in the future as well. This has a lot to do with the high acceptance of cutting-edge technologies in the healthcare industry and the existence of major players. Furthermore, the rise in collaborations and partnerships among vendors, the substantial role of research organizations in developing AI-based medical imaging solutions, and the high funding in RD and healthcare push the industry. The US is the market leader because of the developed healthcare system, there are a lot of local and international players, and the improved reimbursement policies in the country.
APAC will witness the highest growth in the near future, proceeding with a striking growth rate of more than 30%. This exponential growth is due to the aging population, a surging requirement for healthcare services, and snowballing investments by numerous private and government companies.
There has been an increasing development of the healthcare sector, and because of this, the demand for AI-based medical imaging solutions is on the rise.