Artificial Intelligence in Radiology Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025– Increasing adoption of new technologies and smart solutions with the help of artificial intelligence is the next revolution in patient care driving the market growth.
Global Artificial Intelligence in Radiology Market is valued at USD 21.5 Million in 2018 and expected to reach USD 181.1 Million by 2025 with a CAGR of 35.9% over the forecast period.
Scope of Artificial Intelligence in Radiology Market Report–
Artificial intelligence also known as machine intelligence is a branch of computer science that works to create intelligent machines. The use of artificial intelligence has been rapidly progressing in medicine, particularly in radiology. In radiology, it is used to identify the onset of diseases at early stage and enable to plan the treatment for long term needs and offer the highest level of accuracy. AI is used in medical field as clinical decision support and information management (for both physician as well as patients) and can modify the practice of radiology in processes such as detection & prioritization, monitoring & registration, image acquisition and reporting. This technology can be used to analyze medical imaging solutions to identify most effective solution for acute abnormalities across both human as well as animal bodies. It can add a layer of precision and consistency to the search for anomalies if something goes unnoticed. Time sensitive cases like stroke treatments can be diagnosed faster by operating AI systems. The challenges in this field now become identifying opportunities for reducing inefficiencies in radiology workflow through AI integration.
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Artificial intelligence in radiology market report is segmented on the basis of radiology type, application, technique and region & country level. Based upon radiology type, artificial intelligence in radiology market is segmented into mammography, chest imaging, neurology, colonography, cardiovascular, head CT scan and rest of the body. Based on application, the market is segmented into computer-aided diagnosis, clinical decision support, quantitative analysis tools, and computer-aided detection. Based upon technique, artificial intelligence in radiology market is segmented into x-rays, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, potential emission tomography (PET) and others.
The regions covered in this artificial intelligence in radiology market report are North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. On the basis of country level, the market of artificial intelligence in radiology is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players for Artificial Intelligence in Radiology Market Report–
Some major key players for artificial intelligence in radiology market are AI Technologies Ltd., Enlitic, Inc., EnvoyAI, Freenome Inc., Gleamer Ltd., IBM Corporation and others.
UCSF Launched Artificial Intelligence Center to Advance Medical Imaging.
On October 11, 2019; University of San Francisco launched a new center to fast-track the application of AI technology in radiology, leveraging advanced computational technologies and industry mergers to enhance the patient diagnosis and care. The Center for Intelligent Imaging will develop and put on AI to formulate effective new ways to gaze inside the body and to estimate health and diseases. Investigators in Center for Intelligent Imaging will lineup with Santa Clara, California based NVIDIA Corporation, an industry frontrunner in AI computing to build organization and tools engrossed on empowering the translation of AI into clinical practice. The Center for Intelligent Imaging will function as a hub for the multidisciplinary development of AI in imaging to encounter unmet clinical needs and to deliver a platform to calculate effect and outputs of the technology. NVIDIA engineers with data scientists will work together with UCSF investigators to develop clinical AI tools, applying effective computational resources that are existing in few medical institutions, with the aim of speeding up AI development cycle in the clinics. The capacity of AI medical imaging has been swiftly improving and radiologists are struggling to possess sheer number of images. The Center focuses to affect the total value chain of imaging from the time patient comes for a scan to the last delivery of prognostic, quantitative, individualized and care-defining information. Also, the Center will link academic innovations to startups to sponsor collective AI imaging R&D.
Global Artificial Intelligence in Radiology Market Dynamics-
The artificial intelligence in radiology market is driven by the factors such as use of machine learning technology in diagnostic imaging along with the increasing use of quantitative imaging and biomarkers imaging in clinical practices. Apart from making radiologists more productive and efficient, AI and machine learning are likely to improve the experience of patients throughout imaging process. Market players are coming up with new image acquisition hardware along with embedded AI technologies. Core structure such as computing and storage devices, networking has also improved in performance with current technical advancements. Additionally, increase in the use of AI beyond image analysis like practice management, quality assurance and improvements in the performance of deep learning algorithms over early generation of AI are the factors that are also supporting the market growth. However, the factors such as slow regulatory approval process, lack of real-world confirmation to validate the economic benefits and the return on investment, and long sales & implementation cycles may hamper the market growth.
Moreover, offering speed, accuracy and quality of image interpretation and diagnosis in radiology creating new revenue opportunities for the market. Also, advances in computing and rapid changes in medical industry accelerating the innovations and huge R&D developments are fuelling the future growth of the market.
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Global Artificial Intelligence in Radiology Market Regional Analysis-
The artificial intelligence in radiology market by region is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America has captured the largest market share and is expected to continue the same over the forecast period owing to the well-established healthcare and medicine systems that supports the use of new technologies in this region. Startups receiving the most investors’ attention in AI due to which the market in North America is anticipated to observe high growth. The national institutes of health (NIH) held a workshop to explore the future of AI in medical imaging in which they found imaging research laboratories are swiftly generating machine learning systems that achieve expert human performance using open source methods and tools shows R&D developments in North America. Asia-Pacific countries are expected to show fast growth in the forthcoming years because of the growing technologies in imaging and biotechnology sectors and Government initiatives & increasing healthcare expenditures. In addition to this, presence of large number of patients and population pool will foster the market growth in this region within the forecast period. Based on the size of its population and huge volume of accessible digital medical data, china has significant advantage in developing medical AI and thus emerging as a popular hub for healthcare AI in radiology.
Key Benefits for Artificial Intelligence in Radiology Market Report–
Artificial Intelligence in Radiology Market report covers in-depth historical and forecast analysis.
Artificial Intelligence in Radiology Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Artificial Intelligence in Radiology Market report helps to identify opportunities in marketplace.
Artificial Intelligence in Radiology Market report covers extensive analysis of emerging trends and competitive landscape.
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Artificial Intelligence in Radiology Market Segmentation:
By Radiology Type:
Head CT Scan
Rest of the body
Clinical Decision Support
Quantitative Analysis Tools
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Positron Emission Tomography (PET)
By Regional & Country Analysis:
Middle East and Africa
Rest of Middle East and Africa
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