Increasing prevalence of cancer, neurological, cardiovascular and urological diseases, rising volumes of radiological procedures, and rapid adoption of AI in radiology are some key factors expected to drive global market growth.
Increasing prevalence of cancer, neurological, cardiovascular and urological diseases, rising volumes of radiological procedures, and rapid adoption of AI in radiology are some key factors expected to drive global market growth.
Market Dynamics:
Over the recent years, there has been rapid adoption of advanced technologies such as Artificial Intelligence (AI) in the healthcare sector. The use of AI algorithms in radiology has made astonishing progress in the management of healthcare data and information and provides accurate diagnoses. Many hospitals, diagnostic centers, and clinics are deploying AI-based imaging systems for precise disease diagnosis, monitoring, image acquisition, and reporting. Factors such as high prevalence of various chronic diseases, increasing number of road accidents, and rising focus on developing more advanced diagnostic devices are expected to drive global market growth during the forecast period.
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However, high initial investments, dearth of skilled professionals to operate advanced systems, and lack of sufficient funds in many hospitals and diagnostic centers to deploy advanced diagnostic technology are some factors that can restrain global market growth going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Computed Tomography Segment to Account for Largest Revenue Share:
The computed tomography segment is expected to account for largest revenue share between 2020 and 2027. This can be attributed to high prevalence of cancer, neurological and cardiovascular conditions, road accidents, and physical injuries, rising elderly population, and rapid adoption of advanced AI-enabled CT solutions in many medium to large-scale diagnostic centers and hospitals.
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Diagnostic Centers Segment To Register Rapid Revenue CAGR:
The diagnostic centers segment is expected to register rapid revenue CAGR over the forecast period owing to rising patient pool, improving diagnostic centers infrastructure, and increasing volumes of radiological procedures for disease diagnosis.
North America to Lead In Terms of Revenue Share:
North America to account for largest revenue share in the global market during the forecast period owing to increasing prevalence of chronic and acute diseases across the region, rapid adoption of advanced imaging technologies such as CT and PET, and presence of well-developed healthcare infrastructure and skilled expertise. In addition, rapid adoption of AI in radiology and increasing investments in R&D activities are expected to fuel North America market growth during the forecast period.
Major Companies in the Market Include:
- Microsoft Corporation
- NVIDIA Corporation
- IBM Corporation
- Intel Siemens Healthineers
- Digital Diagnostics
- InformAI
- Enclitic Inc.
- Day Zero Diagnostics
- Freenome Inc.
- Gleamer Ltd
- ai Technologies Limited
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For the purpose of this report, Emergen Research has segmented the global Artificial Intelligence (AI) in radiology market on the basis of radiology type, technique, application, and region:
Radiology Type Outlook (Revenue, USD Billion; 2017–2027)
- Head CT Scan
- Neurology
- Mammography
- Chest Imaging
- Others
Technique Outlook (Revenue, USD Billion; 2017–2027)
- X-Rays
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Positron Emission Tomography (PET)
- Ultrasound
- Others
Application Outlook (Revenue, USD Billion; 2017–2027)
- Computer-Aided Detection
- Quantitative Analysis Tools
- Clinical Decision Support
End Use Outlook (Revenue, USD Billion; 2017–2027)
- Hospitals & Clinics
- Diagnostic Centers
- Research Laboratories
- Others
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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