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Artificial Intelligence (AI) Radiology Tool Market on Track for Strong Growth, Estimated to Grow at 18% CAGR Through 2029
Artificial Intelligence (AI) Radiology Tool Market
What Is the Expected CAGR for the Artificial Intelligence (AI) Radiology Tool Market Through 2025?
The market size of the artificial intelligence (AI) radiology tool has witnessed substantial growth over the past few years. It is projected to increase from $1.48 billion in 2024 to $1.75 billion in 2025, showing a compound annual growth rate (CAGR) of 18.3%. Several factors have contributed to this growth during the historic period, such as governmental support, integration of AI into radiology tools to enhance precision and minimize the error rate, the growing trend towards personalized and precision medicine, the application of AI to medical imaging, as well as the advancements in diagnostic accuracy and efficiency.
What's the Projected Size of the Global Artificial Intelligence (AI) Radiology Tool Market by 2029?
The market size of the artificial intelligence (AI) tool in radiology is forecasted to experience swift development in the coming years. With a compound annual growth rate (CAGR) of 18.0%, it is expected to achieve a value of $3.4 billion by 2029. The projected rise in the said period is due to factors such as the rise in demand for efficient diagnostic methodologies, a surge in requirement for accurate and precise diagnostic results, advancement in the technological infrastructure, escalation in imaging volumes, and the growing acceptance of AI technology. Key trends for the forecast period comprise technological progress in the AI sector, broadening of AI integration in healthcare operations, increasing preference for telemedicine and remote imaging, proactive approach in medicine, and a rising need for competent diagnostic solutions.
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Top Growth Drivers in the Artificial Intelligence (AI) Radiology Tool Industry: What's Accelerating the Market?
The anticipated growth of the artificial intelligence (AI) radiology tool market is largely facilitated by the increasing inclination towards personalized or precision medicine. This modern medical approach is tailored to suit the individual needs and characteristics of each patient. Notable advancements in genomics and molecular biology have largely contributed to this shift towards personalized medicine. AI radiology tools augment personalized medicine by offering accurate diagnostics, predictive analytics, real-time monitoring of treatment response, integration with genomic data, and superior patient stratification, which collectively enable personalized and effective healthcare measures. As an example, in February 2024, the Personalized Medicine Coalition - a non-profit organization based in the US, revealed that the FDA had granted approval for 16 novel personalized therapies in 2023 specifically for patients suffering from rare diseases. These figures showed a marked increase from the six approved in 2022. Therefore, the growing emphasis on personalized medicine significantly fuels the AI radiology tool market.
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What Trends Will Shape the Artificial Intelligence (AI) Radiology Tool Market Through 2029 and Beyond?
Leading firms in the AI radiology tool market, such as Radiology Partners, are enhancing radiologists' diagnostic capacity by creating high-tech offerings like artificial intelligence platforms. These innovative platforms combine AI algorithms to dissect medical imaging data, which equips radiologists with accelerated insights, assisting in the precise detection and diagnosis of multiple health issues. For example, in November 2023, Radiology Partners, an American radiology practice firm, introduced RPX AI, an innovative cloud-based AI platform, built to swiftly launch large-scale AI medical image tools using Amazon Web Services (AWS) HealthImaging. The main goal of this platform is to streamline the incorporation and execution process of AI-based medical imaging models, making them more user-friendly and effective for hospitals and health settings.
What Are the Main Segments in the Artificial Intelligence (AI) Radiology Tool Market?
The artificial intelligence (AI) radiology tool market covered in this report is segmented -
1) By Type: Diagnostic Radiology, Interventional Radiology
2) By Application: Eye Care, Oncology, Radiology, Cardiovascular, Pathology, Other Applications
3) By End-User: Clinics, Hospitals, Diagnostic Centers, Other End-Users
Subsegments:
1) By Diagnostic Radiology: Ai For Image Interpretation (Detecting Fractures, Tumors, Or Abnormalities), Ai In Ct (Computed Tomography) Scanning, Ai In Mri (Magnetic Resonance Imaging) Scanning, Ai For X-Ray Imaging And Analysis, Ai In Ultrasound Imaging, Ai-Based Computer-Aided Detection (Cad) Systems, Ai For Radiology Workflow Automation (Prioritizing Cases, Report Generation)
2) By Interventional Radiology: Ai For Image-Guided Procedures (Guiding Catheter Placement), Ai In Minimally Invasive Surgery (Tumor Ablation, Biopsies), Ai For Real-Time Decision Support In Interventional Procedures, Ai In Radiation Dose Optimization For Interventional Radiology, Ai-Assisted Navigation Systems For Procedures Like Angioplasty, Ai In Post-Procedure Monitoring And Outcome Prediction
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Which Top Companies are Driving Growth in the Artificial Intelligence (AI) Radiology Tool Market?
Major companies operating in the artificial intelligence (AI) radiology tool market are Google LLC, Samsung Electronics Co. Ltd, Microsoft Corporation, Intel Corporation, International Business Machines Corp., NVIDIA Corporation, Siemens Healthcare Private Limited, Koninklijke Philips N.V., GE HealthCare, Nuance Communications Inc., Aidoc Medical, OXOS Medical, Subtle Medical Inc., Enlitic Inc., Arterys Inc., Aidence.com, Oxipit.ai, Zebra Medical Vision, CellmatiQ GmbH, Azmed
Which Regions Will Dominate the Artificial Intelligence (AI) Radiology Tool Market Through 2029?
North America was the largest region in the artificial intelligence (AI) radiology tool market in 2023. The regions covered in the artificial intelligence (AI) radiology tool market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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