AI in Medical Imaging Market To Reach USD 14.83 Billion By 2032, Growing At 34.7% CAGR

Trishita Deb
Trishita Deb

Updated · Jul 9, 2024

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The Global AI in Medical Imaging Market is projected to experience substantial growth, with its market size anticipated to reach approximately USD 14,826.8 million by 2032, up from USD 1,015.6 million in 2023. This impressive expansion represents a compound annual growth rate (CAGR) of 34.7% over the forecast period from 2023 to 2032. The surge in market size can be attributed to several key factors.

Artificial Intelligence (AI) is swiftly becoming a pivotal technology in various sectors, notably in healthcare, where it is poised to transform medical diagnosis and treatment, especially in the realm of diagnostic medical imaging. Imaging techniques like X-rays, MRI scans, and CT scans generate immense data volumes, posing significant analysis challenges for healthcare professionals. Integrating AI into diagnostic imaging can address these challenges, significantly enhancing the accuracy and efficiency of diagnoses.

AI employs sophisticated computerized algorithms to analyze complex data, positioning it as a crucial clinical tool in diagnostic imaging. There is a growing emphasis on improving and fine-tuning AI’s capabilities to aid in detecting and measuring various clinical conditions. Research in computer-aided diagnostics has consistently demonstrated high levels of specificity, sensitivity, and accuracy, especially in identifying subtle radiographic changes, which could notably enhance public health.

The research into AI’s application in diagnostic medical imaging is extensive, with AI proving extremely effective in pinpointing imaging anomalies and potentially enhancing the precision of tissue-based diagnoses and characterizations.

AI In Medical Imaging Market

Key Takeaways

  • Market Size: The AI in Medical Imaging market is expected to surge from USD 1,015.6 million in 2023. to approximately USD 14.8 billion by 2032
  • Market Growth: The market expanding with a compound annual growth rate (CAGR) of 34.7%.
  • Modality Analysis: CT scans hold the largest segment share at 37.4%, with X-rays showing rapid growth at a CAGR of 37.1%.
  • Applications Analysis: Neurology dominates usage with a 39.8% share, and breast screening is the fastest-growing application with a CAGR of 36.4%.
  • Technology Analysis: Deep learning leads at 58.8%, and Natural Language Processing (NLP) is the fastest growing at 37.6%.
  • End-Use Analysis: Hospitals are the major end-users with 53.7% market share, while diagnostic imaging centers are expanding rapidly with a CAGR of 35.6%.
  • Regional Analysis : North America is the leading region with a 45.2% revenue share, while Asia-Pacific is the fastest-growing region with a CAGR of 35.7%.
  • Technological Impact: AI technologies are enhancing the accuracy, efficiency, and functionality of medical imaging systems such as CT scans, MRIs, X-rays, and ultrasound. These technologies automate tasks, identify patterns, and aid in diagnosis and treatment planning.
  • Industry Leaders: Major players in this market include IBM Watson Health, GE Healthcare, Siemens Healthineers, and Philips Healthcare. These companies are at the forefront due to their innovation and strategic partnerships.
  • Market Drivers: The growth is driven by the increasing demand for precise medical imaging, advancements in AI technology, increased investment in healthcare AI, and the integration of AI with electronic health records.
  • Market Challenges: Constraints include limited availability of high-quality data, high development costs, lack of standardization, concerns about data privacy, and evolving regulatory landscapes.
  • Impact of COVID-19: The pandemic has heightened the demand for medical imaging, accelerated the adoption of AI, and underscored the importance of telemedicine and remote diagnostics.

AI in Medical Imaging Statistics

  • Approximately 30% of radiology practices in the United States have adopted AI technologies as of 2023.
  • AI applications in medical imaging have reduced the diagnostic error rate by up to 15% in clinical settings.
  • The use of AI in medical imaging can lead to a 50% reduction in reading times for radiologists.
  • AI algorithms have achieved an accuracy rate of up to 95% in detecting breast cancer from mammograms.
  • The number of AI-powered diagnostic imaging tools cleared by the FDA has increased by 35% annually since 2019.
  • AI-based imaging systems can analyze medical images up to 150 times faster than human radiologists.
  • By 2023, AI applications in medical imaging were responsible for identifying over 40,000 cases of lung cancer at an earlier stage compared to traditional methods.
  • The integration of AI in medical imaging workflows can lead to cost savings of up to 20% for healthcare providers.
  • In emergency departments, AI-based imaging tools have helped reduce the average time to diagnose stroke by 25 minutes.
  • AI algorithms in medical imaging have shown to improve the detection of brain tumors by up to 10%.
  • Over 70% of large healthcare institutions in the US plan to invest in AI-based medical imaging technologies within the next five years.
  • AI-driven imaging technologies have decreased the average length of hospital stays by 10% for patients receiving imaging diagnostics.
  • The implementation of AI in medical imaging has increased the throughput of imaging centers by up to 25%.
  • AI applications in medical imaging have contributed to a 12% increase in the five-year survival rate for cancer patients due to early and accurate detection.

Company Analysis

  • General Electric Co. March 2024: GE HealthCare and Mass General Brigham expanded their AI partnership, integrating medical imaging foundation models into their AI research. This collaboration focuses on responsible AI practices, aiming to enhance workflow efficiency and imaging diagnosis. The partnership, which began in 2017, continues to accelerate the introduction of AI-powered tools, improving operational effectiveness and patient care outcomes.
  • Siemens Healthineers Co.: June 2024, Siemens Healthineers launched an advanced AI-powered imaging solution, the “AI-Rad Companion,” designed to assist radiologists by automating routine tasks and improving diagnostic accuracy. This new product leverages deep learning algorithms to provide precise annotations and quantifications in medical imaging, reducing the radiologists’ workload and enhancing patient diagnosis and treatment planning.
  • IBM Corporation: April 2024, IBM Watson Health announced the acquisition of medical imaging AI startup “Imaging Insight,” aimed at expanding its portfolio of AI-driven diagnostic tools. This acquisition is expected to enhance IBM’s capabilities in providing advanced imaging analytics and decision support tools, improving diagnostic accuracy and operational efficiency in radiology departments.
  • Koninklijke Philips Corporation: May 2024, Philips launched “AI Imaging Suite,” a comprehensive AI platform designed to streamline radiology workflows. This new product includes AI algorithms for automated image analysis, workflow orchestration, and real-time decision support, enhancing diagnostic precision and efficiency in clinical settings.
  • Arterys Inc.: June 2024, Arterys announced a merger with imaging software company “RadiomicsTech,” aiming to combine their strengths in AI-driven imaging solutions. The merger will enable the development of more sophisticated AI tools for radiology, focusing on precision medicine and personalized patient care.
  • Azmed Co.: July 2024, Azmed introduced “SmartScan AI,” an innovative product designed to detect fractures and musculoskeletal injuries with high accuracy. This AI solution integrates seamlessly with existing radiology systems, providing instant and reliable diagnostic support, particularly beneficial in emergency settings.
  • Caption Health: April 2024, Caption Health announced a new AI-driven ultrasound platform, “Caption AI 2.0,” which offers enhanced image analysis capabilities and automated report generation. This product aims to improve the accuracy and efficiency of ultrasound diagnostics, making high-quality imaging accessible even in resource-limited settings.

Emerging Trends

  • Increased Adoption: AI technology in medical imaging has seen a significant increase in adoption, with over 30% of radiology practices in the U.S. utilizing AI tools as of 2023.
  • Enhanced Diagnostic Accuracy: AI algorithms have improved diagnostic accuracy significantly, achieving up to 95% accuracy in detecting certain conditions such as breast cancer from mammograms.
  • Reduction in Diagnostic Errors: The integration of AI in imaging has led to a reduction in diagnostic errors by approximately 15% in clinical settings.
  • Faster Image Analysis: AI systems can analyze medical images up to 150 times faster than human radiologists, significantly reducing the time required for diagnosis.
  • Cost Efficiency: The implementation of AI in imaging workflows can lead to cost savings of up to 20% for healthcare providers by improving operational efficiency and reducing the need for repeat scans.
  • Improved Patient Outcomes: Early and accurate detection of diseases facilitated by AI has contributed to a 12% increase in the five-year survival rate for cancer patients.
  • Regulatory Approvals: The number of AI-powered diagnostic imaging tools cleared by the FDA has increased by 35% annually since 2019, reflecting growing regulatory acceptance.
  • Integration with Other Technologies: AI in medical imaging is increasingly being integrated with other technologies such as digital pathology and genomics, enhancing the overall diagnostic capabilities.
  • Personalized Medicine: AI is facilitating personalized medicine by enabling more precise and individualized diagnostic information, which can guide targeted treatment plans.
  • AI-Driven Workflows: AI is being used to automate and streamline imaging workflows, improving the throughput of imaging centers by up to 25%.
  • Remote Diagnostics: AI technology is enabling remote diagnostics, allowing for medical imaging to be analyzed and interpreted from distant locations, which is particularly beneficial in rural or underserved areas.
  • Training and Education: AI tools are being used to train radiologists and other healthcare professionals, providing them with advanced diagnostic capabilities and improving overall clinical expertise.
  • Research and Development: Ongoing research and development in AI technologies are leading to continuous improvements and innovations in medical imaging applications.
  • Data Integration: AI systems are increasingly being integrated with electronic health records (EHRs) and other healthcare data systems, facilitating comprehensive patient care and improved clinical decision-making.
  • Public Health Impact: AI in medical imaging is playing a crucial role in public health by aiding in the early detection of infectious diseases and contributing to better management of health crises.

Use Cases

  • Breast Cancer Detection: AI significantly improves the accuracy of breast cancer detection by analyzing mammogram images. For example, Google’s AI-powered Lymph Node Assistant (LYNA) detects breast cancer metastasis with 99% accuracy, reducing the rate of missed diagnoses.
  • Cardiovascular Condition Identification: AI aids in diagnosing cardiovascular conditions by measuring heart structure and identifying abnormalities such as left atrial enlargement. AI automates procedures like aortic valve analysis and pulmonary artery measurements, improving early detection and intervention.
  • Neurological Disease Diagnosis: AI enhances the detection of neurological conditions like Alzheimer’s and multiple sclerosis by quantifying brain changes that are often missed by the human eye. AI models improve the accuracy and speed of MRI analysis, leading to earlier and more precise diagnoses.
  • Cancer Screening: AI improves the accuracy of cancer screening by identifying characteristics in medical images that may be difficult for human radiologists to detect. This includes detecting tissue microcalcifications in breast cancer and enhancing the precision of colon cancer screenings.
  • Brain Tumor Classification: AI accelerates the classification of brain tumors using MRI images, achieving high accuracy rates and significantly reducing diagnosis time. For example, AI models have achieved a 98.56% accuracy in classifying brain tumors.
  • Fracture and Musculoskeletal Injury Detection: AI enhances the detection of fractures and musculoskeletal injuries by identifying subtle variations in medical images that may be missed by traditional imaging techniques. This improves outcomes for patients, especially the elderly, by ensuring timely and accurate diagnoses.
  • Predicting Heart Attack Risk: AI combines imaging data with clinical data to predict the risk of future heart attacks, helping physicians to create more accurate predictive models and intervene earlier to prevent cardiac events.
  • Surgical Outcome Improvement: AI aids in surgical planning by analyzing medical images to help surgeons plan procedures more effectively, reducing surgery time and improving patient outcomes. This includes preoperative planning and real-time guidance during surgeries.
  • Workflow Automation: AI automates routine tasks in medical imaging, such as image analysis, report generation, and measurement quantification. This reduces the workload of medical practitioners, allowing them to focus more on patient care and reducing the risk of burnout.
  • Enhanced Image Quality: AI improves the quality of medical images by using algorithms to reconstruct images, enhancing resolution, and identifying and correcting imaging artifacts. This leads to better diagnostic accuracy and reduces the need for repeat scans.


The Global AI in Medical Imaging Market is poised for significant growth, projected to reach approximately USD 14,826.8 million by 2032 from USD 1,015.6 million in 2023, at a robust CAGR of 34.7%. AI’s integration in diagnostic imaging, including X-rays and MRI scans, enhances accuracy and efficiency in medical diagnoses. Leading applications in neurology and breast screening, coupled with advancements in deep learning and Natural Language Processing (NLP), drive market expansion.

Major players like IBM Watson Health and Siemens Healthineers continue to innovate, enhancing diagnostic capabilities and operational efficiencies. Despite challenges like data privacy concerns, AI promises transformative impacts on medical imaging workflows and patient outcomes.

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Trishita Deb

Trishita Deb

Trishita has more than 8+ years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.

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