Table of Contents
Introduction
The market for AI in ultrasound imaging is rapidly expanding, with projections indicating significant growth. The market size, valued at approximately USD 964.2 million in 2023, is forecasted to expand to around USD 2261.8 million by 2033. This growth reflects a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2024 to 2033.
Several factors are driving this expansion, including the rise in chronic diseases and the aging population, a heightened focus on reducing radiologists’ workloads, and governmental initiatives aimed at fostering the adoption of AI-based technologies. Advancements in AI have revolutionized ultrasound imaging by enabling faster, more accurate examinations and care delivery, showcasing AI’s ability to refine diagnostic processes and improve patient outcomes.
However, the sector faces challenges, primarily due to the high costs associated with procuring and maintaining AI-based devices and software, alongside a hesitance among medical practitioners to embrace these advanced technologies. Additionally, the lack of technical knowledge among health professionals regarding the operation of sophisticated AI technologies compounds these challenges.
Recent developments in the AI in ultrasound imaging sector have been highlighted by significant mergers and acquisitions, showcasing a trend towards integrating artificial intelligence to enhance imaging capabilities and accessibility. Philips made a noteworthy move by acquiring DiA Imaging Analysis for nearly $100 million. DiA Imaging Analysis specializes in AI-based ultrasound image examination and has achieved nine U.S. FDA clearances for its solutions, including one that assists with cardiac image acquisition.
Similarly, GE HealthCare announced its acquisition of Caption Health, Inc., a company renowned for its AI healthcare leadership in creating clinical applications for early disease detection. Caption Health’s AI applications facilitate easier and faster ultrasound examinations, broadening the scope for healthcare professionals to conduct basic echocardiogram exams and potentially improving clinical outcomes.
Another significant transaction involved Exo acquiring Medo AI to simplify ultrasound imaging. Medo AI is known for its proprietary Sweep AI technology, which drastically reduces the expertise required to diagnose common and critical conditions, thereby enabling a wider range of caregivers to conduct high-quality exams. This acquisition is set to make ultrasound imaging more accessible and interpretable. These developments signal a growing integration of AI technologies in ultrasound imaging, promising advancements in ease of use, diagnostic accuracy, and early disease detection capabilities.
Key Takeaways
- The global AI in ultrasound imaging market is projected to reach a value of USD 2,261.8 million by 2033, with a notable CAGR of 8.9% from 2023 to 2033.
- In 2023, the market was valued at USD 964.2 million, indicating significant growth potential over the forecast period.
- The software segment accounted for 61.3% of the market share in 2023, demonstrating its dominance in the AI in ultrasound imaging market.
- Deep learning technology held a substantial market share of 60.8% in 2023, highlighting its importance in radiology applications such as object detection and image segmentation.
- Neurology emerged as a major application segment, capturing a significant market share of 39.5% in 2023, driven by the increased adoption of AI in diagnosing neurological disorders.
- Hospitals dominated the end-user segment in 2023, commanding a market share of 74.8%, attributed to rising investments and the growing prevalence of chronic illnesses.
- North America led the global market in 2023, holding a substantial market share of 32.1%, fueled by high healthcare spending and investments in innovative technologies.
- The market is fragmented, with key players such as Intel Corporation, General Electric Company, and Microsoft focusing on R&D and strategic partnerships to expand their market presence.
AI in Ultrasound Imaging Statistics
- The FDA has cleared over 700 AI healthcare algorithms, with a significant majority being in radiology, indicating AI’s deepening integration into medical imaging.
- Ultrasound devices constitute 12% of all diagnostic imaging devices currently in development, showcasing the growing reliance on ultrasound technology.
- AI’s role in diagnostic imaging is expected to increase efficiency and accuracy, with AI-integrated systems aiding in identifying abnormalities and assisting in diagnoses.
- Nearly 60% of diagnostic imaging devices in development involve contrast agents and radiopharmaceuticals, highlighting the sector’s focus on enhancing image accuracy.
- Radiopharmaceutical approvals for 2024 are anticipated to double compared to 2023, reflecting their rising importance in medical imaging.
- In a study, the AI software QVCAD showed a 21% increase in sensitivity for automated breast ultrasound images among readers with one to three years of experience.
- The same AI software led to a 16-second reduction in mean reading time per case, demonstrating AI’s potential to streamline diagnostic processes.
- The United States currently employs around 65,000 sonographers, with an additional 27,600 needed by 2024 to meet patient demand.
- Siemens Healthineers launched a new AI-powered ultrasound system, indicating industry leaders’ investment in AI-enhanced diagnostic tools.
Development Statistics
- In July 2024: GE HealthCare acquired the clinical AI software business of Intelligent Ultrasound for approximately $51 million. This acquisition is intended to strengthen GE’s ultrasound portfolio by integrating AI-driven image analysis tools that improve the usability and workflow for clinicians and patients. The acquisition deal is planned to be completed in the final quarter of 2024.
- In June 2024: During the third fiscal quarter of 2024, Micron Technology maintained its growth trajectory, recording an operating income of $719 million compared to a significant loss in the prior year. This performance is part of Micron’s continued focus on optimizing its product offerings and operations in sectors including AI. The sustained financial improvements underscore the company’s effective strategy in adapting to the technological demands of AI applications, including in medical imaging like ultrasound.
- In March 2024: Micron Technology reported a significant increase in revenue and net income for the second fiscal quarter of 2024, largely driven by heightened demand in AI applications. The company achieved a revenue of $5.82 billion, up from $4.73 billion in the previous quarter. This financial uptick reflects Micron’s strong positioning in the semiconductor industry, benefiting notably from the AI-driven market demands.
- In February 2024: Acquisition of Tower Semiconductor Intel announced its acquisition of Tower Semiconductor for $5.4 billion. This strategic move is expected to strengthen Intel’s position in the global semiconductor market, enhancing its capabilities in manufacturing and technology development. The acquisition aligns with Intel’s strategy to expand its semiconductor foundry services, including those that could impact the production of AI-driven ultrasound and other medical imaging technologies.
- In February 2024: Product Launch, Butterfly iQ3, Butterfly Network released the Butterfly iQ3 ultrasound system to the U.S. market. Priced at $3,899, this device enhances ultrasound imaging with advanced 3D capabilities, including iQ Slice and iQ Fan for easier image capturing. The launch event took place on February 13, 2024.
- In October 2023: Strategic Partnership and Funding, Butterfly Network announced a significant collaboration with Forest Neurotech, involving a 5-year co-development agreement to create an implanted, whole-brain neural interface. This deal includes $20 million in milestones, with $3.5 million received upon signing. This partnership aims to explore new applications for Butterfly’s Ultrasound-on-Chip™ technology.
- In October 2023: General Electric Company, through its healthcare division, signed a $44 million contract with the Biomedical Advanced Research and Development Authority (BARDA) to develop advanced artificial intelligence-enhanced ultrasound technology. This initiative is aimed at aiding clinicians in diagnosing and treating traumatic injuries and enhancing preparedness for mass casualty incidents.
- In March 2023: Microsoft introduced Dragon Ambient eXperience (DAX) Express, an innovative AI solution for clinical documentation in healthcare, including ultrasound imaging. This solution utilizes conversational AI and natural language processing powered by OpenAI’s GPT-4, aiming to significantly reduce administrative burdens for clinicians by automating documentation. DAX Express integrates seamlessly into existing clinical workflows, enhancing efficiency and clinician satisfaction by reducing time spent on paperwork by up to 70%
- In February 2022: Imagia Cybernetics merged with Canexia Health, a Vancouver-based cancer genomics company. This strategic merger is bolstered by a C$20 million investment from various venture capitals, including BDC Capital’s Women in Technology Venture Fund, Desjardins Capital, and PacBridge Capital. The collaboration aims to advance the accessibility of oncology testing and treatment, particularly in community settings, leveraging Imagia’s AI technology and Canexia’s genomic expertise.
- In June 2021: EchoNous received $60 million in funding from Kennedy Lewis Investment Management. This investment is intended to accelerate the commercial launch of Kosmos, EchoNous’ handheld point-of-care ultrasound platform. This funding reflects a significant commitment to enhancing AI-guided portable ultrasound technologies.
Recent Developments
- GE HealthCare’s Acquisition of Caption Health: GE HealthCare announced the acquisition of Caption Health, Inc., a leader in AI healthcare for early disease detection. This move aims to enhance GE HealthCare’s ultrasound business by integrating AI-enabled image guidance into its device portfolios, making ultrasound examinations easier and faster for a broader set of healthcare professionals.
- Introduction of SonoSAM: GE HealthCare has introduced SonoSAMTrack, a research project focused on ultrasound imaging with AI. This technology demonstrates increased segmentation accuracy in ultrasound images and operates efficiently with minimal user input. SonoSAM is designed to overcome the typical challenges of ultrasound imaging, such as image artifacts and diffused boundaries.
- Philips’ New Ultrasound Systems: Philips unveiled next-generation ultrasound systems, EPIQ Elite 10.0 and Philips Affiniti, at RSNA. These systems are designed to increase diagnostic confidence and workflow efficiency. They offer a single user interface, shared transducers, and automated tools to help reduce complexity for a more efficient and enhanced user experience.
- Philips’ AI Ultrasound for Maternal Health: Philips has developed an AI-powered ultrasound prototype in partnership with the Bill & Melinda Gates Foundation to expand access to maternal health. This prototype aims to make ultrasound scanning easier for midwives and non-expert users by guiding them with an AI algorithm. The technology has shown positive feedback during a trial period in Kenya, where it helped improve confidence in triage for expectant mothers.
Use Cases
- Brain Tumor Detection and Classification: AI and machine learning (ML) models, particularly those using MRI data, have improved the diagnosis accuracy for brain tumors by up to 75.5%. This is a significant advancement, considering the conventional approach relies heavily on the surgeon’s expertise during removal and subsequent analysis.
- Diagnosing Neurological Diseases: AI algorithms have been instrumental in the early detection and monitoring of neurological conditions such as Alzheimer’s disease and multiple sclerosis. They help radiologists identify and quantify subtle changes in the brain, which could be easily overlooked, thus allowing for faster and more accurate diagnosis.
- Breast Cancer Screening: While AI’s efficacy in mammography screening is still under scrutiny, its application in ultrasound exams has shown promising results. AI-enhanced ultrasound screenings have seen diagnostic accuracy rates boost up to 96%, highlighting its potential in improving breast cancer detection.
- Cardiovascular Disease Diagnosis: AI algorithms have revolutionized the diagnosis of cardiovascular diseases by analyzing CRM and CT scans much faster than human capabilities allow. This speed does not compromise the precision of the analysis, making it a valuable tool in detecting and diagnosing cardiovascular issues promptly.
Impact on Healthcare and Diagnostics
- Increased Diagnostic Efficiency: AI’s role in medical imaging is crucial for handling the burgeoning workload of radiologists, enabling them to interpret medical images more efficiently and accurately. The average radiologist faces the daunting task of reading a medical image within 3-4 seconds to complete their workload within an 8-hour day. AI helps alleviate this pressure by automating the analysis process, thus reducing burnout and improving diagnostic accuracy.
- Enhanced Patient Outcomes: By automating and improving diagnostic processes, AI in ultrasound imaging directly contributes to better patient outcomes. For instance, Philips’ 3D Auto RV application, which employs machine learning, aids in cardiology ultrasound by reducing the need for manual image adjustments, making assessments faster, more reproducible, and accurate.
- Future Prospects: The integration of AI in ultrasound imaging is part of a broader trend towards digital transformation in healthcare. Investments in healthcare AI, which were expected to reach $6.6 billion by 2021, signify the growing emphasis on leveraging technology to improve patient care, reduce operational inefficiencies, and manage data security.
Key Players Analysis
Intel Corporation
Intel Corporation is deeply invested in advancing AI in ultrasound imaging, leveraging its technological prowess to enhance medical imaging solutions. One significant development is the collaboration with Zhejiang University, where an AI-based medical imaging solution increased the accuracy of identifying thyroid tumors by more than 10% compared to radiologists at a Class A tertiary hospital in China, showcasing the potential of AI in improving diagnostic precision and efficiency.
Furthermore, Intel has collaborated with Samsung Medison on NerveTrack, a real-time nerve tracking ultrasound feature. This innovation, which leverages Intel’s OpenVINO toolkit, can potentially reduce scanning time by up to 30%, demonstrating Intel’s commitment to enhancing the workflow and accuracy of medical diagnostics through AI.
In the realm of ultrasound technology innovation, Intel Capital has invested in Exo Imaging, a company pioneering a high-performance, handheld ultrasound platform that uses artificial intelligence for imaging and therapeutic applications. This technology aims to make medical imaging more accessible and affordable, indicating Intel’s strategic investments in transforming healthcare diagnostics globally.
EchoNous, Inc.
EchoNous, Inc., a leader in the AI in ultrasound imaging sector, has achieved significant milestones in advancing point-of-care ultrasound (POCUS) technology through artificial intelligence. In 2023, the company notably strengthened its position in the POCUS field, particularly emphasizing AI’s role in enhancing diagnostic precision and accessibility. Their efforts culminated in several transformative product updates and the introduction of Kosmos Plus, a comprehensive POCUS solution priced under $20,000, designed to make advanced ultrasound technology more accessible and efficient for healthcare professionals worldwide.
In addition to product development, EchoNous has demonstrated a strong commitment to funding its innovative projects. In July 2023, the company successfully raised $7 million, which was directed towards further development and commercialization of its compact, AI-powered ultrasound device, Kosmos. This funding supports the device’s capabilities to provide diagnostic-quality images and utilize deep learning algorithms for improved imaging and diagnostic processes. Prior to this, EchoNous secured a significant $60 million in funding from Kennedy Lewis Investment Management in June 2021, emphasizing the company’s growth potential and the commercial launch of Kosmos, its flagship AI-guided POCUS system. This investment was aimed at enhancing the system’s diagnostic imaging quality and making it more accessible and easier to use for healthcare providers.
Samsung Electronics Co.
Samsung Electronics Co. has been actively integrating artificial intelligence (AI) into its ultrasound imaging systems, demonstrating significant advancements in medical imaging technology. The company introduced the V6 and V8 ultrasound systems, each tailored for specific medical fields such as Women’s Health, Urology, and broader applications like obstetrics, radiology, orthopedics, and cardiology. The V6 system is designed to deliver comprehensive imaging capabilities in 2D, 3D, and color image quality, aiming for budget-friendly yet high-standard care in daily clinical demands. Meanwhile, the V8 system offers enhanced image quality, usability, and convenience, featuring advanced functions from premium ultrasound systems across various medical specialties.
Samsung’s commitment to merging medical imaging with AI was also evident at the RSNA 2018 Annual Meeting, where the company showcased its AI algorithms applied across diagnostic imaging devices. These technologies assist in diagnosis, boasting features like S-Detect™ for Breast, which uses ultrasound images for analyzing breast lesions, and various AI-based software for improving diagnostic accuracy and efficiency in radiology and other medical fields.
CloudMedx
CloudMedx is focusing on solving five major challenges in healthcare AI, including accuracy, data privacy, and integration into existing workflows. Their solutions are designed to be secure, specific, and scalable, fitting seamlessly into healthcare systems. With tools that aggregate and analyze health data, CloudMedx aims to enhance patient care and outcomes.
Butterfly Network, Inc.
Butterfly Network, Inc. recently announced FDA clearance for their new AI-enabled Auto B-line Counter for ultrasound, which simplifies the assessment of lung conditions. This tool leverages deep learning technology to provide a more consistent interpretation of B-lines from ultrasound clips. It aims to empower healthcare providers to diagnose and treat lung conditions more efficiently. Butterfly’s AI algorithms are trained using over 3.5 million de-identified ultrasound images from a diverse range of patients across the U.S.
Conclusion
The market for AI in ultrasound imaging is expected to experience significant growth, driven by advancements in technology, increased demand for healthcare, and government initiatives. While challenges related to cost, technology adoption, and healthcare access still exist, emerging markets offer significant opportunities for growth. The sector’s future looks promising, with AI technology innovations expected to further improve ultrasound imaging’s diagnostic capabilities and overall healthcare delivery.
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