The global Al in medical imaging market is expected to witness a growth from USD 1.65 billion in 2024 to USD 4.54 billion by 2029, at a CAGR of 22.4% during the forecast period. Some of the factors that enable the progress of AI are increases in big data, cross-industry partnerships, and collaborations between big tech companies, healthcare institutions, and government agencies offering necessary resources and expertise that could be applied in different ways to AI solutions. For example, in 2024, Microsoft built on its partnership with NVIDIA by integrating Azure with the DGX Cloud and the Clara suite of NVIDIA for advancements in clinical research, discovery of drugs, and improved medical imaging. Similarly, in 2023, Microsoft collaborated with Paige AI to develop some of the biggest image-based AI models for cancer diagnosis and treatment and also collaborated with Nuance.
However, factors like a shortage of trained AI professionals and unclear regulatory guidelines for medical software are going to limit the development and implementation of this technology and, thus, overall market growth.
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The medical imaging market is largely dominated by several major global corporations, which account for a large share. However, some SMEs and regional companies also occupy a considerable share of the market. The key players in the AI in medical imaging market include Microsoft (US), Merative (US), NVIDIA Corporation (US), Siemens Healthineers (Germany), Intel Corporation (US), Google (US), GE Healthcare (US), Digital Diagnostics Inc. (US), InformAI (US), HeartFlow, Inc. (US), Advanced Micro Devices, Inc. (US), Enlitic, Inc. (US), icometrix (Belgium), Aidence (Netherlands), and Butterfly Network.
Microsoft (US)
Microsoft is considered one of the major firms in the artificial intelligence-driven market for medical image analysis. The company strongly invests in research and development, expanding its product list and providing it with high ground at the AI forefront. Currently, Microsoft targets four subdomains of Artificial Intelligence as focus areas- machine learning, deep learning, NLP as well as SR. However, the strength of Organic growth can further be appreciated by looking toward the Azure Machine Learning (AML).
In 2024, Microsoft will further its collaboration with NVIDIA, combining Azure's cloud and AI capabilities with NVIDIA's DGX Cloud and Clara suite, which is expected to increase the pace of innovation for clinical research, drug discovery, and medical imaging diagnostics and speed up the way to patient care. In addition, in 2023, Microsoft announced a collaboration with Paige AI, Inc. to create the world's largest models of AI for digital pathology and oncology. This promises to revolutionize cancer diagnosis and patient care by employing powerful AI technologies.
NVIDIA CORPORATION (US)
NVIDIA Corporation ranks second in the AI medical imaging market, largely because of its position as a leading provider of GPUs for training and executing ML and AI algorithms. The company has strong presence across multiple geographies and works with top OEMs/ODMs globally. NVIDIA consistently drives innovation and expands its portfolio in the AI market.
For instance, in September 2022, NVIDIA announced the NVIDIA IGX platform, which aims to enable businesses to design next-generation, software-defined industrial and medical devices that can operate safely alongside humans. The platform includes the NVIDIA IGX Orin, a compact, powerful, energy-efficient AI supercomputer specifically designed for autonomous industrial equipment and medical devices. NVIDIA's platforms include the DGX AI and various GPUs, accelerating deep neural networks and machine learning for healthcare applications. The company has more than 50 offices spread over the Americas, Asia, and Europe and, with strategic inorganic growth, has secured its leading position in the AI medical imaging market.
GOOGLE (US)
Google has emerged as a leader in integrating artificial intelligence (AI) into medical imaging, particularly in enhancing the efficiency and accuracy of diagnostics. Its AI-powered Medical Imaging Suite enables faster diagnoses and improved patient care by leveraging cutting-edge AI algorithms. The suite is designed to make imaging data more accessible, interoperable, and useful across various healthcare settings, enabling seamless integration with cloud, on-premises, or edge storage systems. Google Cloud’s AI capabilities, enhanced by collaborations with industry leaders like NVIDIA, help automate complex image analysis tasks, accelerating the development of scalable AI models and transforming the way medical images are analyzed and interpreted. By making powerful AI tools more accessible, Google is driving advancements in medical imaging that can ultimately improve outcomes and reduce the burden on healthcare professionals.
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Artificial Intelligence (AI) in Medical Imaging Market by Component(Hardware, Software, Service), Modality (MRI, CT, X-Ray), Application (Radiology, Cardio, Cancer- Lung, Breast, Prostate), End User(Hospital, Imaging Center) - Global Forecast to 2029
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