U.S. AI In Medical Imaging Market Size, Share & Trends Analysis Report By Technology (Deep Learning), By Application (Neurology), By Modality (MRI), By End-use (Hospitals), And Segment Forecasts, 2024 - 2030

Market Size & Trends

The U.S. AI in medical imaging market size was valued at USD 395 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 33.2% from 2024 to 2030. The surge in demand for managing extensive and complex datasets, coupled with government initiatives endorsing the integration of artificial intelligence-based technologies in healthcare, propels the adoption of artificial intelligence tools in the industry. A growing focus on alleviating the workload of radiologists has spurred the utilization of artificial intelligence (AI) solutions to automate routine tasks and enhance diagnostic processes.

The market is witnessing increased financial backing from private players for AI-based start-ups, stimulating innovation and development in the sector. In addition, cross-industry collaborations and partnerships are rising as diverse sectors join forces to leverage artificial intelligence technologies in medical imaging, fostering partnerships and contributing to the market's overall growth.

The growing need to handle vast and complex medical datasets has led to an increase in the adoption of artificial intelligence in medical imaging in the U.S. This surge is driven by the technology's ability to enhance diagnostic precision, expedite image analysis, and improve overall healthcare efficiency through advanced data management and interpretation capabilities. For instance, Rayscape CXR differentiates between normal X-rays and those displaying anomalies, streamlining patient care and enabling rapid physician triage. With the capability to detect over 147 pathologies, it offers a swift and efficient method for doctors to prioritize and address patient needs.

Government initiatives in the U.S. supporting the integration of artificial intelligence in healthcare, particularly in medical imaging, have fueled significant advancements in the sector. These initiatives involve funding and regulatory support, fostering collaboration between the public and private sectors. The resulting acceleration of AI adoption in medical imaging has improved diagnostic accuracy, streamlined workflows, and enhanced patient care, propelling the market.

The National Institutes of Health (NIH) made an announcement in September 2022 to invest USD 130 million over four years, subject to fund availability, to accelerate the widespread use of artificial intelligence in biomedical and behavioral research. The initiative, called Bridge2AI under the NIH Common Fund, brings together interdisciplinary teams to create AI-specific tools, resources, and detailed datasets, with the goal of facilitating broader adoption of the technology in research communities. Moreover, the Food and Drug Administration (FDA) is actively formulating a regulatory framework for software modifications driven by AI/ML to establish pertinent guidelines ensuring safety and effectiveness.

Moreover, financial backing for AI-Based startups is projected to propel the U.S. artificial intelligence (AI) in medical imaging market. For instance, in June 2023, Carta Healthcare, Inc., which is dedicated to enhancing patient care through clinical data, announced its Series B financing with an additional USD 25 million, boosted by investments from prominent health systems UnityPoint Health and Memorial Hermann Health System. This additional funding builds upon the initial USD 20 million series B financing announced in November 2022, featuring support from investors such as Asset Management Ventures and Frist Cressey Ventures.

Market Concentration & Characteristics

Market growth stage is high, and pace of the market growth is accelerating. The market's high degree of innovation is driven by advancements in machine learning algorithms, increased collaboration, abundant medical datasets, and supportive government initiatives. For instance, in September 2023, COTA, a company working on real-world oncology data and analytics, introduced Vista, a vast automated EHR dataset, to expedite cancer research and implement reliable generative artificial intelligence in cancer care. Vista utilizes automated data abstraction, machine learning algorithms, and medical expert oversight to extract clinically pertinent information from electronic medical records, providing biopharmaceutical companies with timely insights for the accelerated development of life-saving therapies.

The market is also characterized by a high level of merger and acquisition (M&A) activity by the leading players. This is due to several factors, including the technological partnerships, to broaden market presence, access to complementary expertise, and the strategic consolidation of resources for enhanced research and development capabilities. For instance, in January 2024, GE HealthCare announced an acquisition agreement with MIM Software from Cleveland, a global provider of medical imaging analysis and artificial intelligence solutions in molecular radiotherapy, radiation oncology, urology, and diagnostic imaging. The acquisition aims to integrate MIM Software's imaging analytics and digital workflow capabilities across diverse care areas, enhancing innovation and distinguishing GE HealthCare's solutions to impact patients and healthcare systems globally positively.

 The market is also subject to increasing regulatory scrutiny. This is due to concerns about the need for ensuring patient safety, data privacy, and the reliability of artificial intelligence driven diagnostic tools. As these technologies become integral to healthcare, regulatory agencies are actively addressing concerns related to validation, transparency, and ethical considerations, reinforcing the importance of a robust regulatory framework in this evolving sector. For instance, the AI Risk Management Framework, Executive Order 14091 of February 2023, and the Blueprint for an AI Bill of Rights were issued to ensure that AI complied with all Federal laws and promote careful oversight, robust technical evaluations, rigorous regulation, and engagement with affected communities.

There are a limited number of direct product substitutes for AI. However, there are a number of technologies that can be used to achieve similar outcomes to AI, such as automation, rule-based systems, and expert systems. These technologies can be used as substitutes for AI in certain applications, but they typically do not offer the same level of performance or flexibility as AI.

End user concentration in the market signifies the dominance of a limited number of healthcare providers or institutions in adopting AI technologies for diagnostic imaging. Various factors influence this concentration, including large healthcare systems with centralized decision-making and standardized technology implementations. For instance, in October 2023, Koninklijke Philips N.V. sought to improve prostate cancer care by implementing AI-enabled MR imaging. In contrast, Quibim's AI-enabled image analysis software was developed to aid clinicians in delivering faster and more accessible care for prostate cancer. The objective was to tackle staffing challenges and decrease the overall cost of healthcare.

Technology Insights

Based on technology, the market is segmented into deep learning, natural language processing (NLP), and others. The deep learning segment held the largest share of 58.6% in 2023 as it is used in radiological applications such as image generation, object detection, image segmentation, and image transformation, this growth is attributed to the growing availability of extensive medical imaging datasets for training purposes facilitates the development of sophisticated deep learning models. For instance, in November 2023, OpenAI announced an initiative, OpenAI Data Partnerships, which collected records from various organizations to construct datasets for artificial intelligence training. The quality of the training files used directly impacts the reliability of the neural network built. A more pertinent dataset enables the neural network to respond to user queries more accurately. Creating a high-quality dataset is typically time-consuming and expensive, so OpenAI sought assistance from external organizations to streamline this effort.

The natural language processing (NLP) segment is expected to grow at the fastest CAGR over the forecast period. NLP technology utilizes a computer program that interprets and presents information in current human language, encompassing text and images. Factors driving NLP are increased application in machine learning (ML) and artificial intelligence (AI). This expansion has led to new trends and developments, particularly in healthcare, where NLP plays a crucial role in tasks ranging from diagnosis to drug discovery. Integrating computer vision into NLP healthcare is noteworthy, as it aids in processing and interpreting complex medical images that may be challenging for humans to analyze accurately.

In healthcare, NLP and computer vision partnerships enable faster and more precise examination findings from various medical scans and screenings, benefiting medical professionals and providers alike. For instance, in September 2023, Clearpath Technology announced its patient-centric offering, PatientConnect, which was developed in collaboration with prominent healthcare institutions. Fueled by artificial intelligence (AI) and natural language processing (NLP), PatientConnect incorporates built-in patient education to simplify intricate radiology reports into easily understandable language for patients. Accessible via Clearpath's web platform, iOS, and Android apps, patients can conveniently request, securely store, and share records and imaging from any provider. This user-friendly solution enhances patient engagement and facilitates seamless communication with trusted healthcare providers and family members.

Application Insights

Based on application, the market is segmented into respiratory and pulmonary, neurology, breast screening, cardiology, orthopedics, and others. The neurology segment held the largest share in 2023, owing to the increased use of AI in neurology, as it provides better patient care and enables higher accuracy and high efficiency. In addition, the technology is used in neuro-vascular disease detection, neuro-oncology, traumatic brain injury detection, and neurosurgery. For instance, in May 2023, TeraRecon launched Neuro Suite, an innovative clinical suite driven by artificial intelligence (AI). Tailored for disease triage and offering insights for differential diagnosis, Neuro Suite is specifically designed to facilitate care activation in neurological conditions like multiple sclerosis, neuro-oncology, and dementia. The platform offers seamless integration throughout the healthcare organization, addressing clinicians' challenges in decision-making for chronic neurological care. With its AI capabilities, Neuro Suite aims to enhance the efficiency and precision of diagnostic processes in neurological diseases.

The breast screening segment is expected to grow at the fastest CAGR over the forecast period. The increasing incidence of breast cancer cases and the growing patient preference for early-stage detection, enabling prompt and precise treatment initiation, are significant drivers propelling the demand for breast screening. In addition, supportive government initiatives aimed at aiding clinical interpretation and the expanded accessibility to breast cancer screening technologies are anticipated to be crucial factors fostering market growth.

These trends underscore a collective effort toward advancing breast cancer detection, diagnosis, and subsequent treatment, emphasizing the importance of proactive measures and accessible screening technologies. For instance, in November 2023, GE HealthCare announced MyBreastAI Suite, an innovative all-in-one platform comprising artificial intelligence (AI) applications to assist clinicians in breast cancer detection while enhancing workflow productivity. MyBreastAI Suite integrates three AI applications iCAD developed: SecondLook for 2D Mammography, PowerLook Density Assessment, and ProFound AI for DBT. These applications collectively improve patient outcomes and early detection and aid radiology departments in enhancing operational efficiency.

Modalities Insights

The CT scan segment held the largest market share in 2023 due to the higher standard imaging method for many clinical results. Both major and minor suppliers offer a wide variety of AI-based medical imaging solutions for use in the CT scan modality. The CT scan collects more thorough data than other methods. In addition, it has not been demonstrated that the small amounts of radiation used in CT scans are harmful over the long term. The market is segmented based on modality into MRI, CT scan, ultrasound, X-ray, and nuclear imaging. For instance, in November 2023, Brainomix, a company focused on developing AI-powered software solutions for precision medicine in stroke, lung fibrosis, and cancer, has declared its ongoing expansion in the U.S. The company introduced its complete set of FDA-cleared modules within the Brainomix 360 platform, a comprehensive solution for stroke imaging. This platform aims to provide advanced capabilities for precise medical decision-making, particularly in stroke, offering healthcare professionals a robust tool for improved treatment decisions.

The X-ray segment is anticipated to expand at the fastest CAGR over the forecast period. The primary factor propelling this segment is the rising utilization of interventional X-ray equipment for surgeries guided by imaging, including C-arms and similar devices. The advancements in C-arm technology, particularly the emergence of compact C-arms equipped with flat panel detectors and digital radiography, have substantially heightened the global demand for X-rays. For instance, in October 2023, Koninklijke Philips N.V. introduced the Philips Image Guided Therapy Mobile C-arm System 3000, known as Zenition 30. These mobile C-arms are X-ray systems specifically designed to be utilized within the operating room, offering real-time image guidance for a diverse array of clinical procedures encompassing orthopedics, trauma, spine interventions, pain management, and various surgical processes.

End-use Insights

The hospital segment dominated the market with a market share in 2023 and is expected to grow at the fastest CAGR of over the forecast period. The growth is anticipated as patients prefer hospitals for the treatment process in the terms of convenience and various product offerings in one place.

Moreover, hospitals are easily accessible at different locations. Based on end-use, the market is segmented into diagnostic imaging centers, hospitals, and others. The hospital segment is also anticipated to benefit from favorable reimbursement regulations.

Key U.S. Artificial Intelligence in Medical Imaging Company Insights

Some of the key players operating in the market include Microsoft Corporation; GE HealthCare, Canon Medical Systems USA, Inc.; and Advanced Micro Devices, Inc. (AMD)

• Microsoft Corporation provides a wide range of AI capabilities and services, including computer vision, speech recognition, and language understanding. It also provides pretrained models, SDKs, and APIs that help in building AI-based workflows for a variety of applications.

• GE HealthCare is one of the prominent companies in integrating AI into medical imaging, leveraging cutting-edge technology to enhance diagnostic capabilities. The company has expertise in innovative AI solutions, such as the MyBreastAI suite, aimed at simplifying radiologists' workflows and facilitating early detection of conditions like breast cancer.

TEMPUS, Butterfly Network, Inc., Digital Diagnostics Inc., and Viz.ai, Inc. are some of the other market participants in the U.S. AI in medical imaging market.

• Butterfly Network, Inc. is one of the prominent players in AI-driven medical imaging, specializing in handheld, pocket-sized ultrasound devices. Their innovative approach integrates AI to enhance diagnostic capabilities, making medical imaging more accessible and efficient for healthcare professionals across diverse settings.

• Digital Diagnostics Inc. is one of the pioneering companies in AI-driven medical imaging, focusing on developing advanced diagnostic tools. Their commitment involves leveraging artificial intelligence to enhance the accuracy and efficiency of medical imaging, ultimately improving diagnostic outcomes for various healthcare applications.

Recent Developments

• In November 2023, GE HealthCare announced its AI suite named MyBreastAI at the RSNA 2023 conference. This innovative product aimed to streamline radiologists' workflows, offering them advanced tools to identify and diagnose breast cancer at earlier stages, ultimately contributing to improved patient outcomes.

• In November 2023, Koninklijke Philips N.V. expanded its enterprise imaging and introduced its HealthSuite Imaging AI solutions at RSNA23 on Amazon Web Services for faster adoption of new capabilities, improved operational efficiency, and enhanced patient care through secure cloud-based PACS, enabling high-speed remote access and AI-driven workflow orchestration.

• In November 2023, Canon Medical Systems introduced two out of four new computed tomography scanners, utilizing the upgraded Aquilion CT platform and incorporating artificial intelligence algorithms for improved image quality and simplified scanner workflows.

U.S. AI in Medical Imaging Market Report Scope

U.S AI in Medical Imaging Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the U.S. AI in medical imaging market report based on technology, application, modalities, and end-use.

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Deep Learning

  • Natural Language Processing (NLP)

  • Other

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Neurology

  • Respiratory and Pulmonary

  • Cardiology

  • Breast Screening

  • Orthopedics

  • Others

• Modalities Outlook (Revenue, USD Million, 2018 - 2030)

  • CT Scan

  • MRI

  • X-rays

  • Ultrasound

  • Nuclear Imaging

• End-Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Imaging Centers

  • Others