AI in Medical Imaging to Reach $1.5 Billion by 2024 Reports Signify Research

MedTech Outlook | Tuesday, October 06, 2020

Signify Research founds that the market for AI in medical imaging will reach $1.5 billion by 2024.

FREMONT, CA: According to a new report from Signify Research, the global market for AI-based clinical applications for use in medical imaging is all set to touch almost $1.5 billion by 2024 despite a slower-than-assumed uptake of these products and the impact of the COVID-19. Signify Research is an independent provider of market intelligence and consultancy to the world healthcare technology industry. The market growth is projected to gain momentum as the pandemic subsides. Customer confidence in AI-based clinical solutions rises, with a peak annual growth rate of 44 percent forecast for 2022.

This market is build of software solutions for automated detection, quantification, and classification of radiology findings. Growth has been less quick than many industry experts anticipated due to several technical and commercial hurdles and has been further set back by the COVID-19 global pandemic. These challenges to market adoption, including the utility of AI in clinical practice, a lack of clinical validation, the pain points of workflow integration, and limited reimbursement, must be fully addressed before using AI in radiology becomes mainstream.

There are regular product launches, and the availability of regulatory approved products is increasing. Since 2018, about 60 AI-based clinical applications for medical imaging have secured US-FDA approval, while some of the solutions have received CE Mark approval.

The Signify Research report discovered that in 2019, 86 percent of the global market for AI-based clinical solutions for medical imaging was accounted for by four clinical specialties, cardiology, neurology, breast, and pulmonology. Cardiology is expected to enjoy the largest revenue growth, followed by pulmonology, and these clinical segments are estimated to account for more than 75 percent of the market in 2024. However, new product releases of AI solutions for other clinical segments, most notably prostate and liver imaging, are increasing.

From improved productivity and increased diagnostic accuracy to more personalized treatment planning and clinical outcomes, AI will play a vital role in allowing radiologists to meet their workload demands. The increasing quantity of diagnostic imaging procedures, exacerbated by the present backlog of imaging exams due to national lockdowns, combined with the shortage of radiologists in many countries, will further increase the need for AI in radiology.